Oregon Trust Company - Portland, OR

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: November 12, 1907
Location: Portland, Oregon (45.523, -122.676)

Metadata

Model: gpt-5-mini
Short Digest: 343353c0

Response Measures

None

Description

The Oregon Trust Company suspended during the November 1907 Portland banking disturbances and later resumed operations in February 1908 after being merged into the German-American Savings Bank. The articles discuss rumor-driven pressure and the effect of other Portland bank failures; there is no clear, bank-specific run described for Oregon Trust in these clippings.

Events (2)

1. November 12, 1907 Suspension

Cause: Local Banks
Cause Details: Suspension occurred as part of the November 1907 Portland banking disturbances; pressure from failures and runs at other Portland banks and rumor-driven alarm prompted suspension.
Newspaper Excerpt: We shall be glad indeed to herald the timely resumption of the Oregon Trust Company ...
Source: newspapers

2. February 19, 1908 Reopening

Newspaper Excerpt: the other being the Oregon Trust company, which has been merged into the German-American Savings bank.
Source: newspapers

Newspaper Articles (3)

1. November 14, 1907 The Morning Astorian Astoria, OR

Article from The Morning Astorian, November 14, 1907

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Article Text

WEATHER. Western Oregon and Washington-Occasional light rain. Eastern Oregon-Fair. BANKS THAT CLOSE-AND PAY. J. Frank Watson, president of the sus. pended Merchants' National Bank, of Portland, declares his bank is the victim of an embarrassing pressure of false rumor; that the suspension is but temporary; that it can, and will, pay in full, to its uttermost obligation, etc., etc., and for the time being, this is the most cheerful view to take of the situation. There is, assuredly, no man in Oregon who has any lesser hope for that, or any other institution, now at the mercy of critical consideration. We shall be glad indeed to herald the timely resumption of the Oregon Trust Company, the Title, Guaranty & Trust Company ,and the Merchants' National; because it will furnish incontestible evi dence of the soundness of the whole business in Oregon and restore confidence as nothing else could. The bank that closes-and then pays out, wins a place not easily disturbed thereafter, and if the Comptroller of Currency and Mr. Watson, and the other receivers in question, make good in the existing disturbances, Portland will know how to appreciate it, as well as the rest of the state.

2. November 14, 1907 The Evening Statesman Walla Walla, WA

Article from The Evening Statesman, November 14, 1907

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Article Text

the speculative undertakings, outside all the principles of banking, which brought two establishments to disas- ter, and created an alarm which pre- cipitated itself chiefly upon this one, that at last has been forced to sus- pend. But from the showing made it is clear that the suspension is only temporary. The run upon this bank never would or could have been so se- vere but for two reasons: First, mali- cious and persistent rumors; second, the disastrous experience the people of Portland have had with other banks, which, unlike this one, were plungers and promoters. With the fear or frenzy that pro- duces a run on a normally sound bank it is useless to attempt to counsel or reason. The fear or frenzy, after it has gone a certain length, will exhaust it- self. But the financial stress in Port- land is now virtually over. We have arrived at bedrock, after a series of thumps from most unexpected causes. But from this day there will be steady upbuilding. and we may look to com- plete restoration of confidence within a short time. The assets of the Mer- chants' National bank will completely cover its liabilities; while the guaran- tee by Mr. Ladd will go far to dis- charge the obligations of the Title Guarantee & Trust company, and probably will completely discharge them. And the Oregon Trust company has resources which there is promise of bringing into shape for relief of its creditors. Meanwhile the country is full of all sorts of resources, with abundance of merchantable commodi- ties. The worst row is known, and business soon will be normal again.- Oregonian.

3. February 19, 1908 East Oregonian : E.O Pendleton, OR

Article from East Oregonian : E.O, February 19, 1908

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Article Text

FLURRY IS OVER MERCHANTS' NATIONAL BANK HAS OPENED Portland Institution Resumes With Over $1,000,000 in Gold in the Vaults-Sign That Portland Has Recovered Normal Conditions and Is a Financial Victory for the Northwest. That Portland has almost entirely recovered from the effect of the recent financial flurry is shown by the following item concerning the opening of the Merchants' National bank of that city with over $1,000,000 in gold in its vaults: With an excess of deposits and clearance balances amounting to $558,000 over withdrawals, representing the largest actual cash business, in the belief of Bank Examiner Wilson, that has ever been transacted by a bank north of San Francisco and west of Denver, the Merchants' National bank of this city reopened its doors for business today, after having been closed 11 weeks to a day, says a Portland paper. As was stated in these dispatches, on November 12 last, the bank was solvent when it closed and when it reopened at 10 o'clock this morning it had over $1,000,000 in gold on hand, this amount being about $300,000 in excess of its total demand liabilities. The money withdrawn today amounted to $44,684.48 and represented depositors' sums, for the most part. of less than $100. According to tally sheets kept there was at no time during the day persons in line representing total deposits of more than $1,000; and while it required hard work by the two receiving tellers to dispose of deposits, the one paying teller was not kept busy the entire day. The cash balance paid the bank through the clearing house amounted to $239,000. The Merchants' National is the second bank to reopen for business withT in the past week, the other being the Oregon Trust company, which has been merged into the German-American Savings bank. The reopening of these two banks with the releasing of the large sums of money tied up, it is believed, will have a perceptible moral effect on business conditions throughout the entire northwest,