Portland National Bank - Portland, OR

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 3184
Charter Number: 3184
Start Date: July 27, 1893
Location: Portland, Oregon (45.523, -122.676)

Metadata

Model: gpt-5-mini
Short Digest: 1561234d

Response Measures

None

Description

Contemporary reports (July 27, 1893) state the Portland National Bank suspended payment. A September 11, 1893 notice reports the Portland National Bank has been permitted to resume, indicating a suspension followed by reopening. No run on this specific bank is described in the provided articles; suspensions appear tied to the money-market stringency/wider panic of summer 1893.

Events (4)

1. May 13, 1884 Chartered

Source: historical_nic

2. July 27, 1893 Suspension

Cause: Macro News
Cause Details: Suspended payment amid the July 1893 money-market stringency and contemporaneous failures/suspensions of other banks (national panic/financial distress).
Newspaper Excerpt: PORTLAND, ORE., July 27.-The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.
Source: newspapers

3. September 11, 1893 Reopening

Newspaper Excerpt: PORTLAND, Oregon National Bank, of this city, has been permitted 10 to resume.
Source: newspapers

4. June 9, 1896 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (5)

1. July 28, 1893 The Times Richmond, VA

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Article Text

Three More National Banks Fail. SEATTLE, WASH., July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with National, closed at the same a few minutes time. the First In the news was generally known throughout the city, received quietly. There was no at any of President Glover stated effect banks. but was perceptible suspended, the that other the bank has only temporarily and all depositors will be paid in full. HELENA, MONT., July 27.-The First National and the Montana National Banks failed to open this morning. A run then began on the other banks of the city. LOUISVILLE, KY., July 27.-The Farmers' Bank, of Mount Sterling, Ky., suspended payment this morning. MIDDLESBORO, KY., July 27.-The First National Bank, of this place. closed its doors this morning. A notice upon the doors reads: 'This bank is closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS., July 27.-The City Bank closed its doors this evening. The suspension is due to the condition of the money market. PORTLAND, ORE., July 27.-The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon. HELENA, MONT., July 27.-The First National Bank has assets of over $1,000,000 in excess of liabilities. The Montana National has $850,000 in excess of Habilicould not get meet the demand. enough ties. They to simply The currency Merchants' National stood three hours' run, and then received in deposits more cash than had been withdrawn. There was no run on the other banks. CHICAGO, July 27.-The clearing-house this evening decided to issue clearinghouse certificates. Business Embarrasements. WALTHAM, MASS., July 27.-On July 1st the American Waltham Watch Company gave its hands a month's vacation. To-day the company announced that the vacation will be extended to August 7th, and when the works are started only half the force will be employed. Along with this announcement comes the statement that the Elgin Watch Company will discharge half its hands August 1st. Each company employs about 3,000 persons. There is consternation in Waltham. BOSTON MASS., July 27.-Ticknor & Co., publishers, 211 Tremont street, are financially embarrassed, and have made an assignment to Charles Fairchild. The to the business of James & Co. when the G. firm Hagood succeeded firm failed, in 1885. Besides its book-publishing business the firm publishes the American Architect. Creditors are well disposed toward Ticknor, though they will have no trouble about the adjustment of affairs. HARRISBURG, PA., July 27.-The American Tube Iron Company, located at Middleton, has gone into the hands of a receiver. The company has no mortor gages, judgments bonded raise indebtedness funds, against it, but could not owing to the stringency in the money market It is one of the largest concerns of the kind in the country, employing fifteen hundred hands. It makes all kinds of wrought iron pipe and tubing. CINCINNATI, O., July 27.-The Deer Creek Cotton Mills, Fifth street and Eggleston avenue, and the Belting factory, on Plum and Canal streets, controlled by Henry Pearce, Sons & Co., shut down indefinitely to-day, throwing 500 hands out of employment. Dull trade is the cause given.

2. July 28, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 28, 1893

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Article Text

Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.

3. July 28, 1893 The Morning News Savannah, GA

Article from The Morning News, July 28, 1893

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Article Text

Two Suspensions at Portland. Portland, Ore., July 27.-The Portland National Bank and Northwest Loan and Trust Co., suspended this morning.

4. September 11, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, September 11, 1893

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Article Text

MERRY HUM OF MACHINERY, Sweet Masic to the Ears of Thousan ds of Idle Wage-Earners. FALL RIVER, Mass., Sept. 10.-The following corporations will start up Monday : Barnard, Border City, Chace, Cornell, Granite, Hargraves, King Philip, Laurel, Lake, Narragansett, Osborn, Pocasset, Richard Borden, Sagamore, Shore, Slade, Stafford, Tecumseh, Troy and Union. The Merchants' Manufacturing Company will start up a week from Monday, and the Mechanics' as soon as the new engine is ready to run. Work on the new engines of the American Linen Mills is bein g rushed preparatory to a start. The Durfee Mills will not start for a time. All of these concerns will resume on a reduced scale of wages. The following is the print cloth statement; "Production, 90,000; deliveries, 96,000; stock, 452,000 sales, 101,000; spots, 44,000; futures, 57,000. Market steady. Price 2g cents for 64x64s. The Spinners' Association has agreed to accept a 9 per cent. reduction of wages and has ordered the distribution of $5,000 among spinners here who have been idle for four or five weeks. The Spinners' Union has $30,000 in its treasury, and this is the first time any money has been distributed. NEW BEDFORD, Mass.-A majority of the Mule Spinners' Association voted not to accept the 10 per cent. reduction recommended by the special committee, but as a two-thirds vote is required for a strike, and this was not obtained, the spinners will go to work at the reduc. tion. Preparations for a strike in the future were recommended. The weavers have not yet acted. t ST. LOUIS. hard times seem to be S over here. Many factories and shops idle three months ago have resumed. By a actual count 11,790 men will be "at work September 20 in factories and foundries that were frightened into closing by the of "hard times' panic. Every line of wholesale trade reports increasing orders, and some note an advance over s f sales of a year ago. LOUISVILLE.Ky. The Lippincott Glass Works and the Depauw Glass Works at Alexander, Ind., will resume October 1, and 1,300 men will be given employment. All the factories in the South will ba in full operation in a short time. e NASHVILLE, Tenn.-The First National e Bank, of this city, which suspended August 10, has been granted permission or to resume. It will open Monday. 0 PORTLAND, Oregon National Bank, of this city, has been permitted 10 to resume. ce CHEYENNE,Wy.T.-The First National re Bank, of this city, has the permission of es the Comptroller of the Currency to rein sume. CUMBERLAND, Md.-The Cumberland ne and Steel and Tin Plate Company is run he n'ng at full capacity. The only shutr down during the summer was one for ten rn days for repairs. PITTSBURG, Pa.-The Amalgamated Association has agreed to a reduction of 10 per cent. in the wire rod wage scale. The manufacturers wanted more, but will probably accept 10 per cent. The eewire and nail departments of the Olive ly & Roberts Works will be put in opera tion next week. us FORT WAYNE, Ind. - The electric light works, which have been closed for at two weeks for repairs, will resume Mon gh day morning, employing 400 men. Th of Standard Wheel Works, which have til been closed since June 30, will resume i he part Tuesday, and in full about September 20. MILWAUKEE, Wis -Thirty hands wer om added to day to the depleted force of th ith Chicago, Milwaukee aud St. Paul rail en road shops, and twenty five car inspect nd ors were put on to condemn cars an her send them to the repair shops. Repai tly work has been neglected all summer. ZANESVILLE,0.-TheRobinson Presse Glass Works has resumed. TROY-The Holmes & Idex collar fac ged tory, one of the largest in the trade, wi art, resume on full time cn Monday. It ha ons been closed six weeks. Mecker, Spo ast ter & Mecker's mill at Waterford wi ris, resume Monday. tley JOHNSTOWN, Pa.-The Cambria Iro on Company will resume Monday. Ove uty 3,000 men will be given employment. for LOWELL, Mass.-The Lawrence mill which employ 2,800 people, will start U on full time September 18. PEABODY, Mass.-Patrick Lenox & Co om extensive morocco manufacturers, will of resume Monday. EASTON, Pa.-The Lehigh Valley shop

5. June 7, 1894 The Yellowstone Journal Miles City, MT

Article from The Yellowstone Journal, June 7, 1894

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Article Text

THE FLOODS Many of the Main Streets of Poruland Under Several Feet of Water. Six Banks Have Had to Vacate their Quarters-Only One Railroad Running Trains Into the City. PORTLAND, Ore., June 5.-The waters of the Willamette river at this point continue to rise and the indications are that it will continue for several days. This afternoon the water stood 32.2 feet above low water mark. At Umatilla the Columbia river stood 44.5 feet above and at Pasco thirty-four feet above. There yet remains snow enough in the mountains to keep the rivers at their present height for several days. It is impossible to approximate the amount of damage inflicted upon this city in damage to property and loss of business. Damage to the river front alone will be nearly a million dollars. There is scarcely a wharf or warehouse that has not suffered more or less. Merchandise of all kinds is stored in many places which are in hourly danger of being submerged or tilted over into the river. Boats are continuously moving goods to more secure places. In many instances merchants have been compelled to move their goods several times to keep them above water. Wherever possible build. ings in the submerged districts are being vacated. The First National bank, the Portland National bank, the Bank of British Columbia. the London & San Francisco, the United States National and Merchants National hrve all moved to higher grounds. The railroad situation remains unchanged. The Southern Pacific is the only line running trains into the city. The Uunion Pacific is unable to establish its river service between here and Umatilla. The Northern Pacific is still bringing its trains to the city from Kelso on a transfer boat. As a means of insuring protection from tire in the flooded district the chief of the fire department had to secure a sixty foot barge, on which he has fitted a stationary engine capable of throwing three powerful streams. Water has reached the basement of the Oregonian building. While this city is confronted with disaster, adjacent points are having a similar experience. Columbia Slough presents a scene of destruction. The tops of houses and trees are seen just above the water. The lower portion of Van Couver is submerged and Troutdele is also flooded. The Hood River country will experience great loss. Its immense strawberry crop is ripening and there is no means of transportation to market. The locks at the Cascades have stood the strain so far, but there is great danger that they will be swept away.