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CLOSED DOORS. PORTLAND, Or., July 29-The Commercial National, Portland Savings and Ainsworth National banks failed to open this morning. With the exception of a slight run on the First National, the largest bank in the city, there was no excitement.
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FAILED TO OPEN DOORS. Three More Bank Failures at Portland, Ore. The Suspended Institutions Are All Solvent. Financial Disasters in Various Parts of the Country. The Action of New York Savings Bank Presidents Looked Upon With Suspicion-Bank Runs in New Jersey. By the Associated Press. PORTLAND, Ore., July 29.-Three banks failed to open doors this morning. They were the Commercial National, the Portland Savings and the Ainsworth National. With the exception of a alight run on the First National there was no excitement. A notice posted on each of the auspended banks says the banks were forced to temporarily suspend owing to heavy withdrawal of deposite during the last 60 days and inability to realize on securities. Depositors will be paid in full. The Commercial National bank has a paid-up capital stock of $250,000. Frank Dekum is president. The Port land Savings bank is under the same management. L. L. Hawkins is president of the Aineworth National, which has a capital stock of $100,000. Statements of the Commercial National and the Ainsworth National, published July 12th, show resources as follows: Commercial. $1,950,000; Ainsworth, $687,000. Deposite-Commercial, $1,455,000; Ainsworth, $447,000. D.P. Thompson was appointed receiver of the Portland savings bank this afternoon. The statement of this bank shows that its resources are estimated at $2,950,000, which is a considered conservative estimate. Its liabilities are placed at $2,475,000. During the last 60 days there has been a shrinkage of $600,000, while $800,000 has been withdrawn from the Commercial National during the same period. The Commercial National paid out $100,000 yesterday. A small bank at Forest Grove has closed owing to the Commercial National's suspension. The statement of the Union Banking company, which closed yesterday, shows: Assets, $98,000; liabilities, $53,000. The city has a claim for $13,000, and is the principal creditor.
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Bank Failures at Portland. PORTLAND, July 29.-The Commercial National, Ainsworth National and Portland Savings banks did not open their doors this morning. D. P. Thompson was appointed receiver of the Portland Savings bank this atternoon. It is probable that all three of the suspended banks will reopen next week. Frank Dekum is president, R. L. Durham vice president and E. Cookingham, cashier of the Commercial National. The directors are: D. P. Thompson. George H. Williams, Henry Weinhard, H. C. Wortman, R. L. Durham, John B. David, Edward Cookingham, Frank Dekum, R. M. Wade, C. Rockwell, George H. Durham, J. F. Watson, John McCraken. C. C. Beekman. The Portland Savings bank is an allied institution to the Commercial National. Frank Dekum is president, D. P. Thompson vice president, H. C. Stratton cashier. The directors are: Frank Dekum, D. P. Thompson, E. 8. Kearney, J. F. Watson, Cleveland Rockwell, G. H. Durham, W. F. Burrell, S. A. Durham, K. J. Jeffery. The Ainsworth National bank is a government depository. H. L Hawkins is president, W. K. Smith vice president, J. P. Mar. shall cashier. The directors are: H. L. Hawkins, W. K. Smith, J. P. Marshall, L. F. Grover, W. S. Charleston. The Bank of Forest Grove has suspended. None of these banks has any connection with any Seattle bank.
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MORE FAILURES IN PORTLAND, Three Strong Banks Suspend Payment To-Day. NO ULTIMATE LOSS FEARED The Commercial National, the Portland Savings and Ainsworth National Close Their Doors. Special to The Astorian. Portland, July 29.-Noon. Two National banks and one Savings institution failed to open their doors this morning. The Commercial National and the Portland Savings are kindred concerns, and the embarrassment of the one, naturally included the crippling of its dependant. The other National bank, the Ainsworth, was regarded as altogether out of reach of any possible panic. The Commercial National, of which Frank Dekum is president, has a paid up capital of $250,000 and a surplus and undivided profits amounting to $240,000. The Portland Savings is under the same management, L. L. Hawkins, president; its paid up capital is $225, 000; undivided profits $205,000; and deposits, about $400,000. The Ainsworth National has a capital stock of $100,000, a surplus of $100,000; resources, according to the published statement of the 12th, instant $687,000; deposits $447,000. The Commercial's deposits according to the statement made on the same day, were $1,455,000; resources $1,950,000. There was no reason for the closing of the doors of these banks except that they could not realize on their securities, which are ample even at panic selling prices to cover all liabilities. Depositors have been largely withdrawing for the past six weeks, not because of any timidity, but in order to meet legitimate demands for the discharge of indebtedness. This, owing to the scarcity of money, and impossibility of getting relief from the East has precipitated the crisis. None of the other banks were affected today. There was a slight run on the First National, but it did not amount to much, the with drawals being insignificant. All the depositors and creditors of the suspended banks will be paid in full as soon as the ample resources can be made available, and all three will probably resume business within a few days. D. P. Thompson was appointed re ceiver of the Portland Savings bank this afternoon. A. statement of this bank's condition shows resources esti mated at $2,950,000, which is considered conservative estimate; its liabilities are placed at $2,475,000. During the last sixty days there has been a shrink age of $600,000, while $800,000 have been withdrawn from the Commercial National during the same period. The Commercial National paid out $100,000 yesterday. A. small bank at Forest Grove has closed owing to the Commercial Nat ional's suspension. A statement of the Union Banking company, which closed yesterday, shows assets of $98,000; liabilities $53, 000; the city has a claim of $13,00 and is principal creditor. At 1 p. m., the closing hour, all was quiet at the banks, the slight run having been promptly met. The Ainsworth National is a United States depository.
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Portland Banks Olosed. Three Portland banks failed to open their doors Saturday. They were the commercial National, the Portland Savings and the Ainsworth National. With the exception of a slight run on the First-National there was no excitement. A notice was posted on each of the suspended banks saying that the banks were forced to temporarily suspend owing to the heavy withdrawal of deposits during the last sixty days and inability to realize on securities. Depositors will be paid in full. The Commercial National bank has a paid-up capital stock of $250,000. Frank Dekum IS presidnet. The Portland Savings bank is under the same management. L. L. Hawkins is president of the Ainsworth National, which has a capital stock of $100,000. The statement of the Commercial National and Ainsworth National. published July 12, shows resources as follows: Commercial, $1,950,000; Ainsworth, $687,000. Deposits in Commercial were $1,455,000; in the Ainsworth, 447,000. The Ainsworth National is a United States depository. No statement is yet made of the condition of the Portland Savings bank. It has a capital stock of $260,000, with a surplus of $202,000. D.P. Thompson was appointed receiver of the Portland Savings bank this afternoon. The statement of this bank shows resources estimated at $1,950,000, which is considered a conservative estimate, Its liabilities are placed at $1,475,000. During the last sixty days there has been a shrinkage of $600,000, while $900,000 has been withdrawn from the Commercial National during the same period. The commercial National paid out $100,000 yesterday. A small bank at Forest Grove has closed owing to the Commercial National suspension. The statement of the Union Banking Company, which closed yesterday, assets of $98,000 liabilities of $53,000. The city has a claim of $13,000 and is the principal creditor.
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FOR WANT OF CASH. Portland and other Oregon cities have become sufferers from " the stringency of the money market." On the 27th, ult., the Oregon National bank and the Northwest Loan and Trust Company Savings bank failed to open for business. George B. Markle is president of both these banks. The Ellensburg (Wash.) National bank, of which Mr. Markle was also president, suspended on the same day. A large amount of Multnomah county funds is tied up in the institutions. The failure of these banks created further uneasiness and a run was begun upon other banks. The result was that the Commercial National, the Portland Savings and the Ainsworth National banks closed their doors on Saturday morning. It is reported that these will resume shortly. Frank Dekum is president of the Commercial National and of the Portland Savings. D. P. Thompson is vicepresident of the latter. Leander L. Hawkins is president of the Ainsworth bank. At Forest Grove the private bank of C. M. and Thomas Keep suspended payment on the 29th. On Monday the First National bank of East Portland suspended. Like other banks it was unable to realize on its securities, and expects to resume soon. - Richard Williams is its president. In the United States circuit court, July 31st, Levi Ankeny filed a complaint against the Pendleton Savings bank, asking for the appointment_of a receiver, because, owing to the general depression the bank is unable to convert money due it or otherwise provide money for the continuance of its business. At Astoria on the same date the private banking house of I. W. Case closed its doors. The First National of The Dalles also suspended temporarily. The Commercial bank of Cottage Grove has decided to suspend. business on account of the financial condition of the country, but does not do so under force. It is paying off depositors and will wind up its business as promptly as possible.
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Failures of the Day. PORTLAND, Ore., July 29. - Three banks failed to open their doors this morning. They were the Commercial National, Portland Savings and Ainsworth National. With the exception of 8 slight run on the First National, there was no excitement. A notice posted on each of the suspended banks says the banks were forced to temporarily suspend, owing to heavy withdrawal of deposits during the last sixty days and inability to realize on securities. Depositors will be paid in full. KANSAS, July 29.-The First National bank failed this morning. Assets sufficient to pay depositors in full. AKRON, Ohio, July 29.-The Citizens Savings and Loan association has failed.