State Bank - Rainier, OR

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: August 22, 1907
Location: Rainier, Oregon (46.089, -122.936)

Metadata

Model: gpt-5-mini
Short Digest: d685f53f

Response Measures

Accommodated withdrawals, Full suspension

Description

Article (1907-08-22) describes a panic in Rainier after news of the Oregon Trust & Savings Company suspension; depositors pressed to the State Bank of Rainier, withdrew funds, and the bank closed its doors at 3:45 after paying out. The article does not report a permanent failure or reopening, so outcome is uncertain.

Events (2)

1. August 22, 1907 Run

Cause: Local Banks
Cause Details: Panic triggered by suspension/failure of the Oregon Trust & Savings Company elsewhere, leading depositors in Rainier to withdraw funds.
Measures: Paid out deposits; later closed doors at 3:45 after heavy withdrawals.
Newspaper Excerpt: Reports arriving from Rainier last night show that the Rainier people were thrown in a panic. All those who could pressed to the counter of the State Bank of Rainier and drew out their money.
Source: newspapers

2. August 22, 1907 Suspension

Cause: Local Banks
Cause Details: Closure followed heavy withdrawals precipitated by panic over the Oregon Trust & Savings Company's suspension/failure.
Newspaper Excerpt: At 3:45 the bank closed its doors having paid out
Source: newspapers

Newspaper Articles (1)

1. August 22, 1907 The Morning Astorian Astoria, OR

Article from The Morning Astorian, August 22, 1907

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Article Text

in good condition. All are reliable institutions. It is simply a question of a man who lacked knowledge of running a bank in a city coming down from a country bank, where he understood conditions, and tackling something of which he knew nothing. Under those conditions the bank was doomed to failure. Now, I am all right here, but if I went to Wall Street the same thing might happen. It would be a parallel case. The Oregon Trust & Savings Bank got out beyond their depth on account of lack of knowledge of their business." Needed $100,000 Friday. "If we could have secured $100,000 last Friday night," said President Moore this morning. "we would not have failed. but the stringency of the money market in the east kept us from raising the money needed. Mr. Morris, our cashier, is now in the east trying to dispose of some of our securities. He went to New York, but could do nothing there. We had a telegram from him yesterday. saying he would be in Washington today on the same mission. I am not in a position to verify the accusation made by VicePresident Lytle and Director Leo Friede that Morris bought securities in large amounts without the authority of the directors, or that he loaned big sums to companies and enterprises in which he was financially interested." Mr. Moore would not deny the charge was true, however. "We believed the other banks would come to our assistance even up till early this morning, but when the Clearing House Association turned us down we were helpless. We had to close our door. "Our affairs are entirely in Mr. Devlin's hands, but I am confident that under his receivership the creditors and depositors will realize dollar for dollar. It may take many months, possibly it will be two years, before the bank's affairs are entirely liquidated." News Received in Astoria. Effects of the suspending of the Oregon Trust & Savings Company were felt in Astoria and a number of people here had their money in the institution and r are much worried over the outcome of i the situation and most all of them fear d that their deposits have been lost. The b news was received here early in the = day that there was a run on the bank. $ Mr. S. Elmore received a telegram to a that effect and the news was generally W known shortly after dinner. There was no uneasiness felt however, by any of the local financial institutions. p y Reports arriving from Rainier last m night show that the Rainier people were a thrown in a panic. All those who could he pressed to the counter of the State ha Bank of Rainier and drew out their bi money. Those who tried it and had put he heir money in the bank for a certain de ength of time are wild with fear that th hey are to loose it all. At 3:45 the go ank closed its doors having paid out