18444. United States Banking Company (Sheridan, OR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 25, 1893
Location
Sheridan, Oregon (45.099, -123.395)

Metadata

Model
gpt-5-mini
Short Digest
e9b97bf2

Response Measures

None

Description

The Sheridan branch closed and refused to pay any further drafts on receipt of news that the Gervais branch had suspended. Article 1 explicitly says no run had occurred at Sheridan; closure appears to be a suspension likely leading to assignment/closure (secretary expected to make an assignment). Related branches at Gervais and Junction City experienced runs/suspensions.

Events (1)
1. January 25, 1893 Suspension
Cause
Local Banks
Cause Details
Sheridan branch suspended after receiving news that the Gervais branch of the same company had suspended (contagion from sister branch).
Newspaper Excerpt
On receipt of news to-day that the United States Banking Company at Gervais had suspended the branch here closed its doors and refused to pay any further drafts.
Source
newspapers

Newspaper Articles (3)
1. January 25, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 25, 1893

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Article Text

Banks Suspend. GERVAISE, Or., Jan. 24.-The United States banking company suspended payment here yesterday. There was a run made on the bank Saturday after noon and all the money drawn out and the cashier refused to open for business yesterday. The company have three banks in the state, one at this place, another at Junction City and a third at Sheridan. All are small concerns. The Junction City branch had a run on it today and closed its doors, but 80 far no run has been made on the Sheridan branch. President C. Nealridge is now in Chicago but 18 expected to return soon. There was about $12,000 ou deposit here unpaid and farmers are the principal losers. The entire capital of the banks was less than $50,000. It IS believed the depositors will be paid in full when the president returns.

2. January 26, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, January 26, 1893

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Article Text

REFUSED TO PAY DRAFTS. The Bank at Sheridan, Oregon. Closes Its Doors. SHERIDAN (Or.), Jan. 25.-On receipt of news to-day that the United States Banking Company at Gervais had suspended the branch here closed its" doors and refused to pay any further drafts. There is from $3,000 to $5,000 in the bank here and enough securities to meet the amount of liabilities, which are estimated at $20,000. L. H. Reeves, Secretary of the corporation, is here and will make an assighment if matters are not settled in a few days.

3. January 26, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, January 26, 1893

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Article Text

CLOSED ITS DOORS. Another Branch of the United States Banking Company in Trouble. SHERIDAN, Or., Jan. 25.-On receipt of the news to-day that the United States Banking Company's bank at Gervais had suspended the branch here closed its doors and refused to pay any further drafts. There is from $3000 to $5000 in the bank here and enough securities to meet the amount of the liabilities, which are estimoted at $20,000. L. H. Reeves, secretary of the corporation, is here and will make an assignment if matters are not settled in a few days.