First National Bank (Salem, OR)

Episode Information

Episode Type
Suspension → Closure
Start Date
March 2, 1933
Location
Salem, Oregon (44.943, -123.035)
Bank Type
national
Charter Number
3405
Alt. names
Capital National Bank

Metadata

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-24
Share of assets assessed as good
43.4%
Share of assets assessed as doubtful
53.7%
Share of assets assessed as worthless
2.9%

Notes

Articles show the March 1933 state banking holiday/suspension and later comptroller/receiver activity; receivership date in records (1933-10-24) differs from hints of a receiver being active March 27 in the paper.

Events (4)

1. October 30, 1885 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Statewide three-day legal holiday/moratorium ordered by Governor Meier due to California bank closings
Newspaper Excerpt
Governor Meier today issued a proclamation declaring a three day legal holiday in Oregon
Source
newspapers
3. October 24, 1933 Receivership
Newspaper Excerpt
Keith Powell is not an officer of the bank but as receiver is agent of the comptroller of the currency; Paulus himself has not been cashier of the bank since March 27, 1933, nor has the bank had any officers since that date.
Source
newspapers
4. October 24, 1933 Receivership
Source
historical_nic

Newspaper Articles (3)

Article Text

CORVALLIS BANKS OPEN TOMORROW Only Emergency Business and Accommodation of Public on Restricted Basis MORATORIUM TODAY Governor Calls a State-Wide Holiday, Due to California Closing At ten minutes to 10 o'clock this morning the banks of Corvallis were notified that the governor had declared a three-day moratorium for all the banks in the state. The news came as a bolt from a clear sky and when we were informed that the order was mandatory, we submitted to the will of constituted authority. The banks of Portland were closed, but since then they have opened up for the transaction of emergency business only and other banks throughout the state will doubtless follow their lead. Under these conditions the banks of Corvallis will open their doors tomorrow morning for the transaction of emergency business and the accommodation of the public on a restricted basis. First National Bank of Corvallis Benton County State Bank PORTLAND, Mar. 2 — (AP) — Statewide three day bank holiday ordered today by Governor Meier was met generally throughout Oregon with a decision by bankers to remain open for the transaction of what was described as "necessary business." Only in a few cities of the state did banks remain closed. The First National of La Grande which has been closed for more than four months, reopened today and officers said the bank would not observe the holiday. California banks also were operating under the holiday proclamation. Large downtown Portland banks did not observe the banking holiday called by Governor Meier today and shortly after the regular opening hour they said they would pay on checking and saving accounts up to a "reasonable" amount, to enable depositors to purchase necessities. Although signs announcing the banking holiday were posted on the doors of all Portland banks before regular opening hours, these signs later were taken down by the larger institutions which announced they would remain open and transact "necessary business." Postmaster Jones announced the proclamation would in no way interfere with the operation of the Postal Savings bank which continued to transact business in the regular way. SALEM, Mar. 2—(AP)—The three Salem banks were to open at 11:15 this morning to transact "necessary business," they announced following word that Portland banks were taking similar action. SALEM, Mar. 2—(UP)—Governor Meier today issued a proclamation declaring a three day legal holiday in Oregon, starting today and continuing through Saturday, such action will allow the closing of all Oregon banks for three days. "It is the only step to take to protect banks here because many of them clear through California banks and the California banks are closed," he said. "Financial distress prevailing in neighboring states is making its effects felt in Oregon," Governor Meier said in his statement. "It is essential for the protection of all depositors that bank withdrawals be suspended for a brief period to permit enactment of necessary regulatory acts stabilizing legislation, in line with federal enactments and legislation enacted in other states." The governor said he understood Arizona banks to be in strong financial condition. "We have had no advices any Arizona banks are in distress, but today's action is merely a safeguard," he said. General Holiday The governor's proclamation, declaring a legal holiday for all banks, financial institutions, county and city offices, courts and schools, was made today because it was (Continued on page 8)


Article Text

TO OPEN PLAN CLOSEDBANKS COMPLETED of NaReorganization 37 tional States to Be Undertaken WASHINGTON Pushing administration's plans to reopen banks of the nation and expand purchasing the Treasury has details for of 375 national banks followed the recent that of billions dollars still tied up in the closed of the approval of the made comptroller department has to speed up the ENSES TO OPEN O'Connor did not say soon the banks would open for busihimself public saying the plans had been approved for banks follow outlined before can recieve reopen The report on the general banking situation 13.080 all operating September unrestricted deposits 000 At 2575 banks deposits still were That situation laid before President White Sunday night. At that time said reorganization plans 200 banks had and they would resume had the required additions capital. banks to be reorganized California Oilfield Brea: Colton: Coast National Pasadena Pasadena: First NaIdaho Lewiston National LewisNew First National. A1buquerque Oregon National ClatsFirst Salem Washington National Medical National. Reardan: First National Old National Spokane: First National. Sprague


Article Text

LOCALS Visitors are permitted to see City Engineer Hugh Rogers at the Salem General hospital where he was taken Saturday for observation. It was found that his case was not as severe as at first suspected. Freshly frozen ice cream. "Hill's." Israel Hartman, who was fined $2 and $5 in justice court for driving a truck with illegal lights and for having a vehicle more than eight feet wide, paid his fines at the sheriff's office. Hence it was not necessary for the jail commitment issued at the court to be made effective. Eckerlen's annual Free Weiner Roast, Wed. nite, Sept. 11. 217* Three different brands of oratory will be tried out on the Salem Lions club Thursday noon at the Masonic temple. William P. Ellis will tell the group why the state needs more room for a new capitol building; Ralph Kletzing will outline his recent trip to Washington, D. C., while Don Upjohn will present the proposed school bond election. Arch Preserver shoes, perfect foot comfort, long wear. Rice-Goebel. 224* Few cases of communicable disease were reported in Marion county during the week ending September 7 by the state department of health. Cases reported included one each of typhoid fever, scarlet fever, influenza, whooping cough, tuberculosis and mumps. The Marion County Democratic society will meet in the county court house Friday evening at 7:30 o'clock. This will be a general get-together for members for the purpose of outlining plans for the fall and winter months. The West Stayton Harvest Festival, always of much interest to Salem folk, will be held next Saturday and Sunday, September 14 and 15. A feature of Sunday afternoon will be an hour session in charge of the Stayton Townsend club, at which time Eugene Burr of Oregon City will be the principal speaker. The regular fall's work will begin at the Capital Business College next Monday. Students are registering this week. Business conditions are showing signs of improvements, and young people are alert to prepare for the opportunities ahead. 217* Mary Erickson, daughter of Mr. and Mrs. F. M. Erickson, returned to the University of California Tuesday after spending several days with her parents. Miss Erickson, who will take up research work at the university, made the trip by plane. She was accompanied to Portland by her parents. The Middle Grove school, located on the Silverton road about three miles east of Salem, will open for the fall term, Monday, September 23. For sale, used oak dining chairs 75c, tables $3. Phone 8092. 217* Conrad Carlson, charged with burglarizing a service station at State and 12th streets a few days ago, waived preliminary hearing in justice court today and was bound over to the grand jury. His bail was fixed at $3,000 which he failed to furnish, and he is held in jail. In a justice court trial yesterday Freeland Edwin Collins was found not guilty of driving an automobile while under the influence of intoxicating liquor. The trial was by jury. Ice. Prompt residence delivery. Also Crushed Ice and Salt for ice cream. Capital Ice & Cold Storage Co., 560 Trade St. Phone 5603. 217* Building permits issued today were: J. J. Wiens, to repair a garage at 1440 Fairgrounds road, $25. Arthur Prien, to re-roof a one story dwelling at 170 South 23rd, $50. G. D. Thompson, to alter a one story dwelling at 1945 West Nob Hill, $450. T. O. Wyatt, to re-roof a 1 1/2 story dwelling at 1264 South 13th. W. E. Bushnell, to repair a two story dwelling at 411 South 12th, $300. Hill's Wimpy Hamburgers. N. Cap. Everett Milton Boyer pleaded not guilty in justice court today to a charge of failing to support his wife and child and will have a preliminary hearing Thursday at 10 o'clock. He is held in jail in lieu of $150 bail. Delegates to the special Diocesan convention called for October 10 in St. Stephen's cathedral in Portland were elected at the regular vestry meeting of St. Paul's Episcopal church Tuesday night. The purpose of the meeting is to elect a bishop of the diocese of Oregon and fix his compensation. Delegates are F. G. Deckebach, Mayor V. E. Kuhn, William Neimeyer and George Wood with alternates George Arbuckle, Lynn F. Cronemiller, E. H. Kennedy and A. C. F. Perry. Ben's famous Crawfish. 217* Six vehicle accidents reported here: Mrs. H. O. White, 645 Church, and Frank Lawther, Little Valley transfer, at east end of inter-county bridge. J. Berry, Roberts apartments, and unidentified driver, on Center. Jack Campbell, Gervais, F. E. Rape, Woodburn, at 12th. A motor bus, a car and an unidentified person, car driven by H. H. Blochburg, Wis., and a fourth driven by Warren C. Huffland, at a Southern Pacific near Woodburn. Several cars damaged when all three passed the bus and the unidentified car stopped suddenly to avoid meeting a train. Garfield Engel Voget, Hubbard, and Royce Ralph Rogers, Portland, at Mt. Angel highway and McKee road. Voyageurs from Salem, Corvallis and Lebanon attended the installation of officers of Linn county voiture 891 of the 40 et 8 societe of the American Legion Tuesday night. Salem will also be represented at the installation ceremonies in Portland Thursday evening and Tillamook Friday night. Officers installed by the grand chef de gare were Edwin Fortmiller, chef de gare; Ralph Hartgett, chef de train; Dan Brenneman, commissaire intendent; Mal Barrick, correspondent; Joe Neely, conductor; E. L. Smith, garde de la porte; Frank Lampiste, Frank Koos, Wallace Eakin, commis voyageur and Audrey Browning and O. L. Shook, cheminots. Marion county voiture 153 will elect officers September 18. A topographic survey of Champoeg park by a crew of 30 men under the supervision of Bishop Moorhead, geodetic engineer, will be started immediately, according to Milton A. Miller, chairman of the park commission. This is an initial step toward permanently improving the property. The WPA will appropriate 3,944 towards the project and the state highway commission 975. Miss Myrtle McClay will entertain the F. L. club Thursday night at 8 o'clock. In the damage action of M. C. Smith against the Southern Pacific company the railroad company has filed an answer alleging negligence on part of the plaintiff. Admission is made that the Cascade Limited hit a tractor on a crossing between Brooks and Woodburn, but alleges that the train was plainly visible to the plaintiff at a long distance, that plaintiff failed to stop before going on the track and that he knew trains traveled over the road at certain intervals. The accident occurred May 10, 1933. County Superintendent Fulkerson yesterday visited the first school for this year being at Elkhorn where five pupils are now in school. Miss Emma Dooper is teacher. Of the five only one was there last year, the change being due to new people in the section, a small lumber mill being started up near by. Also of the five pupils, two are in the first grade, two in the fifth and one in the eighth. Milton Taylor, who graduated from West Point this year with honors and has been on leave here during the summer, left today for Vancouver, Wash., where he will join the army for active service. At a meeting of the Active club held last evening at the Quelle, Walter Lamkin explained the provisions of the school building program and members agreed among themselves the program should be adopted. Phil Bell explained the plan for a junior softball league next year in conjunction with the major league and this not only was endorsed by the club but consideration was given to the matter of the club sponsoring a team in the junior league if organized. Order allowing exemption of $74.73 to Gerald H. Davis in the divorce proceedings of Alice Davis against Gerald Davis has been granted in circuit court. The money was due as wages from the state hospital and it was shown Davis supports a family of three children. The Marion county cannery has a surplus of pears and beans which can be secured by persons working on the share basis, Glenn C. Niles, county administrator for relief, stated today. Help at night is especially needed to take care of these products. The cannery is situated at the new county shops located on the Silverton road near the fairgrounds. Newell Williams, former deputy sheriff, is opening in Salem a private investigation business with offices at 305 Oregon building. The service, Williams says, will handle cases for private individuals, stores, attorneys or any other matters of investigation of any nature. The Townsend club civic chorus will hold a rehearsal at the Court Street Christian church, 17th and Court street, this evening. Dr. H. C. Epley is the director. Unanimous endorsement of preliminary negotiations regarding the purchase of Willamette university as a site for the new state capitol as presented by Mayor V. E. Kuhn, a member of the Salem state capitol committee, was given Wednesday noon by the Rotary club. Similar action was taken Tuesday by the Kiwanis club. The damage case of M. H. Viesko against George E. Allen which was settled out of court has been formally dismissed in an order filed with the county clerk. C. W. Paulus, former cashier of the First National Bank of Salem, has filed a counter affidavit in connection with the suit of State Savings & Loan association against the bank in which he states Keith Powell is not an officer of the bank but as receiver is agent of the comptroller of the currency; that Paulus himself has not been cashier of the bank since March 27, 1933, nor has the bank had any officers since that date. Paulus also states that Baxter, president of Willamette university, told the Rotary club Wednesday noon. These jobs, for both boys and girls, may be of any kind and even one paying only a dollar a month will be appreciated, he said. Cards were passed to the Rotarians who were asked to sign them or take them home for consideration by their wives. Handling the cards were Betty Abrams and Alice Speck, students at the university. Orders in connection with bank liquidations have been filed in circuit court as follows: Scotts Mills bank, authority to sell certain furniture; Hubbard bank, authority to compromise William Bond note for $15; Woodburn bank, authority to sell truck repossessed from D. J. and Henry Cooper; Stayton bank, settlements authorized with W. J. Prichard and C. B. Burmester on separate claims. Complaint for foreclosure has been filed in circuit court by Guy White against Flora Peterson. CIVIL WAR VETS AT GRAND RAPIDS Grand Rapids, Mich., Sept. 11 (AP) —The "Boys in Blue" marched again here today. Not less than half of the 4500 Civil war veterans here for the national G.A.R. encampment tramped the full three-quarter mile parade route. A few "just as young as we ever were," capered and exchanged jokes with spectators who police estimated numbered 50,000. Those too infirm rode in automobiles. Three army planes soared over the line of march, while confetti showered down on the veterans as they went through the business section. Five states had just one marcher each—Virginia, Oregon, Tennessee, Montana and Texas. Maryland and Arkansas had banners but no marchers. Business sessions begin today. Tomorrow officers will be chosen. DEMOCRATS SHY CAMPAIGN FUNDS Washington, Sept. 11 (AP)—The democratic national committee disclosed today it was heading into next year's political campaign with only $14,890 in the bank and plenty of $1,170 unpaid bills and debts of $417,801. The party's financial condition was given in a report filed by South Trimble, house clerk, by John Grimes, assistant treasurer of the committee. The republican national committee reported yesterday it had a surplus of nearly $25,000. Among the largest individual contributions received by the democrats in the past three months were $5,000 from J. Carroll Cone of Kansas City, $3,000 from E. B. Griffith of Portland, Ore., and $2,500 from A. P. Giannini, of San Francisco. RUN OF SALMON IN COLUMBIA HEAVY Astoria, Ore., Sept. 11 (AP)—Canneries were prepared for an exceptionally heavy run of salmon at receiving stations today as they came into the river after the first night of fishing in the fall commercial season. Hundreds of fishermen went out last night after having reached an agreement with packers on the controversial price question. For several days there have been reports of a very large run of salmon. The fall and winter commercial season extends until March 1, but because of water conditions operations usually halt before Nov. 1. Bonds Will Replace Roseburg Warrants Roseburg, Ore., Sept. 11 (AP)—By scant 6 per cent of Roseburg's small electorate went to the polls here yesterday and authorized a bond issue of $72,865 to retire an equivalent amount of city warrants as an economy measure. The vote favoring the flotation was 89 to 4. The city expects to sell the bonds at an interest rate below that of six per cent carried by the warrants, effecting an approximate annual saving of $2,000. Marriage licenses have been applied for as follows: Arthur M. Devine, legal, attendant, Station L, Salem, and Luella May Gille, legal, 528 N. 23rd street, Salem; Guy G. Weaver, legal, bookkeeper, 241 S. 16th street, and Jennie M. Palmquist, legal, housekeeper, 241 Center, both Salem; Wilton L. St. Clair, 23, service station operator, 633 North Front, and Mary E. Jones, 18, housekeeper, 481 Union street, both Salem. Tex Stone has filed action in circuit court against S. P. Matheny for $610 he alleges is due him for work, labor and services performed in hauling logs. Order has been entered in probate determining heirs of the estate of Arnold A. Ekerson to be brothers Godfrey Edwin Ekerson and Herman Ludwig Ekerson, these being entitled to $1000 each. Ellen and John Ekerson, mother and father of deceased, have both died, the order states.