gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b61877a70fe9bdc1
Response Measures
Accommodated withdrawals, Clearinghouse loan, Public signal of financial health, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Events (5)
1.July 19, 1886Chartered
Source
historical_nic
2.October 29, 1907Run
Cause
Rumor Or Misinformation
Cause Details
Persistent idle and unfounded rumors triggered heavy withdrawals beginning Oct. 29.
Measures
Paid out large sums ($1,500,000+ since Oct. 29); received loan from Clearing House association (≈$250,000-$350,000).
Newspaper Excerpt
1,500,000 has been withdrawn since the holiday season began, October 29.
Source
newspapers
3.November 12, 1907Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank temporarily suspended on advice of the Comptroller after heavy withdrawals driven by persistent rumors; bank said solvent but unable to realize securities quickly.
Newspaper Excerpt
The Merchants' National bank of this city failed to open its doors this morning and notice of suspension has been posted on the bank's doors.
Source
newspapers
4.February 17, 1908Reopening
Newspaper Excerpt
The Merchants' National Bank ... re-opened its doors for business today after having been closed eleven weeks; it had over $1,000,000 in gold on hand when it reopened.
Source
newspapers
5.January 11, 1916Voluntary Liquidation
Source
historical_nic
Newspaper Articles (24)
1.October 31, 1907The Hood River GlacierHood River, OR
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Petition. of Salem, Or., Oct. issued 28.-By late tonight order by a proclamation Chamberlain, Oregon holidays, banks in Governor five business that the will enjoy interim it is expected more which in the east will become will be situation the coast banks clarified and to secure the cash balances enabled them from New York. indue was taken at the This of action the Portland Clearing evening House to stance which met this Governor committee, the situation with arrived in talk Chamberlain. over The bankers and bore the the city by petition special from car. Portland: E. of the following Hon. George Chamberlain, view Govof Oregon: In through ernor financial situation has restrained United States which by the out the in concerted action the counsulted clearing houses of of coin, leading suspending the shipment for the try, rendering it impossible to conthus of the state of Oregon their funcbanks the exercise of the city tinue in the associated banks of your of Portland declare a lezal holiday and state of tions, throughout Excellency respectfully to of request Oregon Octo dur 2nd 29th, 30th and 31st and ing the and during the 1st such ac ber, November. 1907, 1907, deeming preserve tion of absolutely good necessary name to of the state of the Oregon: credit and Respectfully submitted, First National bank, Ladd & Tilton, United States National bank, Merchants' National bank, of California, Bank & Lumbermen's Co., bank, Security Bankers' Savings & Trust an Bank of Commerce, Portland Canad Trust Co. of Oregon. stated, the situation is that as Ore- deBriefly to the governor of cash scribed have heavy deposits banks regon banks east and she eastern to send in the any conditions demands. tuse upon west in payment or of indication money There has been depositors no run upon Portland that in one with of banks. a run by arrangement week they can Believing gatsifactory for the effect a banks and also arrange them from shipment county of money banks asked due that the legal rethe mainder east, of the November this week 2, be the made last a day is holiday. in the proclamation, be the Saturday. mentioned Monday will therefore next day. intimation received of here the The first public of the action banks, was by the in closing the the Oregonian the proclamation Tuesday it three Hood River trauggovernot when The reached here in and morn- banks ing. their doors as usual o'clock opened business until after ten and it acted conference WAS had, with when a necessary to and was found of the proclamation, they the term closed. the comply governor, of would The five legal to making unlawful for the banks a proclamation the holidays, seri- do make it these days without of business on as to the legailty be a business. notes or legal papers valid. As holiday would be there ous whether question legal It would concerned, question signed the ou a River is in the far as no occasion for a holiday is no strinbanking the money market has caused in in Wall street gency wes Hood business. There here, valley. and the in the city or of been no withdrawing they There a matter of in the posits, but as the highest notch the cash no uneasiness trouble reached has while fact dehave of the country. the legal re. on bas been all along. and of the banks has it will The here, and while among the serve, history uneasiness hand closing is way above caused slight inconvenience be a to interrupt or of doing the ordinary days, all have and it no for merchante method accepted change business the a few without complaint, general situation no ill effect on the of will have There is no shortage conducted as business. business is being intercash, usual and in all lines, without ruption.
2.November 12, 1907East Oregonian : E.OPendleton, OR
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Portland, Nov. 12.-The Merchants' National bank of this city, failed to open its doors this morning and notice of suspension has been posted on the bank's doors. The bank's officers are J. Frank Watson, president; R. L. Durham, vice president; R. W. Hoyt, cashier; George W. Hoyt, assistant cashier. The bank states that they have paid out $1,500,000 since the holidays were declared and that they had been unable to realize on securities and must temporarily suspend. They assert that they have carried their burden without any assistance other than the clearing house. They also declare that they are solvent but on the advice of the comptroller of currency they suspend for time being. They declare they will reopen within a few days. A large crowd gathered about the bank and 30 policemen were detailed to prevent any demonstration on the part of the angry depositors. The suspension of the bank was expected as they had difficulty in clearing yesterday.
3.November 12, 1907East Oregonian : E.OPendleton, OR
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PORTLAND BANK CLOSES DOORS Merchants' National, Unable to Stand Strain, Closes on Advice of Comptroller. HAD PAID OUT $1,500,000 SINCE HOLIDAYS. Bank Asserts That They Have Carried Burden Without Assistance Other Than Clearing House- Declare They Are Solvent and Only Suspend for Time Being on Advice of Comptroller-Crowd Gathers, About Bank and Thirty Policemen Detailed to Prevent Demonstration.
4.November 13, 1907Evening StarWashington, DC
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OREGON BANK SUSPENDS. Merchants' National of Portland Closes Its Doors. PORTLAND, Ore., November 13. - The Merchants' National Bank of this city is for the time being in the hands of the controller of the currency. Its doors were not opened yesterday because of unfounded but persistent rumors which resulted in heavy withdrawals lately Though said to be entirely solvent, the bank was yesterday closed temporarily, awaiting the advice of the control.er of the currency. to whom the bank officers have wired details of the institution. With $5,212,052 on deposit at the close of business August 22 last, wh n th controiler called for a statement of th condition of all national banks, the bank's liquidation since that date has been over $2,300,000. of which amount $1,500,000 nas been withdrawn since the holiday season began. October 29. This run means an average daily withdrawa of cash from the bank of more than $100,000, and the only assistance it has received has been the loan of $250,000 from the Clearing House As ociation, which amount, equaling the capital stock of the bank, was the limit allowed by the national banking act. The Hanover National the National Bank of Commerce and the Merchants' National banks, New York correspondents of the Merchants' Nationa . offered to extend all necessary aid but again the national banking act stood in he way. This left no other recourse than to lay the situation before the controlle: of the currency.
5.November 13, 1907Daily PressNewport News, VA
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Had Over Flve Million Dollars on Deposit, But Had Heavy Withdrawals WAS BARRED FROM RECEIVING AID New York Correspondents and Port. land Clearing House Wanted to Help the Institution, But National Banking Act Prevented. (By Associated Press) PORTLAND,, Oregon, Novv. 12 The Merchants National bank of this city Is for the time being In the hands of the comptroller of the currency. Its doors were not opened today because of the persistent rumors which resulted in heavy withdrawals lately. The bank Is said to be entirely solvent. With $5,212,052 on deposit at the close of business August 22 last, when the comptroller called for n. statement of the condition of national banks, the bank's liquidation since that date has been over $2,300,000. of which amount $1,500,000 has been withdrawn since the hollday season began, October 29. This run means on average daily withdrawal of cash from the bank of more than $100 000 and the only assistance it has rocelved has been the loan of $250,000 from the Clearing House association, which amount equalling the capital stock of the bank, was the limit n)lowed by the national banking net. The Hanover National, the National Bank of Commerce, and the Merchants' National bank. New York correspondent's of the Merchant's Na. tional, offered to extend all Decessary aid, but again the national bank Ing act stood in the way. This left no other course than to lay the sit nation before the comptroler of currency.
ANOTHER BANK PORTLAND IN SUSPENDS MERCHANTS NATIONAL IN HANDS OF COMPTROLLER Institution Declared to Be Perfectly Solvent; Unfounded Rumors Responsible for Run Which Drained Its Resources (By Morning Journal Special Leased Wire.] Portland, Ore. Nov. 12.-The Merchant's National Bank. of this city, is for the time being in the hands of the comptroller of the currency. Its doors were not opened today because of idle and unfounded, but persistent rumors, which resulted in heavy withdrawals lately. Though said to be strictly solvent, the bank was today obliged to close temporarily, awaiting the advice of the comptrofler of the currency, to whom the bank has wired details of the situation. With $5,251,052 on deposit at the close of business, August 22, last. when the comptroller called for a statement of the condition of all national banks, the bank's liquidation since that date has been over $2,300.000 of which amount $1,500,000 has been withdrawn since the holiday season began, October 29. Thus run this meant an average daily withdrawal of cash from the bank of more than $100,000 and the only assistance which the bank has received has been the loan of $250,000 from the clearing house association which amount equalling the capital stock of the bank was the limit allowed by the national banking act. The Hanover National and the National Bank of Commerce and the Merchants National Bank, New York correspondents of the Merchant's National, offered to extend all necessary aid. but again the national banking act stood in the way. This left no other resource than to lay the situation before the comptroller of the currency. The Merchants' National has, it is said, held throughout the present money stringency, a larger reserve in proportion to its deposits than any other bank in the city. The size of its reserve is indicated by the fact that it was able to endure a run of $2,300,000. or more than 40 per cent of its deposits. The public in general has heard rumors that the bank was in critical condition from almost the commencement of the holiday period, October 29, but the first real Intimation of an approaching crisis came yesterday when the bank was unable to pay its clearing house balances. The situation was made the subject of a special session of the clearing house association last night and was again discussed this morning. The result was that the bank did not open. In a statement to the Associated Press A. L. Mills, chairman of the loan committee of the Portland clearing house association and president of the First National Bank of this city, said 'It should be distinctly understood that the Merchants National Bank has only suspended payment. Its officers state, and I am confident they are sincere, that they expect to liquidate a portion of its securities and secure new capital and resume business. Its failure is Immediately due to recent heavy withdrawals and other heavy demands made upon it since October 29.
7.November 13, 1907The Morning AstorianAstoria, OR
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BANK WILL RE-OPEN. Securities Will be Secured to Liquidate Debts. PORTLAND, Nov. 12-The Merchants' National Bank of this city is, for the time being. in the hands of the Controller of the Currency. Its doors were not opened this morning, at the regular hour. The bank officials claim this action was necessary because of the malicious, idle, unfounded, but persistent rumors which have resulted in a depleting run. The bank, they say, fought with all the vigor, fortitude and tenacity its whole directorate and officials were capable of against the unrelenting hammering to which the institution was being subjected, but in vain. And, while strictly solvent, the bank has been obliged to close its doors, temporarily, awaiting the allvice of the Controller of the Currency, to whom the bank has wired details of the situation and conditions which brought about its embarrassment. LATER. PORTLAND, Nov. 12.-That the bank will re-open with ample funds secured from the liquidation of some of its securities is the belief of J. Frank Watson, president of the Merchants' National Bank of this city, when temporarily suspended business today. So far as the further embarrassment of Portland financial institutions is concerned. Watson says he does not think there will be further trouble. "We were victims and have been slaughtered, that is the end of it," said Watson. The suspension of the Merchants' National had little effect on the other banks of the city. It seemed as if the anticipated had happened and the crucial point having passed, the tension which has been wrought to high pitch by idle rumor and gossip, was what caused the Merchants' National's embarrassment now seems relaxed.
8.November 13, 1907The Cairo BulletinCairo, IL
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TEMPORARILY CLOSED. Portland, Ore., k Nov. 12.-The Merchants National Bank of this city is for the time being in the hands of the comptroller of the currency. Its doors were not opened today because of idle and unfounded, but persistent rumors which resulted in heavy withdrawals lately. Though said to be strictly solvent, the bank was today obliged to close temporarily. With $5.212,052 on deposit at the close of business August 22 last when the comptroller called for a state. ment of the conditions of national banks, the bank's liquidation since that date has been over 2,300,000, of which $1,500,000 has been withdrawn since October 29. The only assistance the bank has received has been the loan of $250,000 from the Clearing House Association, which amount, equalling the capital stock of the bank, was the limit allowed by the national banking act. The Merchant National has, it is said, had throughout the present money stringency a larger reserve in proportion to its deposits than any other bank in the city. The size of its reserve is indicated by the fact that it was able to endure a run of $2,300,000, or more than . 40 per cent of its deposits.
9.November 13, 1907The Evening StatesmanWalla Walla, WA
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Some people in Walla Walla were a little startled yesterday at the announcement that the Merchants' National bank of Portland had temportrily suspended business, but when the statement of the conditions of the bank are taken into consideration, there is no cause for alarm. Rather is there plenty of evidence that the institution is absolutely sound. According to the published statements, within the last few weeks, since the money market has been strained, the bank has paid out more than $2,000,000, or practically 50 per cent of its deposits. When it is considered that the national banking law requires banks to keep but 15 per cent of their deposits in actual cash in its vaults or with their immediate correspondents in course of exchange, it will be seen that the Merchants' bank must have been conducted along safe and conservative lines. The fact that it has been able to pay out such a vast sum is sufficient evidence of the soundness of the institution. With their eastern correspondents refusing to let loose of the money, which they held, and which actually belonged to the Portland banks, and with other banking institutions throughout the country doing practically the same thing. it is really remarkable that the Merchants' National should be able to pay out such a lårge amount of cash. In Portland financial circles, and in fact in financial circles everywhere, the opinion is expressed confidently that the Merchants' National will reopen within the next 60 days and continue payments with practically no loss to any one, particularly the depositors. The only real significance of the temporary suspension is to emphasize the fact that the policy of the eastern institutions, in refusing to pay to their correspondents the money which is due them, is working an unnecessary and unavoidable hardship on western institutions, which are absolutely sound, and have abundant resources, although some of them have been unable to get hold of sufficient actual cash to meet the increasing demands being made on them by reason of the sponge like methods of New York.
10.November 13, 1907The Times DispatchRichmond, VA
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COMPTROLLER IN CHARGE. Oregon Institution Is Handicapped by Nationa! Bank. Act. PORTLAND, ORE., November 12.-The Merchants National Bank of this city is for the time being in the hands of the Comptroller of the Currency. Its doors were not opened to-day because of the unfounded. but persistent rumors, which resulted in heavy withdrawals lately. The bank is said to be entirely solvent. With $5,212,052 on deposit at the close of business August 22d last. when the comptroller called for a statement of the condition of all national banks, the bank's 11quidation since that date has been over $2,300,000, of which amount $1,500,000 has been withdrawn since the holiday season began, October 29th. This run means an average daily withdrawal of cash from the bank of more than $100,000, and the only assistance it has received has been the loan of $350,000 from the Clearing House Associntion, which amount, equaling the capital stock of the bank, WILS the limit allowed by the national banking act. The Hanover National, the National Bank of Commerce and the Merchants National Bank. New York correspondents of the Merchants National, offered to extend all necessary aid, but again the national banking act stood in the way, This left no other
11.November 13, 1907New-York TribuneNew York, NY
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NATIONAL BANK CLOSED. Merchants', of Portland, Ore., in Hands of Controller. Portland, Ore., Nov. 12.-The Merchants' National Bank, of this city, is for the time being in the hands of the Controller of the Currency. Unfounded but persistent rumors have resulted in heavy withdrawals lately, and though said to be entirely solvent the bank was closed temporarily to-day, awaiting the advice of the Controller of the Currency. to whom the bank offcers have telegraphed. With $5,212,052 on deposit at the close of business August 22 last when the Controller called for a statement of the condition of all national banks. the bank liquidation since that date has been over $2,300,000, of which amount $1,500,000 has been withdrawn since the holiday season began, October 29. The only assistance the bank has received has been a loan of $250,000 from the Clearing House Association, which amount, equalling the capital stock of the bank, was the limit allowed by the national banking act. The Hanover National, the National Bank of Commerce and the Merchants' National Bank. New York correspondents of the Merchants' National, offered to extend all necessary aid, but again the national banking act stood in the way. This left no other recourse than to lay the situation before the Controller of the Currency. The public in a general way heard rumors that the bank was in a critical condition from almost the beginning of the holiday period. but the first real intimation of an approaching crisis came yesterday, when the bank was unable to pay its Clearing House balances. The situation was made the subject of a special se3sion of the Clearing House Association last night, and was again discussed this morning. In a statement to-day L. Mills, chairman of the loan committee of the Portland Clearing House Association and president of the First National Bank, of this city, said: "It"should be distinctly understood that the Merchants' National Bank has only suspended payments. Its officers state, and I am confident they are sincere, that they expect to liquidate a portion of the securities and secure new capital and resume business. / Its failure is immediately due to recent heavy withdrawals and other heavy demands made upon it since October 29."
12.November 14, 1907The Morning AstorianAstoria, OR
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PORTLAND, Nov. 13.-That the financial flurry has touched bottom so far as Portland is concerned was evidenced today in the increased volume of business that was noticed in all lines. Retailers and jobbers report more business than has been noted since the beginning of the bank holidays, and in financial circles renewed confidence is plainly ap. parent. The failure of the Merchants' National is considered as having been the bedrock of the financial whirlpool and no apparent evil results are to be found in its wake. Incoming shipments of gold from foreign correspondents of the leading banks are adding to the general confidence and it is stated in authoritative manner that the present holidays will be brought to a close at the end of the current week, and the full resumption of currency pay. ments be in force. The officials of the defunct Title Guarantee & Trust Company which suspended last week were bound over to await the action of the circuit court in the sum of $5000 each, having been charged with accepting deposits while knowing the bank was insolvent. Malicious rumors are said to be the cause of the downfall of the Merchants National, but it is stated by the officers of the bank that business will be resumed in a short time. The national bank examiner for this district, Claude Gatch, is in charge of the bank's affairs and is making a rigid examination of the books of the institution. No receiver will be appointed for the closed bank. The statement of Theodore B. Wilcox, at the Commercial Club dinner Tuesday evening, that his firm had resumed the buying of wheat, and that they had cash to pay for it, created a decided upward tendency on the board today. Speaking of the remarks made by Mr. Wilcox at the Club dinner, Manager John H. Whyte, of the Chamber of Commerce, who was one of the Astoria delegation present, said: "I have never seen a more marked influence exerted over a large body of men, most of whom were the leaders of finance and industry of their city and state, than that wielded by Mr. Wilcox over the bankers, merchants and "business men who assembled at the Commercial Club dinner last Tuesday night in Portland. "He had been importuned to speak on the financial situation a number of times, at least to state his opinions concerning it, from it local standpoint, but had refused until the night of the dinner. There was no doubt that the very large crowd present, probably more than 200, were largely down there because it had 1 been voiced around that Mr. Wilcox would speak. And when he began to speak he did not mince matters. He said that some of the men who had recently failed were nobody's friends, not even friends of themselves. He compared some of them to wild horses in the street. But when he gave his opinion for what-
13.November 14, 1907Reporter and FarmerWebster, SD
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OWING TO IDLE RUMORS. Run Results in Closing Bank at Portland. Ore. Portland, Ore., Nov. 13.-The Merchants' National bank of this city is for the time being in the hands of the comptroller of the currency. Idle and unfounded, but persistent rumors, resulted in heavy withdrawals lately. Though said to be strictly solvent the bank is obliged to close temporarily, awaiting the advices of the comptrol. ler of the currency, to whom the bank has wired details of the situation. With $5,212,052 on deposit at the close of business Aug. 22 last, when the comptroller called for a statement of the condition of all national banks, the bank's liquidation since that date has been over $2,300,000, of which amount $1,500,000 has been withdrawn since the holiday season began, Oct. 29. This run means an average with drawal of cash from the bank of more than $100,000.
14.November 22, 1907The Yale ExpositorYale, MI
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grand master of the Masonic Order Missouri, committed suicide at the Midland hotel in Kansas City, leaving no message to explain his action. There was no evidence that the fairs of the Bank of Albany were volved in the tragedy. Charles Tracy Barney, the deposed president of the Knickerbocker Trust Company of New York, and until cently a power in the financial world, shot and killed himself. The deed attributed to despondency over the loss of his large fortune and business standing. Bankers and merchants in session at Sioux City, Ia., adopted a system of grain checks which it was agreed should be accepted as currency. Merchants National bank of Portland Ore.; the California bank of Oakland Cal.; the Farmers and Merchants bank of Sapulpa, I. T., and the Ravens wood Exchange bank in a Chicago suburb suspended. The Royal Motor Car company of Cleveland, O., and the Gary wholesale grocery house Selma, Ala., went into the hands receivers. Secretary Cortelyou made the nouncement that as a means of fording relief to the financial situation the treasury would issue $50,000,000 Panama bonds, and $100,000,000 tificates of indebtedness, or so much thereof as may be necessary. The certificates will run for one year will bear three per cent. interest. Prince Charles of Bourbon was ried to Princess Louise of France Wood Norton, England, in the ence of about 40 members of families. Charles H. Seitz, formerly genera manager of the Michigan Telephone company at Detroit, died in Chicago from pneumonia. Mrs. Evelyn Romadka, the Milwau kee woman burglar, was sentenced the Joliet penitentiary for an determinate period of from one twenty years by Judge Brentano Chicago on her plea of guilty to charge of burglary. Louis H. Krehl, a young civil gineer on the Rock Island railroad shot himself in the head at Topeka Kan. The $22,000 worth of pay checks fo the miners of the Carbon Coal & company, which were lost from stage that runs between Longsdal and Cokedale, Col., were found boys and returned to the company. J. Ballin, a stock broker of Ham burg and a brother of Albert Ballin director general of the Hamburg-Amer ican Steamship line, committed cide. Alexander Fries, head of the of Alexander Fries & Bro., New Yor and Cincinnati, and one of the eminent chemists of the country, in Cincinnati. Harry Waters and his son Walte were struck by the fast mail train the Vandalia and instantly killed the village of Almeda, Ind. The safe in the post office at Seneca S. C., was blown open and $800 stamps and $200 in currency taken. The indorsement of William H. Taf for the presidency, and a demand home rule were the salient feature of the platform reported to the kan Republican convention. William Willcox, former superir tendent of the municipal lighting of Columbus, O., was found guilty a jury on the charge of defrauding city out of $1,170. A fatal wreck occurred on the souri River & Northwestern railroa between Mystic, S. D., and Rapid An extra engine and three cars, filled with passengers, plunged
15.December 11, 1907Washington State JournalRitzville, WA
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OREGON ITEMS. The Merchants' National bank of Portland, which suspended November 12, is solvent and its resources are in good shape. The report of Bank Examiner Wilson will be acted on by the comptroller of the currency in about 10 days, and in approximately 60 days the Merchants' National will reopen its doors. Webb McCaslin, alias George or William McLaughlin, who murdered E. F. Zaspell, a wealthy farmer, near Heppner, Ore., the night of September 29, was arrested in Spokane. The state of Oregon will not lose a cent, either through the failure of the Title Guarantee & Trust company or the temporary embarrassment of the Merchants' National bank. Representatives of the American Security company, surety for State Treasurer Steel, admitted the company's liability and will reimburse the state to the amount of $408,388.88. This assures the restoration to the public treasury of all state funds that were not adequately secured by approved security. A payment of $112,478 was made recently. Deferred payments will carry interest at 5 per cent. The biggest ranch deal of the year was consummated in Pendleton when the Gulliford ranch of 3190.45 acres was sold to M. McCracken for a consideration of $25,520. The ranch is on Butter creek. The naming of Senator Fulton of Oregon as a member of the committee on committees gives him a powerful force among the northwest senators. The farmers of Athena agree that fall-sown wheat never looked better than it does now.
16.December 14, 1907Pullman HeraldPullman, WA
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OREGON ITEMS. The Merchants' National bank of Portland, which suspended November 12, is solvent and its resources are in good shape. The report of Bank Examiner Wilson will be acted on by the comptroller of the currency in about 10 days, and in approximately 60 days the Merchants' National will reopen its doors. Webb McCaslin, alias George or William McLaughlin, who murdered E. F. Zaspell, a wealthy farmer, near Heppner. Ore., the night of September 29, was arrested in Spokane. The state of Oregon will not lose a cent, either through the failure of the Title Guarantee & Trust company or the temporary embarrassment of the Merchants' National bank. Representatives of the American Security company, surety for State Treasurer Steel, admitted the company's liability and will reimburse the state to the amount of $408,388.88. This assures the restoration to the public treasury of all state funds that were not adequately secured by approved security. A payment of $112,478 was made recently. Deferred payments will carry interest at 5 per cent. The biggest ranch deal of the year was consummated in Pendleton when the Gulliford ranch of 3190.45 acres was sold to M. McCracken for a consideration of $25,520. The ranch is on Butter creek. The naming of Senator Fulton of Oregon as a member of the committee on committees gives him a powerful force among the northwest senators. The farmers of Athena agree that fall-sown wheat never looked better than it does now.
17.December 17, 1907Los Angeles HeraldLos Angeles, CA
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PORTLAND BANKS PAY COIN TO ALL WHO ASK Long Period of Holidays Comes to an End, and Court and Public Business Is Again Taken Up By Associated Press. PORTLAND, Ore., Dec. 16.- -The payment of gold and silver in any amount to those who desire it was formally resumed by Portland banks today, on the close of the holiday period which has existed in this state for several weeks. While the banks of the city have paid specie to all who asked for it for more than ten days today is the first day that their willingness to do so has been made public. There was no unusual demand made on any of the banks and deposits were heavier than withdrawals. The close of the holidays also marked the reopening of the courts and other public offices. The long suspension of public business has caused a considerable congestion, and all public officials had their hands full. The fear that Oregon's peculiar attachments law might be invoked with disastrous effect to business was wholly groundless.
18.December 20, 1907East Oregonian : E.OPendleton, OR
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TO OPEN PORTLAND BANK, Plans Being Perfected for Resumption of Merchants' National. Plans for reopening the Merchants' National bank are under consideration by the comptroller of the currency Bank Examiner Wilson and J. Frank Watson, president of the suspended bank, says the Oregon Daily Journal. Mr. Watson is expected to arrive home the first of next week, after a conference with the comptroller on the plan proposed by Watson. It is said the comptroller will await a similar conference between Watson and Wilson on the former's arrival here, and after these two men have gone over the ground thoroughly Mr. Wilson will make a final report and recommendations to the comptroller. At present Bank Examiner Wilson is in charge, as receiver for the government. He is carrying on the work of liquidating claims and collecting accounts. It is said collections are good, and the bank's affairs are in a shape favorable to the plan for resumption of business. It is said E. C. Mears, receiver of the Title Guarantee & Trust company, is making arrangements to take up quarters in the Marquam building and let the large banking rooms and abstracting plant now occupied in the Commercial building. The object is to reduce expenses. Collections are being pushed, and the receiver is preparing to take over the various subsidiary companies through which the depositors' funds were invested. The receiver's intention is 'to sell or lease the abstracting plant and safety deposit department.
19.January 22, 1908The Seattle StarSeattle, WA
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Take in the Script. PORTLAND, Or., Jan. 22-It is stated by the committee of local bankers having charge of the banking operations of the Portland banks during the recent depression that all of the $1,000,000 of clearing house certificates Issued during that time have been redeemed, in cluding $250,000 loan certificates issued to the suspended Merchants' National bank.
20.February 10, 1908The Seattle StarSeattle, WA
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RECEIVER THREATENED. (By United Press.) WASHINGTON, D. C., Feb. 10.If the Merchants' National bank of Portland, which suspended in November, does not re-open in a solvent condition by Feb. 15, It will be placed in the hands of a receiver. This information was given out by Comptroller Ridgely today.
21.February 12, 1908The Seattle StarSeattle, WA
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Portland Bank to Reopen. PORTLAND, Ore, Feb. 12.-The Merchants' National bank, one of the largest in the Northwest, which was forced to suspend In November, will reopen Monday.
22.February 12, 1908The Washington HeraldWashington, DC
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PORTLAND BANK MAY OPEN. Merchants National Authorized to Resume by Comptroller. Comptroller Ridgely yesterday telegraphed to Bank Examiner Wilson at Portland, Oreg., instructing him to inform the officers of the Merchants National Bank to resume when they are ready to do SO. The Merchants National temporarily suspended on account of a run, during which $2,500,000 was withdrawn. The solvency of the bank was revealed by a rigid examination, and it was not required that a receivership be gone into. The resumption of the Merchants National, an $8,000,000 institution clears up for Portland the banking troubles brought on by the October panic.
23.February 18, 1908The Morning AstorianAstoria, OR
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The Merchants National Again Open for Business. DEPOSITS ENORMOUSLYLARGE It Had One Million in Gold When it Reopened-Only $38,000 Was Withdrawn and That by Depositors Whose Balance Was About $100. 1 PORTLAND, Feb. 17.-With excess of deposits and a clearance bab ances amounting to $558,000 over withdrawals, representing the largest actual cash business, in the belief of Bank Examiner Wilson, that was ever transacted by a bank north of San Francisco and west of Denver, the Merchants' National Bank of this city, re-opened its doors for business today after having been closed eleven weeks today. When it re-opened it had over $1,000,000 in gold on hand, this amount being about $300,000 in excess of demand liabilities. The money withdrawn today amounted to $38,000 and represented depositors of sums for the most part of less than $100.
24.February 18, 1908The Birmingham Age-HeraldBirmingham, AL
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Bank Resumes Business. Portland, Oreg., February 17.-The Merchants National bank reopened for business today after remaining for eleven weeks in the hands of a receiver. The bank opened with $5,000,000 in actual cash on hand, more than $350,000 in excess of the claims against the institution. Deposits were received all day.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
