Linn County National Bank (Albany, OR)

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OREGON BANK FAILURES

Two Albany Banking Institutions Close Their Doors. ALBANY, Ore., June 19.-The Linn County bank closed its doors this morning. A notice on the door savs: "Owing to the stringency in the money market, the bank hereby suspends payment by order of the directors. Depositors will be paid dollar for dollar." J. L. Cowan. president of the bank, pays the deposits amount to about $150,000, and that the assets will exceed the liabilities by $80,000 to $100,000. J.A. Crawford, one of the directore, says he will personally guarantee every depositor. No official statement has been made. A branch of the Linn county bank at Lebanon, this county, also closed its doore. At noon the Bank of Oregon, of this city, also closed itsdoors. Caehier Blain says the assets are 50 per cent. more than the liabilities. The amount of deposits is small. Both failures were caused by the steady withdrawal of deposits for several weeks.

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BANK SUSPENSION IN OREGON The Stringency in the Money Market Causes the Trouble. DEPOSITORS TO BE PROTECTED A Wealthy Citizen of Albany Guarantees That No One WHI Lose-Deposits Had Been Steadily Withdrawn. Associated Press. Albany, Or., June 19.-The Linn County bank closed its doors this morning. A notice on the doors says owing to the stringency in the money market the bank suspends payment by order of the board of directors. The depositors will be paid dollar for dollar, with a large surplus. J. L. Cowan, president of the bank, says the deposits amount to about $150,000, and that the assets will exceed the liabilities by $80,000 to $100,000. J. A. Crawford, the wealthiest citizen of Albany, and one of the directors, says he will personally guar antee every depositor. Among the de posits is $33,000 of the county's money, No official statement has been made. The branch of the Linn county bank at Lebanon also closed its doors this morning. At noon the Bank of Oregon, of this city, also closed its doors, Cashier Jay W. Blain says the assets are fifty per cent more than the liabilities, The amount of deposits is small. The fallures were caused by the steady withdrawal of deposits for several weeks. No official statement will be made until the bank examiner arrives but Cashier Archibald of the Linn county , bank says the liabilities are about $200,000 and the assets $318,000, and that depositors will be paid in full. The immediate cause of suspension was the dishonoring of a draft for $16,000 presented by the county treasurer in payment of state taxes. The state treasurer accepted the draft and gave his receipt therefor, but the draft, on being presented at the Salem Bank, was not honored. The directors then held a meeting and disagreed as to whether or not they should supply the money to tide the bank over the present necessity. The majority finally decided to suspend. The confidence of the public is shown in the fact that the merchants offer to take the paper of both the n closed banks at par. Only a slight run was precipitated upon the other banks, which were kept open until six o'clock. They are well fortified, and will be 111 able to meet all demands upon them. iit en The assets of the Bank of Oregon ry are $63,000 and the liabilities $45,000. Depositors will be paid as soon as the bank can realize upon its securities. The bank at Lebanon, owned by Cowan, Ralston & Company, which closed at 10:30, has 27,000 deposits. The asK sets are considerably in excess of the liabilities. 00

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TWO OREGON BANKS CLOSE

Both Are at Albany and the Assetts Are Said to Exceed Liabilities. ALBANY, Ogr., June 19.-The Linn county bank closed its doors this morning. A notice on the door says: Owing to the stringency in the money market this bank hereby suspends payment by order of the board of directors. Depositors will be paid dollar for dollar with a large surplus. J. L. Cowan president of the bank says: The deposits amount to about $150,000 and that the assets will exceed liabilities by $80,000 to $100,000. J.A. Crawford one of the wealthiest citizens of Albany and one of the directors says he will personally guarantee every depositor. Among the deposits is $33,000 of the county's money. No official statement has been made. A branch of the Linn county bank at Lebanon this county, has also closed its door,. At noon the bank of Oregon this city also closed|its doors. Cashier Blain esays the assets are 10 per cent more than liabilities. The amount of deposits is small. Both failures were caused by a steady withdrawal of deposits for several weeks. Cashier Linn of the County bank says the liabilities are about $220,000, and assets $318,000. The assets of the bank of Oregon are $63.000, liabilities $45,000. The bank of Lebanon owned by Cowan, Ralston & Co., has $27,000 in deposits, assets largely in excess of liabilities. The other banks of the city kept open till 6 p.m. and paid all demands. Merchants offer to take the paper of the suspended banks at par.

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THREE BANKS SUSPEND

They Could Not Stand the Steady Withdrawal of Deposits. ALBANY, Or., June 19.-The Linn county bank closed its doors this morning owing to the stringency in the money market. J. L. Cowan, president, says eposits amount to about $150,000 and that the assets will exceed the liabilities by $80,000 to $100,000. No official statement has been made. A branch of the Linn county bank at Lebanon, this county, also closed its doors at noon, and the Bank of Oregon in Portland closed its doors during the afternoon. Cashier Blain says the assets are 50 per cent more than the liabilities. The deposits are small. All the failures were caused by steady withdrawal of deposits for several weeks.

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Oregon Banks Suspend

ALBANY, Or., June 20.-J. L. Cowan, President of the Linn County Bank. which suspended yesterday. says that the deposits in the bank amount to about $100,000, and that the assets will exceed the liabilities by $80,000 or $100,000. J. A. Crawford. the wealthiest citizen of Albany. and one of the directors, says he will guarantoe personally every depositor of the suspended bank. Among the deposits is $41.000 of the county's money. No official statement has been made. A branch of the Linn County Bank at Lebanon, this county, also closed its doors at noon yesterday. and the Bank of Oregon. this city, closed its doors during the afternoon. Cashier Blain says the assets are 50 per cent. more than the liabilities. Both failures were caused by the steady withdrawal of deposits for several weeks.

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Failures in Oregon

ALBANY, Oregon, June 19-The Line County bank closed its doors this morning. A notice on the doors says: "Owing to the stringency in the money market, this bank hereby suspends payment by order of the board of directors. De positors will be paid dollar for dollar, W th a large eurplus" J L Cowan, president of the bank. says the deposits amount to about $150.000, and that assets will exceed the 118buities by $80,000 to $100 000 J A Crawford, the wealthiest citizen of Al bany and one of the directors, says be will personally guarantee every depositor. Among the deposits 18 $33.000 of the county's money. No official statement has been made. A branch of the Linn county bank at Lebanon also closed its doors this morning. At noon the back of Oregon, of this city, also closed its doors. Cashier Jay W B ain says the assets are fifty per cent more than the liabilities. The amount of the deposits is small. Both failures were caused by the steady withdrawal of deposits for several weeks past.

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BUSINESS TROUBLES

Bank Failure in Oregon---A Fur Dealt Goes Up. WASHINGTON, D. C., June 20.-Comptroller Eckles is informed of the failure of the Linn County National Bank of Albany, Oregon; capital, $100,000. Bank Examiner Jennings has been placed in charge. MINNEAPOLIS, Minn., June 20.-Jas. McMillan, of Minneapolis, made a voluntary assignment to M. C. Fletcher. McMillan is in the hide and fur business, until a short time ago when the business was transferred to a corpora tion known as James McMillan & Co. The assignment does not affect this corporation. Fletcher estimates the assets at about $700,000; liabilities $250,000. Of the liabilities 60 per cent. is to foreign creditors, persons who have made consignments to him or furnished capital. The other 40 per cent. is to Minneapolis people. WILMINGTON, N. C., June 20.-Adrian & Vollers, wholesale grocers and liquor dealers, one of the oldest busi ness houses in the city, assigned with preferences. The failure was precipitated by that of the bank of New Hanover, in whose favor they executed a mortgage for ninety thousand dollars some months ago. RICHMOND, Va., June -Isaac Held, dry goods dealer, assigned. Liabilities $10,500. CHICAGO, June 20.-The General Engineering Company, of Harvey, Illinois, assigned and liabilities said to be $75,000.

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THE ALBANY BANK FAILURE

Dissipation on the Part of One of the Principal Officers of the Bank a Cause. A Salem banker who knows the condition of the suspended Lynn County national bank, says it had a capital of $100,000, a surplus of $15,000, and undivided profits of about $7000. This is $122,000. Then three-fourths of the stockholders are good for 100 per cent. additional to their holdings of stock, for which the national banking laws make them liable, or $75,000, giving to depositors a surplus of $197,000 over and above the loans, to pay deposits. The loan will more than offset the deposits, and they are mostly good. There will probably be a loss of $40,000 to $50,000 bad paper, and the bank will pay all depositors in full and stockholders 50 to 70 per cent. Its business will be wound up. The cause of the embarrasement was the intemperance and recklessness of one of its principal officers, impairing confidence, causing withdrawals of deposits, bad judgment in not providing in advance for the stringency good bankers could see coming; and bad loans, mostly to persons intimately connected with the bank. J. L. Cowan, who had charge of the suspended bank. will not pay more than 50 cent. of his obligations. A Salem bank offered to stand in with a Portland bank in furnishing the money to tide the suspended Linn County bank over the stringency, but the Portland bank refused; therefore the doors were closed, and its business will be wound up.

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The corner-stone of the new hospital Colfax was laid Sunday. The Sisat Charity, under whose auspices comprise an ters it 488 of laid, order old. in the It Cacholic church tat is 50 years had its foundation in 1843 in Montreal Canada, bv the Rt. Rev. Bishop Bourget for of Montreal. Mother Gamelin, who to some years previous had belonged some lay confraternities, was selected In by the bishop to be its foundress. 1856 the sisters arrived at Vancouver, Wash their present mother house labor on the Pacific coast, a new field of fached after great difficulties of travel H., Mother Joseph, S. directress of the buiiding in now those days, They in Colfax, now was appointed superior, have hospitale and academies of education a Walla Walla, Spokane, Olympia, Portland and other places on this coast. OREGON. J. W. Stewart arrived at Prineville Friday of last week from Corvallis, bv having on come across the Cascades of the Santiam route. He found from about way 14 miles of snow, averaging one to six feet in dept. John Porter, a farmer aged 40 years, and unmarried, who lives near Creswell. His hae been committed to the asylum. mania is of a suicidal and homi idal nature. and o ly affects him occasionally. Mr. Porter asked to be taken to the asylum, as he was afraid to trust himself. An old feud existing between Riley Mills and Frank Gilman, of South Slough, Lane county, about a young Gillady, culminated in the shooting of by Mille. G lman had knocked when man Mills down aud was beating him, GilMills drew a small pistol and shot a man. The wound 18 not considered dangerous one. Arrangements have been made with of creditors by which the property mills the the proprietors of the Red Crown hands at Albany will be taken from the Mr. of the receiver and transferred to John Isom, who will be the proprietor of the same, while Mr. John R. Stock- mills will act as manager, The to man will be run at their full capacity, meet orders ahead, for some time, Nettled at attention being called a fact that Umatilla county sends the many convicts to the penitentiary, great the Pendleton East Oregonian says: $50,"Well, Umatilla county pays about send 000 annually to have the right to Salem many of her tough citizens to crimas she chooses. We convict our them as inals up here instead of letting of run loose, as is done in some parts the Willamette valley.". An effort is being made to reopen the Linn County National bank under a reorganization so strong as to secure once. the confidence of the people at $30,A. Bush, of Salem, who OWDS Al000 Mr. in stock, has had a meeting at Ar. with the other stockholders: Jennings, bany the bank inspector, has about will completed his in yestigations, but few have nothing for the public for a days. Depositors are safe. The serious question is with the stockholders. The house of Joseph Lind, the Lewis and Clarke mail carrier, with all its con- was tents was destroyed by fire while he in Astoria with the mail last Saturday. he The fire was out in the stove when home at four o'clock in the morning, the and left the only way he can account for in fire is that a spark must have caught he the roof, and was smoldering when and The house was built of cedar, left. lumber to build it was carried by the the owner on his back from Sackett's mill, which is two miles away. W. W. Caviness, Pendleton, who added is hunting at Leman's Sprins, has an exanother bear to his list. Quite with the citing incident was connected out exploit. Mr. Caviness had gone were with his wife on horseback. Both dismounted when the bear was and seen. the "Wes" shot and wounded it, furious animal, a female, charged of upon her It was within five feet situation became bullet ended and another his wife. the timely critical, its and career. when were Two cubs were left motherless captured alive. Viewn 900. during the Indian war.

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APPOINTED REVIEWER

Albany, Or., July 13.-H. M. Beall of The Dalles has been appointed receiver of the closed Linn County National Bank. He will arrive in a few days to assume charge and begin closing up the business of the bank.

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The Linn County Bank

Mr. H. M. Beall, the newly appointed receiver of the Linn County bank. arrived yesterday and will take charge of the bank. A notice to depositors and others interested, signed by the comptroller of the currency and also by Mr. Beall, will be found in the Herald publishing columns. Mr. Beall was seen by a Herald reporter and questioned concerning the policy in clearing up the business of the bank. "I reached Albany today and have not yet fully assumed charge of the bank," he said. "It will probably be several days before any business toward settling up the affairs will be transacted. As to whether or not the collections of the bank's securities will be rigidly pushed I cannot say. I am simply a creature of the government, and must act on instructions from the treasury department." Mr. Beall was formerly cashier in The Dalles bank, and thoroughly understands the situation. It is safe to say that the collection of the $200,000 on the banks securities will rot be pushed so as to create any business disturbance. Those acquainted with the business say it will probably require a year or eighteen months to settle up the business. -Herald.

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An application has been sent to the comptroller of the currency asking that the Linn County National bank be taken from the hands of the receiver for the resumption of business. The required amount of money, about $100,000, will be raised and other conditions will be met, so that the applicawill undoubtedly be granted. The movement is one that will be of general benefit to the community.-Albany Democrat.

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those of a man who mysteriously disappeared some time ago, hinting that Haynes was concerned in the disappearance. There was a riot outside the arena at Roby, Ind., Monday night, caused by a mob of roughs attempting to enter to see the fight. Pinkerton detectives went out to quell the disturbance and they were met with a shower of stones. Some one in the crowd fired three or four shots from a revolver and an unlucky man was shot above the heart. Physicians say he cannot live. J. W. S. Marshall, whose body had been hanging from a door in his room at 15 Allison street, Boston, for five days before it was found, did not kill himself on account of poverty. When his room was searched two bank books which represented cash deposits of $60,000 were found, and also proof that he owned a block of buildings, the value of which is fully $1,000,000. Artesian water was struck on Tuesday in Spring valley, five miles southeast of Colfax, Wash., at a depth of 220 feet. The flow is very strong, throwing a sixinch stream twenty feet high. This is the most western artesian well in the county, and will be a great help to Colfax. The city council have already taken informal action toward piping the water down to the supply reservoir. e A petition is now before the circuit court of the sixth judicial district asking that Lawyer C. H. Finn be debarred from practicing in the courts of this state. The petition is based upon affidavits charging Finn with mutilating records wilful misconduct as an attorney in caste ing reflections and preferring charges of S conspiracy against circuit judges; wiln fully false and malicious charges against n J. W. Knowles, as justice of the peace in La Grande. o It is said that the directors of the Linn County National bank have at last e reached an agreement for a reorganizay tion, says the Albany Herald, and have made an application to the comptroller of the currency, asking that the bank be taken from the hands of the receiver and reopened for the resumption of business. About $100,000, it is said, will be put into the bank to place it on a sound basis n again, and it is thought the application will be granted. The law of the state of Washington requires that the permanent school fund of the state must be invested in national, state, county or municipal bonds, but t the state land commission sought to ree gard a school district as a municipal corn poration within the meaning of the law. and to invest funds in school district bonds. The attorney general bas decided that a school district cannot be regarded as a municipal corporation, and the land h commission cannot so invest the funds. Wednesday at Spokane, Wash., the First National bank closed its doors and with it went the allied institution, the L Spokane Savings bank. A notice was of posted that "owing to the continued d withdrawal by depositors and the inability to realize on securities this bank has as temporarily suspended payment." Presihe dent J. M. Glover said that all depositors would be paid in full. The news created of no excitement and no run upon any d other banks. H. W. Fairweather is of vice-president of the bank which was -1one of the foremost banks of Spokane. y Thursday afternoon, at The Dalles, 8 young lady, Miss Equi, horse-whipped is O. D. Taylor, a real estate shark, for a swindling a friend of hers, a Miss Hol : comb, out of $100. The affair was wit nessed by a large crowd of persons, who & followed the parties from the first place or where they met to the place where the as marshal interfered. There were frequen at cheers from the throng of persons, and i he is stated that on more than one occasion the, reverend gentleman was held while

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IT IS COMING

-Receiver - Beall, of the Line County Bank has received instructions from Washington authorizing a dividend to depositors, A schedule is being prepared, which will be sent to the comp troller probably tomorrow. On is receipt checks will be made and returned to A]and distributed among the first it bany is probable dividend depositors. will be paid So in about three weeks. There is some satisfaction in seeing it in sight; but it should have beed paid several weeks ago. How much of a dividend will be paid is not known. The actual receipts justify at least 5° per cent. AFTER ZEPH JOB. -J W Parrish, deputy sheriff of Lincoln county, was in Salem today. He is after Zeph Job, the banker, who with his brother, B R Job, and M M Davis, was indicted by the grand jury ior larceny of public money, in soliciving the deposit of the county funds of Lincoln county and then refusing to account for them on demand of the county treasurer. One of Sheriff Knight's deputies has gone to Jefferson, near which place Zeph Job is located, to secure him - Salem Independent. A SPRIGHTLY TIME.- The Old Fellows had quite d lively meeting last night. There wa work in the initiatory degree and a large delegation came from both Lebauon and Jefferson besides visitors from other parts. With the members of the home lodge the attendance was 95 The lady member3 of Beulah Rebekah lodge served lunch in rooms on the second flocr of the hall building and cne hundred and twenty five persons partook of the repast. The visiting Frethren were highly pleased with their visitors. A HOUSE ROBRED.-Dr. Geo S Wright, the McMinnville dentist, who has been in the city a couple days, received a telephone message from home this moraing stating that his house was broken into last night by burglars and considerable property stolen, how much was not known. The bnrglars broke in a rear door with an ax. NEW OFFICERS.-The following officers were elected last evening by Albany Lodge No 4, IOOF: JO Writeman. NG. John Robson, V G. TJ Stites, Rec Sec. E A Parker, Per Sec. J Gradwohl, Treas. G F Russel!,R Vealand W C Tweedsle, Trustees. ARM BROKEN.-Mrs Taji Ohling yesterday afteraoon was going home from a visit to the home of her son. Mr Raiph Ohling, when she slipped and feli on the sidewaik, breaking her left arm at the wrist. Dr J P Wallace was called and set the bone: Mr Mac Porter, of Corvaills, has just bought an Aberdeen Angus bull calf, called Black Knight, the one receiving the first prize at the worlds fair, paying 8500 for it. It was owned by Wallace Estill, of Missouri,

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charge of conspiracy to unlawfully land Chinese. The indictment was returned last night, and made public today. A true bill has also been returned against J.L. Cowan, president of the Linn County National bank, of Albany, Oregon, which suspended last June. Cowan is charged with a violation of the national banking laws.

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Violated Banking Laws

PORTLAND, Or., Dec. 11.-A true bill was returned against J. L. Cowan, president of the Lynn County National bank of Albany. Or., which suspended last June. Cowan is charged with violation of the national banking laws.

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Bank President Indicted

Portland, Or., Dec. 11.-A true bill was returned against J. L. Cowan, president of the Lynn County National Bank of Albany, Or., which suspended last June. Cowan is charged with a violation of the national banking laws.

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ally supposed, judging from the host of applications already received by telegraph and letter. It must be close picking for the old Democratic warhorses this season, for there is no place so small that it is not pounced upon by the whole gang as eagerly as a drowning man catches at a straw. The announcement just made by Comptroller Eckels that he has examiners enough for the present will be a sore disappointment to many. Mr. Paul Mohr has taken an elegant residence on Connecticut avenue and will remain in Washington City with his family during the winter. He feels confident that with the coming of spring the business interests all over the Pacific Northwest will experience & revival and that enterprises of all sorts that have come to a standatili in that section with the approach of "hard times" will then start up again. So soon as the condition of business in the Inland Empire will warPant he proposes to push to completion his railroad along the Northern shores of the Columbia. There are 166 applicants for presidential postmasterships who were postmasters during Cleveland's first term and who are very desirous of regaining their former places. Obedient to the expressed wish of Mr. Cleveland at the beginning of his term that there should be no such reappointments, the postmaster general in making no recommendations in these cases, but each, with all the accompanying papers, have been sent to the president for his personal supervision and decision. Consideration of the bills providing for the admission of territories as states will be delayed somewhat after the reconvening of congress, by the marriage of Faulkner, chairman of the senate committee on territories, which will occur January 3, the day set for the reassembling of congress. I Comptroller Eckels has authorized the receiver of the Linn County National bank, at Albany, Or., to issue a first dividend of 35 per cent. on the total claims proved, aggregating $179,865.23. The diviA. B. 8. dend amounts to $62,952.83.

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Oregon

The party that recently went to the Bohemia mines country to search for the bodies of the two men who perished in that vicinity a few months since has been unable to find them, and intend returning, It is now the opinion that the bodies will not be recovered before the last of June, as the snow still lies on the ground from ten to twenty-five feet in depth. The Linn County National Bank, through the receiver, H. M. Beall, has brought an injunction suit against the city of Albany to restrain the city government from paying the city warrants. It is alleged that the city has been paying the policemen cash for city warrants of recent issue, and that the old warrants, some of which are held by the bank, have not been paid. It will probably be made a test case. During the past few days there has been a marked improvement in the run of salmon, and the average catch per boat is much above the average at this season of the year. This fact may be due to the comparatively long spel! of warm weather which has prevailed for a month past, or possibly the long-expected four-year run has materialized. The fishermen and others interested in the canning business are not, however, particular as to the cause of the plentiful supply, and are happy in the knowledge that all the boats are doing well. Four of Hapgood's men the other day caught exactly 2,000 pounds of fish, or an average of about twenty each, and many other hauls equally large are reported. Considerable excitement has been caused in the vicinity of Medford during the past few days by the result of a partial clean-up of the Miller placer mine, situated about five miles west of that city. This mine was recently purchased by Portland parties, and between $12,000 and $13,000 has been taken out as the result of the past winter's run. A partial clean-up of the Sturgis mine, about twelve miles from this city, which was finished last week, produced $30,000 in yellow metal for its owners. These mines are considered two of the best placer mines in Southern Oregon, and the resuit of the clean-up of both has been watched with interest by mining men all over the State. The Miller mine comprises 240 acres, all of which is considered as good as that worked in the past, only two acres of which has been touched during the last eight years. The mine has been run with only one giant, and the present company is making arrangements to put in two more giants, as there is plenty of water to run that number during the winter season.

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ANOTHER DIVIDEND

-The comptroller of the currency has declared another dividend of 10 per cent in favor of the Linn County National Bank. This makes a total of 75 per cent. The other 25 per cent will also come, with some over for the stockholders. It is an interesting fact, and one creditable to the receiver as well as to the debtors of the bank that this record leads all the banks of the U. S. that failed in 1893, so far as can be learned, no other bank yet having paid 75 per cent.

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NOW READY

The receiver of the Linn County National Bank is now prepared to pay a fourth dividend of ten per cent on the proved claims, Claimants will please present their receivers certificates at the bank for indorsement thereon. H. M. BEALL, Receiver.

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A Tribute to Mr

H. M. Beall, Mr. Eckels is quite well pleased with the work of the receivers whom he has appointed in Oregon, especially with Mr. H. M. Beall, receiver of the Linn county National bank, at Albany, who has worked hard in the interest of the depositors. The controller states that this bank will undoubtedly pay every depositor, at least 95 per cent on the dollar, which will be good news indeed to many an honest, hard working farmer in that section, who at the time of the failure would have been quite willing to have sold his claim at one-half of its face value, and probably was only prevented from so doing because there were no buvers.-Portland Sun. Mr. Beall's friends in The Dalles, and they include the whole population, will be pleased to see his worth so publically recognized. Mr. Beall for many years was cashier of the First National bank in this city and is still considered a resident of The Dalles. His ability was well known before he accepted his present position and his high reputation will be increased by his record as receiver of the Linn county bank.