Astoria National Bank (Astoria, OR)

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ASTORIA NATIONAL BANK FAILS TO OPEN ITS DOORS

Astoria, Feb. 23.-(U. P.)-The Astoria National bank, largest financial institution in this city, did not open for business this morning. the notice on the door of the bank saying that it had been placed. by order of the board of directors, under the comptroller of the currency, with W. C. Crawley in charge. Full reasons for the closing of the bank have not yet been disclosed. but it is known that withdrawals of deposits have been heavy since W. A. Tyler resigned as president two weeks ago. The bank's deposits as of December 31. 1927. were $2,660,411.27; resources were $2,965,985.85. Officers of the Astoria National bank are: G. W Utzinger. president; C. G. Palmberg. chairman of the board: Dr. E. B. Waffle and B. F. Stone. vice presidents: Herbert Ambler. cashier: W. Tyler. G. W. Utzinger. Dr. E. B. Waffle. C. G. Palmberg. E. Wicks. Emil Streichert, H. Niemi, B. F. Stone. S. A. Gimre and J. A. The bank is pioneer financial institution, founded by D. K. Warren. who was succeeded as president. successively by the late J. E. Higgins, George W. Warren. the late C. R. Higgins and W. A. Tyler, who retired February 8. A quiet run on the bank followed the resignation of Tyler. Withdrawing depositors were principally from the rural districts. The run developed among Seaside and Gearhart depositors immediately after the change in presidents, but appeared to have subsided after few days, only to be resumed seriously early this week, with rural depositors from both sides of the Columbia taking the lead in withdrawels. In their resolution closing the bank the directors cited these facts, saying that there had been no active run but that the steady withdrawals of the past two weeks had depleted reserves to such an extent that the available quick assets had been reduced. making it advisable to close the bank for the protection of the depositors.

Portland bankers said that their information tended to show that wartime loans, the disastrous fire of five years ago and slow real estate loans were responsible for the crash. There was no disposition to believe that the bank had not been operated in prudent manner. It is understood that W. C. Crawley, federal bank examiner of Portland, is in charge.

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Astoria Bank Fails to Open Doors Today

Astoria National bank suspended operations today until it can collect Old loans and rebuild its reserves, Depletion of its reserves was not expected to mean a loss to depositors. The suspension was under instructions from National Bank Examiner Crawley.

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Astoria National Bank Closes Doors Today

ASTORIA, Feb. 23. (Associated Astoria National bank suspended operations today until can collect on loans and rebuild its reserves. The repletion of the reserve was not expected to mean a loss to the depositors. The suspension was under instructions of National Bank Examiner Crawley.

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BIG ASTORIA BANK'S

Run Following Retirement Of President Causes Directors to Act

ASTORIA. Or., Feb. toria National bank, largest financial Institution in this city, did not open for business this morning, the notice the door bank saying that placed, by order the board directors, under the comptroller the currency, with Crawley in charge. Full for the closing bank not yet been disclosed, but known that have been heavy since two weeks The deposits of De31. 1927 Officers the Astoria National W. Utinger, president Palmberg. chairman the board Dr. and Stone, Herbert Ambler, cashier: Tyler, G. Utzinger, Dr. Waffle, Wicks, Emil Streichert, H. Niemi, Stone. Gimere and Prouty, directors. The bank pioneer financial stitution, founded by succeeded president cessively by the late Higgins, George W. the late R. Higgins and W. Tyler, retired February quiet run the bank followed the resignation of Mr. depositors principally from rural districts. The among Senside and Gearbart immediately after the change presidents. but appeared to have subsided after few only to be this week. rural depositors from sides of the Columbia taking the withdrawals their resolution closing the bank, the directors cited these facts, that there had been active run but that steady the weeks had depleted reservés an that the available quick had ing advisable close the bank for the protection of the depositors.

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Feb

Astoria National bank suspended operations today until it can collect loans and rebuild its reserves. The repletion reserves was not expected to mean loss to depositors. The suspension was under structions of National Bank Examiner Crawley.

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ASTORIA BANK SUSPENDED TO COLLECT LOANS

Astoria National bank at Astoria, Ore., this morning suspended operations until it can collect on loans and rebuild its reserves. The suspension was under instructions of national bank examiner W. C. Crawley. Repletion of reserves was not expected to mean a loss to depositors.

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TO CLOSE BANK FORCED

ASTORIA NATIONAL IN HANDS the EXAMINER.

Trouble Declared Due to Heavy Run Following Circulation of False Rumors.

ASTORIA, Or., Feb. 3.-(Special.) The Astoria bank, one of the city' financial institutions, failed to open its doors this morning, patrons of the bank being notified by notice on the that under of the the bank was of currency the federal system, with Crawley, national bank examiner, in charge. Crawley said late today that an initiated last to obthe of the three banks the city toward takthe Astoria Naing over assets tional still under way. "Unless this plan Mr. said, "the only the appointment receiver and the process of liquidation. Utzinger, president of the bank, said this afternoon that the closing had been forced by persistent run on the bank resulting put in cirfrom culation three ago following the resignation of W. A. Tyler as "This run increased steadily during the past two weeks heavy Monday and Tuesday this week that in protect the us the board decided close the bank and the controller of the he said. currency, Mr. Utzinger deposits in the bank Tuesday of this totaled $2,200,000 as with $2 December 31, 1927. of the bank are listed at The bank is

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for Portland in Tyler Leaves Connection With Closed Astoria National.

No further statements in connection with the Astoria National bank Officers and stockmade yesterday. the institution underholders of held number of inforstood to have conferences yesterday. Tyler, president Califor- the returned from institution, last night that Sunday night, said were being several that but that was improbable ered, any definite decision could be reached several days. leave for Portland Mr. Tyler will in connection with bank this evening matters.

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CONTEMPLATE NO CHANGES

Preparing to Set Up Books for Purposes Is Report.

A message received by the Morning Astorian yesterday from McIn tosh, comptroller of currency, indicatthat Crawley, present charge the affairs the Astoria National bank, receiver, will be con tinued in charge of the institution. Following the here that Mr. Crawley's appointment temporary one, reports were current for some. time that the appointment permanent receiver being delay. disagreement recommenda (Continued on Page Four.)

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BANK RECEIVER SUES FOR NOTE

Crawley Seeks to Recover $18,250 and Fees From Clatsop Corporation Securities.

PORTLAND. May was filed today in federal district court by Crawley, receiver of the Astoria National bank, which closed its doors Feb. 23, against the Clatsop Securities corporation, to recover $18,250 leged due on promissory note cuted by the securities company on December 22, 1927. Interest the rate per cent and attorney fees of $1825 also sought.

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Bank Receiver Files Suit PORTLAND, Ore., May 15. filed today federal district court by W. Crawreceiver the Astoria National bank which closed Its doors February 23, against the Clatsop Securities corporation, to recover alleged due promissory note executed by the security on December 1927. company Interest the rate cent and attorney fees of $1825 also sought.

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WILL CLOSE SUMMER

Activities of Organization Will Be Carried on Outdoors Until Autumn. of the local Y. M. Closing building this summer during June, July and August was decided on meeting of the directors noon. The work of the will be continued through the summer an outdoor program conducted by Foster, secretary. The decision to close the building was reached as measure of financial retrenchment primarily made nec essary because funds of the institution were made by the recent Astoria National bank suspension. A. Hampton, president of the sociation board. wishes it made clear that the M. has not been suspended, but has merely put aside its indoor program for the summer. During the summer season Secretary Foster, the only member of the association staff to be retained for that will concentrate on various lines boys outdoor work. This will include two weeks assisting with the daily vocational Bible school. in peration with the churches: supervised swimming and hiking for boys: duct of junior baseball league and other methods of character and body building activities for the youngsters.

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ASTORIA BANK RECEIVER FILES SUIT FOR $67,500

(Associated Press Leased Wire) PORTLAND. Ore., July 24.W. C. Crawley, receiver for the Astoria National Bank. bankrupt, filed suit in federal today asking a total of $67,500 alleged

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SUIT FILED BY BANK RECEIVER

July 24. Crawley, receiver for the Astoria National bank. bankfiled suit in federal court today total of $67,500 deputy sheriff, was hunted for alleged due the bank from Nellie E. doing business as Megler Co., Inc., and furPortland but officers admitted ther asked that property owned by the defendant in Clatsop and Wahkiakum counties be sold to meet the demand.

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Bank Claimants Must File Soon

With the announcement of dividend, reported to be 25 per cent, expected to be made by the Astoria National bank receiver an early date, all persons having claims on the bank of any including those having deposits are notified that unless they file their claims promptly that they cannot participate in the These notices of claim must be filed the bank Mr. Crawley stated yesterday, adding that the time short participation in the first dividend was desired.

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IN THE DAY'S NEWS

HOUGH responsibility for sending out a letter appealing to bigotry has been definitely fastened upon a' Republican national committee-woman, Herbert Hoover, by his immediate and emphatic repudation of the sentiments expressed in that letter, has shown his own bigness and made it quite plain that he seeks no support which is predicated upon religious intolerance. His statement that "it (the letter) does violence to every instinct that I possess" leaves no room for doubt as to his sincerity. The people of his. own faith, the Quakers, have a history which is full of persecution and it is but natural that he should feel deeply the unfairness of penalizing anyone because of the manner or form of worship. Nevertheless, there will be members of his party, both in the organization and without, who will continue to attack his opponent because of the latter's religion, and neither Hoover nor anyone else can control them.

Decision of the Council of Social Agencies to continue the Community Chest movement is a wise one. The chest has had some difficult sledding during the past year. Not only was considerable of its own undistributed funds tied up when the Astoria National Bank suspended but a number of the agencies depending upon it were likewise sufferers while the closing of the bank naturally affected collections. In spite of this handicap, the chest has made a remarkably fine showing and it is SO patently the fairest and most efficient way of soliciting and administering funds for institutions relying upon voluntary contributions that it would be a mistake to allow temporary discouragements to cause its abandonment. The chest is fortunate in securing Mr. Hall, who has been one of the most consistent and agressive workers in past campaigns. to direct the campaigh this year and Mr. Hall is to be commended for accepting a position that entails a great deal of effort and a sacrifice of much time from his private business.

Anglers who have had the experience of being forbidden to cast their flies into streams by owners of property through which the streams run will be interested in the law governing such trespass as quoted in a case last week at The Dalles. There is no trespass if the stream is a navigable one and the angler keeps between the high water and the low water mark. Most of the larger trout streams are classified as navigable. The owner of the land may prohibit the angler from passing through or over his land but if the latter keeps to the bed of the stream below the high water mark. he is within his legal rights. Since the streams are stocked with trout from funds provided by the sportsmen, property owners should not have the privilege of making private preserves of them. Most of the farmers along the streams would not object if the anglers show proper consideration for the rights that do belong Sketches The to the owners*of property.

One by one the pioneers pass on. When the roll of early dav residents is called, there are few to answer now. William E. Dement was one of the last survivors of a group of business men who were active in this community 50 years ago and who had lived here continuously since. They saw a wondrous transformation wrought in the little fishing village they first knew and thev played their part in the events which wrought the changes. We of a later generation seldom consider our obligations to these old timers until the death knell sounds the passing of another of the meager company and reminds us that they were the real Astorians.

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CRANBERRY FIRM IS SUED

Astoria Bank Receiver Seeks to Recover $7500 on Note.

Suit filed in the federal district by court the Astoria National bank, against the Clatsop Cranberry and for $7500. Eig note ner the amount by the berry 11, 1925, secured mortgage on property. Failure pay taxes, the plaint continues, this property be taken over the county by the sheriff, Eigner being the purchaser. The to foreclose the held by the bank, asking the court to set aside the veyance to Eigner.

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CRAWLEY DENIES BANK DIVIDEND

Receiver Declares Rumor Concerning 10 Per Cent Before Christmas Is False.

Rumors current about the city of recent date that the Astoria National bank receivership would pay another dividend of 10 per cent to depositors before Christmas were denied yesterday by W. C. Crawley, receiver. Mr. Crawley stated that the policy of the receivership would be to pay dividens of 10 per cent as soon as sufficient funds had been accumulated. He stated that just as soon as enougr money was on hand that the depositors would receive another 10 per cent but indicated that all probability no such payment would be made until well after the first of the year.

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Company Organized; Take Over Old Firm

Organization and incorporation of Astoria Marine Constructo take over the tion company equipment of the old plant and Astoria Ship Building company, completed yesterday with McClean, Joseph M. George Dyer and Fulton as incorporMr. McClean, who ators here as an engineer and known contractor, will be manager of the while Mr. Dyer, company, was head the old company, will designer and building act as The Astoria Ship Building comunder Mr. Dyer made an pany enviable reputation designer and builder of small boats, but erated under the handicap of little When the Astoria Nationcapital. bank suspended, became necto foreclose on the plant of essary the The plant equiphave been leased by the new ment company. New equipment will be added the plant at once, according to Mr. McClean, and additions will be built provide for larger scale of operations in boat building and repair work. At present the company has troller on the and has repair work in progress. The company is also beginning construction new boat to replace the old Julia greater part of the materials is This new boat will be hand. feet long with 22-foot beam and 8-foot depth, and will be powered with the boiler from the old boat and new steam engine. It will freight and passenger carrier and operated by the Wahkiakum Transportation company. Several other boats of approximately the same size may be unby the company the dertaken future. Between 15 and 25 near will employed at the plant men the present time. The county court has repaired the leading into the plant, road the Lewis and Clark located on Fiver just above the bridge, and road is now in good condition. the

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SCHOOL DISTRICT UPHELD

Bank's Suit to Force Payment of Past-Due Warrants Fails.

Circuit Judge Zimmerman today tained a demurrer filed by the Warrenton school district in suit brought by W. C. Crawley, receiver for the Astoria National bank, to compel the district to all available funds pay past-due warrants held by the bank. held that 85 per cent state and county tax money re-

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Ex-Bank Receiver At Astoria Dead

Astoria, June 28.-(U.P)-Word was recelved here this morning of the death in Los Angeles of W. C. Crawley, who was received of the defunct Astoria National bank until his resignation few months ago. He had been federal bank examiner working out of Portland for several years. Death resulted from peritonitis following an