United States National Bank (Portland, OR)

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Episode Information

Episode UID
451401294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
45140 national
Charter Number
4514
Start Date
October 29, 1907
Location
Portland, Oregon (45.523, -122.676)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c8f1ab6f673a6e6f

Response Measures

None

Events (3)
1. February 4, 1891 Chartered
Source
historical_nic
2. October 29, 1907 Suspension
Cause
Government Action
Cause Details
Governor Chamberlain issued a proclamation declaring a five-day legal holiday for Oregon banks at the request of the Portland clearing house to prevent a money famine and stop shipments of coin east-west.
Newspaper Excerpt
Following Governor Chamberlain's proclamation ... declaring a five-day legal holiday in this state until Nov. 3
Source
newspapers
3. October 31, 1907 Reopening
Newspaper Excerpt
After being closed all day Tuesday, the Portland banks decided to open yesterday on the Clearing House plan ... No coin or currency will be paid out except for payrolls or emergency purposes.
Source
newspapers

Newspaper Articles (9)
1. October 30, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 30, 1907

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SITUATION ON PACIFIC COAST Portland Banks Take Advantage of Bank Holiday Declared by Governor. SAN FRANCISCO PINCHED AFFAIRS SOMEWHAT MIXED IN NEVADA. Portland, Ore., Oct. 29.-The Portland clearing house association late today decided to reopen the banks of this city tomorrow and to issue clearing house certificates bearing 7 per cent interest. The banks will not ship any money to out-of-town correspondents. The savings banks of the city have been ordered to invoke the sixty-day clause. Although the banks of the city were nominally closed today, there was no difficulty in business men securing all the funds needed for the transaction of business and, to all appearances, the business of the city was up to normal. Large employers of labor secured money from their regular depositories today and paid off their help as usual. Portland, Ore.; Oct. 29.-Following Governor Chamberlain's proclamation issued last night, declaring a five-day legal holiday in this state until Nov. 3, came a feeling of security on the part of the bankers of this city. There was no undue excitement on the part of the people. The expediency of the governor's action was generally realized and the feeling of optimism as to the safety of the banks has not been dispelled by the governor's proclamation. Bankers assert positively that none of the Portland banks are in danger. The banks of this city have been loaning millions to eastern financial institutions who now refuse to return loans in any other form than clearing house certificates. Had the holiday period not been declared the cash reserves of the banks would probably have been depleted in a few days, but in the meantime the bankers will arrange some method for meeting the situation. One Bank Open. Only one bank, the German-American, an unimportant concern, opened its doors for business today. The feeling among local bankers tonight is that the New York banks have saved the day for themselves by borrowing all the available money in the country. The suspension of the banking business in this city has had no apparent effect on the commercial or industrial life of the city. Arrangements are being made by several of the leading banks to take care of the payrolls of the manufacturing plants and of all large employers of labor. It is not believed by bankers or representative business men that the temporary closing of the banks will have any serious consequences.

2. October 31, 1907 The Hood River Glacier Hood River, OR
Article from The Hood River Glacier, October 31, 1907

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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.

3. October 31, 1907 The Hood River Glacier Hood River, OR
Article from The Hood River Glacier, October 31, 1907

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After being closed all day Tuesday, the Portland banks decided to open yesterday on the Clearing House plan which is being adopted by all the large cities of the west. The Clearing House plan means practically as fol lows: No coin or currency will be paid out except for payrolls or emergency purposes. Checks of depositors will be honored through the Clearing House, but will not be paid in cash over the counters of the bank. If you are a depositor in a Portland bank and wish to pay a bill or a debt, draw a check ou your bank. Mark it "Payable only through Portland Clearing House" and give the check to your baker, grocer or merchant, just as you have always done if accustomed to pay our bills by check. It you receive checks on Portland or out-of-town banks, deposit them as usual. You may then draw checks against your acount against the amount deposited. In other words, business will be transacted among bank depositors on a checking basis. Depositors in saving banks will not be allowed to withdraw money without giving notice. The Clearing House certificates will be used only in settling balances due from bank in the Clearing House. A conference of the Hood River banks yesterday morning resulted in their deciding to open for business at one o'clock on the Clearing House plan, following the action taken by the Portland banks. There was no demonstration here over either the closing or opening of the banks, and the business is running as smoothly as before The following notice was posted at each of the banks: "On account of the temporary suspension of specie payment in the principal cities of the coast and middle west, we will not pay out cash except in small amounts until the resumption of such payment in "the northwestern cities. Instead we will credit the account or issue certifi cates of deposit and exchange on our correspondents, subject to clearing house rules. This action is entirely voluntary on our part as legal holidays are effective until November 4. Butler Banking Co. First National bank. Hood River Banking & Trust Co. "

4. October 31, 1907 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, October 31, 1907

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FINANCIAL SITUATION THROUGHOUT COUNTRY Denver. Colo., Oct. -Banks in im o centers are adopting the sys. depositors t portant tem of paying with precaution clear ing house certificates, as a Because of i of Governor of ary ness measure. money Frantz the banks tight H has ordered the a closed. Oklahoma Heavy importations continent of gold has from England and the All is quiet in are higher and the Stocks begun. New danger York. of of is gone. The Trust company and the Lincoln comof New York panic pany America continue Trust paying The Pittsburg exchange closed. The depositors. remains Bankers' closed Trust company of Kansas City has its doors. Oct. 28. -Late last Denver, stop night payment the Denver banks agreed to of currency and to substitute in its stead a clearing house certificate This is in accordance with the action taken in various other cities and was determined upon to protect the Den of currency. The and other banking banks ver supply institutions savings united not in the clearing house have in the same action. This state of af fairs will continue until November 5. check on will in cash and Depositors be paid regular laboring pay Deposi- men roll will suffer no inconvenience. transact their by of checks. These remeans tors will business will be turned to the banks and the accounts of the depositors will be adjusted on the books. Drafts on Denver banks in from outside cities will be handled the same way. These will be honored 1 8 by exchange on other cities or by clearing house certificates. n New York, Oct. 28.-Fortified by the Saturday for the protec11 the New York 1 plans tion of adopted supply of busi- curle rency financiers began the new e ness of the week in a hopeful frame d of mind, especially encouraged by pre d cautionary measures taken in other of cities. including the issue of clearing house certificates at various other cen g n 11. ters. New York, Oct. 28 The prices O stocks opened at sharp advances ove with the exception some IS in which there e lesser Saturday stocks. started were of de American Smelting 2 re higher. as did Northern Ir Westinghouse clines. points Sugar, Electric and Pacific, To of ledo. St. Louis & Western prerferred 2 iAmalgamated Copper rose nearly ut e points. Kansas City, Mo. Oct. 28.-The Bankers Trust company. with deposof its of $800,000. closed this morning n Cashier Hughes said that they had re decided to close temporarily because ks the clearing house association had re y fused to extend to them the privilege granted the thirty other leading banks here of issuing clearing house certifibt cates. 11 Kansas City, Oct. 28. There was no n appearance of a run on any of they the d banking institutions here when for business this and bankers reiterated n opened leading morning that situa they confidence in the g The clearing house to a tion. had complete decided ut issue certificates and that action was to ill put into effect today. It applies thirty principal local banks and trust companies of this city. e m Oklahoma City, Okla., Oct. 28.-On n. demand of bankers of the territory Frantz has issued a procla n the banks of s. mation Governor closing action the was ter for a week. The because the banks of b St. Louis refused to D City ritory taken and forward Kansas the banks of the southwest. st of the bankers re cash Consultation to Arkansas of Okla Indian Territory. in Texas by means htook place during and phone homa. northern the of taken early tele hours this morning. and all have er n similar action there. There is no un k easiness in this city and bankers say t the deposits last week were greater the than at any previous week in In month. rPortland. Ore.. Oct. 29.-At the re e quest of the Portland Clearing Cham House Governor Geo. H. d last night declare as association. berlain the order next is five days a legal holiday in to er prevent a money famine in this state. rate In Berlin, Oct. 29.-The discount the Imperial Bank of Germany cent. was t of raised today from 51/2 to 6 1/2 per 8 11 is said the changed situation to in the market here is directly due is New York's demand for gold: y 1. New York. Oct. 9.-"We have We t passed through a trying time. have seen the stucco front of charac- We ter fade away and disappear. n d have seen false structures crumble has been a great illumination and in It the lesson is that the sturdy methods E. 1. of our forefathers is the best." d H. Harriman, seated in the little cub hole he calls an office in one corner by of the maze of rooms utilized lines e by the Union Pacific and allied crisis g in the Equitable building, spoke of the through which Wall street has just pass+

5. November 1, 1907 Condon Globe Condon, OR
Article from Condon Globe, November 1, 1907

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Action Necessary by Refusal of Eastern Banks to Send Cash Balances to Coast Banks --- No Panic Feared. Local Banks Are All In Good Condition--Eastern Financlai Standing Improving Daily--West Is Calling for Money. The banks of Oregon have all closed since the proclamation isGovernor Chamberlain, a five proclaiming sued by days' is holiday, thought during which time it the present situation in the money market will be straightened and Western banks may be able to secure cash balances due from Eastern banks. The situation as described in the Governor's proclamation is that the Oregon banks have been carrying heavy deposits of cash in the East and that Eastern banks have refused to send money west in payment of demands. It is generally believed that the five days will bring about a satisfactory arrangement for the shipment of money to the coast. The bankers of Condon who noon, upon of a telegram ceiving met Tuesday from the the rePortland bankers notifying them of the issuance of the proclamation, agreed to observe the holiday. The purpose of the Portland bankers in securing the holiday is to prevent calls from the country banks, and in the meantime bring about some arrangements that will satisfy the demands before next Monday. It is said the Portland banks are in good condition and that this step was taken in order to ward off runs on Western banks. of The following is the petition the Portland Clearing - House committee to the Governor: "Hon. George E. Chamberlain, Governor of Oregon:-In view of the strained financial situation throughout the United States which has resulted in concerted action by the leading clearing houses of the country, suspending the shipment of coin, thus rendering it impossible for the banks of the State of Oregon to continue in the exercise of their functions, the associated banks of the City of Portland respectfully request your Excellency to declare a legal holiday throughout the State of Oregon during and 31st and the 29th, 1907, 30th during of 1st and October 2nd of November 1907, deeming such action absolutely necessary to preserve the credit and good name of the State of Oregon." There is absolutely no cause for uneasiness in financial circles in Condon as all the banks are in the best of condition as their officers have stated. The financial strain of the East will have only a temporary effect on the Western banks as Eastern dispatches stated yesterday that the financial situation in New York improving each day and the Eastern cities are becoming well supplied with currency.

6. November 7, 1907 Heppner Gazette Heppner, OR
Article from Heppner Gazette, November 7, 1907

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PROCLAMATION BY GOVERNOR Oregon Banks to Close Five Days to Get Money From East. Holidays Will Tide Over Any Darger of Distress-Action of Portiar d Clearing House Necessitated by Refusal of Eastern Banks to Honor Credit Balances. Salem, Or., Oct. 29.-By order of a proclamation issued late last night by Governor Chamberlain, Oregon banks will enjoy five business holidays, in which interim it is expected that the situation in the East will become more clarified and the coast banks will be enabled to secure the cash balances due them from New York. This action was taken at the instance of the Portland clearing house committee, which met last evening to talk over the situation with Governor Chamberlain. The bankers arrived in the city by special car. Brietly stated, the situation as described to the governor is that Oregon banks have heavy deposits of cash in the East and the Eastern banks refuse upon any conditions to send money West in payment of demands. There has been no run or indication of a run by depositors upon Portland banks. Believing that in one week they can effect a satisfactory arrangement with county banks and also arrange for the shipment of money due them from the East, the banks asked that the remainder of this week be made a legal holiday. November 2, the last day mentioned in the proclamation, is Saturday. Monday will therefore be the next banking day. It is understood that the Portland bankers sent telegrams to all banks in the state notifying them of the issuance of the proclamation. The purpose is to prevent calls for money from country banks, induce them to close for the week and bring them together in an arrangement that will satisfy demands before next Monday. That Portland banks are solvent and in fact were never in better condition than they are today, was asserted by the bankers who waited upon the governor. Governor Chamberlain at first doubted the wisdom of the action requested by the Portland bankers, but when the situation regarding the locking up of funds in the East was explained and the necessity of checking any stringency which might arise as a result of this in the West, Mr. Chamberlain readily complied.

7. November 7, 1907 Heppner Gazette Heppner, OR
Article from Heppner Gazette, November 7, 1907

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CONFIDENCE IN BANKS. Portland Depositors Make no Attempt to Withdraw Funds. Portland, Oct. 31.-Portland showed confidence in its banks yesterday to a remarkable degree. There was no indication of a run at any of the institutions when they opened for business at the usual hour after the holiday. All resumed business as usual with the exception of the Title Guarantee & Trust company, which preferred to take advantage of the five-day bank holiday in order that there might be no doubt as to the legality of the business transacted. As real estate transactions come up very largely in this bank, it was thought best by President Ross to avoid possible legal entanglements. There was no uneasiness apparent about the city yesterday, and the banks were not pressed for money. In fact,

8. December 17, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 17, 1907

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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.

9. December 28, 1907 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, December 28, 1907

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packago or GLEMONY Jawelry stolen at more than $30,000 was States ued from a wagon of the United Express company in New York. The Smelter City bank of Durango, its Col., a state institution, closed doors. Nellie G. Cochran of Chicago, Mrs. years old, was shot and probably a 38 fatally wounded by M. L. Dillon, salesman, who then killed himself. The British torpedo boat destroyer fast Tartar broke all records in the steaming in her final trials over of official course, attaining a speed 37.037 knots. Daniel Rodgers, a colored man, said in be 100 years old, was arrested an to III. He was applying for dis. increase Joliet, in pension and it was covered that he had violated a prison parole Sixteen in 1898. hundred Polish schools have by closed by an order issued been Skallon. The funds, $150,000, conhave Gen. been sent abroad to avoid fiscation. result of a remarkable surgical operation As a Bertha Stublow, five years supof Summer, Wash., has been plied old, with an upper lip and a palate. Col. W. F. Cody's son-in-law, Lieut. cavClarence A. Stott of the Twelfth with is dead. He was serving his alry, troop in South Dakota in connection with the Indian troubles. An explosion occurred in a coal 60 mine at Yolande, Ala., and about men were believed to have perished. Shools in Farmington, Big Falls because and Ulm, Minn., were closed and of New the prevalence of diphtheria scarlet fever. The licenses of the Commonwealth and Insurance company of Texas of Fire German Fire Insurance company Indiana were revoked by State Super- of intendent of Insurance Barnes, Kansas, by telegraph. Upon recommendation by Adjt. Gen. Gov. Willson, of Kentucky, KenJohnston, ordered company H, of the First for tucky militia, to leave Louisville Hopkinsville. The rumor to the effect that James the the British ambassador to WashBryce, United States, is to leave the ington embassy is declared absolutely untrue in London. Mrs. Alexander Gilmour, formerly Miss Ethel Watterson, and the youngest daughter of Col. Henry Watterson, died at Louisville, Ky The payment of gold and silver in it amounts to those who desire was any formally resumed by Portland banks. President Gompers, of the American the Federation of Labor, speaking at banquet of the National Civic Federation in New York, warned employers that the working men would fight of the utmost against any reduction wages at the present time. Bernard E. Wallace killed Elsie Ker- cab lin and himself in an automobile in Brooklyn. A deliberately planned and sensa- main tional duel occurred on the Edstreet of Laurel, Miss., in which W. ward Bragg was killed, and B. Sharborough, former state senator, was wounded. Six hundred quarts of nitroglycerin and the Dupont Powder works, two in half miles from Bowling Green, O., exploded. a It is not believed there was loss of life. Miss Mary Elizabeth Lewis, who has inherited a fortune of $1,500,000, inbeen released from a New York sane asylum after 25 years' incarcera- look tion and will now be allowed to after her estate. survey is planning in to an experiment establish The geological station mine disPittsburg for the study of the with a view to abating of underground d dangers asters explosions. James and William Campbell and o wife were an a n Central passenger Illinois the latter's struck train and by killed. at near Epworth, Ia., t a complete e state railroad system crossing Virtually the transformation is about 1 in to be introduced in Prussia. On all except main trunk lines, automobile 1 cars, which run singly, will replace is locomotives drawing ordinary trains. Frank Frankenberg, aged 60 years. e cashier of the Colonial Savings bank is of Columbus, O., dropped dead. t. Fire destroyed the four-story build at 11, of the Harmony Knitting mills ing Troy, N. Y. The loss is $150,000. of Col. A. S. Colyar, aged 90 years, t. noted jurist, statesman and author, e died at his home in Nashville, Tenn. be Miss Catherine Andrews, dressed in boy's clothes, called at the United n States recruiting office in Sioux City, e Ia., and sought to enlist in the army of the Philippines. nDr. Vladimir Sviatlowsky, professor of economy in the University of Petersburg, Russia, siYork police that he of the political St. New box reported had contain been to 11 defrauded of $750 when a was d ing two quarts of chestnuts palmed off on him as one containing valuable diamonds. e in The cry of a babe in a lodging house of an alarm that saved eight from Two death proved by fire in Allentown, PA. e were asphyxiated. in A brilliant naval and military bal was given at the Hotel Chamberlain