I. W. Case (Astoria, OR)

Episode Information

Episode UID
5193505691123
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
trust
Bank ID
519350569 hash
Start Date
July 31, 1893
Location
Astoria, Oregon (46.188, -123.831)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c3d4aee65459c0d

Response Measures

None

Description

A reopening effort occurred in Sept. 1893 but the bank remained in receivership and later made an assignment (Aug 1894).

Events (5)
1. July 31, 1893 Run
Cause
Macro News
Cause Details
Unprecedented withdrawals during the regional financial panic and stringency of the money market following multiple Oregon bank failures.
Measures
Depositors later solicited to sign an extension agreement to allow staged repayments and resumption of business.
Newspaper Excerpt
I. W. Case, the oldest bank of Astoria, failed to open this morning, but the owner declares his suspension will be only a matter of a few days.
Source
newspapers
2. July 31, 1893 Suspension
Cause
Macro News
Cause Details
Unable to meet immediate withdrawals owing to the wider panic and inability to realize on securities.
Newspaper Excerpt
At Astoria on the same date the private banking house of I. W. Case closed its doors.
Source
newspapers
3. August 5, 1893 Receivership
Newspaper Excerpt
The appointment of a receiver was also asked for, and ... Judge Hurley made an order appointing George H. George, who qualified yesterday afternoon and is now in possession.
Source
newspapers
4. September 19, 1893 Other
Newspaper Excerpt
Whereas, I. W. Case ... has been compelled to close the doors of his bank, by reason of the unprecedented withdrawal of deposits ... I will accept for and instead of my balance the staged repayments ... This contract not binding until signed by ninety-eight per cent. of depositors ... The bank will be open ... for the convenience of depositors who wish to sign the document.
Source
newspapers
5. August 2, 1894 Receivership
Newspaper Excerpt
The banking-house of I. W. Case failed to open its doors to-day, having made an assignment to D. K. Farren for the benefit of creditors.
Source
newspapers

Newspaper Articles (15)
1. August 4, 1893 The Corvallis Gazette Corvallis, OR
Article from The Corvallis Gazette, August 4, 1893

Click image to open full size in new tab

Article Text

FOR WANT OF CASH. Portland and other Oregon cities have become sufferers from " the stringency of the money market." On the 27th, ult., the Oregon National bank and the Northwest Loan and Trust Company Savings bank failed to open for business. George B. Markle is president of both these banks. The Ellensburg (Wash.) National bank, of which Mr. Markle was also president, suspended on the same day. A large amount of Multnomah county funds is tied up in the institutions. The failure of these banks created further uneasiness and a run was begun upon other banks. The result was that the Commercial National, the Portland Savings and the Ainsworth National banks closed their doors on Saturday morning. It is reported that these will resume shortly. Frank Dekum is president of the Commercial National and of the Portland Savings. D. P. Thompson is vicepresident of the latter. Leander L. Hawkins is president of the Ainsworth bank. At Forest Grove the private bank of C. M. and Thomas Keep suspended payment on the 29th. On Monday the First National bank of East Portland suspended. Like other banks it was unable to realize on its securities, and expects to resume soon. - Richard Williams is its president. In the United States circuit court, July 31st, Levi Ankeny filed a complaint against the Pendleton Savings bank, asking for the appointment_of a receiver, because, owing to the general depression the bank is unable to convert money due it or otherwise provide money for the continuance of its business. At Astoria on the same date the private banking house of I. W. Case closed its doors. The First National of The Dalles also suspended temporarily. The Commercial bank of Cottage Grove has decided to suspend. business on account of the financial condition of the country, but does not do so under force. It is paying off depositors and will wind up its business as promptly as possible.

2. August 5, 1893 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, August 5, 1893

Click image to open full size in new tab

Article Text

SEVERAL BANK FAILURES. The Stringency Cyclone Strikes Conservative Oregon a Body Blow. PORTLAND, July 31.-The First National bank of East Portland closed its doors today. It is said $15,000 would have tided it over, but they could not raise it. The resources July 12 were $325,000; deposits $160,000. The capital stock is $100,000; surplus $20,000. Richard T. Cox, of Pendleton, was appointed receiver of the Pendleton Savings bank today. Assets, $125,000; liabilities, $185,000. The First National bank of The Dalles also closed its doors today. Capital stock, $50,000; surplus, $19,000. The I. W. Case, the oldest bank of Astoria. failed to open this morning, but the owner declares his suspension will be only a matter of a few days. The Commercial bank of Cottage Grove, Lane county, decided to go into liquidation. All the depositors will be paid in a few days and the bank will go out of business. PORTLAND, July 29.-The Commercial National and Portland Savings banks failed to open their doors at 10 this morning. Fifteen minutes later the Ainsworth National closed its doors, which it had just opened. As soon as the news spread in regard to these the smaller depositors began a quiet run on the First National and Merchants' National. At Ladd & Tilten's there was a quiet run, but at the other banks only ordinary business was transacted. PORLAND, Or., July 27.-The Oregon National bank and the Northwest Loan and Trust company failed to open their doors this morning. Notices were posted on the doors stating that the banks were compelled to suspend owing to their inability to realizt on securities rapidly enough to meet immediate demands. George B. Markle is president of both banks. In an interview he states that depositors will be paid full, as the banks' assets are two to one over the liabilities. No statement of the banks is given.

3. August 6, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 6, 1893

Click image to open full size in new tab

Article Text

Suit was begun yesterday by the Astoria Water Commission against I. W. Case for the purpose of securing its funds and in the interest of creditors, and to prevent the dissipation of the funds of the bank. The appointment of a receiver was also asked for, and in the absence of Judge McBride, Judge Hurley made an order appointing George H. George, who qualified yesterday afternoon and is now in possession. It has been learned definitely that Mr. Case's assets are more than ample to meet all his obligations, and it is believed that the suit was brought to prevent the possible action of indiscreet persons bringing attachments and thereby postponing an early resumption of business.

4. August 11, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, August 11, 1893

Click image to open full size in new tab

Article Text

NEWS OF THE WEEK. An attempt is to be made to provide Walla Walla with a city park. Russia reports a marked and alarming spread of the cholera epidemic. The whaleback steamer now being constructed at Everett will be launched August 26. A sturgeon eight feet long and weighing over 300 pounds was caught near Payette, Idaho, recently. The building and stock of Buyer, Reich & Co., wholesale fancy goods, San Francisco, was damaged $100,000 by fire. Salem bankers are advancing money to the hop growers of the Willamette valley with which to harvest their abundant crop. The president has appointed Charles B. Morton, of Maine, fourth auditor of the treasury, vice John K. Lynch, of Massachusetts, resigned. Handy, the third negro engaged in the outrage on Mrs. Sightler at Swansea, S. C., was hanged on the same tree as the other two Monday morning. The Cleveland Rolling Mill Company, Cleveland, Ohio, has closed its mills on account of the lack of orders, throwing 3000 men out of employment. The I. W. Case, the oldest bank of Astoria, failed to open Monday morning, but the owner declares his suspension will be only a matter of a few days. Louis Sorenson, carpenter, fell from the fourth story of a building in San Francisco, Tuesday, and received injuries from which he died in a short time. Dick Hall, the noted moonshiner chief, has been killed by John Belcher on the banks of the Elkhorn river, Hill county, Ky. Hall had run off with Belcher's wife. The City & Suburban Street Railway Company, the largest street railway system of Portland, has issued an order cutting down the wages of its employes 10 per cent. Officer James A. Harvey, of the detective force of Syracuse, N. Y, wasshot by George A. Barns ,Monday morning. The officer was about to arrest Barnes, when the latter pulled a revolver, killing Harvey. At Utica, Ohio, Monday night John Cattle, two men named Bell, and others named Bowers and Skillen were killed, and Joseph Ship fatally injured by the explosion of the boiler of a threshing machine. Miss Emma Lindsay, of Jeffersonville, Ind., was rebuked by her brother-in-law. She became very angry and fell back in her chair speechless. Later she lost the use of both eyes, and has since been totally blind. George W. Smith, a well-known contractor of Rhinelander, Wis., shot and killed his wife and then himself. Jealousy was the cause. They had been separated some time, and she refused to return to him. A Sacramento, Cal., dispatch says: District Attorney Ryan says he will probably take an appeal to the supreme court from the judgment of Judges Prewett and Cattlin in dismissing Jeffries' bigamy case. United States Marshal Peck Bruner and posse had a battle with four outlaws a few miles west of Vinita, I. ฮ“., last Saturday evening, in which one of the outlaws was killed and another severely wounded and captured. For the first time since the passage of the Sherman silver law the treasury in July failed to buy its full quota of 4,500, 000 ounces of silver. The total purchases for the month were 2,384,000 ounces Jeaving a shortage of 2,118,000 ounces.

5. September 19, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, September 19, 1893

Click image to open full size in new tab

Article Text

WILL REOPEN. A Statement and Proposition Made Yesterday by Mr. Case. A movement was made yesterday in the affairs of the suspended bank of I. W. Case which created a. great deal of interest. Early in the day Mr. Case started out among his depositors with the following document to which he asked for their signatures: Whereas, I. W. Case, banker of Astoria, Oregon,, has been compelled to close the doors of his bank, by reason of the unprecedented withdrawal of deposits, during the financial panic in this community; and whereas, I desire to aid said bank to resume business, which I recommend; and whereas, I have confidence in the integrity and resources of said bank, and desire to lend my influence to the restoration of public confidence in it and its management: Now, therefore, I, the undersigned depositor in said bank, having funds on deposit therein, either upon open account, or evidenced by certificate of deposit, in consideration of the premises, and of the resumption of business by said bank, do hereby agree that I will accept for and instead of, and in payment of my said balance, as follows: First.-All amounts under $50 payable on or before November 1st, 1893. Second.-15 per cent. of all amounts (over $50.00) payable, December 1st, 1893. Third.-15 per cent. thereof payable April 1st, 1894. Fourth.-20 per cent. thereof payable August 1st, 1894. Fifth. -20 per cent. thereof payable December 1st, 1894. Sixth.-20 per cent. thereof payable April 1st, 1895. Seventh.-10 per cent. thereof payable August 1st, 1895. This contract not binding until signed by ninety-eight per cent. of depositors having fifty ($50.00) or more, each, on deposit with said I. W. Case, July 31st, 1893. The above is substantially the same basis on which the suspended banks of Portland have resumed and are resuming, and will go into operation with a 5 per cent rate of interest on all payments. That is to say, depositors will get everything they have entrusted to Mr. Case, and an additional 5 per cent. of interest besides. The Commercial National Bank in Portland, It is stated, will pay 4 per cent. to its depositors; the People's Savings Bank of San Francisco, which reopened last week, only paying 2 per cent. So it will be seen that the terms offered by Mr. Case are a good deal better than those of the great majority of the institutions which suspended at the time of the panic. The bank will be open from 9 to 12 a. m., and from 2 to 4 p. m. for the convenience of depositors who wish to sign the document. Mr. Case yesterday met with great success in his canvass, only finding one depositor who was unwilling to sign. It is believed, however, that even this one, after investigation will come in with the rest.

6. October 4, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, October 4, 1893

Click image to open full size in new tab

Article Text

# RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily, from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE., Receiver.

7. October 7, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, October 7, 1893

Click image to open full size in new tab

Article Text

RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

8. November 7, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, November 7, 1893

Click image to open full size in new tab

Article Text

# RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

9. November 12, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, November 12, 1893

Click image to open full size in new tab

Article Text

# RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

10. November 23, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, November 23, 1893

Click image to open full size in new tab

Article Text

Administrator of said estate. # RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

11. November 25, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, November 25, 1893

Click image to open full size in new tab

Article Text

Administrator of said estate. # RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

12. November 28, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, November 28, 1893

Click image to open full size in new tab

Article Text

RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver

13. December 1, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, December 1, 1893

Click image to open full size in new tab

Article Text

# RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

14. December 3, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, December 3, 1893

Click image to open full size in new tab

Article Text

RECEIVER'S NOTICE. The undersigned having been appointed by the circuit court, receiver for I. W. Case, banker, hereby gives notice to all persons owing said bank, either by note or overdraft, that payment of same must be made without further delay. The office of the receiver, at Case's bank, is open, daily from 10 to 12 o'clock a. m., and from 2 to 4 o'clock p. m., and all debtors are advised to call and settle at once. GEO. H. GEORGE, Receiver.

15. August 3, 1894 The Morning Call San Francisco, CA
Article from The Morning Call, August 3, 1894

Click image to open full size in new tab

Article Text

Case's Bank Suspends. ASTORIA, Or., Aug. 2.-The banking-house of I. W. Case failed to open its doors to-day, having made an assignment to D. K. Farren for the benefit of creditors. The assets are supposed to be sufficient to cover all liabilities. Nearly a year ago the bank was placed in a receiver's bands, but upon the depositors signing an agreement granting an extension, the bank was again opened. Mr. Case's inability to collect is given as the cause of the assignment.