Portland Trust & Savings Bank (Portland, OR)

Episode Information

Episode UID
24001671292
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
2400167 routing
Routing Number
24-0016
Start Date
August 21, 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
93785f469eeaefae

Response Measures

None

Description

Articles consistently report court-ordered closing and receiver appointment tied to inability to realize on securities and cashier misconduct.

Events (2)
1. August 21, 1907 Receivership
Newspaper Excerpt
The bank was closed by order of the circuit court and a receiver appointed. Thomas C. Devlin ... has been appointed receiver.
Source
newspapers
2. August 21, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on securities; cashier W. Cooper Morris allegedly bought and sold securities without directors' authority, precipitating insolvency.
Newspaper Excerpt
the Portland Trust and Savings bank did not open for business today. A notice posted by order of the board of directors announced the inability of the bank to realize on securities.
Source
newspapers

Newspaper Articles (13)
1. August 22, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, August 22, 1907

Click image to open full size in new tab

Article Text

BIG BANK FAILURE SAVING PORTLAND TRUST AND BANK SUSPENDS. Ten Days Age, Deposits Amounted to Three Million Dollars. Other Banks Turned Down Appeal For Aid. Portland, Oregon, August, 21-The Portland Trust and Savings Bank. of this city, did not open for business today. A notice posted by order of the Board of Directors announced the inability of the bank to realize on securities and another notice stated that the bank wes closed by order of the County court. Thomas C. Devlin, former county auditor, has been appointed receiver The bank is capitalized for $100,000. Its déposits ten days ago amounted 10 about $3,000,000. A statement issued in May shows that its deposits then were $2,464,420, and liabilities $2,636.420, That the directors of the institution of which W. H. Moore is president, and E. E. Little, vice-president, knew of the impending crash several days age, leaked ou' by an announcement today that a meeting of the bankers of the city had been held last night to consider the situation. The other banks called upon for support did not respond to the appeal.

2. August 22, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, August 22, 1907

Click image to open full size in new tab

Article Text

PORTLAND BANK CLOSES DOORS Inability to Realize on Securities the Cause Assigned for Closing an Institution With $3,000,000 Deposits. Portland, Ore., Aug. 21.-The Portland Trust and Savings bank did not open for business today. The notice of the bank's suspension, which was posted by order of the board of directors, announced that the bank was closed because of its inability to realize on its securities. An order of the circuit court was the immediate cause of the closing of the bank. The bank was capitalized at $100,000. Ten days ago its deposits amounted to about three million dollars. The other banks of the city, it is said, refused to aid the institution to tide over the crisis in its effairs.

3. August 22, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, August 22, 1907

Click image to open full size in new tab

Article Text

PORTLAND BANK CLOSES DOORS Inability to Realize on Securities the Cause Assigned for Closing an Institution With $3,000,000 Deposits, Portland, Ore., Aug. 21.-The Portland Trust and Savings bank did not open for business today. The notice of the bank's suspension, which was posted by order of the board of directors, announced that the bank was closed because of its inability to realize on its securities. An order of the circuit court was the immediate cause of the closing of the bank. The bank was capitalized at $100,000. Ten days ago its deposits amounted to about three million dollars. The other banks of the city, it is said. refused to aid the institution to tide over the crisis in its affairs.

4. August 22, 1907 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, August 22, 1907

Click image to open full size in new tab

Article Text

HAS $3,000,000 DEPOSITS. Portland (Ore.) Trust and Savings Bank Suspends. Portland, Ore., Aug. 22.-The Portland Trust and Savings bank of this city, whose deposits ten days ago amounted to about $3,000,000, did not open for business during the day. A notice posted by order of the board of directors announced the inability of the bank to realize on securities. In an interview Vice President Lytle placed the responsibility of the fallure upon the shoulders of W. Cooper Morris. the cashier.

5. August 22, 1907 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, August 22, 1907

Click image to open full size in new tab

Article Text

RECEIVER NAMED FOR PORTLAND BANK Cashier Bought and Sold Securities Without Directors' Authority. POOR PEOPLE ARE LOSERS Other Banks of the City Do Not Respond to Call for Aid. Portland, Ore., Aug. 21.-The Portland Trust & Savings bank of this city did not open for business to-day. A notice posted by order of the board of directors announced the inability of the bank to realize on securities, and another notice stated that the bank was closed by orderof the circuit court for Multonoham county. Thomas C. Devlin, formerly county auditor has been appointed receiver. The bank is capitalized for $100,000. Its deposits ten days ago amounted to about $3,000,000. A statement issued May 7 shows that its deposits then were $2,464,420, and its liabilities $2,638,420. That the directors of the institution, of which W. H. Moore is president, and E. F. Lytle vice president, knew of the impending crash several days ago, leaked out by an announcement to-day that a meeting of the bankers of the city had been held last night to consider the situation. The banks called upon for support did not respond to the appeal. In an interview, Vice President Lytle placed the responsibility of the failure upon the shoulders of W. Cooper Morris, the cashier. Lytle asserted that, without authority of the board of directors, Morris bought securities for hundredsof thousands of dollars, and sold the securities for large sums, and last Thursday without authority Morris took home bonds of a telephone company amounting to $1,300,000, and went to New -York to disposeof them, evidently with the idea of obtaining funds to place the bank on a better financial basis. While Lytle is severe in his condemnation of the business methods of Cashier Morris, friends of Morris, however, say he acted within his rights, and had the bank been allowed to do business for a few more days, Morris would have placed it upon its feet. It is known that the bank owned valnable real estate and other securities. The depositors are mainly of the poorer and middle classes.

6. August 22, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 22, 1907

Click image to open full size in new tab

Article Text

BANK IN DIFFICULTY. Portland Institution Closes Doors Under Court Orders. Portland, Ore., August 21.-The Portland Trust and Savings bank of this city did not open for business today. A notice posted by order of the board of directors anonunced the inability of the bank to realize on securities, and another notice stated that the bank was closed by order of the county circuit court, Thomas C. Devlin, formerly county auditor having been appointed receiver. The bank is capitalized for $100,000. Its deposits ten days + ago ago amounted to about $2,000,000. A statement issued 1 May 7 shows that its deposits then "were $2,461,420 and its liabilities $2,636,420. That the directors of the institution of which W. H. Moore is president and E. E. Little vice president, knew of the impending crash several days ago, leaked out by an announcement today that a meeting of the bankers of the city had been held last night to consider the stiuation. The other banks called upon for support did not respond to the appeal.

7. August 22, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, August 22, 1907

Click image to open full size in new tab

Article Text

HAS $3,000,000 DEPOSITS. Portland (Ore.) Trust and Savings Bank Suspends. Portland, Ore., Aug. 22.-The Portland Trust and Savings bank of this city, whose deposits ten days ago amounted to about $3,000,000, did not open for business during the day. A notice posted by order of the board of directors announced the inability of the bank to realize on securities. In an interview Vice President Lytle placed the responsibility of the failure upon the shoulders of W. Cooper Morris, the cashier.

8. August 22, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 22, 1907

Click image to open full size in new tab

Article Text

PORTLAND BANK STRIKES A SNAG Inability to Realize on Securities Makes It Necessary to Appoint Receiver. Portland, Ore., Aug. 21.-The Portland Trust & Savings bank has suspended. A notice was posted announcing the inability of the bank to realize on securities and it was closed by order of the court and a receiver appointed. The bank was capitalized at $100,000 and had deposits of about $3,000,000. A meeting of bankers last night decided not to respond to the bank's appeal for assistance. Vice President Lyttle attributes the failure to the action of Cashier Morris in buying and selling securities without the directors' authority. Last Thursday Morris started for New York with bonds of a telephone company amounting to $1,300,000. apparently intending to dispose of the same in order to put the bank in better condition. The cashier's friends say if he had been allowed to continue business a little longer he would have weathered the difficulties.

9. August 23, 1907 The White Pine News Ely, NV
Article from The White Pine News, August 23, 1907

Click image to open full size in new tab

Article Text

BANK FAILS WITH $3,000,000 DEPOSITS PORTLAND, Or., Aug. 21.-The Portland Trust and Savings bank was unopened today. A notice posted announced the inability of the bank to realize on securities and that it was closed by order of the court and a receiver appointed. The bank is capitalized for $100,000. The deposits are about $3,000,000. At a meeting of the bankers of Portland yesterday it was decided not to respond to the bank's appeal for assistance. Vice-President Lyttle attributes the failure to the action of Cashier Morris in buying and selling securities without the directors' authority. Last Thursday Morris started for New York with bonds of the local telephone company amounting to $1,300,000, apparently intending to dispose of the same in order to put the bank in better condition. The cashier's friends say that if he had been allowed to continue business a little longer the bank would have weathered the storm.

10. August 28, 1907 New Ulm Review New Ulm, MN
Article from New Ulm Review, August 28, 1907

Click image to open full size in new tab

Article Text

HAS $3,000,000 DEPOSITS. Portland (Ore.) Trust and Savings Bank Suspends. Portland, Ore., Aug. 21.-The Portland Trust and Savings bank of this city, whose deposits ten days ago amounted to about $3,000,000, did not open for business during the day. A notice posted by order of the board of directors announced the inability of the bank to realize on securities. In an interview Vice President Lytle placed the responsibility of the failure upon the shoulders of W. Cooper Morris, the cashier.

11. August 28, 1907 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, August 28, 1907

Click image to open full size in new tab

Article Text

HAS $3,000,000 DEPOSITS. Portland (Ore.) Trust and Savings Bank Suspends. Portland, Ore., Aug. 21.-The Portland Trust and Savings bank of this city, whose deposits ten days ago amounted to about $3,000,000, did not open for business during the day. A notice posted by order of the board of directors announced the inability of the bank to realize on securities. In an interview Vice President Lytle placed the responsibility of the failure upon the shoulders of W. Cooper Morris, the cashier.

12. August 30, 1907 The Idaho Republican Blackfoot, ID
Article from The Idaho Republican, August 30, 1907

Click image to open full size in new tab

Article Text

PORTLAND BANK FAILS. Was Capitalized for $100,000 and Had $3,000,000 Deposits. Portland, Or.-The Portland Trust and Savings bank was unopened on Wednesday. A notice posted announced the inability of the bank to realize on securities and that it was closed by order of the court and a receiver appointed. The bank is capitalized for $100,000. The deposits are about $3,000,000. At a meeting of the bankers of Portland, it was decided not to respond to the bank's appeal for assistance. Vice President Lyttle attributes the failure to the action of Cashier Morris in buying and selling securities without the directors' authority.

13. September 12, 1907 Long Valley Advocate Lardo, Roseberry, ID
Article from Long Valley Advocate, September 12, 1907

Click image to open full size in new tab

Article Text

PORTLAND BANK FAILS. Was Capitalized for $100,000 and Had $3,000,000 Deposits. Portland, Or.-The Portland Trust and Savings bank was unopened on Wednesday. A notice posted announced the inability of the bank to realize on securities and that it was closed by order of the court and a receiver appointed. The bank is capitalized for $100,000. The deposits are about $3,000,000. At a meeting of the bankers of Portland, it was decided not to respond to the bank's appeal for assistance. Vice President Lyttle attributes the failure to the action of Cashier Morris in buying and selling securities without the directors' authority.