gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
25b315cdf753ab29
Response Measures
None
Description
Bank first suspended in the 1893 panic, resumed under depositor agreements in May 1894, then permanently closed November 20, 1894.
Events (7)
1.July 27, 1893Run
Cause
Macro News
Cause Details
Panic of 1893 produced heavy withdrawals and a run on the bank.
Measures
Closed/suspended operations; receiver (D. P. Thompson) appointed
Newspaper Excerpt
It was during the panic of 1893, on July 27, that the bank first closed its doors.
Source
newspapers
2.July 31, 1893Suspension
Cause
Macro News
Cause Details
Suspension of payments/opening in consequence of the 1893 financial panic and heavy withdrawals
Newspaper Excerpt
The Commercial National bank, Portland Savings bank and the Ainsworth National bank failed to open their doors.
Source
newspapers
3.August 15, 1893Other
Newspaper Excerpt
The inventory of the suspended Portland Savings bank shows total assets of $3,014,000; liabilities, $2,475,000. The receiver states that if the bank is not crowded it will pay in full.
Source
newspapers
4.January 31, 1894Run
Cause
Rumor Or Misinformation
Cause Details
Circulated reports about imminent resumption caused depositors to stop signing extensions and brokers to trade deposits, prompting withdrawals or withholding of agreements
Measures
Receiver paid 10% dividend to depositors; court ordered payment to prevent rush
Newspaper Excerpt
the Portland Savings bank, which suspended six months since, will not resume business tomorrow... a report was circulated that the bank would resume on February 1, and the depositors stopped signing, and brokers were buying deposits at 90 per cent.
Source
newspapers
5.May 1, 1894Reopening
Newspaper Excerpt
the bank resumed business May, 1 of this year, under an agreement with the depositors that they were to draw out, quarterly, ten per cent of their deposits.
Source
newspapers
6.November 20, 1894Receivership
Newspaper Excerpt
O. N. Denny has been appointed receiver and the bank will go into liquidation.
Source
newspapers
7.November 20, 1894Suspension
Cause
Bank Specific Adverse Info
Cause Details
Persistent withdrawals after reopening and loss of confidence (precipitated in part by death of president) led to final suspension and receivership
Newspaper Excerpt
The Portland Savings bank failed to open its doors this morning. O. N. Denny has been appointed receiver and the bank will go into liquidation.
Source
newspapers
Newspaper Articles (22)
1.July 29, 1893Deseret Evening NewsSalt Lake City, UT
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Article Text
TODAY'S FAILURES. One of the Oldest Firms in the Country. HAMILTON, Ohio, July 29.-McNeal & Urban, safe an 1 lock company, one ofthe oldest safe firms in the country assigned. The assets are $160,000; liabilitiesure unknown. The firm claims to be solvent. AKRON, O., July 29.-The Citizens' Savings and Loan association failed this morning. It will pay in full. The capital is $100,000 and the surplus $80,000. KANKAKEE, Ills., July 29.-The First National bank failed this moruing. The assets are sufficient to pay the depositors in full. PORTLAND, Ogn., July 29.-The Commercial National, Portland Savings bank and the Alnsworth National bank failed this morning. With the exception of a slight run on the First National, the largest bank in the city, there was no excitement.
2.August 3, 1893Reporter and FarmerWebster, SD
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Article Text
PORTLAND BANKS CLOSE. Portland, Or., July 31. -- The Commercial National bank, Portland Savings bank and the Ainsworth National bank failed to open their doors. With the exception of a slight run on the First National bank. the largest in the city, there is no excitement.
3.August 3, 1893Reporter and FarmerWebster, SD
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Article Text
PORTLAND BANKS CLOSE. Portland, Or., July 31. -- The Commercial National bank, Portland Savings bank and the Ainsworth National bank failed to open their deors. With the exception of a slight run on the First National bank. the largest in the city, there is no excitement.
4.August 16, 1893Omaha Daily BeeOmaha, NE
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Article Text
It Will Pay in Full. PORTLAND, Ore., Aug. 15.-The inventory of the suspended Portland Savings bank shows total assets of $3,014,000; liabilities, $2,475,000. The receiver states that if the bank is not crowded it will pay in full.
5.August 17, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
WANT D. P. THOMPSON REMOVED Depositors of Wrecked Portland Savings Bank Prefer Disinterested Receiver. PORTLAND, Aug. 16-A petition is being circulated among the depositors of the
6.August 17, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
suspended Portland savings bank for the removal of D. P. Thompson as receiver and the appointment of "a practical, disinterested man." Thompson was vice president of the bank. Much excitement has been occasioned among the depositors by the statement that the bank held notes dated the day before the bank
7.August 17, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
ings to be reported as soon as ready to a special meeting of the chamber. A resolution was also adopted asking the receiver of the Portland Savings bank to allow a committee of five from the chamber to inspect and report upon the value of the collaterals held by the bank and report to the chamber a plan looking to the speedy resumption of business by the bank, or, if necessary, the liquidation of the same. If the permission asked is granted a similar request will be made of the Northwest Loan and Trust Company.
8.August 19, 1893The Seattle Post-IntelligencerSeattle, WA
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NO DEPOSITORS WILL LOSE. Portland's Suspended National and Savings Banks Preparing to Resume. PORTLAND, Aug. 8.-The committee from the chamber of commerce appointed a few days ago to examine into the affairs of the suspended National banks in this city today obtained permission from Comptroller Eckels. The securities W ill be examined, and the committee will report a plan which will lead to the speedy resumption of the banks. All the banks are having good success in making collections, and many depositors are signing agreements to wait a reasonable time for their money. President Dekum, of the Portland savings bank, states that he is willing to put into legel form his guarantee that depositors with be paid in full. The resignation of D. P. Thompson as receiver has not yet been accepted, and it is probable that the court will allow him to remain.
9.August 19, 1893The Morning CallSan Francisco, CA
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Article Text
PORTLAND BANKS. The Chamber of Commerce Looking Into Their Solvency. PORTLAND, Or., Aug. 18.-The committee of the Chamber of Commerce appointed a few days ago to examine into the affairs of the suspended national banks of this city to-day obtained permission from Comptroller Eckles to proceed. The securities will be examined and the committee will report on a plan which will lead to a speedy resumption by the banks. All the banks are having good success in making collections and manv depositors are signing agreements to wait a reasonable time for their money. President Delkum of the Portland Sav. ings Bank states that he is willing to put into legal form his guarantee that the depositors will be paid in full. The resignation of D. P. Thompson as receiver has not yet been accepted, and it is probable that the court will allow him to remain.
10.August 25, 1893Idaho County Free PressGrangeville, ID
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Article Text
MORE BUSINESS FAILURES. Several Large Concernsin the East Forced to Assign. PITTSBURG, Aug. 17.-The Oliver Iron and Steel company, one of the heaviest concerns in the country, today went into the hands of a receiver. The capital of the company is $1,600,000, and the apparent indebtedness is $600,000. The bonded indebtedness is $585,000. First National Bank of Dubuque. DUBUQUE, Aug. 17.-The First National Bank, one of the oldest institutions in this city, with a capital of $200,000, euspended this morning. The last statement showed half a million dollars deposits. A Large Wagon Company Assigns. CINCINNATI. Aug. 17.-The Standard Wagon Co., the largest company of its kind in the United States, assigned this morning to Grant H. Burrows. Assets, $120,000; liabilities, $700,000. Depositors Want a Piedge. PORTLAND, Aug. 17.-At a meeting of the depositors of the Portland Savings Bank, held this afternoon, a motion was adopted to appoint a committee of five to wait upon all the stockholders of the bank and ask them to pledge the depositors that they will receive their money in full. Receivers for the Northern Pacific. PORTLAND, Aug. 17.-In the United States circuit court today, W. H. Payne, T. F. Oakes and Henry Crouse were appointed receivers for the Northern Pacific in the State of Oregon. Their bonds were fixed at fifty thousand dollars. A Denver Bank Reopens. DENVER, Aug. 17.-The Bank of Commerce reopened today with almost a hundred per cent of its liabilities on hand. Three more of the suspended banks are expected to open by September 1st. Mr. Thompson Resigns. PORTLAND, Aug. 17.-It is reported this afternoon that David P. Thompson has resigned as receiver of the suspended Portland Savings bank. E. J. Northrup is mentioned as bis sucessor. How It Affects Exchange. LONDON, Aug. 17.-The action of the government in lowering the price of India council bills has caused a great awakening in exchange here today. A National Bank Resumes. DENVER, Aug. 17.-The American National Bank resumed business this morning.
11.February 1, 1894The Seattle Post-IntelligencerSeattle, WA
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THE PORTLAND SAVINGS BANK. Not Able to Open Because Some Depositors Are Greedy. PORTLAND, Jan. 31.-[Special.]-The Portland Savings bank, which suspended six months since, will not resume business tomorrow, as was hoped, but the receiver will pay a 10 per cent. dividend on all deposits. Of the $2,400,000 of deposits, extensions had been signed by all but $700,000, when a report was circulated that the bank would resume on February 1, and the depositors stopped signing, and brokers were buying deposits at 90 per cent. of the face value. A number of the largest depositors, who are able to wait, would not sign, and were ready to rush in and draw all their money. This was not considered fair to those who bad signed extensions, and the court ordered that 10 per cent. of the dividends be paid to all depositors. The bank will open for this purpose tomorrow morning. The courts will not hasten to throw the bank into liquidation, and it is hoped that arrangements will yet be made to enable it to resume business, as the assets are ample to pay all depositors if reasonable time is given.
12.February 1, 1894The Morning CallSan Francisco, CA
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Dividend for Depositors. PORTLAND, Or., Jan. 31.-The receiver of the Portland Savings Bank will to. morrow declare a 10 per cent dividend ou all deposits.
13.November 21, 1894The TimesRichmond, VA
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A Savings Bank Forced to the Wall. PORTLAND, ORE., Nov. 20.-The Portland Savings Bank failed to open its doors this morning. The lack of public confidence and unremitting withdrawals of deposits are given as reasons for the closing of the bank. O. N. Denny has been appointed receiver, and the bank will go into liquidation. The assets of the bank are given at $1,650,000; liabilities, $1,430,000. The closing of the bank was doubtless precipitated by the death of Frank Dekum, the president, about a month ago. The bank first closed its doors in the panic of 1893, but resumed in May of this year, under an agreement with the depositors that they were to draw out quarterly ten per cent. of their deposits. Many depositors refused to sign off under any conditions, and withdrew their deposits when the bank resumed, materially aiding the present suspension.
14.November 21, 1894Richmond DispatchRichmond, VA
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A SAVINGS BANK FAILS. The Trouble Precipitated by Death of the Institution's President. PORTLAND, ORE., November 20. - The Portland Savings Bank failed to open its doors this morning. The lack of public confidence and unremitting withdrawals of deposits are given as the reason for the closing of the bank. O. N. Denny has been appointed receiver, and the bank will go into liquidation. The assets of the bank are given at $1,650,000; the liabilities at $1,430,000. The closing of the bank was doubtless precipitated by the death of Frank Dekum, the president, about a month ago. The bank first closed its doors in the panie of 1893, but resumed in May of this year, under an agreement with the depositors that they, were to draw out quarterly 10 per cent. of their deposits. Many depositors refused to sign off under any conditions, and withdrew their deposits when the bank resumed, materially aiding the present suspension.
A Bank Failure, Portland, Ore., Nov. 20.-The Portland Savings bank failed to open its doors this morning. The lack of pubHe confidence and uncessing withdrawals of deposits are given as reasons of the closing of the bank. O. N. Denny has been appointed receiver and the bank will go Into liquidation. The assets of the bank are given at $1,050,000;
16.November 21, 1894The Daily Morning AstorianAstoria, OR
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fort was made to effect a re-organization, but it was unsuccessful, owing to the general apathy of capital to invest in any enterprise. Now no further effort will be made to recuperate the affairs of the bank. It will never again be opened, and the receiver will be permitted to pay dividends to depositors as rapidly as he can realize on the assets. The Portland Savings Bank was established in 1881, with a capital stock of $200,000, in a building at the corner of First and Ash streets. Later the capital stock was increased to $280,000, and the bank removed to its present site, corner of second and Washington streets. It was during the panic of 1893, on July 27, that the bank first closed its doors. Mr. D. P. Thompson was appointed receiver, and as the result of his efforts, the bank resumed business May, 1 of this year, under an agreement with the majority of the depositors that they were to draw out, quarterly, ten per cent of their deposits, and no more. While this was the general agreement, many depositors signed other agreements to allow their deposits to remain undemanded for longer or shorter periods of time. Many depositors who refused to sign off under any conditions, withdrew their deposits as soon as the bank opened its doors, and their action aided materially in precipitating the suspension. Four payments of ten per cent each, were made to those depositors who signed off under the quarterly payment agreement. The Portland Savings Bank, at one time, had close relations with the Commercial National bank, but the fatter, under its reorganization, has no business connections with the Portland Savings bank. The main financial interest in the Commercial National is now the great Wells-Fargo bank, of San Francisco.
17.November 21, 1894The Salt Lake HeraldSalt Lake City, UT
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SAVINGS BANK FAILS. A Run Given as the Reason For the Closing of the Doors. Portland, Or., Nov. 20.-The Portland Savings bank failed to open its doors this morning. The lack of public confidence and unremitting withdrawal of deposits are given as reasons for the closing of the bank. O. N. Denny has been appointed receiver and the bank will go into liquidation. The assets of the bank are given at $1,650,000; liabilities, $1,430,000. The closing of the bank was doubtless precipitated by the death of Frank Dekum, the president, about one month ago. The bank first closed its doors in the panic of 1893, but resumed in May of this year under an agreement with the depositors that they were to draw out quarterly 10 per cent. of their deposits. Many depositors refused to sign off under any conditions and withdrew their deposits when the bank opened, materially aiding the present suspension.
18.November 22, 1894The Daily Morning Journal and CourierNew Haven, CT
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Savings Bank Fails. Portland, Ore., Nov. 21.-The Portland savings bank has failed and a receiver has been appointed. Assets, $1,650,000; liabilities, $1,430,000.
19.November 22, 1894Lincoln County LeaderToledo, OR
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The Portland Savings bank has again closed its doors. This bank closed first during the panic of last year, but opened again last April. There has been a steady withdrawal of deposits ever since the bank reopened, and the bank finally had to succumb.
20.November 24, 1894The IndicatorPueblo, CO
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COULD NOT KEEP UP. The Portland Savings Bank Closes Its Doors. Portland, Ore., Nov. 20.-The Portland Savings bank failed to open its doors this morning. The lack of public confidence and unremitting withdrawals-of deposits are given as rensons for the closing of the bank. O. N. Denny has been appointed receiver and the bank will go into liquidation. The assets of the bank are given at $1,650,000, liabilities $1,430,000. The closing of the bank was doubtless precipitated by the death of Frank Dekum. president, about one month ago. The bank closed its doors in the panic of 1893, but resumed in May of this year under an agreement with the depositors that they were to draw out quarterly 10 per cent. of their deposits. Many depositors refused to sign off under any condition and withdrew their deposits when the bank opened, materially aiding the present suspension.
21.September 9, 1897The Daily Morning AstorianAstoria, OR
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PAYS A DIVIDEND Portland, Or., September 8.-The circuit court today granted the receiver of the Portland savings bank authority to pay a 5 per cent dividend.
22.March 20, 1901The Morning AstorianAstoria, OR
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Richard Nixon, receiver of the Portland Savings Bank, was in the city yesterday.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
