Linn County National Bank (Albany, OR)

Episode Information

Episode UID
432601122
Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
43260 national
Charter Number
4326
Start Date
June 19, 1893
Location
Albany, Oregon (44.637, -123.106)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
764f6acdbc5d73e0

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1893-07-10
Date receivership terminated
1897-04-27
OCC cause of failure
Losses
Share of assets assessed as good
45.8%
Share of assets assessed as doubtful
37.6%
Share of assets assessed as worthless
16.5%

Description

Contemporary reports cite steady withdrawals precipitated by misconduct of an officer and bad loans.

Events (5)

1. May 31, 1890 Chartered
Source
historical_nic
2. June 19, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals driven by loss of confidence stemming from alleged misconduct of a principal officer and bad loans to insiders.
Newspaper Excerpt
Both failures were caused by the steady withdrawal of deposits for several weeks.
Source
newspapers
3. June 19, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors ordered suspension after sustained withdrawals and perceived insolvency/illiquidity tied to bad loans and officer improvidence.
Newspaper Excerpt
A notice on the door says: 'Owing to the stringency in the money market, this bank hereby suspends payment by order of the board of directors.'
Source
newspapers
4. July 10, 1893 Receivership
Source
historical_nic
5. July 10, 1893 Receivership
Newspaper Excerpt
Comptroller Eckles is informed of the failure of the Linn County National Bank of Albany, Oregon; capital, $100,000. Bank Examiner Jennings has been placed in charge.
Source
newspapers

Newspaper Articles (22)

Article from The Herald, June 20, 1893

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OREGON BANK FAILURES. Two Albany Banking Institutions Close Their Doors. ALBANY, Ore., June 19.-The Linn County bank closed its doors this morning. A notice on the door savs: "Owing to the stringency in the money market, the bank hereby suspends payment by order of the directors. Depositors will be paid dollar for dollar." J. L. Cowan. president of the bank, pays the deposits amount to about $150,000, and that the assets will exceed the liabilities by $80,000 to $100,000. J.A. Crawford, one of the directore, says he will personally guarantee every depositor. No official statement has been made. A branch of the Linn county bank at Lebanon, this county, also closed its doore. At noon the Bank of Oregon, of this city, also closed itsdoors. Caehier Blain says the assets are 50 per cent. more than the liabilities. The amount of deposits is small. Both failures were caused by the steady withdrawal of deposits for several weeks.


Article from The Salt Lake Herald, June 20, 1893

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TWO OREGON BANKS CLOSE. Both Are at Albany and the Assetts Are Said to Exceed Liabilities. ALBANY, Ogr., June 19.-The Linn county bank closed its doors this morning. A notice on the door says: Owing to the stringency in the money market this bank hereby suspends payment by order of the board of directors. Depositors will be paid dollar for dollar with a large surplus. J. L. Cowan president of the bank says: The deposits amount to about $150,000 and that the assets will exceed liabilities by $80,000 to $100,000. J.A. Crawford one of the wealthiest citizens of Albany and one of the directors says he will personally guarantee every depositor. Among the deposits is $33,000 of the county's money. No official statement has been made. A branch of the Linn county bank at Lebanon this county, has also closed its door,. At noon the bank of Oregon this city also closed|its doors. Cashier Blain esays the assets are 10 per cent more than liabilities. The amount of deposits is small. Both failures were caused by a steady withdrawal of deposits for several weeks. Cashier Linn of the County bank says the liabilities are about $220,000, and assets $318,000. The assets of the bank of Oregon are $63.000, liabilities $45,000. The bank of Lebanon owned by Cowan, Ralston & Co., has $27,000 in deposits, assets largely in excess of liabilities. The other banks of the city kept open till 6 p.m. and paid all demands. Merchants offer to take the paper of the suspended banks at par.


Article from St. Paul Daily Globe, June 20, 1893

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THREE BANKS SUSPEND. They Could Not Stand the Steady Withdrawal of Deposits. ALBANY, Or., June 19.-The Linn county bank closed its doors this morning owing to the stringency in the money market. J. L. Cowan, president, says eposits amount to about $150,000 and that the assets will exceed the liabilities by $80,000 to $100,000. No official statement has been made. A branch of the Linn county bank at Lebanon, this county, also closed its doors at noon, and the Bank of Oregon in Portland closed its doors during the afternoon. Cashier Blain says the assets are 50 per cent more than the liabilities. The deposits are small. All the failures were caused by steady withdrawal of deposits for several weeks.


Article from The Sun, June 21, 1893

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Oregon Banks Suspend. ALBANY, Or., June 20.-J. L. Cowan, President of the Linn County Bank. which suspended yesterday. says that the deposits in the bank amount to about $100,000, and that the assets will exceed the liabilities by $80,000 or $100,000. J. A. Crawford. the wealthiest citizen of Albany. and one of the directors, says he will guarantoe personally every depositor of the suspended bank. Among the deposits is $41.000 of the county's money. No official statement has been made. A branch of the Linn County Bank at Lebanon, this county, also closed its doors at noon yesterday. and the Bank of Oregon. this city, closed its doors during the afternoon. Cashier Blain says the assets are 50 per cent. more than the liabilities. Both failures were caused by the steady withdrawal of deposits for several weeks.


Article from The Dalles Times-Mountaineer, June 24, 1893

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Failures in Oregon. ALBANY, Oregon, June 19-The Line County bank closed its doors this morning. A notice on the doors says: "Owing to the stringency in the money market, this bank hereby suspends payment by order of the board of directors. De positors will be paid dollar for dollar, W th a large eurplus" J L Cowan, president of the bank. says the deposits amount to about $150.000, and that assets will exceed the 118buities by $80,000 to $100 000 J A Crawford, the wealthiest citizen of Al bany and one of the directors, says be will personally guarantee every depositor. Among the deposits 18 $33.000 of the county's money. No official statement has been made. A branch of the Linn county bank at Lebanon also closed its doors this morning. At noon the back of Oregon, of this city, also closed its doors. Cashier Jay W B ain says the assets are fifty per cent more than the liabilities. The amount of the deposits is small. Both failures were caused by the steady withdrawal of deposits for several weeks past.


Article from The Progressive Farmer, June 27, 1893

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BUSINESS TROUBLES. Bank Failure in Oregon---A Fur Dealt Goes Up. WASHINGTON, D. C., June 20.-Comptroller Eckles is informed of the failure of the Linn County National Bank of Albany, Oregon; capital, $100,000. Bank Examiner Jennings has been placed in charge. MINNEAPOLIS, Minn., June 20.-Jas. McMillan, of Minneapolis, made a voluntary assignment to M. C. Fletcher. McMillan is in the hide and fur business, until a short time ago when the business was transferred to a corpora tion known as James McMillan & Co. The assignment does not affect this corporation. Fletcher estimates the assets at about $700,000; liabilities $250,000. Of the liabilities 60 per cent. is to foreign creditors, persons who have made consignments to him or furnished capital. The other 40 per cent. is to Minneapolis people. WILMINGTON, N. C., June 20.-Adrian & Vollers, wholesale grocers and liquor dealers, one of the oldest busi ness houses in the city, assigned with preferences. The failure was precipitated by that of the bank of New Hanover, in whose favor they executed a mortgage for ninety thousand dollars some months ago. RICHMOND, Va., June -Isaac Held, dry goods dealer, assigned. Liabilities $10,500. CHICAGO, June 20.-The General Engineering Company, of Harvey, Illinois, assigned and liabilities said to be $75,000.


Article from Idaho County Free Press, June 30, 1893

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THE ALBANY BANK FAILURE. Dissipation on the Part of One of the Principal Officers of the Bank a Cause. A Salem banker who knows the condition of the suspended Lynn County national bank, says it had a capital of $100,000, a surplus of $15,000, and undivided profits of about $7000. This is $122,000. Then three-fourths of the stockholders are good for 100 per cent. additional to their holdings of stock, for which the national banking laws make them liable, or $75,000, giving to depositors a surplus of $197,000 over and above the loans, to pay deposits. The loan will more than offset the deposits, and they are mostly good. There will probably be a loss of $40,000 to $50,000 bad paper, and the bank will pay all depositors in full and stockholders 50 to 70 per cent. Its business will be wound up. The cause of the embarrasement was the intemperance and recklessness of one of its principal officers, impairing confidence, causing withdrawals of deposits, bad judgment in not providing in advance for the stringency good bankers could see coming; and bad loans, mostly to persons intimately connected with the bank. J. L. Cowan, who had charge of the suspended bank. will not pay more than 50 cent. of his obligations. A Salem bank offered to stand in with a Portland bank in furnishing the money to tide the suspended Linn County bank over the stringency, but the Portland bank refused; therefore the doors were closed, and its business will be wound up.


Article from Pullman Herald, July 7, 1893

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The corner-stone of the new hospital Colfax was laid Sunday. The Sisat Charity, under whose auspices comprise an ters it 488 of laid, order old. in the It Cacholic church tat is 50 years had its foundation in 1843 in Montreal Canada, bv the Rt. Rev. Bishop Bourget for of Montreal. Mother Gamelin, who to some years previous had belonged some lay confraternities, was selected In by the bishop to be its foundress. 1856 the sisters arrived at Vancouver, Wash their present mother house labor on the Pacific coast, a new field of fached after great difficulties of travel H., Mother Joseph, S. directress of the buiiding in now those days, They in Colfax, now was appointed superior, have hospitale and academies of education a Walla Walla, Spokane, Olympia, Portland and other places on this coast. OREGON. J. W. Stewart arrived at Prineville Friday of last week from Corvallis, bv having on come across the Cascades of the Santiam route. He found from about way 14 miles of snow, averaging one to six feet in dept. John Porter, a farmer aged 40 years, and unmarried, who lives near Creswell. His hae been committed to the asylum. mania is of a suicidal and homi idal nature. and o ly affects him occasionally. Mr. Porter asked to be taken to the asylum, as he was afraid to trust himself. An old feud existing between Riley Mills and Frank Gilman, of South Slough, Lane county, about a young Gillady, culminated in the shooting of by Mille. G lman had knocked when man Mills down aud was beating him, GilMills drew a small pistol and shot a man. The wound 18 not considered dangerous one. Arrangements have been made with of creditors by which the property mills the the proprietors of the Red Crown hands at Albany will be taken from the Mr. of the receiver and transferred to John Isom, who will be the proprietor of the same, while Mr. John R. Stock- mills will act as manager, The to man will be run at their full capacity, meet orders ahead, for some time, Nettled at attention being called a fact that Umatilla county sends the many convicts to the penitentiary, great the Pendleton East Oregonian says: $50,"Well, Umatilla county pays about send 000 annually to have the right to Salem many of her tough citizens to crimas she chooses. We convict our them as inals up here instead of letting of run loose, as is done in some parts the Willamette valley.". An effort is being made to reopen the Linn County National bank under a reorganization so strong as to secure once. the confidence of the people at $30,A. Bush, of Salem, who OWDS Al000 Mr. in stock, has had a meeting at Ar. with the other stockholders: Jennings, bany the bank inspector, has about will completed his in yestigations, but few have nothing for the public for a days. Depositors are safe. The serious question is with the stockholders. The house of Joseph Lind, the Lewis and Clarke mail carrier, with all its con- was tents was destroyed by fire while he in Astoria with the mail last Saturday. he The fire was out in the stove when home at four o'clock in the morning, the and left the only way he can account for in fire is that a spark must have caught he the roof, and was smoldering when and The house was built of cedar, left. lumber to build it was carried by the the owner on his back from Sackett's mill, which is two miles away. W. W. Caviness, Pendleton, who added is hunting at Leman's Sprins, has an exanother bear to his list. Quite with the citing incident was connected out exploit. Mr. Caviness had gone were with his wife on horseback. Both dismounted when the bear was and seen. the "Wes" shot and wounded it, furious animal, a female, charged of upon her It was within five feet situation became bullet ended and another his wife. the timely critical, its and career. when were Two cubs were left motherless captured alive. Viewn 900. during the Indian war.


Article from The Daily Morning Astorian, July 14, 1893

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APPOINTED REVIEWER. Albany, Or., July 13.-H. M. Beall of The Dalles has been appointed receiver of the closed Linn County National Bank. He will arrive in a few days to assume charge and begin closing up the business of the bank.


Article from The Lebanon Express, July 21, 1893

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The Linn County Bank. Mr. H. M. Beall, the newly appointed receiver of the Linn County bank. arrived yesterday and will take charge of the bank. A notice to depositors and others interested, signed by the comptroller of the currency and also by Mr. Beall, will be found in the Herald publishing columns. Mr. Beall was seen by a Herald reporter and questioned concerning the policy in clearing up the business of the bank. "I reached Albany today and have not yet fully assumed charge of the bank," he said. "It will probably be several days before any business toward settling up the affairs will be transacted. As to whether or not the collections of the bank's securities will be rigidly pushed I cannot say. I am simply a creature of the government, and must act on instructions from the treasury department." Mr. Beall was formerly cashier in The Dalles bank, and thoroughly understands the situation. It is safe to say that the collection of the $200,000 on the banks securities will rot be pushed so as to create any business disturbance. Those acquainted with the business say it will probably require a year or eighteen months to settle up the business. -Herald.


Article from The Corvallis Gazette, July 28, 1893

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An application has been sent to the comptroller of the currency asking that the Linn County National bank be taken from the hands of the receiver for the resumption of business. The required amount of money, about $100,000, will be raised and other conditions will be met, so that the applicawill undoubtedly be granted. The movement is one that will be of general benefit to the community.-Albany Democrat.


Article from Idaho County Free Press, August 11, 1893

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those of a man who mysteriously disappeared some time ago, hinting that Haynes was concerned in the disappearance. There was a riot outside the arena at Roby, Ind., Monday night, caused by a mob of roughs attempting to enter to see the fight. Pinkerton detectives went out to quell the disturbance and they were met with a shower of stones. Some one in the crowd fired three or four shots from a revolver and an unlucky man was shot above the heart. Physicians say he cannot live. J. W. S. Marshall, whose body had been hanging from a door in his room at 15 Allison street, Boston, for five days before it was found, did not kill himself on account of poverty. When his room was searched two bank books which represented cash deposits of $60,000 were found, and also proof that he owned a block of buildings, the value of which is fully $1,000,000. Artesian water was struck on Tuesday in Spring valley, five miles southeast of Colfax, Wash., at a depth of 220 feet. The flow is very strong, throwing a sixinch stream twenty feet high. This is the most western artesian well in the county, and will be a great help to Colfax. The city council have already taken informal action toward piping the water down to the supply reservoir. e A petition is now before the circuit court of the sixth judicial district asking that Lawyer C. H. Finn be debarred from practicing in the courts of this state. The petition is based upon affidavits charging Finn with mutilating records wilful misconduct as an attorney in caste ing reflections and preferring charges of S conspiracy against circuit judges; wiln fully false and malicious charges against n J. W. Knowles, as justice of the peace in La Grande. o It is said that the directors of the Linn County National bank have at last e reached an agreement for a reorganizay tion, says the Albany Herald, and have made an application to the comptroller of the currency, asking that the bank be taken from the hands of the receiver and reopened for the resumption of business. About $100,000, it is said, will be put into the bank to place it on a sound basis n again, and it is thought the application will be granted. The law of the state of Washington requires that the permanent school fund of the state must be invested in national, state, county or municipal bonds, but t the state land commission sought to ree gard a school district as a municipal corn poration within the meaning of the law. and to invest funds in school district bonds. The attorney general bas decided that a school district cannot be regarded as a municipal corporation, and the land h commission cannot so invest the funds. Wednesday at Spokane, Wash., the First National bank closed its doors and with it went the allied institution, the L Spokane Savings bank. A notice was of posted that "owing to the continued d withdrawal by depositors and the inability to realize on securities this bank has as temporarily suspended payment." Presihe dent J. M. Glover said that all depositors would be paid in full. The news created of no excitement and no run upon any d other banks. H. W. Fairweather is of vice-president of the bank which was -1one of the foremost banks of Spokane. y Thursday afternoon, at The Dalles, 8 young lady, Miss Equi, horse-whipped is O. D. Taylor, a real estate shark, for a swindling a friend of hers, a Miss Hol : comb, out of $100. The affair was wit nessed by a large crowd of persons, who & followed the parties from the first place or where they met to the place where the as marshal interfered. There were frequen at cheers from the throng of persons, and i he is stated that on more than one occasion the, reverend gentleman was held while


Article from The Seattle Post-Intelligencer, December 10, 1893

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More Indictments at Portland. PORTLAND, Dec. 9.-The United States grand jury has indicted J. L Cowan, president of the Linn County National bank, of Albany, Or., which suspended last June. Cowan is charged with violation of the national banking laws. It was reported that Whitney L Boise, chairman of the Republican state central committee, had been indicted for conspiring with ex-Collector Lotan to unlawfully land Chinese, but United States District Attorney Murphy denies this.


Article from The Salt Lake Herald, December 10, 1893

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charge of conspiracy to unlawfully land Chinese. The indictment was returned last night, and made public today. A true bill has also been returned against J.L. Cowan, president of the Linn County National bank, of Albany, Oregon, which suspended last June. Cowan is charged with a violation of the national banking laws.


Article from The Madison Daily Leader, December 11, 1893

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Violated Banking Laws. PORTLAND, Or., Dec. 11.-A true bill was returned against J. L. Cowan, president of the Lynn County National bank of Albany. Or., which suspended last June. Cowan is charged with violation of the national banking laws.


Article from Reporter and Farmer, December 14, 1893

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Bank President Indicted. Portland, Or., Dec. 11.-A true bill was returned against J. L. Cowan, president of the Lynn County National Bank of Albany, Or., which suspended last June. Cowan is charged with a violation of the national banking laws.


Article from The State Rights Democrat, February 22, 1895

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ANOTHER DIVIDEND.-The comptroller of the currency has declared another dividend of 10 per cent in favor of the Linn County National Bank. This makes a total of 75 per cent. The other 25 per cent will also come, with some over for the stockholders. It is an interesting fact, and one creditable to the receiver as well as to the debtors of the bank that this record leads all the banks of the U. S. that failed in 1893, so far as can be learned, no other bank yet having paid 75 per cent.


Article from The State Rights Democrat, March 8, 1895

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NOW READY. The receiver of the Linn County National Bank is now prepared to pay a fourth dividend of ten per cent on the proved claims, Claimants will please present their receivers certificates at the bank for indorsement thereon. H. M. BEALL, Receiver.


Article from The Dalles Daily Chronicle, July 6, 1895

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A Tribute to Mr. H. M. Beall, Mr. Eckels is quite well pleased with the work of the receivers whom he has appointed in Oregon, especially with Mr. H. M. Beall, receiver of the Linn county National bank, at Albany, who has worked hard in the interest of the depositors. The controller states that this bank will undoubtedly pay every depositor, at least 95 per cent on the dollar, which will be good news indeed to many an honest, hard working farmer in that section, who at the time of the failure would have been quite willing to have sold his claim at one-half of its face value, and probably was only prevented from so doing because there were no buvers.-Portland Sun. Mr. Beall's friends in The Dalles, and they include the whole population, will be pleased to see his worth so publically recognized. Mr. Beall for many years was cashier of the First National bank in this city and is still considered a resident of The Dalles. His ability was well known before he accepted his present position and his high reputation will be increased by his record as receiver of the Linn county bank.


Article from The Dalles Times-Mountaineer, July 13, 1895

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Oregon National Banks. In a report of the Oregon National Banks the following appears regarding the Linn county National bank and its receiver: "Mr. Eckels is quite well pleased with the work of the receivers whom he has appointed in Oregon, especially with Mr. H. M. Beall, receiver of the Linn county National bank, at Albany, who has worked hard in the interest of the depositors. The controller states that this bank will undoubtedly pay every depositor, at least 95 per cent on the dollar, which will be good news indeed to many an honest hard-working farmer in that section, who at the time of the failure would have been quite willing to have sold his claim at onehalf of its face value, and probably was only prevented from so doing because there were no buyers."


Article from The Daily Morning Astorian, September 20, 1895

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The Albany Herald says: "Mr. Beall, the careful and efficient receiver of the Linn County National bank is now ready with the fifth dividend to the claimants of that institution. This is getting well on toward a settlement, and indicates that eventually every claim will be full reimbursed. The fact speaks well for the receiver, and for that matter, also for the national banking laws.


Article from The Dalles Times-Mountaineer, April 25, 1896

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Assets of Linn County Bank Sold. ALBANY, Or., Apr. 21.-The remaining assets of Linn County National bank were sold at auction today by Reciver Beall. About $18,000 was realized from the sale. This with the $10.000 already collected by the receiver, will pay the remaining 15 per cent of the principal due depositors. Mr. Bush says an assessment of 18 or 20 per cent will be levied upon -stockholders to pay accured interest, which will wind up the bank's affairs.