Article Text
Trust Company In Portland Fails. PORTLAND, Ore., Nov. 7.-The TItle Guarantee and Trust company has been placed in the hands of a receiver.
Title Guarantee & Trust Company (Portland, OR)
Episode Information
- Episode UID
6696375391294- Episode Type
- Run → Suspension → Reopening
- Bank Type
- trust
- Bank ID
-
669637539hash - Start Date
- October 28, 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
05ad51b479ed86a9
Response Measures
None
Events (5)
1.
October 28, 1907
Run
- Cause
- Local Banks
- Cause Details
- Run was triggered by the earlier failure of the Oregon Trust & Savings Bank, producing steady withdrawals (about $485,000) through Oct. 28.
- Measures
- No special liquidity measures reported beyond attempts to secure collateral and bonds for state deposits.
- Newspaper Excerpt
- The failure of the Oregon Trust & Savings bank last August, started a run on the Title Guarantee & Trust company, resulting in withdrawal of $485,000 deposits up to October 28.
- Source
- newspapers
2.
November 7, 1907
Suspension
- Cause
- Government Action
- Cause Details
- Federal court action placed the bank into receivership (Judge Wolverton appointed a receiver) after heavy withdrawals and a demand by the state treasurer for $100,000.
- Newspaper Excerpt
- The Title Guarantee and Trust company has been placed in the hands of a receiver.
- Source
- newspapers
3.
December 12, 1907
Other
- Newspaper Excerpt
- Federal Judge Wolverton today appointed E. C. Mears ... as receiver of the Title Guarantee & Trust Co., removing George H. Hill who was acting in that capacity.
- Source
- newspapers
4.
December 14, 1907
Other
- Newspaper Excerpt
- The receiver of the Title Guarantee & Trust Co., the bank that closed in Portland recently, has made a report to the federal court. According to this report the Assets exceed the liabilities over $600,000.
- Source
- newspapers
5.
February 1, 1908
Reopening
- Newspaper Excerpt
- PORTLAND BANKS WILL OPEN ... The Title Guarantee & Trust company is scheduled to pass under the control of William M. Ladd ... Institutions Are to Resume Business By the First Day of February.
- Source
- newspapers
Newspaper Articles (22)
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Article Text
State Treasurer Precipitates Title Guarantee Failure. BANK'S AFFAIRS IN BAD SHAPE Cash Was Drained From Vaults After Failure of Oregon Trust & Savings Bank-Some Loan Securities Are Also in Poor Condition to Negotiate. PORTLAND, Nov. 7.-Precipitated by the demand of George A. Steet, state treasurer, for $100,000 of the $395,000 state funds deposited in the bank, the Title Guarantee & Trust Company was forced to go into the hands of a receiver late yesterday afternoon, George H. Hill, vice-president of the bank, being appointed receiver by Federal Judge Charles E. Wolverton. The assets of the bank are roughly placed at $3,000,000 and the liabilities at $2,660,000. Although the bank has 5500 savings accounts and 1200 accounts subject to check, the deposits amounting to $1,800,000, there was but $9000 in the vaults and $9000 on deposit in other banks when the legal holidays were first ordered. The heaviest debt of the Title Guarantee & Trust Company is an account of $607,000, due Ladd & Tilton, drawing 8 per cent interest, payable monthly. This debt has been an incubus of long standing and, as one of the bank officials declares, has been a millstone around the neck of the institution. Contrary, to general belief, W. M. Ladd is not an officer in the bank, although he owns 755 shares, valued at $100 each. Originally Mr. Ladd was president, but resigned July 1, 1906, being succeeded by J. Thorburn Ross. Mr. Ladd was carried as a director, however, until last July, although recent advertisements of the Title Guarantee & Trust Company carried his name as director until the suspension. The withdrawal of Mr. Ladd was, apparently, unknown even to people in the bank, for a few days ago Receiver Hill said that Mr. Ladd was back of the bank to the best of his knowledge. Failure of the Oregon Trust & Savings Bank in August caused a steady run on the Title Guarantee & Trust Company. At that time there was in the vaults of the latter $485,000. The deposits at the time were $2,245,000. In the past two months $500,000 has been withdrawn, and the climax came when State Treasurer Steel demanded $100,000, which he b intended scattering among other banks B in the Willamette Valley. Before the receiver was appointed yesterday Steele was secured for the $395,000 by surety bonds, timber land in Benton county 4 valued at $600,000, on which the bank B had loaned $500,000, and a mortgage 1 on land near Silverton valued a $428,000. b While the bank made the state a pren ferred creditor, this action is meeting with denunciation on the street, as the W state money was secured by the bondsfi men of Treasurer Steel. t M. B. Rankin was the heaviest born rower of the bank, having secured $500,000 for timber deals in Benton county S on one transaction alone. Lafe Pence induced the bank to lend f him $225,000 for his scheme of filling Guilds Lake, by sluicing down the hills back of the city, and the bank also in 6 vested $175,000 additional in the Fair h Grounds. Pence secured his loan through T. T. Burkhart, the treasurer, and Ate chison, the secretary, during the absence of Ross in Europe. r About five months ago Ross and Pence ( had a falling out, because the banker refused to lend the promoter more coin. PROV. The Pence enterprise was considered visionary, and although a fortune had been placed in sluice boxes and other paraphernalia, the work ceased.
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Receiver For Trust Company. Portland, Ore., Nov. 7.-The Title Guarantee & Trust company was placed in the hands of a receiver. Lia bilities are $2,640,000 and the assets $2,500,000.
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PORTLAND BANK OFFICIALS WILL BE ARRESTED Attorney Manning at once, and ar(By United Press.) rests will probably be accomplishPORTLAND, Ore, Nov. 9.ed before night. All of the bank's Charging J. Torburn Ross, presiofficials are in Portland and none dent of the Title Guarantee & will attempt to escape arrest. Trust company. George H. Hill, vice Immediately upon information president and present receiver, T. that the complaint had been sworn T. Burkhardt, treasurer, and John out against the officials, Vice PresE. Atchinson, secretary, with reident Hill, who was appointed recelving his deposit of $1,330 after ceiver by the federal court. went they had knowledge that the trust into consultation with bls attorcompany was insolvent, C. F. neys. It is understood he is makEhman, a Portland real estate dealing the necessary arrangements to er, today swore to a complaint relinquish his position as receiver against the bank officials. Warupon his arrest. rants will be asked for by District
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TROUBLE AHEAD FOR OFFICIALS Warrants Sworn Out in Connection With Portland Bank Failure and Arrests Made. Portland, Ore., Nov. 9.-J. Thorburn Ross, president; George H. Hill, vice president, and T. T. Berkhart, treasurer, of the Title Guarantee & Trust company, which went into the hands of a receiver Wednesday last, were arrested today, and a warrant is out for John E. Aitchison, secretary of the defunct institution. The charge lodged against them is accepting money on deposit while knowing the bank was insolvent. Under the laws of Oregon this is a felony, punishable by a maximum fine of $1,000 or imprisonment in the penitentiary for two years, or both fine and imprisonment. The arrests were made on complaint of C. F. Ehman, who alleged that on Oct. 28, the day before the present dayto-day holiday period began, he deposited in the bank the sum of $550. Ehman alleges that the officials of the bank knew on that day, and had for some time previous, that the bank was insolvent. Aitchison is now in New York City, but will be arrested on his return. Those defendants who have been placed' under arrest were released this afternoon on furnishing $2,500 bail each. Will Be Made Good. In a signed statement to the Associated Press tonight, William M. Ladd, head of the firm of Ladd & Tilton, bankers, who is a large stockholder in the Title Guarantee & Trust company, which failed here Wednesday last, says he will guarantee the savings depositors in. the institution will be paid in full within two years from date, and as representative of W. S. Ladd's estate, which is back of Ladd & Tilton, states that Ladd & Tilton will relinquish to the general creditors of the Title Guarantee & Trust company the securities which they hold for the debt of $607,000 due to Ladd & Tilton. The total obligation assumed is more than $1,000,000.
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BANK OFFICIALS ARRESTED Accepted a Deposit While Knowing Bank Was Insolvent. Portlanl, Ore., November 9 -J. Thorburn Ross, president; George H. Hill, vice president and T. T. Berkhardt, treasurer of the Title Guarantee and Trust Company which went into the hands of a receiver Wednesday last were arrested today and a warrant is out for John E. Aitchison. secretary of the defunct institute. Aitchison is now in New York city. They were released this afternoon on furnishing $2,500 bail each. The charge against them is accepting money on deposit while knowing the bank was insolvent. Under the laws of Oregon this is a felony punishable by a maximum fine of $1,000 or imprisonment in the penitentiary for two years, or by fine and imprisonment. The arrests were made on complaint of C F. Eman. who alleges that on October 28, the day before the present day to day holiday period began. he deposited $550. Eman alleges that the officials of the bank knew on that day and had for some time previous known that the bank was insolvent.
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BANK OFFICIALS UNDER BONDS. Portland, Ore., Nov. 13.-J. Thorburn Boos, G. P. Hill and T. B. Burckhardt, president, vice president and treasurer respectively of the Title Guarantee & Trust company, which suspended last week, were to-day bound over to the state court under $5,000 bonda each. The charges are accepting deposits while knowing the bank was insolvent.
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BEST ASSETS ASSIGNED. Preferred Creditors Get Cream of Resources of Portland Bank. Portland, Nov. 8.- - Developments yesterday in the bank failure of the Title Guarantee & Trust company were as follows: Marquam building, included as $400,000 asset, is not available for meeting claims of depositors, because held as security by Ladd & Tilton, for $607,000 debt. Three depositors of broken bank, dissatisfied with appointment of George H. Hill as receiver, petition Federal District court for involuntary bankruptcy, their object being to supplant the receiver with trustee appointed by bank's creditors. Validity is doubted of assignment to State Treasurer Steel for security for $395,000 state deposits, of timber land collateral in Benton and Marion counties. So much of assets of bank are assigned to preferred creditors that it looks as if depositors will suffer heavy loss. State Treasurer Steel exacted only $100,000 security for $395,000 deposits of public funds, thereby violating the law. It seems likely that Treasurer Steel's bondsmen will be called on by the state to make good the loss of public funds. The American Surety company has given bond for $650,000, and six Portland men for $50,000-J. Thorburn Ross, Wallace McCamant, Louis G. Clarke, J. H. Peterson, M. B. Rankin and J. W. Cook. Ross' liability is $25,000. District Attorney Manning hears that the bank received deposits while insolvent, and that there were swindling operations, and will make investigation.
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RECEIVER FOR BANK IS NAMED Affairs of Title Guarantee & Trust Co. of Portland in Bad Shape. Heavy Investments on Which Officers Could Not Realize* Quickly and Steady Drain on Depssits Are Chief Cause of Suspension-Action in Federal Court. Portland, Nov. 7.-Distress of the Title Guarantee & Trust company reached a climax yesterday when Judge Wolverton of the United States District court ordered the institution into receivership, on application of Nathan Coy, a stockholder, through Joseph Simon, attorney. Judge Wolverton appointed as receiver George H. Hill, vice president of the bank. The matter was taken into the Federal court because Coy is a nonresident of Oregon, living near Boston. The bank closed on Monday of last week, with only $9,000 bank money in its vaults and $9,000 due from other banks, out of deposits aggregating $1,800,000. In the succeeding holidays proclaimed by the governor, the bank, unlike the other money institutions of the city, remained closed. The trouble of the bank was precipitated by the call of State Treasurer Steel, on the last day it was open for business, for $100,000 of state funds. The state has on deposit $395,000. This money, says J. Thorburn Ross, president of the company, and other bank officers, is amply secured by surety bond in Treasurer Steel's favor for $100,000 and by timber land collateral made over to him in the last few days, from the assets of the bank. How much depositors will get of their money depends on the handling of the bank's assets, which are of a kind that cannot be turned quickly into cash. They consist chiefly of real estate. The liabilities are placed at $2,560,000 and the assets at$ 3,000,000. The failure of the Oregon Trust & Savings bank last August, started a run on the Title Guarantee & Trust company, resulting in withdrawal of $485,000 deposits up to October 28. This exhausted the bank's supply of ready funds and it was unable to realize on its several big projects.
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RECEIVER FOR BANK IS NAMED Affairs of Title Guarantee & Trust Co. of Portland in Bad Shape. Heavy Investments on Which Officers Could Not Realize Quickly end Steady Drain on Depssits Are Chief Cause of Suspension-Action in Federal Court. Portland, Nov. 7.-Distress of the Title Guarantee & Trust company reached a climax yesterday when Judge Wolverton of the United States District court ordered the institution into receivership, on application of Nathan Coy, a stockholder, through Joseph Simon, attorney. Judge Wolverton appointed as receiver George H. Hill, vice president of the bank. The matter was taken into the Federal court because Coy is a nonresident of Oregon, living near Boston. The bank closed on Monday of last week, with only $9,000 bank money in its vaults and $9,000 due from other banks, out of deposits aggregating $1,800,000. In the succeeding holidays proclaimed by the governor, the bank, unlike the other money institutions of the city, remained closed. The trouble of the bank was precipitated by the call of State Treasurer Steel, on the last day it was open for business, for $100,000 of state funds. The state has on deposit $395,000. This money, says J. Thorburn Ross, president of the company, and other bank officers, is amply secured by surety bond in Treasurer Steel's favor for $100,000 and by timber land collateral made over to him in the last few days, from the assets of the bank. How much depositors will get of their noney depends on the handling of the bank's assets, which are of a kind that cannot be turned quickly into cash. They consist chiefly of real estate. The liabilities are placed at $2,560,000 and the assets at$ 3,000,000. The failure of the Oregon Trust & Savings bank last August, started a run on the Title Guarantee & Trust company, resulting in withdrawal of $485,000 deposits up to October -8, This exhausted the bank's supply of ready funds and it was unable to realize on its several big projects.
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RECEIVER IS REMOVED PORTLAND, Dec. 12.-Federal Judge Wolverton today appointed E. C. Mears, formerly cashier of the Bankers' & Lumbermen's bank, as receiver of the Title Guarantee & Trust Co., removing George H. Hill, who was acting in that capacity.
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HILL REMOVED AS RECEIVER. Portland, Dec. 12.-Federal Judge Wolverton today appointed E. C. Means, formerly cashier of the Bankers and Lumbermen's bank, as receiver of the Title Guarantee & Trust company, removing George H. Hill who was acting in that capacity.
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CHANGES RECEIVERS. Portland, Dec. 12.-Judge Wolverton in the federal court this morning removed John Hill as receiver of the Title Guarantee & Trust company, and appointed E. C. Mears, cashier of the Bankers & Lumbermen's bank, to succeed him.
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Hill Is Out. 13.-Federal Dec. PORTLAND. Judge Wolverton yesterday appointed E. C. Mears. formerly cashier of the Bankers and Lumbermen's bank as receiver of the Title Guarantee and Trust company, removing George H. Hill who was acting in that capacity.
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The receiver of the Title Guarantee & Trust Co., the bank that closed in Portland recently, has made a report to the federal court. According to this report the Assets exceed the liabilities over $600,000. It is possible all the accouts cannot be collected, but it should be able to pay dollar for dollar.
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That grave suspicions are entertained by the public in regard to the failure of the Title Guarantee & Trust company of Portland, is shown by the following from the Portland Oregonian of December 29. The Oregonian says: Poverty is not the share of J. Thorburn Ross from the wreck of the Title Guarantee and Trust bank, according to a statement of his property left by him with the bones of the institution. The statement shows the president of the defunct bank still to be the possessor of a good income and wealth to the value of $202,435, plucked from the Title company during the halcyon days, largely from rakeoffs and stock jobbing. And not only were the pickings fat for Ross, but also for Ladd and Tilton, who in less than seven months of the present year collected from the now defunct bank the sum of $193,363.40, of which $167,363.40 was principal and interest payments on two notes for $740,000 owing Ladd & Tilton, and amounting on April 15, 1907, to $769,794, including interest. That debt is now $607,256.86. Where Did They Get It? Whence came the $167,363.40 payment to Ladd & Tilton? As the Ross bank was run on the money of depositors and the state, and this money was not separated from the earnings, there is little room to doubt that it came from depositors. If be added the $26,000 which the bank paid Ladd & Tilton on November 6 during the holidays, from the proceeds of a mortgage sale, the total money collected by Ladd & Tilton from the institution since April 15, 1907, was $193,363.40. Ross will be called upon to give over to the Title bank the property in his hands to help pay the bank's creditors. He obtained his holdings. as the books show, by means of rakeoffs from deals between the bank and its various subsidiary companies.
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NOW WANTS A BATH. Banker Offers to Tell All He Knows For His Liberty. PORTLAND, Jan. 1. - Tonight's Evening Journal will say T. T. Burkhardt, late secretary-treasurer of the defunct Title Guarantee & Trust Co., is ready and willing to tell all he knows of the deals and transactions of the suspended bank provided the district attorney grants him immunity. As yet, states the Journal, Manning has not given Burkhardt any reply.
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PORTLAND, Jan. 2.-T. T. Burkhardt, late secretary and treasurer of the defunct Title Guarantee & Trust Co., is ready and willing to tell all he knows of the deals and transactions of the suspended bank provided the district attorney grants him immunity.
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# IRRIGON A RESOURCE. In the entanglement following the suspension of the Title Guarantee & Trust company's bank in Portland, the irrigated town of Irrigon, the dream of J. Thorburn Ross and F.
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PORTLAND BANKS WILL OPEN Institutions Are to Resume Business By the First Day of February. Unless the unforeseen happens, all three suspended banks in Portland will be in operation within a little more than two weeks' time. The Title Guarantee & Trust company is scheduled to pass under the control of William M. Ladd about Monday or Tuesday. The plan of absorption of the Oregon Trust and Savings bank by the German-American should be in such shape that liquidation of the defunot institution may be begun some time during the week of January 25 to February 1. As for the Merchants National, President J. Frank Watson states that while the officials hoped to be able to resume operations February 1, it might be a few days later than that before the reorganization plan was in such shape that it would meet the approval of Special Examiner Wilson and the controller of the currency.
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BUSTED PORTAND BANKERS WIN ONE PORTLAND, April 4.-J. Thoburne Ross, T. T. Burkhardt, J. E. Atchinson and G. G. Hill, of the Title Guarantee & Trust Co., charged with fraudulently handling the funds of the suspended concern, won the first round in their fight for liberty today when Judge Cleiland granted the bank officers a change of venue. The case will be heard in Marion county, probably either by Judge Burnett or Judge Galloway.
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H. H. Palmer, former editor of the Elgin Leader, who so mysteriously disappeared from La Grande several weeks ago and who it was thought had committed suicide, has been found. This discovery was brought about by his request for funds from his former partner, Mr. Snyder. J. Thoburn Ross, president of the defunct Title Guarantee & Trust Co., was last week sentenced to serve five years in the state penitentiary and pay a fine of $576,853, or double the amount of the state school funds in the bank when it closed, and to serve one day in the Multnomah County jail for each two dollars of the fine not paid. The new railroad up the Calipooia river from Brownsville is being surveyed. Work on the line will commence soon. The line will run out from South Brownsville and thence east for about 20 miles to Crawfordsville and Holley. It will open up a vast timber belt, said to be the best in the state.