Article Text
Second Dividend Declared. Receiver Claud Gatch has declared a second dividend of 10 per cent on claims against the defunct bank of Gilbert Bros, Salem. The cash on hand amounts to $10,900.
Gilbert Brothers (Salem, OR)
Episode Information
- Episode UID
8560471491237- Episode Type
- Suspension → Closure
- Bank Type
- private
- Bank ID
-
856047149hash - Start Date
- January 1, 1903*
- Location
- Salem, Oregon (44.943, -123.035)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
5878ad5b7288e1c1
Response Measures
None
Description
Receivership/closure occurred circa 1903; exact suspension date not specified in these clippings.
Events (3)
1.
January 1, 1903*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank became insolvent/failed and entered receivership/bankruptcy (articles call it failed/bankrupt).
- Newspaper Excerpt
- the Gilbert Bros, suspended bank
- Source
- newspapers
2.
June 18, 1903
Receivership
- Newspaper Excerpt
- Receiver Claud Gatch has declared a second dividend of 10 per cent on claims against the defunct bank of Gilbert Bros, Salem.
- Source
- newspapers
3.
April 1, 1905
Other
- Newspaper Excerpt
- We have undertaken to dispose of the remaining pianos belonging to the stock of Messrs. Gilbert Bros., the bankrupt bankers, formerly of Salem.
- Source
- newspapers
Newspaper Articles (5)
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Article Text
Second Dividend Declared. Receiver Claud Gatch has declared a second dividend of 10 per cent on claims against the defunct bank of Gilbert Bros, Salem. The cash on hand amounts to $10,900.
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Article Text
# JUDGE BOISE IS NOT TO BLAME. The Journal has been trying to represent the interests of the smaller creditors of the Gilbert Bros, suspended bank and has been making a demand that the receivership be wound up and that they be paid off. This is treated by those opposed to the above propositions as presumption, and charges have been bawled on the streets and in the newspapers, that The Journal publishers were blackmailers, and wanted advertising out of the receiver. As the receivership was first in the hands of H. B. Thielsen and is now in the hands of Mr. Gatch, and as neither gentleman can show that The Journal publishers ever asked them for any advertisements or for any money, directly or indirectly, accusations of the above character will fall to the ground of their own weight and are not made in good faith, but simply to try to drive this paper into silence by an unusual uproar. In all that has been said or shall be said in this paper, no one should be led to believe that Judge Boise, under whose direction the receivership has been conducted, has not in every way sought to protect the smallest creditor on equal terms with the greatest, The poorest depositor will get even justice at the hands of Judge Boise, with the richest preferred creditors of the Gilberts. If any large creditor has collaterals to the full amount of his claim and has been getting dividends on top of his securities without giving up his collaterals, Judge Boise will in the end make him surrender his grip. But the smaller creditors have a right to ask that the affairs of the receivership be expedited. They have even a right to inquire into the manner in which the assets are being disposed of. But the court is not directly responsible for the methods adopted by the receiver in transacting all the details of the receivership. The creditors have some rights to complain, as this is a free country, where the smallest may have his kick. The Journal has tried to voice their complaints without fear of intimidation by rich or great or influential persons. What are the main complaints of creditors? First, it was represented to get the receivership and to defeat throwing the estate into bankruptcy, that under an economical receivership conducted in the local court the creditors would be paid out in full and that under bankruptcy proceedings they would not get ten cents on the dollar. These were the representations of Gilbert Bros., of their attorneys, of the attorneys of the receivership. This was the belief of Hon. Tilmon Ford and of others who opposed bankruptcy. Some of them may now deny that those were the representations made, but the fact remains that those were the statements presented to Judge Bellinger, and presented so strongly that he virtually held the Gilberts were solvent. Second, the smaller creditors are not satisfied with the way the assets are being handled, as they are not speedily being converted into cash. The $68,000 of musical instrument securities were a special class of securities that could only be properly collected by someone fully understanding all the ins and out of the musical instrument trade. There were hundreds of these notes payable on the instalment plan, and now at the end of nearly two years it is claimed such an expert collector of musical instrument notes has been found and appointed by Judge Boise, and that plan will be given a trial. It can be readily seen that Mr. Gatch as manager of the largest bank in the valley, and a well-known politician, would not wish to make enemies for himself or his bank by crowding the collection of these notes for the creditors, and has not crowded their collection.
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Article Text
# Will Be Closed Out # Salem to HaveGreat Sale Pianos Only Slightly Used for a Song---An Event of Un- usual Interest to Music Lovers We have undertaken to dispose of the remaining pianos belonging to the stock of Messrs. Gilbert Bros., the bankrupt bankers, formerly of Salem. This stock consists mainly of used instruments which had been in homes scattered all over the country, and which the receiver of the said bankrupt firm has finally succeeded in getting together. We have purchased these instruments from the receiver at about one-fourth their value, and are anxious to dispose of them without delay, and accordingly we will begin Monday a ten-days' sale, at prices lower than have ever been seen in Salem or any other locality, upon such a class of instruments. Every piano has been carefully examined by us, and we do not hesitate to pronounce them the greatest bargains for the price we have ever handled. They have all been placed in perfect condition, and could not be told from brand new. They are, in reality, as good as new. We offer Monday choice of the Everett, Singer, Bentley, Gilbert and various other makes at prices from $130 upward.
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Article Text
ASSETS WILL BE SOLD Receiver of the Gilbert Brothers Bank Will Dispose of Notes Claud Gatch, receiver of the late Gilbert Bros.' bank, which failed about two years ago, has sent out notices that he will dispose of some of the remaining assets, as follows: Pursuant to an order of the circuit court of the state of Oregon, for Marion county, I offer for sale all the assets remaining in my hands of A. T. Gilbert and A. T. Gilbert doing business as Gilbert Bros., consisting of notes, accounts, overdrafts, judgments, real property, a claim against C. A. Whale, also elaims against Kranich & Bach, dealers in pianos, and certain memorandums representing accounts against C. T. Gilbert, together with what furniture and fixtures remain unsold. Up to and including the 15th day of July, 1905, I will receive sealed bids for any or all of such property, reserving the right to reject any or all bids. A list of the property is on file with the county clerk at Salem, Oregon. Bids will not include current payments now be. ing made on notes, but only the assets as they stand on the day of sale. Notes pledged as collateral by Mr. Gilbert not to be included in the property to be sold.