Capital journal. (Salem, Or.) 1893-1895, 1895-11-14
SALEM BANK CLOSED.
Williams a. England Banking
Company.
A RECEIVER Is NOW ASKED FOR.
Doors Closed aud q Notice 10 the
Creditors Issued.


For two weeks II has been known
that the Williams a England Bank
Ing Co. was being crowded by credit
ors.
Last night a consultation was held
by the directors, but no action was
taken as only three we're present. But
they did not decide 10 close the bank.
This forenoon, however, II was decided
to rot open the bank and following
notice was put on ths door.
THE BANK CLOSED.
Having reason to expect unusual
demands from depOsitors aud In order
TO treat all creditors fairly and eqult-
ably this bank Ia closed for the present.
"It Is my opinion that all depositors
will be paid IN full"
II. 2. MoNARY.
Cashier.
There was soon gathered crowd Of
citizens and some depositors who had
only yesterday put money in the bank.
The comment was anything but
avorable.
A CITY DEPOSITORY.
The Williams q England banking
Co. has been organized about five years
and has always been a city depository,
and has had county, school and state
funds AZ well.
AS near as could be learned this
morning City Treasurer SwafIord has
about "a, 100 on deposit of city money.
His bOndsmen are Geo. Williams and
Jos. A. Baker, surelies TO the amount
OF 80 900, approved by Mayor Catch
February IS, 1894. The money was
being held to pay interest coupons
now due. Mayor Catch and Recorder
Edes think the city is amply protected,
but that it will be fully protected as
Mr.. Swafford's bondsmen are re-
sponsiole not the bank. The bank
was also cashier and held the funds of
the State Insurance Co. and its officers
were also officers Of that institution.
OTHER PUBLIC MONEYS.
Up to noon 1t could not be learned
that there were other public funds in
the bank. County Treasurer Minto
found 1886 OF county money there
when he took the Office but withdrew
It and has had none there since
County Clerk Ehlen had divorce fees
and funds there until two weeks ago
when he withdrew them. Sheriff
knight is at Portland, but mis- deputies
,ay none of the funds OF that Office
are there.
RECEIVER ASKED FOR.
At noon today Attorney Slater Of the
State Insurance company appeared be-
'ore Judge Hewitt of the circuit court
N session and presented a petition ask
ng that the cashier Of the bank, Hugh |
P. McNary, be appointed receiver to
AXE charge Of the affairs of the bank
md wind them up.
The complaint petition In the case is |
untitled j. A. Baker Va. Williams aud |
England Banking company, a corpor-
Ition, and asks appointment of re-
'eiver reciting the following facts:
LIST. That the capital stock Of the
concern is $2OOO of which there is
AIKEN and paid 500, 900; that Plaintiff
Baker owns 20 shares OF the par value
4 $1,000.
I'd. That the deposits aggregate
l2O, 900 and large part are on open
ccount aud certificates Of deposit.
Sd. That the corporation has in
'ested n large sum, consisting Of IT,
apital stock and per oentage Of its
eposlts In securities, bills receivable.
discounts, real estate, buildings and
lrniture, aggregating S275. 900.
9th. That the stringency of the
money market and various rumors
ffecting the credit Of the bank have
aused unusual and heavy demands
o be made by the depositors, etc; and
he plaintiff asks the appointment OF u
person as receiver.
SOME OF THE STOCKHOLDERS.
Messra Emmett and Richard Will
AIMS, Judge Thayer aad Frank G.
'aker, OF Portland; Geo. Williams,
Iugh McNary, Jos. A. Baker, Finley
errine and DIR. Richardson, of Salem,
re some of the principal stock holders.
THE FAILURE
as caused considerable surprise and
lscussion pro and con, but no panicky
cling whatever. The failed bank