The daily journal. (Salem, Or.) 1899-1903, 1901-04-24
BANK FAILURE
So ---@H~
Many Unfortunate DePOSitOrs
Are in the Soup
Individual Cases Reported
That are Quite Distressing
An Effort will be Made to
Save the School Savings
Deposits
Many Of the Reports Doubt
less Exaggerated and Re-
quire Verification

Dsputy United States MArshAl s. L.
Moore, Of Portland. came 10 Salem
TUESDAY evening and served restraining
orders upon members Of the Gilbert
banking firm, and left for points south
on the late night train. when MarshaIl
Moore vent 70 the residence of A r..
Gilbert 10 serve the restraining order
he found a company Of depositors con
gregated about the residence waiting Tor
interviews With the bank president,
bot they we're disappointed.
Details Of ne Failure
BY paying and sometimes a. high as
per cent on deposits. Gilbert Bros.
offered an inducement 70 depositOrs 70
place funds in their institution and
many Of the poorer and hardwoi king
element Of the community are effected
By the banks suspension. Quite q
number Of Salem business houses also
bad their money with this firm, but the
losses consequent upon the bank's
closing are felt by individuals rather
than In the business community. Many
Of the employees al the state insane
asylum and the other state institutions
regularly deposited ia this bank such
amounts a. could be spared from their
quarterly salaries that the same might
accumulate with the rate Of interest
allowed.
One Of the sights Tuesday was two
little tots crying a. though their hearts
would break. The cause Oi their grief
was they we're depOsitors In the public
school savings bank system. One had
deposited sl7 Ia that fund while her
bad something less to her
credit. Master Joe Haines had deposited
Ia this fund t23, aud there are some Of
the public school children sho deposited
even more.
II il reliably reported that there was
On deposit in the hank quite q SUN
u Insurance money belonging 10
the little daughter Of Mr.. and Mrs VIM.
Bagley, both Of whom are recently de.
ceased. Many rumors, adverse 10 the
Of the bank we're current
Tuesday afternoon, one being that On
Monday afternoon, the day before the
bank closed, one deposit Of 1900 and
another oi 5000 we're received This re.
port may have been groundless aud may
have originated from the intense excite
ment attendant upon the closing Of the
bank.
A gentleman, who had OCCASION at one
time 10 investigate the assets Of the late
VIM. Cosper's estate, said Tuesday AT.
ternoOn la discussing the matter that In
investigating Mr.. Cosper's banking in
terests and accounts, IL VAS apparent
that some very strange business trans
actions had been performed la which the
deceased had evidently lost approxima-
tely $4,000.
The fact that Gilbert Bros have trans.
ierred some residence property aud also
a mortgage naturally calls into question
the stability OF the embarrassed banking
institution. On the 18th. inst, IN. Gilbert
for a consideration OF 5000 transferred
TO A. Bush, his residence property At the
corner OF Cottage aud Marion streets
Ga Tuesday A. r. Gilbert assigned 20
John Hughes mortgage ior 500 ex
ecuted boy Adam Ohmart
IA Was reported Tuesday evening and
the report hac a reliable origin that %
Monday the Laid A Bush bank
tslcgraphcd t2bO)1 90 tho bank al
Moscow that Ia conducted by Gubert
Bros A. further sun OF $4,000 ls said
10 have been sent to the Mlscos hank
from a Coliox Washington institution
The purpose Of supplying the Moscos
bank with these inuds is reported io
have bccn 10 enable the management 10
meet the demands OF all dop0sitors in
event oi a run on the bank which would
surely follow the announcement OF the
Salem bank salems veteran banker
10 a siockholder In the hank al Moscow.
AZ nearly a. could bo learned Tues
day evening the aggregate OF the de,
posits IN the bank we're tl2}.OoO aud
whoa the bank ciosci he doors IL IL
said there vas but 5000 iu cash ia sale
insidsuis of INC nrsakdowa
Proi, Noder Was Kept busy ycst rday
Aaswoflng questions from anxious
urchins and solIei,ous parents For
once he probably wished there was no
telephone In bis ofico a. the appeals
proved too pathetic lor bic endurance.