The Hood River glacier. (Hood River, Or.) 1889-1933, 1907-10-31
Petition.


proclamation issued late tonight by
Governor chamberlain, Oregon banks
will enjoy five business holidays, in
which interim it is expected that the
situation in the east will become more
clarified and the coast banks will be
enabled to secure the cash balances
due them from New (orK.
This action was taken at the in
stance of the Portland Clearing House
committee, which met this evening to
talk over the situation with Governor
Chamberlain. The bankers arrived in
the city by special car. and bore the
following petition from Portland:
Hon. George 4. Chamberlain, Gov
ernor of Oregon: In view of the
strained financial situation through
out the United States which has re-
suited in concerted action by the
leading clearing houses of the coun-
try, suspending the shipment of coin,
thus rendering it impossible for the
banks of the state Of Oregon to con
tinue in the exercise of their func-
tions, the associated banks of the city
of Portland respectfully request your
EXcellency to declare legal holiday
throughout and state OF Oregon dur
ing the 29th, Both end 3lst of Octo
ber, 1907, and during the lst and 2nd
of November, 1907, deeming snch &C
tion absolutely necessary to preserve
the credit and good namo of the state
of Oregon. Respectfully submitted,
First National bank,
Ladd & Iilton,
United States National bank.
Merchants National bank,
Bank of California,
Bankers & Lumbermen s. bank,
Security Savings & Trust Co,
CanRd an Bank Of Commerce,
Portland TIust Co. of Oregon.
Briefly stated, the situation as de-
scribed to the governor is that Ore
gon banks have heavy deposits of cash
in the east and the eastern banks re-
fuse upon any conditions to send
money west in payment of demands
There has leen no run or indication
of run by depositoIs upon Portland
hanks.
Believing that in one week they can
effect satisfactory arrangement with
county banks 9nd also arrange fer the
shipment of money due them from
the east, the banks asked that the re-
mainder of this week be made a legal
holiday. November 2, the last day
mentioned in the proclamation, is
Saturday. Monday will therefore be
the next day,
The first intimation received here
by the public of the action of the
governor in closing the banks, was
tho proclamation in the Oregonian
when it reached here tuesday morn
ing. Tho three Hood River banks
opened their doors as usual and trans
acted business until sitter ten O'Clock
when a conference WAS had, and it
WIS found eoes5ary to comply with
the terms Of the proclamation, and
they closed.
The proclamation Of the governor,
making the five legal holidays, would
make it unlawful for the banks to dc
business on these days without seri.
Gus question as to the legality OF the
BUSINESS. 1t would be a question
whether notes or legal papers signed
on legal holiday would be valid. As
far as Hood River is concerned, there
IVES no occasion for holiday in this
banking business. There is no strin,
gency In the money market here, and
the trouble in Wall street has caused
no uneasiness in the city II valley.
There has been no Withdrawing of de-
posits, but as matter of fact they
have reached the highest notch in the
history of the country, while the cast
on hand is way above the legal 70
serve, end bas been all along.
The closing of tie banks Las caused
no uneasiness here, and while it vii
be slight Inconvenience among The
merchants to interrupt or change tht
ordinary method of doing busines!
for few days, all have accepted The
situation without complaint, and il
will have no i'll effect on the genera
business. There is no shortage O
cash, anil business is being conducted
as usual in all lines, without inter
ruption.