East Oregonian : E.O. (Pendleton, OR) 1888-current, 1907-08-21

This morning the doors OF fhe Ore
gon Trust & Savings company of
Portland, failed to open, and within
a short time the startling news was
spread thst the bank had failed.
In a tesephonic message from Port
land this afternoon. Ii was stated
that the bank had sz,O00, 900 in de-
posts at the time OF closing, Iand that
the failure was due to its inability
to realize upon its assets. However,
the latter are said to equal the LA
biiities, and the statement is made
that all depositors will be paid in
full. Al the time of the failure the
bank had but si0.s00 in cash on
hand.
T. c. Devlln. formerly city auditor
of Portland, and recently republican
candidate for mayor has been named
as receiver OF the bank. and is now in
charge of the business. -
Was Lytle's Rmik
The Oregon Trust q Savings COM
pany uas new financial institution
and Its principal men were formerly
of eastern oregon. E. l.. Lytle,
builder and former ownersof the Co
lumbia Southern railroad, was a
heavy stockholder, while the Moore
brothers of Sherman county, were
heavily Interested. one of the
Moores was president of the bank.
Since he sold the Columbia Southern,
Mr.. Lytle has been prominently con-
nected with the Tillamnck railroad,
has been the head OF the Consumers
Gas company in Portland, and of the
United Railways.
Was Promoters Bank.
The news of the Portland banks
failure was received with interest in
local banking circles, for OF late 1t
has been rarely that such informa-
ton has heen flashed over the wires.
However, but little surprise and no
apprehension was aroused by the fail
ure OF the Oregon Savings q Trust
company. According to local banking
men the leaders in the bank that has
failed are promoters and spectators
rather than bankers The bank was
started but two years ago, and meet
ing with some success. the men back
II
where conservative bankers would not
tread. II is said that hut a few
weeks ago the bank was negotiating
with the intention OF securing
string of country banks in eastern
Oregon, and that they proposed en-
tering Pendleton. t
The oregon Savings & Trust COM
pany had quarters at the corner of
Sixth and Washington streets and
was fitted out in an unusual manner.
At the street corner a large serpent tine
electric sign attracted much atten-
ton, hut gave a vaudeville appear
ance to the bank.
"No Danger Says Morris.
That tho failure of the Portland
bank to open its doors does not mean
anything as far as the regular bank
ing business is concerned. is declared
by r. j. Morris, vice president of the
Pendleton Savings bank. As a bank
.er, Mr.. Morris regrets the failure of
any financial institution, though
knowing the methods of the bank that
fefleh he was not surprised at the
news OF its misfortune.
-'rhere is no reason for any alarm
at all in the northwest" declared Mr..
Morris this afternoon. "While mon
ey is tight in the east, the conditions
here are good, and the people nave
every reason to feel safe. The crops
have been unusually good, high prices
are being received, and the farmers
are all well situated financially. But
few have mortgages now, while 10 or
12 wears ago everything was mort
gagged to eastern houses, and interest
had to be met"