5d7b159cCapital injected, Full suspension, Books examined
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Two Bank Failures. San Luis Obispo, Cal., March 11.-The closing of the county bank was followed today by the suspension of the Commercial bank of this place. The liabilities of the County bank amount to about $438,000, and the assets are placed at $650,000. The Commercial bank paid out $10,000 in less than ten minutes after opening today and these certain indications of a run on the concern caused it to close its doors.
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TWO CALIFORNIA BANK FAILURE.S I SAN LOUIS OBISPO, Cal., March 11.The closing of the County bank was fol. lowed today by the suspension of the Commercial bank, of this place. The Habilities of the County bank amount to about $438,000 and the assets are placed at $650,000.
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Closed Its Doors. San Luis Obispo, Cal., March 11.-The closing of the county bank was followed to-day by the suspension of the Commercial bank of this place. The liabilities of the county bank amount to about $437,000 and the assets are placed at $650,000. The Commercial bank paid out $10,000 in less than 10 minutes after opening to-day and these certain indications of a run on the concern caused it to close its doors. The Commercial bank is well connected with other banking concerns and it is presumed that its suspension will only be of a temporary nature.
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California Bank Suspends. San Luis, Obispo, Cal., March 11.-The closing of the County Bank was followed to-day by the suspension of the Commercial Bank of this place. The liabilities of the County Bank amount to $439,000, and the assets are placed at $650,000. The Commercial Bank is well connected with other banking concerns, and it is predicted that its suspension will only be of a temporary nature.
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THE LAST STATEMENTS. Banks' Financial Conditions According to the Latest Reports. The news here that the County Bank of San Luis Obispo had closed its doors was followed by the information that the Commercial Bank of that city also was obliged to follow the same course. This was received yesterday by the Bank Commission and was in the form of a brief notification that the financial distress of the County Bank had caused an uneasiness in the minds of the people, resulting in a run on the Commercial which the latter was unable to withstand. Bank Commissioner Barrett and Secretary Dunsmore at once decided to leave for San Luis Obispo on the early train this morning to make an examination of the two banks. The other two commissioners are in Marysville. About the only information concerning these banks is the reports on file in the commissioners' office. The last statement of the officers of the County Bank showing its financial condition was made on December 31 last. It was submitted, duly attested, by President William L. Beebee, Vice President P. B. Prefumo and Cashier J. E. Jack. It showed on that date the following resources and liabilities and real estate owned by the bank taken for debt exclusive of bank premises: RESOURCES $ 28.622 18 Bank premises 269,450 34 Real estate taken for debt United States bonds, miscellaneous bonds and stocks and county war230 00 rants, 168.486,58 Loans on real estate Loans on stocks, bonds and warrants. 32,729 68
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AN LUIS OBISPO, March 11.-As was expected, when the Commercial Bank opened for business this S morning a number of depositors who had taken alarm at the closing of the Bank yesterday were As soon as the ing. County doors clamoring opened in wait- the for excited people began their money, and the tellers began handing it out over the counter as quickly as expert fingers could 'do it. In about ten minutes several thousands of dollars had been paid out, and the size of the crowd had not diminished. On the contrary every moment saw additions to the people, half frantic with the thought of losing their savings. One or two large depositors obtained their coin and took it to the Andrews Bank. The bank officials, realizing that a dangerous run was on, decided to close the doors. The depositors were notified that the bank would suspend temporarily, and would reopen again at the usual hour on Monday morning. The bank is considéred sound by conservative business men. It is connected with several banks in other towns. It is thought that by Monday the bank will be able to reopen. The Commercial Bank's connections are the California Mortgage and Savings Bank, branches in Cambria, San Miguel, Paso Robles and Guadaloupe in this county; one in Santa Maria, Santa Barbara County; the First National in Salinas, and the Swiss-American and Germania Trust Company of San Francisco. Of the latter bank Henry Brunner, formerly cashier of the Commercial, is now the president and represents an immense amount of capital. The cashier of the Commercial Bank, Hazzard Gragg. would not talk for publication and referred inquiries to the president, Hon. McD. R. Venable, who says the bank was totally unprepared for the run this morning. Had the depositors made no heavy demand upon it all would have been well. The bank had made full preparations to tide over another season of depression, which imminent, but seemed anticipated no of such a contingency as the closing the County Bank. The board of directors will meet tomorrow and decide what it is best to do-whether to reopen or remain closed until they can realize on their resources. The County Bank, which decided to close its doors last night, is now in the hands of the Bank Commissioner, who will arrive to-morrow evening and until he completes his examination and issues a statement nothing definite can be learned. The statement of the bank's condition as given by its cashier is as follows: Liabilities, capital stock, $150,000: surplus, $100,000; deposits, $348,000; other indebtedness, $87,000; real estate, overdrafts, bills receivable and other assets, $685,000. The Andrews Banking Company, of which J. P. Andrews is president, had quite a drain to-day, but nothing like a steady run, and it is thought this bank will not be crippled. It was not closed until the usual hour, 3 o'clock. The remaining bank, the San Luis Obispo, has in the last few years materially lessened its business. From a list of deposits of nearly three-quarters of a million it has decreased until its officers now claim less than $30,000, and
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ONE MORE MAY CLOSE. Citizens' Bank of Paso Robles Seeking to Avoid a "Run." PASO ROBLES, March 12.-The closing of the Bank of Paso Robles has had a depressing effect on all kinds of business. H. Eppinger Jr., president of the bank, left this morning for San Francisco to try to make arrangements for ready coin, whereby the institution may open its doors and resume business. All depends upon the success of his trip. It is rumored to-day that the Citizens' Bank of this city will not open its doors to-morrow morning, because of an expected "run" to be made on it. The Citizens is reported as being perfectly solvent, with numerous good securities, but it is unprepared for a heavy "run." The Citizens' Bank is in accord with the Commercial Bank of San Luis Obispo, which closed its doors on Saturday. In case the banks in this city fail to resume business Paso Robles will be in straitened circumstances, as the City Treasurer had all of the city funds placed on deposit in these institutions, amounting to about $2500. Several contracts have been let by the city of late and are nearing completion, but payment undoubtedly will be delayed.
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CALIFORNIA BANKS CLOSED. San Luis Obispo, Cal., March 13-The closing of the County bank was followed by the suspension of the Commercial bank of this place. Liabilities of the County bank are $439,000, and assets $650,000. The Commercial bank closed on account of a run. Paso, Robles, Cal., March 13.-The Bank of Paso Robles did not open Saturday. The failure of the County bank of San Luis Obispo and inability to realize on assets caused the suspension. The cashier asserts that the deposits, which amount to about $100,000, will be paid in full.
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sur No Rain, No More Banks. SAN LUIS OBISPO, Cal., March 13-The bank situation here is still unsatisfactory. The county and commercial banks are still blosed. President Venable, of the Commercial, said today: "If it does not rain very soon, in order to make better times, our bank will not be reopened." J. P. Andrews, president of the Andrews Banking Company, the only* bank now doing business here, stated that he was receiving deposits and would weather the storm. It is stated that If too much pressure is brought to bear in making collections for the closed banks, several business houses may be forced to suspend. Bank Commissioner Barrett is investigating the affairs of the County and Com. mercial banks. The branches of the Commercial at Cambria, Paso Robles aind Templeton are closed.
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Yesterday Brought About No Change for the Better. A Large Crowd Gathered About the Commercial, But It Did Not Open. But One Banking Concern in the City Now Doing BusinessThere Was a Slight Run on That, but It Soon Subsided. SAN LUIS OBISPO, March 13.-The bank situation here has not changed for the better as yet. A large crowd gathered about the Commercial Bank The this morning, but it did not open. Commercial has standing as follows: Liabilities-Capital stock, $200,000; deposits, etc., $551,500. Assets-Bills receivable, $390,000; real estate, $55,000. stocks and bonds, $43,000; sundries, $71,000. President Venable, in speaking of his bank this afternoon, said: There are some people right here in this town the who are actually elated at seeing financial institutions being driven to the wall. I think it is uncertain as to when our bank will open again. It is much better for the bank to go into liquidation rather than force those who it are in debt to it to settle in full, as would only ruin them and do the bank no good.' J. P. Andrews, President of the Andrews Banking Company, the only bank that is now doing business here, stated that there had been a slight run on his place during the morning, but it subsided about 2 o'clock. He had received many new deposits to-day, and the is confident that he will weather storm. The outlook for business men who had overdrafts on the closed bank is a forerunner of more trouble. It is claimed by financiers here that if too much pressure is brought in making collections for the broken banks, several business houses may be forced to suspend. The town has never experienced such a panic before. The affairs of the County Bank were being looked into to-day by Bank Commissioner Barrett and Secretary Dinsmore, and they also paid a visit to the DiCommercial Bank. The Board of rectors of the latter institution held a meeting, at which the Commissioner and his secretary were present, but nothing developed except that the bank would go into liquidation. The work of the Commissioner has not yet been finished, but the County Bank affairs will be settled up before the CommerThe cial's affairs are investigated. branches of the Commercial at Cambria, Paso Robles and Templeton are closed. ANOTHER BANK CLOSED. TEMPLETON, March 13.-The Bank of failed to open Templeton its its doors doors to-day. There was posted on a notice, as fellows: 'Owing to the suspension of several banks with whom we are connected, the Boar of Directors has decided to suspend business temporarily "A. P. SEEMAN, Cashier." The bank has always been in good condition, but the prospects of two dry years in this region and the collapse of all the other banks in the county but one caused the local bank to close. The officers of the bank claim that all depositors will be paid in full. Cashier Seeman says the bank may possibly open in ten days, but cannot say so positively. If the bank had opened its doors to-day as usual, there would have been quite a run, as many depositors came in from the country to draw out their money. The standing of the bank cannot be ascertained at this time. CITIZENS BANK OF PASO ROBLES. PASO ROBLES, March 13.-The Citizens' Bank failed to open its doors today. The Citizens' Bank is a branch of the Commercial Bank of San Luis Obispo, which closed Saturday. Much excitement prevails. The following notice has been posted on the Citizens' Bank: 'As a measure of self-protection, and for the protection of creditors of this bank, it has been decided not to open the doors until after the excitement prevailing at present has subsided. By order of the Board of Directors. A. F. HORSTMAN, Secretary." On Saturday this bank met all demands, and was prepared to do so today, but Bank Commissioner Barrett advised a temporary closing, to avoid business ruin. The officials state that the resources are sufficient to meet all obligations. The Bank Commissioners will arrive this week, and will decide to reopen or go into liquidation. The Templeton Bark a branch of the Citizens Bank, also closed its doors this morning, to avoid a run. Financial decrease, owing to drought, is the cause of the failure. The banks here were formerly prosperous, but, owing to heavy loans on real estate and crops, it is impossible to realize. Copious rains during the next ten days will do much to solve the financial problem. It has been stated that the Paso Robles bank will reopen soon. The officials of this bank will meet to-day. MET ALL DEMANDS PROMPTLY SANTA MARIA, March 13.--Owing to a supposed connection with San Luis Obispo banks, a light run was made on the Bank of Santa Maria on Saturday and to-day. The bank met all demands promptly, and the flurry subsided. President Adams states that the bank is a separate institution, and full confidence is felt in its conservative management. UNION SAVINGS BANK.
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NEEDED RAINFALL IN CALIFORNIA. BANK SITUATION IN SAN LUIS OBISPO/ UNSATISFACTORY. San Francisco, March 14.-Rain has been falling steadily to-day, breaking the drouth. The Weather Bureau reports rain as far south as San Luis Obispo, where It is needed more than In any other section of the State. San Luis Obispo, Cal., March 14-The bank situation here 18 unsatisfactory. The County and Commercial banks are still closed. President Venable of the Commercial said yesterday: "If it does not rain soon, in order to make better times. our bank will not be opened." J. P. Andrews. president of the Andrews Banking Company, the only bank now doing business here, stated that he was receiving deposits and would weather the storm. It is stated that If much pressure is brought to bear in making collections by the closed banks several business houses may be forced to suspend. Bank Commissioner Barrett is investigating the affairs of the County and Commercial banks. The branches of the Commercial at Cambria, Paso Robles and Templeton are closed.
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THREE BANKS CLOSE DOORS. Caused by the Excitement of California Depositors. San Luis Obispo, Cal., March 13.-The closing of the county bank was followed Saturday by the suspension of the Commercial bank of this place. Liabilities of the county bank amount to $439,000 and the assets are placed at $650,000. The Commercial bank paid out $10,000 in less than ten minutès after opening yesterday, and these certain indications of a run on the concern caused it to close its doors. Paso Robles, Cal., March 13.-The bank of Paso Robles did not open its doors Saturday. The failure of the county bank at San Luis Obispo and inability to realize on assets fast enough to meet depositors' demands are the causes assigned for the suspension, which, it is thought, will be temporary. The cashier asserts that the deposits, which amount to about $100,000, will be paid in full.
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FINANCIAL FLURRY HAS DIED AWAY Confidence Restored at San Luis Obispo. DEPOSITORS ARE REASSURED BANK SUSPENSIONS WILL COST THEM NOTHING. The Two Institutions That Withstood the Disturbance Are Not in Danger of Further Trouble. Special Dispatch to The Call. SAN LUIS OBISPO, March 14.-All signs of the financial disturbance, which began here on Friday, disappeared to-day, except the closed doors of the two suspended banks. Matters have resumed their normal appearance on the street and in financial circles. No further runs were attempted on either of the two banks that withstood the flurry, and there were no indications of further trouble. Commissioner Barrett concluded the examination of the Commercial Bank to-day. Though the showing is not as favorable as that of the County Bank, the depositors are amply protected, and will receive every dollar they have in the institution. The stockholders. however, will suffer much more heavily than those of the County Bank. Where the statement of the Bank Commissioner showed that the capital of the County Bank had been impaired to the extent of about $66,500, the same authority indicates that that of the Commercial has been impaired to the amount of $136,500. The condition of the bank as ascertained to-day is as follows: ASSETS
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CALIFORNIA BANK FAILS. The Drought Responsible for the Financial Situation. San Luis Obispo, Cal., March 15.The bank situation here is still unsatisfactory The County and Commercial banks are still closed. President Venable, of the Commercial, said today: "If it does not rain very soon in order to make better times, our bank will not be reopened." J. P. Andrews, president of the Andrews Banking Company, the only bank now doing business here, stated that he was receiving deposits and would weather the storm. It is stated that if too much pressure is brought to bear in making collections for the closed banks, several business houses may be forced tosuspend. Bank Commissioner Barrett is investigating the affairs of the County and Commercial banks.
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Bank Is ' Issed to Step a Run. San Luis Obispo, Cal., March 13.The closing of the County bank was followed to-day by the suspension of the Commercial bank of this place. The liabilities of the County bank amount to about $438,000. and the assets are placed at $650,000. The Commercial bank paid out $10,000 in less than ten minutes after opening to-day, and these certain indications of a run on the concern caused It to close its dors. The Commercial bank is well connected with other banking concerns, and It Is presumed that its suspension will be only of a temporary nature.
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Banks Go Under. San Luis, Obsipo, Cal., March 13.The closing of the County bank was followed by suspension of the Commercial bank. Liabilities of the County bank amount to $439,000 and the assets are placed at $650,000. The Commerclal bank paid out $10,000 In less than ten minutes after opening Saturday and these certain indications of a run on the concern caused is to close its doors. The bank is well connected with other concerns and it Is thought that its suspension will only be temporary.
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TWO BANKS WILL RESUME BUSINESSS APPLICATIONS MADE TO THE BANK COMMISSION. Assets of the Institutions Greatly Enhanced in Value by the Southern Rains. Two of the four banks that suspended payment in San Luis Obispo County last week have felt the result of the récent copious and opportune rains. Communications were received by the Bank Commission yesterday from the officers of the Commercial Bank of San Luis Obispo and of the Citizens' Bank of Paso Robles, stating that owing to the enhancement in value of the real estate held by them, caused by the storm, they were prepared to resume business. In the case of the Commercial Bank the commission was informed that the stockholders were ready to contribute an additional $50,000 to the capital of the institution and that most of the depositors had agreed not to make withdrawals for certain stipulated peri ds, varying from three to nine months. The stockholders of the Citizens' Bank have arranged to pay in $15,000 cash and the depositors have made concessions which will prevent anything like a run on the bank. There will be a meeting of all the members of the commission to-day to act on the applications. of the institutions to resume business, and it is believed that they will be permitted to do SO.
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United CLIMATE AND CROP States SUMMARY. Muroau Issued by the at Fraucisco. was temperature warm wear The mean although unusally early part of and the normal, prevailed in the colder weather Sacrathe week, followed by showers in the sections, frosts. mento valley, Light the coast portions bay of benefit the San to the northern of some drought crops. and Joaquin Grain valley San is were suffering Joaquia and from probably in South- be lower and will have ern in the California, Deciduous recent fruits frosts Pas:early H failure. damaged by valleys. all tarage over the state. is been in portions serioualy is becoming of the very great scorce in nearly into looking The Oregon Short of extending line Montana its line difeastibility end of its range into the the northern Bitter Root and thence the into vision from across the country, near the Salmon Buffalo river Hump district Grangeville. of the The crews Nevada, construction and have Oregon railroad California 12 of north miles Amadee extending 1 reached county, a point Cal., the and Madeline are plain Ortowards the Laushen roadbed Alturas across and southeastern cut ever egon. The biggest sticks were of lumber the last mill week. of in Portland, Or., and company feet square Inman, of fir 43 feet They were little Paulsen more and than were feet of lumber long and and n contained 5200 pounds each. San They 20,000 bank of weighed on about the Commercial the to A run Obispo caused Saturday. are are clone Luis its doors the Northwest much Labor agitated circles with over general in reports, contract credence, which laborers sound that received of Japanese into Paget men are hundreds being supplant brought so many and white the Missis to cities to Pacific coast from 500 the month landed river. laborers between sippi 1000 Japanese Every and are Portland. the re- at Vancouver inspection, sound body quirements which are a hundreds Tacoma, Practically all of pass Gradually sent to $30 in cash. are being by the and of these interior same and men put Short to work line, and Nor Ore Union the Pacific, and Oregon Navigation gon Pasific Railway railroads of case there the jury Southern in the Pacific At Ventura Green vs. the a verdict awarding sum company Mrs. returned damages in the the widow of Green, the plaintia plaintiff is Southern train near Pacific seoco. who The was killed Santa by Paula several are mak months ago. county farmers to irrigate lands the ing San extensive Jonquin and preparations expect drought. to and a good Mrs. crop their spite of daughter of set 2. year of Hanford, The in Trewhitt old recently while Cal., badly play with died. ing that she fire Wayne to her clothes matches and was so is Hawaii burned The Princess deal the Kainlani result of attack of Califor in ulmost Anmatory rheumatism of Southern F. A. was Soap to Ave years nin The is reported honey crop to be mentenced failure. at San in Bern San is old. who years Daggett Quentin. ardino killed Soap, Jack The Larkin two at men, quarrel al shot and in had no shooting early not very knew of and the cause. His and that though any apparently one without month ago was trial was hold . vordiot about of undoubtedly manslaught be resulted of in the old the man mild verdict. road ing the age the cause of the Santa Fe struck while An engine of San Bernardino the track one through crossing people, a passing The buggy buggy that Mrs. contained was W. G. injured. three Green, was made killed # for of and contract French whom, the others railroad with ten badly engines an builders eastern to have be locomotive used in returned to Brisbane, river. Endeavor and works France. A search steamer Queensland has from This just Cooktown, territory eighty schooners colored on the that three lost and that were 400 drowned swept reports luggers persons were and eleven recent whites hurricane of Qaeenaland. that the corner determined to the durinortheast The war department and with has home exception all the of the volunteers muster volunteer out in for engineers Cuba raction has war and been department immunes. brought regulaThe attention effect to the account necessity of the of which the guarantine goes which are eson against Cuba, of May and ports. tions about the 1st at all southern 22 years old, pecially striet A. Doucette, in St. Cecilia's of emWilliam Sunday charge box. bezzling bills arrested Boston, on the collection were church, was $4000 placed from the in the box declared Judge of act the Marked found on his permon. of Chicago Illinois Gibbons legislature in in of the veterans candiCivil civil special that passed the war in preferment 1895, service giving over other or exis inconthe void, dates because in it gives and because principles it underlying sistant plusive privilege with nature the banic of our Instintutions.
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THE BANKING SITUATION IS MUCH IMPROVED San Luis Houses to Resume Business. INSOLVENCY FOR ONE ONLY WILL NORMAL CONDITIONS SOON RETURN. To the Recent Bountiful Rains Throughout the County Is Due the Radical Change for the Better. As anticipated in yesterday's Call, the Bank Commissioners have granted the request of the Commercial Bank of San Luis Obispo and the Citizens' Bank of Paso Robles to resume business. At the meeting of the Commissioners the situation of the financial institutions of the southern part of the State was generally discussed and the condition of affairs was found to be much brighter than it was a week ago. Of course the recent fall of rain upon the dry fields has had much to do with the improvement of the situation. This is shown by the following letter recelved relative to the opening of the two banks mentioned: SAN FRANCISCO, March 20, 1899. To the Honorable Board of Bank Commissioners; Gentlemen-Acting under instructions of the Board of Directors of the Commercial Bank of San Luis Obispo, I beg to petition your honorable board to permit the said Commercial Bank to resume business on or after March 27, 1899. In justification of the request I respectfully submit: First-That under the excitement of the moment I let a large portion of the assets be written off by your esteemed examiner, which assets are absolutely good, and I overlooked some of our good collaterals and securities entirely, as explained verbally to your Honorable Board. Second-After careful revision I claim that our capital is not impaired to the extent of over $50,000. and that with a favorable season this shrinkage will be mostly wiped out. Third-Our shareholders will put into the bank a sum of $50,000 cash, which has been offered to us and which will not be paid back and no dividend will be declared until your Honorable Body is fully satisfied that the capital is not impaired any longer Fourth-Before opening we will get an extension from our larger depositors SO as to be absolutely certain that the ready means placed at our disposition are ample for all eventualities. With the present outlook of the season a very bright future awaits our bank and we trust you will kindly grant our request and assist us to thus overcome our difficulties in which we were plunged through the closing of the County Bank Very reMcD. R. VENABLE, spectfully, President. The permission was gladly granted, the understanding being that the larger depositors are not to withdraw their money for six, twelve and eighteen months, according to the amounts. At the present time there is due to the depositors $297,449 and to bankers $66,033 51. A similar request was made by the officers of the Citizens Bank of Paso Robles, which was granted, as the depositors had made promises the same as those of the larger bank. Its shareholders will put $15,000 in cash into the treasury at once. At this bank there is now due depositors $43,676.70 and to bankers $38,902 66. The Commissioners are satisfied that ere long both institutions will be on their feet Of the County Bank, the first to close its doors, which caused the suspension of the others, there is a different story to tell. Its affairs are in such a condition that the Commissioners are satisfied that the best interests of all concerned will be subserved if the institution goes into insolvency Hence it was decided to report to the Attorney General the recommendation that he take steps to throw the bank into insolvency From all accounts there is due to the depositors $284,344.33 and to bankers $149,893 54. The assets have been scaled down to about $517,000. In the same list is the little bank at Templeton, which went down when the larger banks fell. Its officers have notified the Commissioners that they desire to go out of business, but in doing SO they will retire in good shape and no one will lose by the dissolution of the concern. Permission has been granted to do so.
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DEPOSITORS WILL BACK THE COMMERCIAL BANK Pledged Their Support to the Extent of $250,000 Yesterday. SAN LUIS OBISPO, March 27.-A meeting of the stockholders, depositors and customers of the closed Commercial Bank was held here to-day, the object being to talk over the situation and if possible arrive at some conclusion toward reopening the concern. About 200 were present. The president of the bank, McD. R. Venable, made a speech, explaining that permission had been secured from the Bank Commissioners to resume business and all that was needed was the assistance of the depositors, who were invited to come forward and sign an agreement to the effect that for the next ten months they would only withdraw their deposits at the rate of 10 per cent of such deposit each month, thereby giving the bank an opportunity to fully recover. Henry Brunner of San Francisco, a large stockholder in the bank, followed