gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5f4b924d7be06c29
Response Measures
None
Events (2)
1.March 11, 1899Suspension
Cause
Local Banks
Cause Details
Failure/closure of the County Bank of San Luis Obispo and heavy drafts/inability to realize assets prompted the suspension
Newspaper Excerpt
The Bank of Paso Robles did not open its doors today. The failure of the County Bank at San Luis Obispo ... are the causes assigned for the suspension
Source
newspapers
2.April 5, 1899Reopening
Newspaper Excerpt
the Bank of Paso Robles, to which permission was given to resume business, is once more upon its feet. ... the bank is now incorporated ... the Bank Commissioners yesterday issued a license to the bank to do business.
Source
newspapers
Newspaper Articles (12)
1.March 12, 1899Richmond DispatchRichmond, VA
Click image to open full size in new tab
Article Text
BANKS BREAK IN CALIFORNIA. One Suspension Followed by OthersEarly Resumption Predicted. 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. Liabilities of the County Bank, $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. SUSPENSION No. 3. PASO ROBLES, CAL., March 11.-The Bank of Paso Robles did not open its doors to-day. 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.
2.March 12, 1899The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
California Bank Closed. Paso Robles, Cal., March 11.-The Bank of Paso Robles did not open its doors today. 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.
3.March 12, 1899Virginian-PilotNorfolk, VA
Click image to open full size in new tab
Article Text
AND STILL ANOTHER. Paso Robles, Cal., March 11.-The Bank of Paso Robles did not open its doors to-day. The failure of the County Bank at San Luis Obispo and inability to realize on assets fast enough to meet depositors' demands are the cause 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.
4.March 12, 1899The Daily Morning AstorianAstoria, OR
Click image to open full size in new tab
Article Text
PASO ROBLES, Cal., March 11.-The bank of Paso Robles did not open its doors today. The failure of the County bank of Sam Luis Obispo and the inability to realize on the assets fast enough to meet the 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.
5.March 12, 1899The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
California Bank Closed. Paso Robles, Cal., March 11.-The Bank of Paso Robles did not open its doors today. 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.
6.March 12, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
its resources are believed to be ample to meet any run upon it. PASO ROBLES, March .-The - Bank of Paso Robles, a private institution, closed its doors to-day on account of the collapse of the County Bank of San Luis Obispo. The Bank of Paso Robles is the oldest bank in this city, having been in existence since the founding of the town-twelve years ago. It was considered perfectly solvent. The stress of hard times made it difficult for any of the banks to carry much available cash, but they were all considered in a condition to weather the storm. The County Bank at San Luis Obispo, which closed its doors yesterday afternoon, is reported to have made heavy drafts on the Bank of Paso Robles. When the San Luis Obispo concern closed its doors Cashier F. D. Frost of the Bank of Paso Robles and President H. Eppinger Jr. hurried to San Luis Obispo, but they were unable to stem the tide. On their return this morning they closed the doors of the Bank of Paso Robles and posted a notice that they had suspended business, but would pay dollar for dollar. It is understood the assets are amply sufficient, if they can be realized upon. Most of the depositors are confident that the bank will reopen its doors in a short time. The Citizens' Bank (an incorporated bank) of this city, has been doing its usual amount of business to-day. The suspension of the Bank of Paso Robles will be far reaching in its effects and may result in many places of business closing their doors. Quite a number of small depositors may soon be in actual want if the bank fails to resume business within a few days. It is reported its assets are $75,000, with liabilities of about $40,000.
7.March 13, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
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.
8.March 14, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
CITIZENS' BANK SUBPENDS. This Action Taken to Protect Itself and Its Creditors. PASO ROBLES, March 13.-The Citizens' Bank, as The Call predicted, closed its doors this morning. It posted a notice stating that it would reopen in a few days, as soon as the excitement had subsided; but it is known it will not reopen its doors until the Bank Commissioners shall have examined into its affairs. The notice was as follows: Notice-As a matter of self protection and for the protection of our creditors we have decided to close until the prevailing excitement has subsided. By order of the Board of Directors, A. F. HORSTMAN, Secretary. In an interview Cashier Horstman said: "The Citizens' Bank was prepared to carry all its customers through what now looks like a dry year and to meet all demands. The suspension is due to the unusual demands on account of the closing of the County Bank and the Bank of Paso Robles." The Citizens' Bank is considered by the public to be in a solvent condition, and is expected to resume business in the course of a few weeks. The closing of the Bank of Paso Robles and the Citizens' Bank, the only two financial concerns in this city, has had a demoralizing effect on business. The city funds being tied up in these banks the city is left without a cent with which to pay its running expenses. It is reported that the City Trustees at their next meeting will consider the advisability of raising the license on saloons from $25 to $100 a quarter. There are rumors to the effect that the city will have to disincorporate until a more prosperous time comes. If the banks resume business within a few days, which is thought probable by some, all the scare will have blown over and business will proceed in its usual way as though nothing had happened. H. H. Meier, dealer in cigars and tobacco, made an assignment to the Board of Trade. His liabilities are about $600, assets nominal.
9.March 14, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
Shares. Shares. 10 72 A. Lauritzen Aretta S. Beebee 14 24 T. A. McCaffrey W. D. Beebee 20 56 N. Netter William L. Beebee 10 25 H. F. Osgood Benjamin Brooks 10 340 P. B. Prefumo Goldtree Bros. Co 4 10 N. W. Sandercock Nathan Goldtree 13 25 R. W. Sandford C. W. Goodchild 20 27 J. Seaton D. Hecht 50 50 W. H. Spencer F. B. Jack 35 330 A. W. Steinhart N. H. Jack 75 10 I. Steinhart R. E. Jack 100 20 I. G. Stow C. D. Jones 10 115 J. M. Wilcoxon Max I. Koshland 15 James T. Woodward 10 E. Lasar Twelve deeds conveying property in this county were filed here to-day as a result of the suspension of the County Bank of this city and of the Bank of Paso Bobles of Paso Robles. Two of these were from F. D. Frost, cashier and manager of the Bank of Paso Robles, to J. B. Earle, representing the Anglo-Californian Bank of San Francisco; two were from R. E. Jack, cashier of the County Bank, to J. B. Earle; five were from the County Bank to the Anglo-California Bank, and three were from the County Bank to J. B. Earle. These deeds were delivered to the grantees about a year ago, indicating that already at that time these institutions were making heroic efforts to keep afloat. As was anticipated the Commercial Bank failed to open for business today. After a meeting of its directors a written notice, brief but pregnant with significance, was posted on one of the doors, reading: "Bank closed; will not open." During the morning and part of the afternoon small groups of people gathered in front of the bank and amused themselves gossiping about the suspensions and gazing longingly at the drawn blinds, which effectually concealed what was transpiring behind them. Every one took the situation philosophically, and while there were many expressions of disappointment there were few words of blame for the managers of the unfortunate bank. It is believed this institution will make as good a showing as the County Bank, as equally responsible people are connected with it. Its capital stock is $200,000, divided into 2000 shares of $100 each. Its shareholders and their respective holdings are as follows: Shares. Shares
10.March 16, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
Of the amount due banks all but about $8000 is owing to San Francisco institutions. The book assets of the institution were cut or "written off" by Commissioner Barrett to the amount of $31,800. R. W. Martinoff, an attache of the bank, was placed in charge as the representative of the commission. President H. Eppinger and Cashier F. D. Frost of the Bank of Paso Robles are now in San Francisco, where they hope to secure sufficient financial assistance to tide over their present difficulties. A. Jackson, the assistant cashier, said to-day he was confident the bank would reopen its doors on Monday and be prepared to pay every depositor in full and to meet every other demand against it. Commissioner Barrett is inclined to look upon the bank suspensions in this county as a species of "financial tempest in a teapot," caused primarily by unusual, unexpected and uncontrollable natural causes, and secondly to the existence of too many small banks. He added: "The practice of commercial banks paying five and six per cent interest on certificates of deposit is unsafe and cannot under the condition of affairs exist without jeopardizing the interests of the banks. This is one of the evils that the commission is constantly coming in contact with, and it has met with the most decided disapproval as being unsafe. The advice is given in all cases that this practice be discontinued as soon as possible."
11.March 28, 1899The Record-UnionSacramento, CA
Click image to open full size in new tab
Article Text
FINANCIAL PANIC OVER. The Citizens' National Bank of Paso Robles Resumes Business. PASO ROBLES, March 27.-Paso Robles has the distinction of noting the first recovery from the financial panic in this county. The Citizens' Bank opened its doors and resumed business as usual this morning. All is quiet about the bank. The depositors are satisfied. Last week a form of agreement to draw only a part of the deposits for the next six months was sent to depositors to be signed and returned. The plan met with the general approval of depositors, consequently a large amount of coin was received from San Francisco with which to replete the bank. Crops never looked better in this section. The growth during the last ten days has been phenomenal, and a bountiful harvest is assured even without the usual April showers. The Bank of Paso Robles will reopen as soon as the articles of incorporation are completed. Ample funds are now in the Paso Robles Bank awaiting the arrival of the articles of incorporation.
12.April 5, 1899The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
the front, and now all but one bank is doing business on a firm basis again. The Commercial Bank is in fine running order, as shown by dispatches sent on Monday to the State Bank Commissioners, and now the Bank of Paso Robles, to which permission was given to resume business, is once more upon its feet. For the past week R. E. Jack, one of the largest shareholders, has been in this city and in Sacramento, and the object of his visit was made public yesterday by a letter from the Secretary of State to the Bank Commissioners. In it the official at Sacramento stated that the bank is now incorporated, having complied with all of the requirements of the law, including the deposit of $50,000. He pronounced the institution as being all right, and upon his recommendation the Bank Commissioners yesterday issued a license to the bank to do business.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
