Citizens State Bank (San Francisco, CA)

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FRISCO BANK SUSPENDS

San Francisco, Nov. 6.-The Citizens' State bank, a minor institution on Fillmore street, suspended-payment to-day. The State Bank has been clearing through the Western National bank, and has had to pay out its gold instead of getting along during the panic on a paper basis like the other banks. The cashier of the bank said to-day that it would haveto realize on its securities before reopening.

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Frisco Bank Suspends

SAN FRANCISCO, Nov. 7.-The Citizens' State bank, a minor institution on Fillmore street, has suspended payment.

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CITIZENS STATE BANK OF SAN

FRANCISCO IS CLOSED By Associated Press. SAN FRANCISCO, Nov. 6.-The Citizens state bank, one of the small financial institutions of San Francisco, closed its doors today and announced through its president and principal stockholder, R. E. Ragland, that the bank has resigned from the clearing house and had decided to suspend business until the holidays declared by Governor Gillett had passed. He also declared the institution was sound and would be able to meet all its obligations if given a little time. The liabilities of the bank, according to President Ragland, are $91,000, and he placed its resources at $140,000. At the close of business on July 31 last the report made by the bank showed resources of $198,315.17. Its liabilities at that time in the form of deposits were given at $135,870.81. President Ragland said: "In justice to the bank I found it necessary to close the doors of the institution during the continuance of the holidays. I found with our money going out at the rate it was on demand that unless conditions changed for the better we would be seriously embarrassed. We are perfectly sound and if given two weeks will be able to meet all liabilities we have outstanding." The bank resigned from the Clearing House association at the close of business last Monda afternoon. Bankers throughout the city today reported a decided improvement in the financial situation. Growing confidence was apparent and the banking business was more brisk. The subtreasury was authorized to cash checks and drafts drawn upon other subtreasuries until further orders, provided that it is shown that the banks collecting the checks or drafts are responsible. The Clearing House association held a meeting this afternoon and decided to at once issue $500,000 in clearing house certificates of the denomination of $1. This, it is believed, will be greatly in aid of the small retail business while the present currency stringency lasts.

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FOREIGN NEWS BY CABLE SAN FRANCISCO, Nov. 7-The Citizens State Bank has suspended payment temporarily. The clearing house here has issued five hundred thousand one-dollar cert ficates to help tide over the scarcity of coin.

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CALIFORNIA SITUATION SHOWS IMPROVEMENT Suspended San Francisco Bank Expoets to Re-open-Money Supply Increasing. San Francisco, Nov. 7.-A decided improvement was experienced today in financial circles, Money was more plentiful than it has been for the last five days. Another flood of gold was turned into the city from the subtreasury today. $830,000 being paid out before noon. This large sum came from New York and nine-tenths of it was for banks in this city. The rest, in small amounts. went to banks in Stockton, Sacramento, Oakland. Everett, Wyo., and Ogden. Utah. The officers of the California Safe and Trust company conferred with Bank Commisioner Garoutte today. but would give out no statement. The impression prevailed that the institution will soon re-open. The Citizens State Bank. which closed its doors wasterday, expects to re-open on Monday.

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'Frisce Bank Suspends Payment

San Francisco, Nov. 7.-Taking advantage of the bank holidays declared by Governor Gillett, the Citizens' State bank stopped paying. The doors of the bank were not closed, but no money was received or paid out. To patrons of the bank the cashier explained that not being in the clearing house the bank had to settle its balances in gold and was being rapidly drained, so that it was deemed best by the board of directors to avail themselves of the holiday.

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Frisco Bank Fails

San Francisco, Nov. 7.-The Citi. zens' State bank, a minor Institution on Fillmore street, suspended pay. ment.

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CITIZENS STATE BANK MAY REOPEN IN GOOD CONDITION By Associated Press. SAN FRANCISCO, Nov. 8.-President Ragland of the suspended Citizens State bank said today that the bank was securing from all its depositors stipulations to accept two, four and six months' time certificates for their deposits. By this means, he said, the bank hoped to tide over the difficulty and to reopen in better shape than ever. Members of the bank commission express confidence in the ability of the institution to resume. The commission's expert, C. H. Dunsmoor, is still working on the accounts of the California Safe Deposit and Trust company. The commissioners will continue in charge of affairs of the bank, until the officials are prepared to reopen the dors. More than half a million dollars came to the city this morning for distribution through the subtreasury. More is expected before the subtreasury closes tonigh. The general sentiment in local banking circles continues optimistic and conditions are expected to soon become normal.

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Stocks Slowly Rising

Notable advances were made by the active shares of the stock during the week, today's financial sales showing higher prices as follows: Union Pacific, 21/2; United States Steel 1½, the preferred 23/4; Reading, 41/8; Pennsylvania, 4%; Northern Pacific, 1%; New York Central, 2%; Missouri Pacific, 1½; Great Northern, 21/4; St. Paul, 27, and American Sugar, 3. SOUND TO THE CORE. California Safe Deposit & Trust Co. Will Shortly Resume. San Fhrancsico, Nov. 9.-One-third of the depositors of the Citizens' State bank, the institution which took advantage of the bank holidays to suspend business temporarily, have already made stipulations to accept two, four and six months' time certificates for their deposits. President Ragland of the bank states that all the depositors accepted this method of placing the bank in good condition without protest or complaint. He further states that in another week the bank will be able to open in sound condition. J. Calvin Ewing, secretary of the bank commission, stated this morning that if the California Safe Deposit & Trust company resumes business the commission will issue no report on its condition beyond stating that it has complied with the provisions of the law and is in sound financial condition. The officers of the bank reiterate their intention of opening their doors within a short time. Gold to the total amount of $540,000 was transferred to the banks of this city from the east through the sub-treasury today. Ninety thousand $1 clearing house certificates were issued to the commercial banks this morning. It is the intention of the clearing house committee to issue also certificates for $2. The issuance of the $1 and $2 certificates will increase the total output of clearing house paper by several hundred thousand dollars.

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BANKER KILLS HIMSELF

Branch Manager of California Trust Blows Out Brains. San Francisco, Dec. 11.--T. Otway Sadleir, manager of the West End branch of the defunct California Safe Deposit and Trust Company, blew out his brains last night while locked in his office, at No. 1531 Devisadero street. No explanation has yet been made of his accounts, but it is known that he was heavily involved personally in the failure. Ever since it was known that the bank could not survive he has been greatly depressed. Sadleir was one of J. Dalzell Brown's most confidential employes and had full executive authority of the West End branch, of which he was made manager some time ago. When Brown was arrested Sadleir was present and tried vainly to prevent the police from taking his superior to prison. So far as the investigation of the Depositors' Association had gone, nothing improper had been discovered in Sadleir's direction of the affairs of the Western addition bank, and no charges had been made against him. Brown said that it was not personal loss or any act as an employee of the bank that caused Sadleir to commit suicide. Sadleir was Brown's most intimate friend for many years. He went to South Africa and fought on the British side during the Boer war. He called on Brown last night, and because of his failure to procure bonds for Brown was much depressed. He had promised Brown's invalid wife that he would take Brown home last night. When he failed in this he seems to have gone to the branch bank to kill himself. Some of the securities of the Ellen M. Colton estate which disappeared from the California Safe Deposit and Trust Company, it is said, resulting in the arrest of its officials, were sold through a local broker, according to a statement made to-day by E. J. Truman, vice-president of the Citizens' Bank. Truman said it was his opinion that most of the missing securities would be found in New York. With $5,000 in cash in vaults and owing approximately $90,000 to depositors, Judge Garoutt to-day took charge of the assets of the Citizens' State Bank for the State Bank Commissioners. R. E. Ragland is president and principal stockholder. The institution took advantage of the holiday, and suspended paying about three weeks ago. Its principal assets are notes for $90,000.

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STATE TAKES CHARGE OF BUSTED SAVINGS BANK San Francisco, Dec. 11.-With $5,000 in cash in its vaults and owing approximately $90,000 to depositors, Judge Gaurot today took charge of the assets of the Citizens' State bank for the state bank commissioners. R. E. Ragland is president and principal stockholder in the bank, which is located on Filmore street. The institution took advantage of the holiday and suspended paying about three weeks ago, Its principal assets are notes for $90,000.

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SUICIDE IN W'AKE

OF BANK FAILURE

(Continued from Page One) the insolvent bank made no attempt to communicate with each other. Judge Dunne accepted the bond of $75,000 given by a surety company for the release of the aged bank president, and set his preliminary hearing for December 19. Walker avoided newspapermen, but late this afternoon he gave out a statement through his attorney, W. H. Chickering. Walker said that he became president of the company in July, 1905, at the earnest solicitation of Bartnett and with the understanding that he was not to devote his entire time to the management of the corporation. During a large part of the time since he has been absent in New York and Europe. He said:

Said Business Was Good. "In June I went east on business in connection with the San Francisco Bond & Mortgage company. The first I knew of any weakness of the bank was the receipt of telegraphic information from San Francisco that the bank had closed its doors. During the few days immediately preceding the information, I received letters from Brown to the effect that the business was in a flourishing condition and that in spite of the financial crisis, the institution was doing well. "I knew nothing whatever regarding the Colton securities. I have never seen the securities, nor have I ever had possession of them. "I am not a debtor to the bank in the sum of $250,000, or any other amount. On the contrary, at the time the bank closed I was a creditor for about $42,000, and Mrs. Walker was also a creditor. I am ready at all times, in the event that the depositors and stockholders can bring about a re-organization, to aid as far as I am able."

Examining Books. Assistant District Attorney Cook stated this afternoon that the two men he set to work examining the books of the bank had gathered much information about the affairs and methods, but the nature of the information he declined to give out. Governor Gillett was in conference with the bank commissioners during the day with reference to the financial situation and the duties of the commission. Later in the day the commission took charge of the Citizens' state bank, a small institution on Filmore street which suspended several weeks ago. R. E. Ragland is the president and principal stockholder. Commissioners found that the bank had $5,000 in its vaults as against $90,000 it owed depositors. Its principal assets are notes for $90,000.

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Outlook for Creditors Is Poor

San Francisco, Dec. 12.-With $5,000 in cash in its vaults and owing $90,000 to depositors, Judge Garoutt on Wednesday took charge of the assets of the Citizens' state bank for the state bank commissioners. R. E. Ragland is president, and principal stockholder in the bank. The institution suspended payment about three weeks ago. Its principal assets are notes for $90,000.

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Court Takes Charge of Assets

San Francisco, Cal.-With $5000 in cash in its vaults and owing approximately $90,000 to depositors, Judge Garoutt has taken charge of the assets of the Citizens' state bank for the state bank commissioners. R E. Ragland is president and principal stockholder in the bank. The institution took advantage of the holiday and three and suspended paying about weeks ago. Its principal assets are notes for $90,000.

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Had Only $5000 In Vaults

San Francisco, Dec. 12.-With $5000 in cash in the vaults and owing approximately $90,000 to depositors, Judge Garoutt took charge of the assets of 'the Citizen's State bank for the state bank commissioners. The institution took advantage of the holiday and suspended paying about three weeks ago. Its principal assets are notes for $90,000.

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Receiver Named for Bank By Associated Press. SAN FRANCISCO, Feb. 3.-Frank J. Symmes, president of the Merchants association, was appointed receiver of the Citizens State bank by Judge Seawell this morning with bonds placed at $50,000.

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CITIZEN'S BANK HAS RECEIVER SAN FRANCISCO, Feb. 4.-Frank J. Symes, president of the Merchants' Association, was appointed receiver of the Citizens' State Bank by Judge Sewell this morning, with bonds placed at $50,000. The State bank commissioners, through Attorney General U. S. Webb brought suit to have the bank declared insolvent, and judgment was given to that effect today. This includes a restraining order directed against the officials and employers of the bank, who must not interfere with its affairs.

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LATE FRISCO BANKER a Gets Six Months For Scaring Depositor. San Francisco, Feb. 15.-R. E. Ragland, president of the Citizens State Bank, recently suspended, was sentenced today by Police Judge Conlan to six month in jail for exhibiting a revolver in a rude and threatening manner to J. Pomansky, a depositor in the bank who sought to recover his money.

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BANKER GOES TO PRISON San Francisco, Feb. 17.-R. E. Ragland, president of the Citizens' State bank, which recently suspended, was sentenced by Police Judge Conlan to six months' imprisonment for exhibiting a revolver in a "rude and threatening manner" to J. Pomansky, a depositor in the bank, who sought to recover his money. An additional sentence of three months' imprisonment was imposed on the banker for carrying a concealed weapon. Ragland's attorney gave notice of an appeal.

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BANKER GOES TO PRISON San Francisco, Feb. 17.-R. E. Ragland, president of the Citizens' State bank, which recently suspended, was sentenced by Police Judge Conlan to six months' imprisonment for exhibiting a revolver in a "rude and threatening manner" to J. Pomansky, a depositor in the bank, who sought to recover his money. An additional sentence of three months' imprisonment was imposed on the banker for carrying a concealed weapon. Ragland's attorney gave notice of an appeal.

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BANKER GOES TO PRISON San Francisco, Feb. 17.-R. E. Ragland, president of the Citizens' State bank, which recently suspended, was sentenced by Police Judge Conlan to six months' imprisonment for exhibiting a revolver in a "rude and threatening manner" to J. Pomansky, a depositor in the bank, who sought to recover his money. An additional sentence of three months' imprisonment was imposed on the banker for carrying a concealed weapon. Ragland's attorney gave notice of an appeal.

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CITIZENS' STATE BANK DECLARES A DIVIDEND Receiver Issues Checks to Depositors Amounting to $9,000 The Citizens' state bank is the first of the San Francisco banks that went into liquidation to pay a dividend to its depositors and creditors. A 10 per cent dividend was declared. Checks were mailed yesterday to every holder of an approved claim against the bank. The total amount to be paid is $9,000. The condition of the books of the bank has made it exceedingly difficult for the receiver to collect many of the loans, as they were made without security. A license to conduct a banking business was granted to Kamikawa brothers of Fresno by the bank commissioners yesterday afternoon. The new bank will open the first of the month with a capital stock of $50,000, $25,000 of which has already been subscribed and paid in. The officers of the new bank are: R. Kamikawa, president; K. Kamikawa, vice president; M. Kamikawa, cashier; K. Eezina, secretary.

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THESE DOORS ARE SIDE OF HOUSE Peculiar Situation Proves Problem That Is Solved by Court The old riddle of the sphinx, "When is a door not a door?" has acquired a new solution in San Francisco banking circles. The fresh answer is, "When it is the side of a house." The definition received its first production in the controversy that recently arose between William ,Wilson, owner of the Wilson building in Montgomery street, and the Washington commercial bank, an institution which followed the fortunes of the defunct Citizens' state bank, which went into the hands of a receiver under the presidency of R. E. Ragland. The Citizens' state bank was a tenant of Wilson in the building at 125 Montgomery street. When the Ragland bank opened in the Wilson building it constructed a safe deposit vault in the rear of the office. It rented the premises to the Washington commercial bank and made over property rights in the safe deposit vault and boxes. Later the Washington commercial bank sublet its place to the Edwards-Brewster-Clover company. According to L. B. Edwards, presi-