775. First National Bank (Colusa, CA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10072
Charter Number
10072
Start Date
August 24, 1922
Location
Colusa, California (39.214, -122.009)

Metadata

Model
gpt-5-mini
Short Digest
a39dc8f0

Response Measures

Full suspension

Other: Receiver Charles A. LaBree was appointed; assets liquidated and directors later held liable by federal court for losses.

Receivership Details

Depositor recovery rate
50.8%
Date receivership started
1922-11-22
Date receivership terminated
1927-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
13.7%
Share of assets assessed as doubtful
43.3%
Share of assets assessed as worthless
42.9%

Description

Contemporary short items (Aug 24–26, 1922) report the First National Bank of Colusa suspended business because...heavy withdrawals...and inability to realize on past due loans — a run leading to suspension. The bank did not resume: a receiver (Charles A. LaBree) pursued litigation and foreclosure (suit reported May 16, 1925) and assets were sold by the receiver (advertised for sale Sept 29, 1926). Cause of the run/suspension is bank-specific adverse information / insolvency (past-due loans). OCR artifacts corrected where obvious.

Events (6)

1. August 29, 1911 Chartered
Source
historical_nic
2. August 24, 1922 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals over several days and inability to realize on past-due loans (insolvency/loan losses).
Measures
Suspended business (halted payments) following heavy withdrawals.
Newspaper Excerpt
The First National Bank of Colusa, Calif., suspended business because, according to state banking officials, of heavy withdrawals within the last three days and inability to realize on past due loans.
Source
newspapers
3. August 24, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to heavy withdrawals and inability to realize on past-due loans (loan losses).
Newspaper Excerpt
The First National Bank of Colusa, Calif., suspended business because, according to state banking officials, of heavy withdrawals within the last three days and inability to realize on past due loans.
Source
newspapers
4. November 22, 1922 Receivership
Source
historical_nic
5. May 16, 1925 Receivership
Newspaper Excerpt
Another step toward the settlement of the First National Bank of Colusa was taken yesterday Charles Bree, for the bank; brought suit in United States ... mortgage ... given the officers ... according to La Bree's ... receiver ... $25,000 loan, in November, 1921.
Source
newspapers
6. September 29, 1926 Other
Newspaper Excerpt
The following Assets of the First National Bank of Colusa will be sold at Public Auction to the highest bidder for cash on Wednesday, September 29, 1926, at 10 o'clock A.M., at the office of the Receiver of the First National Bank ... CHARLES A. LaBREE, Receiver First National Bank of Colusa, California.
Source
newspapers

Newspaper Articles (10)

Article from The Saratoga Sun, August 24, 1922

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ONDENSED AECORD OF THE PROGRESS OF EVENTS AT HOME AND ABROAD. FROM ALL SOURCES SAYINGS, DOINGS, ACHIEVEMENTS, SUFFERINGS, HOPES AND FEARS OF MANKIND. WESTERN Luther Burbank, plant wizard, has created six new peaches, a new plum, 1 new prune and a nectarine. The new creations will be given to the world next year, Burbank stated. Burglars blew open the safe in the postoffice at Corbin, Jefferson county, Mont., recently, and escaped with $114 in cash and stamps and money-order blanks, according to reports received in Helena. A youth shot dead at Los Angeles as a bandit has been identified as Jesse Willis, 18, of St. Joseph, Mo. John Grieve, a dishwasher, shot Willis in what was said to be the fifth holdup in two months of a restaurant in an outlying district. Sam Protien, the 98-year-old policeman whose love affair with a 64-yearold former circus rider brought him to public attention recently, died in Butte a few days ago. He was born at Barnegat, N. J., and claimed to have been a body guard for President Lincoln during the war. The First National Bank of Colusa, Calif., suspended business because, according to state banking officials, of heavy withdrawals within the last three days and inability to realize on past due loans. The bank is capitalized at $150,000, and at its last statement had deposits of $295,000. An automobile occupied by Mrs. Calvin Coolidge, wife of the vice president, struck another machine at the intersection of Broadway and Larabee streets, at Portland. No one was injured. The accident was reported to the police by Wallace McCamant, driver of the car occupied by Mrs. Coolidge: The American Bar Association convention closed recently in San Francisco with a dinner at which John W. Davis of West Virginia, former ambassador to Great Britain, who was elected president of the association, was welcomed to his new office. Other speakers were Chief Justice Taft, Lord Thomas Shaw, M. Henri Aubepin and J. B. M. Baxter, representing the British, French and Canadian bars, and Cornelius Cole, centenarian who once represented California in the United States Senate. 6


Article from The Holly Chieftain, August 24, 1922

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THE WORLD IN PARAGRAPHS A BRIEF RECORD OF PASSING EVENTS IN THIS AND FOR. EIGN COUNTRIES IN LATE DISPATCHES DOINGS AND HAPPENINGS THAT MARK THE PROGRESS OF THE AGE. WESTERN Luther Burbank, plant wizard, has created six new peaches, a new plum, a new prune and .a nectarine. The new creations will be given to the world next year, Burbank stated. Burglars blew open the safe in- the postoffice at Corbin, Jefferson county, Mont., recently, and escaped with $114 In cash and stamps and money-order blanks, according to reports received in Helena Isaac Crespin and John Haynes, aged ranchers in a remote section of Mendocino county, Calif., and enemies In a feud of years, "shot It out" with high-powered rifles a few days ago. Both are dead A youth shot dead at Los Angeles as a bandit has been Identified as Jesse Willis, 18, of St. Joseph, Mo. John Grieve, a dishwasher, shot Willis In what was said to be the fifth holdup in two months of a restaurant in an outlying district. Sam Protlen, the 98-year-old police man whose love affair with a 64-yearold former circus rider brought him to public attention recently, died in Butte a few days ago. He was born at Barnegat, N. J., and elaimed to have been a body guard for President Lincoln during the war. The First National Bank of Colusa, Calif., suspended business because, according to state banking officials. of heavy withdrawals within the last three days and inability to realize on past due loans. The bank is capitalIsed at $150,000, and at its last state ment had deposits of $295,000. Increased demand for cargo space to the Orient out of Puget sound has resulted in assurances to the Pacific Steamship Company that another ship bing board freighter will be available for loading at Seattle by Sept. 12. A vesset now idle at some Pacific coast port is to be put into commission, selection being governed by the amount of repairs necessary. Need for addi tional cargo space to the Orient was emphasised when a consignment of only 200 measurement tons was rejected for the President McKinley, Kd more and President Jackson. WASHINGTON Investigations of charges that undue methods of practices are being employed by the trade in restraining the natural operations of the law of supply and demand, and depressing cotton prices, was proposed in a resolution in troduced by Senator Smith, Democrat, South Carolina. The resolution was referred to the agriculture committee. The trials and tribulations of senators are not NO much concerned with the tariff, the soldiers' bonus and the ship subsidy as they are with the in. dustrial crisis that completely overshadowed the legislative program. Sen. ators are being bombarded with tele graphic appeals from their constituents for relief from actual or impend ing fuel shortages due to the coal strike, or from transportation or freight.tieups resulting from the railroad walkout. Maj. David A. Reed of Pittsburgh has been sworn in as junior senator from Pennsylvania. Reed will be anpointed by Governor Sproul to succeed the late Senator Crow, when the Pennsylvania governor arrives to confer with President Harding on the coal strike situation. Latin-American trade is clearly on the upward trend, despite the sharp decline in the flow of commerce between this country and the Southern republics during the past fiscal year, according to a survey of the situation made by Dr. Julius Klein, director of the bureau of foreign and domestic commerce of the Commerce Department. Warning against establishment of branch factories in Germany by American firms was contained in a report to Secretary Hoover by a special committee of business men appointed to handle economic problems relating to western Europe. The report asserted any temporary advantage to be gained by location of branches in Germany by American firms would be more than offset when stabilization in that country brings on further- violent dislocation. The Intermediate Rate Association, composed of representatives of chambers of commerce and trade bodies in eight western states, decided to at once inaugurate a vigorous campaign to have the present Congress enact absolute short and long haul law. Members of the association meeting at Salt Lake City declined to take any part in the discussion of the proposed legislatioa, which would place the in ternational steamship carriers under the jurisdiction of the Interstate Com-


Article from The Colorado Statesman, August 26, 1922

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211 Secretary Denby and his party rived in Honolulu a few days ago aboard the transport Henderson from Guam. They will sail for the mainland soon. One thousand Wahabis (Mohammedtribesmen and sixty Arabs were in a battle near an) killed Exchange Amman, Pales- Teletine, according to an graph from dispatch Constantinople. been subMore than £30,000,000 has in the new Indian government a record borrowing in India for a loan, scribed constituting single for year, state Calsays a Reuters dispatch from cutta. McCarville, sentenced to imprisonment by seven Dr. Patrick years' the at Brit- the ish authorities and released elected in June as a Repubof the Dail truce lican member and recently Eireann for by Monoghan, was arrested Free State troops. A detachment of fascisti, after atthe unveiling of a war memonear Rome, rial tending at Olevano, San fell Vito. into a Communist ambush at and a are on both dead. One Communist Eight fascisti sides were were wounded. Troops and police rushed to the spot. Indications that Mexico's status is considered in League received with being circles were of much Mexico Nation interest in newspaper circles in but there was no that the Mexican believe City, inclination government for ad- to would make formal overtures mission to the League. The Polish-American Chamber of Commerce announces that in order to increase trade relations between the States and Poland, an invitavisit Poland has been American to tion United various to trade extended concerns and financial institutions. In answer to this invitation, twenty-two American organizations have promised to send their delegates to Poland. Jerusalem is to have a daily newsin English. be and edited by an paper owned published New It American will York, woman, Mrs. Gatling of several months local who estine has studying spent conditions. for in build- Mrs. PalGatling has paid $250,000 a be used for her and other presses ing to mechanical venture. on equip- their The ment for the paper are now way out from the United States. Indian squaws, with eloquent shoulbraves whose the tricks of the learned ders, and feet Broadway have oldmust go back to the says dance fashioned, palaces, demurely simple Walpole waltz, isledict of the council of Ontario. Chief of the an and, dentally manager Redknife-inci- island invasion band, of against the the on the dance all says has want saxophone protested to night," island. "They the chief, "and no one wants to work next day. Once they were satisfied with an ordinary band. Now they want cabarets." GENERAL Frank Albert, aged 50 years, died from burns received when he fell into hot "The Devil's Tea Kettle," a springs at Kalamath Falls, Ore. Fire which swept the West Newton, Pa., business district, wrought a total loss of approximately $300,000. The fire started in an unoccupied garage. Bell Armstrong ion and a Mrs. expert former Whitney, newspaper fashwoman of Boston, is dead in Paris, according to a cablegram received recently. H. Petty, special officer for the & Pacific railway, Walter Texas charged the murder of another special Henry L. with railway officer, Dillon, the county at El Paso, has surrendered to authorities. After his sister, 30 years old, had her life by taking poison, Paul 25 old, in his at ended from Bertel, a rafter years hanged barn himself Des Moines, Ia. Brooding over the loss of invested in was to have cause thought $15,000 been oil the stock of both suicides. Owing to the shortage of coal, the Ford Motor Company's Highland Park plant in Detroit has been equipped with oil burners. The change was made without loss of time to any of the 42,000 employés. The First National Bank of Colusa, to state according Calif., suspended business banking officials, because, withdrawals within the last and to on of three heavy days inability bank is realize capitalpast due loans. The ized at $150,000, and at its last statement had deposits of $295,000. Nearly 40,000 immigrants have entered the United States 1. the majority coming from since Italy, July Russia, the United Kingdom, Germany, Greece and Czecho-Slovakia, the bureau of immigration has announced. About 320,000 more can enter during the remainder of the fiscal year. Two thousand men and women were out of work when and Stamping Enameling thrown the Company National plant at Granite City, Ill., was closed


Article from The Snowflake Herald, September 1, 1922

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FOREIGN Secretary Denby and his party arrived in Honolulu a few days ago aboard the transport Henderson from Guam. They will sail for the mainland soon. One thousand Wahabis (Mohammedan) tribesmen and sixty Arabs were killed in a battle near Amman, Palestine, according to an Exchange Telegraph dispatch from Constantinople. More than £30,000,000 has been subscribed in the new Indian government loan, constituting a record for state borrowing in India for a single year, says a Reuters dispatch from Calcutta. Dr. Patrick McCarville, sentenced to seven years' imprisonment by the British authorities and released at the truce and elected in June as a Republican member of the Dail Eireann for Monoghan, was arrested recently by Free State troops. A detachment of fascisti, after attending the unveiling of a war memorial at Olevano, near Rome, fell into a Communist ambush at San Vito. One Communist and a fascisti are dead. Eight on both sides were wounded. Troops and police were rushed to the spot. Indications that Mexico's status is being considered in League of Nation circles were received with much interest in newspaper circles in Mexico City, but there was no inclination to believe that the Mexican government would make formal overtures for admission to the League. The Polish-American Chamber of Commerce announces that in order to increase trade relations between the United States and Poland, an invitation to visit Poland has been extended to various American trade concerns and financial institutions. In answer to this invitation, twenty-two American organizations have promised to send their delegates to Poland. Jerusalem is to have a daily newspaper published in English. It will be owned and edited by an American woman, Mrs. Gatling of New York, who has spent several months in Palestine studying local conditions. Mrs. Gatling has paid $250,000 for a building to be used for her venture. The presses and other mechanical equipment for the paper are now on their way out from the United States. Indian squaws, with eloquent shoulders, and braves whose feet have learned the tricks of the Broadway dance palaces, must go back to the oldfashioned, demurely simple waltz, says an edict of the council of Walpole island, Ontario. Chief Redknife-incidentally manager of the island band, has protested against the invasion of the saxophone on the island. "They want to dance all night," says the chief, "and no one wants to work next day. Once they were satisfied with an ordinary band. Now they want cabarets." GENERAL Frank Albert, aged 50 years, died from burns received when he fell into "The Devil's Tea Kettle," a hot springs at Kalamath Falls, Ore. Fire which swept the West Newton, Pa., business district, wrought a total loss of approximately $300,000. The fire started in an unoccupied garage. Mrs. Bell Armstrong Whitney, fashion expert and a former newspaper woman of Boston, is dead in Paris, according to a cablegram received recently. Walter H. Petty, special officer for the Texas & Pacific railway, charged with the murder of another special railway officer, Henry L. Dillon, at El Paso, has surrendered to the county authorities. After his sister, 30 years old, had ended her life by taking poison, Paul Bertel, 25 years old, hanged himself from a rafter in his barn at Des Moines, Ia. Brooding over the loss of $15,000 invested in oil stock was thought to have been the cause of both suicides. Owing to the shortage of coal, the Ford Motor Company's Highland Park plant in Detroit has been equipped with oil burners. The change was made without loss of time to any of the 42,000 employés. The First National Bank of Colusa, Calif., suspended business because, according to state banking officials, of heavy withdrawals within the last three days and inability to realize on past due loans. The bank is capitalized at $150,000, and at its last statement had deposits of $295,000. Nearly 40,000 immigrants have entered the United States since July 1, the majority coming from Italy, Russia, the United Kingdom, Germany, Greece and Czecho-Slovakia, the bureau of immigration has announced. About 320,000 more can enter during the remainder of the fiscal year. Two thousand men and women were thrown out of work when the National Enamaling


Article from The San Francisco Examiner, May 16, 1925

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Bank Receiver Asks Foreclosure Another step toward the ment the of the First National Bank of Colusa was taken yesterday Charles Bree, for the bank; brought suit in United States mortheld by the bank 146 acres mortgage given the officers bank Williams Welch, according to La Bree's curity $25,000 loan, in Novem1921.


Article from The Sacramento Bee, May 16, 1925

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BANK RECEIVER ASKS FORECLOSURE SAN FRANCISCO. May other step toward the First National Bank Colusa was yesterday Charles Bree, in ceiver the United States District Cout asking foreclosure $25,000 mortgage held by the bank on 146 acres The mortgage given the offiWilcers bank by liams La on $25,000 loan. in November, 1921.


Article from The Chico Enterprise, September 4, 1926

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DIRECTORS LIABLE IN LOSSES BANK Failure the First National Bank of Colusa 1922, direct result of the rice erop disaster the Sacramento valley, in part due to the negligence the bank directors granting excess loans, according decision federal court San Francisco yesterday which directors of the stitution are held responsible for damages aggregating $46,645.34. Word of decision was ceived here yesterday. Albert Sheets of Colusa, assistant UnitStates district attorney and members of the law firm of Atran Sheets Colusa, represented Charles LeBree, bank receiver, the litigation. The damages, according to the decision of Wright, special master chancery for the ernment, who tried the case December, must be met Brown, Ella Packer, BlevJacobs, Gordon Phil Arnold, directors, each whom held the full sum. In addition they are ordered to pay interest the rate of per cent from September and the costs of the suit. The year of 1920 was the most to ricemen in the history of the industry of the valRains, commencing November, caught most of the crop the field and the continued downpour made harvesting impossible. When the rain tinued the fields were flooded and the crop spoiled, with the result that many growers were almost bankrupt, and many banks suffered heavy losses. The Colusa bank was but one several, but its losses the largest and closed in LaBree, after being appointed receiver the brought suit against the directors in February, 1925. Yesterday's decision, according officials, will mean the return part the losses suffered stockholders and depositors.


Article from The Sacramento Union, September 4, 1926

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DIRECTORS HELD LIABLE IN LOSSES OF COLUSA BANK Verdict of Federal Court Says Depositors Must Be Paid Back BIG LOANS IS CAUSE Rice Failure's Aftermath Due to Negligence, Asserts Ruling Failure of the First National bank of Colusa in 1922, direct sult of the 1920 rice crop disaster in the Sacramento valley. part due to the of bank directors granting excess according to decision in federal court in terday in which the directors of the Institution are held responsible for damages aggregating Word of the decision received here Albert of Colusa assistant United States district and member the firm of Atran and Sheets of represented La the according to the decision M. special master in chancery for the ment, tried the case last cember. must met by U. Brown, Ella Packer, R. E. Blevins, Vann, Jacobs, E. M. and Phil B. Arnold, the rectors, each of whom is held liable full sum. In they ordered to pay interest the of from September and of the suit The year of 1920 was the most disastrous to ricemen in the history of the industry of the valley. Rains, commencing November, caught most of the crop in the field and the continued downpour made harvesting impossible When the rain tinued the fields were flooded and the crop spoiled, with the result that many growers were almost bankrupt. and many banks suffered heavy losses. The Colusa bank but one of several. but its losses the largest and It was closed in LaBree, after being appointed ceiver for the institution, brought suit against the directors in Febru1925 Yesterday's decision, according to officials. will mean the return of part of the losses suffered by stock. holders and depositors


Article from The Glenn Transcript, September 8, 1926

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DIRECTORS HELD LIABLE IN LOSSES OF COLUSA BANK Failure of the First National Bank of Colusa in 1922, a direct result of the 1920 rice crop disaster in the Sacramento valley, was entirely due to the negligence of the bank directors in granting excess loans, according to a decision in federal court in San Francisco yesterday in which the directors of the institution are held responsible for damages aggregating $326,517.38. Word of the decision was received here yesterday by Albert E. Sheets of Colusa, assistant United States district attorney and a member of the law firm of Atran and Sheets of Colusa, which represented Charles A. LaBree, bank receiver, in the litigation. The damages, according to the decision of H. M. Wright, special master in chancery for the government, who tried the case last December, must be met by U. W. Brown, Ella Packer, R. E. Blevins, E. B. Vann, E. V. Jacobs, E. M. Gordon and Phil B. Arnold, the directors, each of whom is held liable for $46,645.34. In addition they are ordered to pay interest at the rate of 7 per cent from September 1 and the costs of the suit. The year of 1920 was the most disastrous to rice men in the history of the industry in the valley. Rains commencing in November, caught most of the crop in the field and the continued downpour made harvesting impossible. When the rain continued the fields were flooded and the crop spoiled, with the result that many growers were almost bankrupt, and many banks- suffered heavy losses. The Colusa bank was but one of the several, but its losses were the largest and it was closed in 1922. LaBree, after being appointed receiver for the institution, brought suit against the directors in February, 1925. Yesterday's decision, according to Sheets, will mean the return of a part of the losses suffered by stockholders and depositors.


Article from Colusa Sun-Herald, September 28, 1926

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Flagg Scenic Co. 55.25 SALE OF ASSETS H. George 5,975.51 H. George 1,682.50 The following Assets of the First H. George 2,600.00 Hische 5,406.00 National Bank of Colusa will be sold Hische 2,452.33 Public Auction to the highest bidHorne 2,734.76 der for cash on Wednesday, SeptemHorne 948.42 ber 29, 1926, at 10 o'clock M., at Horne 8,981.27 the office of the Receiver of the First Paul Krausnick 2,550.00 National Bank. at 522 Market Street. Paul Krausnick 1,270.00 All bids subject to the approval of Paul Krausnick 1,583.00 the Comptroller of the Currency. M. Kandhiro 2,000.00 CHARLES A. LaBREE, G. Linville Elzey 380.00 Receiver First National Bank Lee 192.33 of Colusa, California. Lee 8,910.00 Lynk 52.50 REMAINING ASSETS OF THE W. McAuley 500.00 FIRST NATIONAL BANK OF W. McAuley 250.00 COLUSA, CALIFORNIA. W. McAuley 1,500.00 Hankins 1,000.00 R. W. McAuley 300.00 George Gordon 75.00 H. McGowan 400.00 A. S. Parks 2,121.96 H. Matsushige 13,641.35 Miller 75.00 A1 Medici 507.32 Putman 129.68 Model Rice Company 3,225.00 Putman 100.00 Prussia 242.00 Jesse Saunders 100.00 Prussia 300.00 Jesse Saunders 133.25 Prussia 185.00 Mary Ainger 1,082.17 A. Richardson 1,461.45 Mary Ainger 150.00 Carl Louis Ruff 2,117.07 L. Boedefeld 75.00 Ryan 149.29 Bramel B. C. Gordon 398.80 Hop Sing 9,297.82 Dunfield 384.79 Sickles 1,721.94 Leonard Elkins 157.85 Smith 165.02 Johnson 400.00 Smith 50.00 W. Johnson 500.00 Smith 40.00 W. Johnson 423.40 Smith 40.00 W. Johnson 100.00 Smith 50.00 W. Johnson 166.46 Smith 795.94 Rahmt Khan 956.35 Geo. R. Summy 1,750.54 Ella Manor 8,056.96 Tanaka 50.00 Maroney 906.83 Tanaka 2,787.85 Martin 162.04 Tanaka 350.00 Joe Montero 350.00 Tanaka 200.00 Joe Montero 54.67 Tanaka 250.00 G. W. Prewett 50.00 Tanaka 50.00 G. W. Prewett 300.00 Tanaka 75.08 Prewett 200.00 Lee Toy 1,593.20 Ben Ragain 84.70 Lee Toy 58.75 Riddell 44.00 Wing Yuen Rice Co. 2,353.80 Carl Louis Ruff 247.23 K. Yasukochi 2,498.14 Carl Louis Ruff 1,000.00 Francis M. Jackson 1,100.00 Carl & Louis Ruff 714.24 (S.18,25,28) Louis Ruff 3,237.70 Acme Tractor company 75.00 Fred Ainger 9,201.15 American Rice company 500.00 BEST POOL TABLES IN COLUSA A. E. Burch 873.68 Burch 34.81 Fannie E. Burrows 50.00 DAVIS BILLIARD PARLOR California Rice Co. 7,344.64 California Rice 391.76 Confectionery and Soft Drinks Chin Fong Chin Po 8,565.21 Chin Fong Chin 5,000.00 121 FIFTH STREET Chin Fong 150.00 Chin Fong 3,170.00 Chin Fong 662.71 Proprietor Chin Fong 126.00 J. DAVIS PHONE 64-W Chin Fong 100.00 Colusa Machine Shop 945.49