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A Bank Failure. 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.
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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.
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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.
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Bank of Paso Robles Closed. Paso Robles, Cal,, March 11.-The Bank of Paso Robles did not open its doors today. The closing 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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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.
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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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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.
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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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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."
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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.
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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.