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An Ontario Bank Closed. ONTARIO, June 22.-The Citizens' bank closed doors this morning. There was no run, but quiet withdrawals by large depositore. A meeting of stockholders and depositors will be held July 6th. The statement May 1st showed: Deposits, $178,889.54 loans, $123,082.05; total resources, $209,867.15. The bank expecta to resume and pay depositors in full.
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FAILURE AT SAN DIEGO. SAN DIEGO, Cal., June 22.-The Bank of Commerce closed its doors this morning. A notice on the door stated that the bank was temporarily closed and that depositors would be paid in full. CITIZENS' BANK CLOSES ITS DOORS. ONTARIO, Cal., June 22.-The Citizens' Bank closed its doors this morning. The statement shows that the resources greatly exceed the liabilities. RECEIVER FOR IRON WORKS. ANDERSON, Ind., June 22.-A receiver was today appointed for the Anderson iron and bolt company. The liabilities are $34,000, and the estimated assets $30,000. CONTRACTORS WRECKED. BOSTON, June 2.-Crosby & Noyes, contractors and builders, and Benning C. Noyes & Co., furniture manufacturers, made an assignment today. UNABLE TO MEET CONTRACTS. NEW YORK, June 22.-D. Meid White, of the consolidated stock exchange, announced his inability to meet contracts.
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DEPOSITORS WILL I O S E NOTHING. The Directors of the Pacific Bank Decided to Close Its Doors Temporarily. SAN FRANCISCO, June 23.-The board of directors of the Pacific Bank decided not to open the doors this morning. The direct cause of the suspension is a notice from the clearing house association that the bank's paper would not be accepted hereafter. It has been known for some time that the bank was laboring under financial difficulties, and the announcement of the action of the board does not create great surprise. The Pacific Bank was organized in 1863 by R. H. McDonald, and its present manager is R. H. McDonald, jr. It has a paid-up capital stock of $1.000,000, a nominal reserve of about $700.000 and deposits of about $1,500,000. ACcording to a recent official report. Its loans and discounts are said to be about $2,500,000. The failure seems to be altogether due to the recent monetary troubles and it is expected the depositors will lose nothing. Manager McDonald says the bank will resume business in a short timeand that the suspension is resorted to that the bank may realize from its assets and protect itself from a sudden run by depositors. It may be that the closing down of the Pacific Bank will result in the suspension of the People's Home Savings Bank, a collateral institution, under practically the same management. It has a guaranteed capital stock of $1,000,000, of which one-third is paid up in cash. According to a recent statement of the People's Bank it has total deposits of $1,700,000. The outlook this morning was that there seemed to be no reason to apprehend that the suspension of these institutions would precipitate a run on other banks. The leading institutions were said to be well fortified and prepared to meet any ordinary emergency. Manager McDonald said he expected a run would be made today on the People's Home Savings Bank, but that the bank officials would take advantage of the law. which allows savings banks to defer payment ten. thirty and sixty days. The institution is perfectly solvent, he says, and in this inanner hopes to tide over the present emergency. Later-The People's Savings Bank has failed. ASSETS MUCH LARGER THAN LIABILITIES. SEATTLE, WASH., June 23.-A special from New Whatcomb, Wash., says the First National Bank closed its doors at noon yesterday. Inability to realize on its securities is the cause given for suspension. The bank's officials state that their assets are double their liabilities and that depositors will be paid in full. The bank examiner will be here in a few days. Depositors feel confident that they will receive one hundred cents on the dollar. There is no excitement and the suspension did not precipitate runs on the other banks. ONTARIO CAL., June 23.-The Citizens' Bank closed its doors yesterday. The statement shows that the resources greatly exceed the liabilities.
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PACIFIC COAST BANKS GO UNDER. FAILURES OF IMPORTANT INSTITUTIONS IN SAN FRANCISCO-A BANK IN WASHINGTON CLOSED. San Francisco, June 23.-At a meeting of the dlrectors of the Pacific Bank of San Francisco held last night It was decided not to open their doors this morning. In a statement Issued by their vice-prestdent, the liabilities. outside of capital stock and surplus, are placed at $1,630,000 assets, If properly handled, will reach $2,000,000. The direct cause of the suspension is notice from the Clearing House Association that the bank's paper would not be accepted hereafter. It has been known for some time that the bank was laboring under financial difficulties and the announcement of the action of the Board does not create great surprise. The Pacific Bank was organized in 1863 by R. 11. McDonald, and its present manager Is R. 11. McDonald, jr. It has a paid-up capital stock of a million dellars, a nominal reserve of about $700,000 and deposits of about a million and a half, according to a recent official report. Its loans and discounts are said to be about two and a half million. The failure seems to be altogether due to the recent monetary troubles and It is expected the depositors will lose nothing. Manager MeDonald says that the bank will resume business In a short time and that the suspension is resorted to that the bank may realize from its assets and protect Itself from a sudden run by depositors. The closing down of the Pacific Bank resulted in the suspension of the People's Home Savings Bank, a collateral institution under practically the same management. It has a guaranteed capital stock of $1,000,000, of which one-third is paid up In cash. According to a recent statement of the People's Bank It has total deposits of $1,700,000. On the door of the People's Home Savings Bank was the following notice: "Bank closed temporarily in order to protect depositors and give time to collect on securities. We have sufficient assets, more than our liabilities." The president, Columbas Warehouse, last night deeded all his property to the People's Bank that they might raise money on it to title them over the crisis, This property is far in excess of all liabilities of the bank. Failure to realize on the securities was the immediate cause of the temporary suspension. The directors of the bank have ordered the regular dividend to be paid July 1. The stock dividend will be withheld. There was a little flurry around the San Francisco Savings Union when it opened. but this soon subsided. The feeling is that all the commercial banks are on a secure footing. The presidents of many of them express themselves as glad that the crisis has arrived that they may show their strength. Ontario, Cal. June 23.-The Citizens' Bank closed its doors yesterday. The statement shows that the resources greatly exceed the liabilities. Seattle, Wash., Jane 23.-A dispatch from New Whateom, Wash., says that the First National Bank closed its doors at noon yesterday. Inability to realize on Its securities is the cause given for suspension. The bank's officials state their assets are double their liabilities, and that depositors will be paid in full. The bank examiner will be here In a few days. Depositors feel confident that they will receive 100 cents on the dollar. There Is no excitement, and the suspension did not precipitate runs on the other banks.
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LOOKS MUCH BETTER There Is an Easier Feeling Manifested in Wall Street. Nevertheless the Depression Is Such That Many Mercantile Concerns Have Gone Under. Special to THE MORNING CALL. NEW YORK, June 28.-Bankers reported an easier condition in the money market this morning. There were no extraordinary shipments, and the only thing which was noticed out of the ordinary was the large number of demands for rediscounts from all over the country. The Clearing-house loan committee issued $1,330,000 of certificates, making the total amount issued $6,360,000. The subtreasury transferred $115,000 to San Francisco by telegraph in return for gold deposited. The free gold in the treasury to-day is just $96,000,000. There is much talk in Wail street as to the reasons which have prevented the President calling Congress together immediately. An intimate friend of the Secretary of the Treasury, in conversation with a reporter, said that according to Carlisle a canvass of the members of Congress two months ago on behalf of Cleveland resulted in learning that there was a majority in the House in favor of the repeal of the Sherman law, but in the Senate there was a majority of twenty the other way. It was believed, however, that enough Senators, eleven at least, could be converted before September so as to enable the repeal of the measure to pass the upper House. C. P. Huntington said this afternoon that he had not sold $10,000,000 or any other amount of bonds abroad. He sold some small lots in New York-odds and ends, so to speak. The present is no time to sell bonds. CLEVELAND, June 28.-On account of the great depression in trade, one after another of the great iron mines in the upper Michigan peninsula are shutting down indefinitely. These mines employ thousands of men, and practically are the sole support of whole towns in the peninsula. A protracted cessation of work is bound to result in widespread suffering. It will also have a very bad effect on vessels in the ore-carrying trade. PHILADELPHIA, June 28.-The depressing effect on the present condition of the cotton trade is making itself felt in Frankford and Kensington. The managers of mills are trying to avert the suspension of the entire plant by laying off the employes of one room at one time, hoping that trade will take a boom, but two large plants in Frankford have finally decided to shut down one month at least; and the others in Kensington; it is rumored, will soon follow example. The mills first to succumb are the Calcutta and Berkshire, both operated by the Berkshire Mill Company and employing 600 hands. BEDFORD, Ind., June 28.-The Bedford Stone Quarries Company, the largest producers of eolitic limestone in the world, have made an assignment to William L. Brewogle, one of the company's largest creditors. Inability to realize in time to meet maturing obligations is given as the cause. A bond of $400,000 is required. LOCKHAVEN, Pa., June 28.-The State Bank of Lockhaven has gone into liquidation. ONTARIO, Cal., June 28.-AttorneyGeneral Hart and Commissioners Gerberding and Dunsmore examined the Citizens' Bank to-day and found it perfectly solvent. It will open for business to-morrow. SIOUX CITY, June 28.-The failure of the Union Trust Company was announced to-day. The liabilities are $350,000 and assets $450,000. The stock is largely held in New Hampshire. It is stated that the obligations can be fully satisfied from the assets.