1.
March 12, 1899
Richmond Dispatch
Richmond, VA
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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.
2.
March 12, 1899
The Salt Lake Herald
Salt Lake City, UT
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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.
3.
March 12, 1899
Virginian-Pilot
Norfolk, VA
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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, 1899
The Daily Morning Astorian
Astoria, OR
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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, 1899
The Salt Lake Herald
Salt Lake City, UT
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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.
6.
March 12, 1899
The Morning News
Savannah, GA
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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.
7.
March 13, 1899
The San Francisco Call
San Francisco, CA
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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.
8.
March 13, 1899
The Providence News
Providence, RI
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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.
9.
March 15, 1899
Watertown Republican
Watertown, WI
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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.
10.
March 16, 1899
The San Francisco Call
San Francisco, CA
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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."
11.
March 28, 1899
The Record-Union
Sacramento, CA
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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.
12.
April 5, 1899
The San Francisco Call
San Francisco, CA
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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.