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GOVERNMENT TAKES ON PLEA DIRECTORS; PLAN RECEIVER to have been due to a heavy three day run by dethe First National Bank of Port Chicago, formerly Point, failed to open its doors this morning and was taken by Leo Shapirer, examiner for the comptroller of cur-
Depositors of the institution, it was said by officers of the became fearful as a result of the decision of the Bay Lumbr Company to abandon its Port Chicago plant, principal industry of the town for many years, and move to location. said that he would remain in charge of the bank receiver is appointed by the comptroller of the currency. supervision of the institution results from the bank a government charter.
Capitalized at $25,000 the bank failed to open this morning it was remeeting of directors resolution was adopted the government to assume of the institution. Moore, Pittsburg attorpresident of the bank, in Tuolomne county for days on business, and was to return to his home tonight. organized in 1919 capitalized at $25,000. of the instituion at the opening of the efforts were made to seto meet the withdrawal of depositors but it be. evident that sufficent ready could not be secured the continued withdrawals determined best to place institution in the government's
To Appoint Receiver remain in charge of until the comptroller of currency names receiver,' said this morning. do when that will be. was to the instituion as reof the directors adopting asking such action and heavy withwrawals Announcement of the impendabandonment of the Coos Bay Company's plant and its to an Oakland site infear among depositors of an official said of depositors three days ago. Every made to stop it through demands but the point eventually reached where money was exhausted.' Confidence Holds Businessmen of Port Chicago optimistic in spite of closing. They said that might have been avertsome word been forthcomfrom Armstrong Cork Comand Inc. definite date for starting of their projected $4, plants. would have supplied the confidence" business"There have been that the companies are not the plants here and that to the uneasiness. that Port Chicago itself in an industrial the bank's closing Van Winkle, presthe Chamber of Com- that he had checked the lineoleum compadecided not to build and received information that no conform the It was rumor. out in other that quarters seemed unlikely since companies have alrealy more than in of the sites. $283,000 Resources declared that the fact government has taken bank is "no deterrent revival. last report of M. Pacini, of the institution, showed resources of
PITTSBURGER ILL major operation was perupon Tom Croia of Pittsthe today county hospital Merrithew and Edmeads.
