New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-24
PACIFIC COAST BANKS GO UNDER.
FAILURES OF IMPORTANT IN'IIrUTIoSs ~ SAN

FAILURES OF IMPORTANT INsT1TUTI0NS IL SAN
FRANCISCAN EANK ~ WASHINGTON CLOSED.
San Francisco. Jun" o3.-At 4 meeting Of the d.
roctors Of the Pac1 Bank Of san Francisco held last
night II was decided not 10 opcn their doors this
morning. In q statement issued By their yiceprcsi
dent, the liabilities. outside Of capital stock and
surplus arr placed ~ 81 $50 900. assets n properly
handled will reach 80 .OOo.DO0 The direct cause Of
the suspension Is notice from the Clearing House
Association that the banks paper would not h. nc
ccptcd hereafter. II has been known for some time
tat the bark lai1r1ng under financial difficulties
and the OF the action 81 the Board does
not create great surprise. The Pacific Bank
gained IN I5G3 Iy X. II. Mcdonald. and is present
manager IS II. II. Mcdonald. jr. II has u pad-up
capital stock Of million dollars. nominal reserve
OF about 500 900 and deposits OF about million and
half. according to "A recent of.cnl report. Its
loans and discounts said to 10 alout two and "A
half million The failure seems TO De- altogether due
to the recent monetary troubles and IT (, expected
the dcp6stOrs will lose nothing. Manager Ne
Donald says that tho Dank will resume business III n
short time and that The suspension rcsoricd 10 Tint
the bank may realize from It's asst t. and protect ls'f
from sudden ran by dcpOsltors.
The closing down Of the Pacific Bank resulted In
the suspension Of the rcop,'s Home savings sank,
Il collateral institution under practically the same
management. 1t has II guaranteed capital stock Of
~, 900, 900. Of which onctlrd 1, paid mp In cash.
According TO recent statement Of the Peoples Bank
1t has total deposits OF 100000.
On the door Of the Peoples Home Savings Bank
was the following notice:
Bank closed temporarily in order 10 protect
dcpOstOrs and give time 10 collect on securities We
have sufficient assets, than liabilities
The president, Columbus Warchons,. last night
dccd'd al his propriy 10 the Peoples Bank that they
might RAISE money on II - Tile them over the crisis.
This property far In OF all Hablitir, of TIC
bank. Failure to realize the securities the
Immediate 81 the temporary susp nsioV. The
directors OF the bank have ordered the regular
dividend 10 be paid July /. The stock dividend VIII
be withheld.
There a little furry around the san Francisco
savings Union when 1t opened. bu TIL, subsidized.
Tho feeling i that all the commercial banks are on
"A secure footing. The presidents Of many OF them
cxprSs themselves glad that the crisis arri, ed
that they may show their strength.
ontario, Cal. June 2:I-rhc Citizens Bank closed
its doors yesterday. The statement shows that The
resources greatly exceed tho liabilities
seattle, Wash. jane ia dispatch from New
Wbatcom, Wash, says that the fist National ianl,
closed lis doors nj noon yesterday. Inability 10
realize It's securities Is the given for ,pcn-
sion. The banks Official, state their assets are double
their liabilities and that dcpositors Will b. paid In
| full. The bank examiner will be- here I'm n lew days
DcposOrs feel confident that they will receive 100
cents the dollar. There IS excitement and the
suspension did not prccipitac the other banks