The record-union., 1899-03-14
Yesterday Brought About No Change
for the Better.
A Large Crowd Gathered About the Com
merciaI, But II Did Not Open.
but One Banking Concern In the
City Now Doing Business
There Was a Slight Run on
That, but It Soon Subsided.

1hat, DuC IL SOOu 0upsAucus
SAN LUIS OBISPO, March 13.-The
bank situation here has not changed
for the better as yet. A large crowd
gathered about the Commercial Bank
this morning, but It did not open. Ire
Commercial has standing as follows:
Liabilities-Capital stock, S2OO,OUO; de-
posits, etc., SOL 800. Assets-Bills re-
ceivab ble $390,000; real estate, S5o,UUO.
stocks and bonds, $4,000; sundries,
$11 900.
President Venable, in speaking of his
bank this afternoon, said: There are
some people right here in this town
who are actually elated at seeing the
financial institutions being driven to
the wall l think it is uncertain as TO
when our bank will open again. 1t is
much better for the bank to go into
liquidation rather than force those who
are in debt to it to settle in full, as 1t
would only ruin them and do the bank
no good
J.P Andrews, President of the An
drews Banking Company, the only
bank that is now doing business here,
stated that there had been a slight run
on his place during the morning, but
it subsidized about = o'clock. He had
received many new deposits to-day, and
is confident that he will weather the
storm The outlook for business men
who had overdraftS on the closed bank
is a forerunner of more trouble. 1t Is
claimed by financiers here that if too
much pressure is brought in making
collections for the broken banks, sew
eral business houses may be forced to
suspend The town has never expert
enced such a panic before.
The affairs of the County Bank were
being looked into to-day by Bank Com
missioner Barrett and Secretary Dins-
more. and they also paid visit to the
Commercial Bank The Board of Di-
rectors of the latter institution held
meeting. at which the Commissioner
and his secretary were present, but
nothing developed except that the bank
would go into liquidation The WORK
of the Commissioner has not yet been
finished but the County Bank affairs
will be settled up before the CONNER
cial's affairs are investigated The
branches of the Commercial at Cam
bria, Paso Robles and Templeton are
closed.
ANOTHER BANK CLOSED.
TEMPLETON, March 13.-The Bank
of Templeton failed to open it's doors
to-day. There was posted on its doors
a notice, as fellows:
Owing to the suspension OF several
banks with whom we are connected,
the Boar of Directors has decided to
suspend business temporarily.
"A P. SEEMAN, Cashier
The bank has always been in good
condition, but the prospects of two dry
years in this region and the collapse
of all the other banks in the county
but one caused the local bank to close.
The officers of the bank claim that all
depositors will be paid in full Cashier
Seeman says the bank may possibly
open in ten days, but cannot say so
positively. If the bank had opened its
doors to-day as usual, there would have
been quite run, as many depositors
came in from the country to draw out
their money. The standing of the bank
cannot be ascertained at this time.
CITIZENS BANK OF PASO ROBLES.
PASO ROBLES, March 13.-The Citi-
zens' Bank failed to open its doors to-
day. The Citizens Bank is branch
of the Commercial Bank of San Luis
Obispo, which closed Saturday Much
excitement prevails. The following no.
tice has been posted on the Citizens
Bank:
LAS a measure of self-protection, and
for the protection of creditors of this
bank, it has been decided not to open
the doors until after the excitement
prevailing at present has subsided. BY
order of the Board of Directors.
"A. F. HORSTMAN, Secretary"
On Saturday this bank met all de-
mands, and was prepared to do so to-
day. but Bank Commissioner Barrett
advised a temporary closing, to avoid
business ruin. The officials state that
the resources are sufficient to meet all
obligations. The Bank Commissioners
will arrive this week, and will decide
to reopen or go into liquidation The
Templeton Bari k, a branch of the Cit
liens Bank, also closeo It's doors this
morning, to avoid a run. Financial
decrease. owing to drought, is the cause
of the failure.
The banks here were formerly pros
porous, but, owing to heavy loans on
real estate and crops, 1T is impossible
to realize Copious rains during the
next ten days will do much TO solve
the financial problem. 1t has been
stated that the Paso Robles bank will
reopen soon. The officials of this bank
will meet to-day.
MET ALL DEMANDS PROMPTLY.
SANTA MARIA. March 13.-Owing
to a supposed connection with San
Luis Obispo banks, a light run was
made on the Bank of Santa Maria on
Saturday and to-day The bank met
all demands promptly. and the furry
subsided. President Adams states that
the bank is a separate institution, and
full confidence is felt in it's conserva-
tive management.