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FRISCO BANK SUSPENDS. San Francisco, Nov. 6.-The Citizens' State bank, a minor institution on Fillmore street, suspended-payment to-day. The State Bank has been clearing through the Western National bank, and has had to pay out its gold instead of getting along during the panic on a paper basis like the other banks. The cashier of the bank said to-day that it would haveto realize on its securities before reopening.
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Frisco Bank Suspends. SAN FRANCISCO, Nov. 7.-The Citizens' State bank, a minor institution on Fillmore street, has suspended payment.
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CITIZENS STATE BANK OF SAN. FRANCISCO IS CLOSED By Associated Press. SAN FRANCISCO, Nov. 6.-The Citizens state bank, one of the small financial institutions of San Francisco, closed its doors today and announced through its president and principal stockholder, R. E. Ragland, that the bank has resigned from the clearing house and had decided to suspend business until the holidays declared by Governor Gillett had passed. He also declared the institution was sound and would be able to meet all its obligations if given a little time. The liabilities of the bank, according to President Ragland, are $91,000, and he placed its resources at $140,000. At the close of business on July 31 last the report made by the bank showed resources of $198,315.17. Its liabilities at that time in the form of deposits were given at $135,870.81. President Ragland said: "In justice to the bank I found it necessary to close the doors of the institution during the continuance of the holidays. I found with our money going out at the rate it was on demand that unless conditions changed for the better we would be seriously embarrassed. We are perfectly sound and if given two weeks will be able to meet all liabilities we have outstanding." The bank resigned from the Clearing House association at the close of business last Monda afternoon. Bankers throughout the city today reported a decided improvement in the financial situation. Growing confidence was apparent and the banking business was more brisk. The subtreasury was authorized to cash checks and drafts drawn upon other subtreasuries until further orders, provided that it is shown that the banks collecting the checks or drafts are responsible. The Clearing House association held a meeting this afternoon and decided to at once issue $500,000 in clearing house certificates of the denomination of $1. This, it is believed, will be greatly in aid of the small retail business while the present currency stringency lasts.
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FOREIGN NEWS BY CABLE SAN FRANCISCO, Nov. 7-The Citizens State Bank has suspended payment temporarily. The clearing house here has issued five hundred thousand one-dollar cert ficates to help tide over the scarcity of coin.
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CALIFORNIA SITUATION SHOWS IMPROVEMENT Suspended San Francisco Bank Expoets to Re-open-Money Supply Increasing. San Francisco, Nov. 7.-A decided improvement was experienced today in financial circles, Money was more plentiful than it has been for the last five days. Another flood of gold was turned into the city from the subtreasury today. $830,000 being paid out before noon. This large sum came from New York and nine-tenths of it was for banks in this city. The rest, in small amounts. went to banks in Stockton, Sacramento, Oakland. Everett, Wyo., and Ogden. Utah. The officers of the California Safe and Trust company conferred with Bank Commisioner Garoutte today. but would give out no statement. The impression prevailed that the institution will soon re-open. The Citizens State Bank. which closed its doors wasterday, expects to re-open on Monday.
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Frisco Bank Fails. San Francisco, Nov. 7.-The Citi. zens' State bank, a minor Institution on Fillmore street, suspended pay. ment.
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CITIZENS STATE BANK MAY REOPEN IN GOOD CONDITION By Associated Press. SAN FRANCISCO, Nov. 8.-President Ragland of the suspended Citizens State bank said today that the bank was securing from all its depositors stipulations to accept two, four and six months' time certificates for their deposits. By this means, he said, the bank hoped to tide over the difficulty and to reopen in better shape than ever. Members of the bank commission express confidence in the ability of the institution to resume. The commission's expert, C. H. Dunsmoor, is still working on the accounts of the California Safe Deposit and Trust company. The commissioners will continue in charge of affairs of the bank, until the officials are prepared to reopen the dors. More than half a million dollars came to the city this morning for distribution through the subtreasury. More is expected before the subtreasury closes tonigh. The general sentiment in local banking circles continues optimistic and conditions are expected to soon become normal.
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Stocks Slowly Rising. Notable advances were made by the active shares of the stock during the week, today's financial sales showing higher prices as follows: Union Pacific, 21/2; United States Steel 1½, the preferred 23/4; Reading, 41/8; Pennsylvania, 4%; Northern Pacific, 1%; New York Central, 2%; Missouri Pacific, 1½; Great Northern, 21/4; St. Paul, 27, and American Sugar, 3. SOUND TO THE CORE. California Safe Deposit & Trust Co. Will Shortly Resume. San Fhrancsico, Nov. 9.-One-third of the depositors of the Citizens' State bank, the institution which took advantage of the bank holidays to suspend business temporarily, have already made stipulations to accept two, four and six months' time certificates for their deposits. President Ragland of the bank states that all the depositors accepted this method of placing the bank in good condition without protest or complaint. He further states that in another week the bank will be able to open in sound condition. J. Calvin Ewing, secretary of the bank commission, stated this morning that if the California Safe Deposit & Trust company resumes business the commission will issue no report on its condition beyond stating that it has complied with the provisions of the law and is in sound financial condition. The officers of the bank reiterate their intention of opening their doors within a short time. Gold to the total amount of $540,000 was transferred to the banks of this city from the east through the sub-treasury today. Ninety thousand $1 clearing house certificates were issued to the commercial banks this morning. It is the intention of the clearing house committee to issue also certificates for $2. The issuance of the $1 and $2 certificates will increase the total output of clearing house paper by several hundred thousand dollars.
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BANKER KILLS HIMSELF. Branch Manager of California Trust Blows Out Brains. San Francisco, Dec. 11.--T. Otway Sadleir, manager of the West End branch of the defunct California Safe Deposit and Trust Company, blew out his brains last night while locked in his office, at No. 1531 Devisadero street. No explanation has yet been made of his accounts, but it is known that he was heavily involved personally in the failure. Ever since it was known that the bank could not survive he has been greatly depressed. Sadleir was one of J. Dalzell Brown's most confidential employes and had full executive authority of the West End branch, of which he was made manager some time ago. When Brown was arrested Sadleir was present and tried vainly to prevent the police from taking his superior to prison. So far as the investigation of the Depositors' Association had gone, nothing improper had been discovered in Sadleir's direction of the affairs of the Western addition bank, and no charges had been made against him. Brown said that it was not personal loss or any act as an employee of the bank that caused Sadleir to commit suicide. Sadleir was Brown's most intimate friend for many years. He went to South Africa and fought on the British side during the Boer war. He called on Brown last night, and because of his failure to procure bonds for Brown was much depressed. He had promised Brown's invalid wife that he would take Brown home last night. When he failed in this he seems to have gone to the branch bank to kill himself. Some of the securities of the Ellen M. Colton estate which disappeared from the California Safe Deposit and Trust Company, it is said, resulting in the arrest of its officials, were sold through a local broker, according to a statement made to-day by E. J. Truman, vice-president of the Citizens' Bank. Truman said it was his opinion that most of the missing securities would be found in New York. With $5,000 in cash in vaults and owing approximately $90,000 to depositors, Judge Garoutt to-day took charge of the assets of the Citizens' State Bank for the State Bank Commissioners. R. E. Ragland is president and principal stockholder. The institution took advantage of the holiday, and suspended paying about three weeks ago. Its principal assets are notes for $90,000.
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STATE TAKES CHARGE OF BUSTED SAVINGS BANK San Francisco, Dec. 11.-With $5,000 in cash in its vaults and owing approximately $90,000 to depositors, Judge Gaurot today took charge of the assets of the Citizens' State bank for the state bank commissioners. R. E. Ragland is president and principal stockholder in the bank, which is located on Filmore street. The institution took advantage of the holiday and suspended paying about three weeks ago, Its principal assets are notes for $90,000.
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Outlook for Creditors Is Poor. San Francisco, Dec. 12.-With $5,000 in cash in its vaults and owing $90,000 to depositors, Judge Garoutt on Wednesday took charge of the assets of the Citizens' state bank for the state bank commissioners. R. E. Ragland is president, and principal stockholder in the bank. The institution suspended payment about three weeks ago. Its principal assets are notes for $90,000.
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Court Takes Charge of Assets. San Francisco, Cal.-With $5000 in cash in its vaults and owing approximately $90,000 to depositors, Judge Garoutt has taken charge of the assets of the Citizens' state bank for the state bank commissioners. R E. Ragland is president and principal stockholder in the bank. The institution took advantage of the holiday and three and suspended paying about weeks ago. Its principal assets are notes for $90,000.
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Had Only $5000 In Vaults. San Francisco, Dec. 12.-With $5000 in cash in the vaults and owing approximately $90,000 to depositors, Judge Garoutt took charge of the assets of 'the Citizen's State bank for the state bank commissioners. The institution took advantage of the holiday and suspended paying about three weeks ago. Its principal assets are notes for $90,000.
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Receiver Named for Bank By Associated Press. SAN FRANCISCO, Feb. 3.-Frank J. Symmes, president of the Merchants association, was appointed receiver of the Citizens State bank by Judge Seawell this morning with bonds placed at $50,000.
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CITIZEN'S BANK HAS RECEIVER SAN FRANCISCO, Feb. 4.-Frank J. Symes, president of the Merchants' Association, was appointed receiver of the Citizens' State Bank by Judge Sewell this morning, with bonds placed at $50,000. The State bank commissioners, through Attorney General U. S. Webb brought suit to have the bank declared insolvent, and judgment was given to that effect today. This includes a restraining order directed against the officials and employers of the bank, who must not interfere with its affairs.
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LATE FRISCO BANKER a Gets Six Months For Scaring Depositor. San Francisco, Feb. 15.-R. E. Ragland, president of the Citizens State Bank, recently suspended, was sentenced today by Police Judge Conlan to six month in jail for exhibiting a revolver in a rude and threatening manner to J. Pomansky, a depositor in the bank who sought to recover his money.
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BANKER GOES TO PRISON San Francisco, Feb. 17.-R. E. Ragland, president of the Citizens' State bank, which recently suspended, was sentenced by Police Judge Conlan to six months' imprisonment for exhibiting a revolver in a "rude and threatening manner" to J. Pomansky, a depositor in the bank, who sought to recover his money. An additional sentence of three months' imprisonment was imposed on the banker for carrying a concealed weapon. Ragland's attorney gave notice of an appeal.
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BANKER GOES TO PRISON San Francisco, Feb. 17.-R. E. Ragland, president of the Citizens' State bank, which recently suspended, was sentenced by Police Judge Conlan to six months' imprisonment for exhibiting a revolver in a "rude and threatening manner" to J. Pomansky, a depositor in the bank, who sought to recover his money. An additional sentence of three months' imprisonment was imposed on the banker for carrying a concealed weapon. Ragland's attorney gave notice of an appeal.
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CITIZENS' STATE BANK DECLARES A DIVIDEND Receiver Issues Checks to Depositors Amounting to $9,000 The Citizens' state bank is the first of the San Francisco banks that went into liquidation to pay a dividend to its depositors and creditors. A 10 per cent dividend was declared. Checks were mailed yesterday to every holder of an approved claim against the bank. The total amount to be paid is $9,000. The condition of the books of the bank has made it exceedingly difficult for the receiver to collect many of the loans, as they were made without security. A license to conduct a banking business was granted to Kamikawa brothers of Fresno by the bank commissioners yesterday afternoon. The new bank will open the first of the month with a capital stock of $50,000, $25,000 of which has already been subscribed and paid in. The officers of the new bank are: R. Kamikawa, president; K. Kamikawa, vice president; M. Kamikawa, cashier; K. Eezina, secretary.
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THESE DOORS ARE SIDE OF HOUSE Peculiar Situation Proves Problem That Is Solved by Court The old riddle of the sphinx, "When is a door not a door?" has acquired a new solution in San Francisco banking circles. The fresh answer is, "When it is the side of a house." The definition received its first production in the controversy that recently arose between William ,Wilson, owner of the Wilson building in Montgomery street, and the Washington commercial bank, an institution which followed the fortunes of the defunct Citizens' state bank, which went into the hands of a receiver under the presidency of R. E. Ragland. The Citizens' state bank was a tenant of Wilson in the building at 125 Montgomery street. When the Ragland bank opened in the Wilson building it constructed a safe deposit vault in the rear of the office. It rented the premises to the Washington commercial bank and made over property rights in the safe deposit vault and boxes. Later the Washington commercial bank sublet its place to the Edwards-Brewster-Clover company. According to L. B. Edwards, presi-
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SEAWELL APPOINTS SYMMES RECEIVER Merchant and Banker to Manage Safe Deposit Affairs Under $1,000,000 Bond Temporary Assistant Blandin Loses His Position and Re= ceives Reprimand Frank F. Symmes, merchant and banker, was appointed receiver of the California safe deposit and trust company by Judge Seawell yesterday under a $1,000,000 bond, in place of the late E. J. le Breton. Symmes is also receiver of the Citizens' state bank, to which position he was appointed by Judge Seawell two years ago. The liquidation of that institution is about completed, however. Symmes was not able to make arrangements for his bond yesterday, but expects to be able to do so today. In announcing the appointment of Symmes Judge Seawell said it had been suggested to him that he should appoint a temporary receiver, but after consulting the law he found he had no power to do so. Symmes is, therefore, receiver of the bank in the same sense that Le Breton was. In speaking of his policy as receiver Symmes said: "I shall, of course, do the best I can for the depositors. As to the rehabilitation scheme, if the interests behind that project show they are in a position to carry it out I think they should be given an opportunity to do so. I have not made any investigation of what the rehabilitators propose doing, and I do not know if their plan is feasible. But as a general thing it may be said that a receivership is a long and expensive proceeding, and if there is any way of ending it with benefit to the depositors it should be done." Charles F. Blandin lasted but one short day as "temporary assistant to the receiver" of the bank. When Judge Seawell read in The Call yesterday that he had appointed Blandin to that anomalous position he was the most surprised man in San Francisco. Upon reaching the Grant building the judge immediately called for the order and wrote across its face: "Above order is set aside. J. M. Seawell, judge. Dated March 24. 1910." Judge Seawell explained that Blandin had presented the order as one giving him permission to intervene and reprimanded Blandin.