Folder: S.F. Banks-San Francisco National.
Newscopy: "The big losers in the failure of the San Francisco National Bank will be holders of $15 million in certificates of deposit. Joseph W. Barr, chairman of the Federal Deposit Insurance Corp., made this disclosure today. He classified another $5 million, also in large accounts, as 'doubtful.' The Chairman of the FDIC, the government agency that insures bank accounts up to $10,000, expressed belief the San Francisco National became insolvent as a result of drawing upon corporations and institutions for large sums in too great proportions to its total resources. The federal agency has 40 of its own people working on the liquidation, augmented by 200 employed locally. Barr discussed the failure, first in the City in 50 years or more, following an extra ordinary Sunday meeting of the San Francisco Clearing House Association."
Negative #9.
