Daily Los Angeles herald., 1878-09-03
SugfIfs Aerala.
{Fson shs evening E1press.)
Nkx1u1oUs RIE0E OF BUSINESS.


~ business men are now sign
clearly-sxpressed paper de-
Hofoe aslnfhmous and unfound-
- covert and insldious attacks
have recently been made by
oonsIble parties on the Farm
&od Nerohants' Bank Of this
ond setting forth their entire
1nob1fCit confidence in the
ninons Of that bank and in the
He1al integrity of Its manage
nk Knowing well the motives |
>o postiss who have instituted
onemoful crusade against |
~ our most substantial finan.
luetlfutions. we believed that
m ollusIon to It could only give
NY to attacks which in them
I1co possessed not the slightest
nit and which derived their ori-
altogsther from personal anil
1ity. For some time past the
S56eN Ero, = paper published In
nn Traneisco by J. M. Bassett,
0nerly Of this city, has been full
olnating the grossest attacks
lon66 fhe Farmers' and Merchants
Snk. Tue fact that paper in San
<anoIsco should consider itself
He'd upon venomeusly
@1161olso financial Institution
r Iles Angeles would be suspicious
fitsolf. But when we consider that
3 leoett has personal feud with
~ Presldent OF that institution,
- that he long since wrote to
1l1ieo here that he intended to
pno him regardless Of conse-
nsoa, Ws can readily estimate
~ mueh respect ought to be paid
6 hlo criticisms. In the face OF
- attacks upon the soundness
- tie FaSmers' and Merchants
nnk. Wo have the sworn state
nont Of the President, made on the
u 81 July, and verified as correct
" committee Of the Directors,
Whlah shows the bank to be in al
= ,oot an exceptional condition OF
1Enancjal health. This statement
1kovs that the bank had at that
lite 8 cash balance to its credit
a o1sl, SIS. so, and other assets dis
.slbutsd 90 follows: Loans and dis
osonts, $s26, 42O. 80; bonds and war
ksnts, 35,974. SO; real estate taken
n foreolosure, $1l,5l8.7O; and bank
kulldlng, vaults and fixtures,
salusd 1t $26.6l4.sO. We thus have
!. SSoh and assets to the amount OF
ii. .o6s. .o45.sl. The total amount
6us deposItors is $501, 1856. 46. Here
- have bank the assets OF which
oore than double Its deposits,
ana with cash on hand amounting
Is over one-third Of the total
! ~ its liabilities to depositors,
end yet there are persons so
reckless and criminal as to
~ 10 raise panic on the score
that III condition is not a safe one,
financially considered. Why, un-
les its affairs had been conducted
without the slightest regard to bu-
q siness principles the bank is one Of
the safest In the country. Its $685.
COO OF loans and discounts, even ad-
mltting 40 extremely large shrink
ago 10 property values, must be
alone more than ample security
for the deposits. The people here
know full well that if the man
aeers of this bank from the start
have been distinguished for any
trait more than another, it has
r been for business acumen, a
complete knowledge of property
values and familiarity with the re-
& spOnsibility Of the men dealing
with them. They have carried on
banking on business principles, and
not made 1t the play thing of senti-
mentality. We know of no Wild
speculations In which any OF Its
managers have engaged, and had
ohey done SO the fact could not
have been concealed Ithas never
been the focus Of visionary pro)ec-
tors or the backer Of the Mulberry
Sellers, tribe, and the shrewd BUSH
ness men of this community are
satisfied that rs email percentage
of worthless paper will be found
in its assets as can be shown IN
those Of any other bank in the
State. With the sworn statement
" the Farmers' and Merchants
Bank before US, and with our
knowledge OF the business capacity
Of it's management, We do not hesl-
tate to say that II money deposited
In 1t IL not safe, 1t Is not safe in any
financIal institution in the United
States. We are only astonished at
the very large amount of cash 1t
carries. But 1t has probably
done this simply to guard
Itself against any possible result
from the vicious attacks made upon
ft by parties who have nothing to
lose by injuring this community.
Every business maL in Los Ange-.
! les has an interest in sustaining
the bank against the insidious as
saults Of its enemies. The credit OF