The herald., 1893-06-23
READY FOR BUSINESS AGAIN,
The People Recover from Their
Financial Frenzy.
Ihp Surviving Banks All Right and
the others Ready TO Resume.
rhs SRst Los Angeles and broadway
Ranks TO Open in Day or Two.
Fstional Banks Awaiting
the Examiner.

W1bn bn6 CloSo vi yo0soAu"y SANSN SeA"
OF the most remarkable money panics
which has ever visited the United
States. Last Tuesday morning it came
as a flash from clear sky, and on that
day and Wednesday history was made
very rapidly in Los Angeles. A large pro-
portion of the people seemed to become
bereft of reason and only actuated by a
mad desire TO recover all the money they
had ON deposit. One bank after another
was compelled to close its doors, and
still the run went ON. The people
seemed endowed with the purpose OF
breaking every bank in town. The run
"a the Los Angeles National WAS excep-
tsDnally severe, but the courageous way
in which II was met, and the invitation
to come on and draw out, eventually had
it's effect. Depositors began to see THAI
they were acting in senseless way,
and as they obtained control OF their
Judgment feeling OF security, inter
spersed with shame. took possession OF
them and they gradually ceased their
demands.
Bv | o'clock yesterday the business ut
the different banks was OF the usual
nature, the ecare was over, and quiet
ness once more regned in the streets OF
the city.
THE LOS ANGELES NATIONAL.
At 10 O'Clock yesterday the heavy
doors of the Los Angeles National swung
open as they have done during previous
years, the clerks were at their different
places, and there was no evidence in the
interior at least that for two days before
nearly hall million dollars had been
paid out and that a string OF anxious,
half-frightened depositors were still in-
tent on getting more.
Major Bonebrake appeared in the
doorway and with confident smile on
his face said that the Los Angeles bank
was still on top and intended to stay
there. It's closing days would only be
Sundays aud holidays. The seekers
after coin then entered the bank and re-
ceived their money under the same rules
that were adopted yesterday. There
were others who entered the bank all
through the morning, but their business
WAS done at different window and it's
object was depositing, not withdrawing.
The string of people ION the run" began
soon to lessen in numbers and by one
U ClOCk bu0 run Whb ONOIs AoNi4k OtCh
pluckily and irresistsbly fought down
by the able management Of Major Bone
brake. Many were the warm pressares
OF the hand and congratulations which
be received, and the number OF his
friends In this city has been increased
fourfold.
The Major said, yesterday: "We are
still here, you ace, and we inJend to re-
main here. We have received large
amounts of coin from the north, and
s35 900 came recently which we will not
need. On Wednesday, Notwithstanding
the immense amount OF money with
drawn from US, our deposits exceeded it
by over $1,000, and today they are away
ahead. We have paid cut eyer $400. .000
in coin, and the strain on, all OF US has
been iearful. l would ! not want to un-
dergo it again." Aud the major gave a
sigh OF relief as he glanced toward the
paying teller's window, where single
man was just then standing.
He also stated that he owned 100000
stock in the State Loan and Trust com.
pany, and would have pledged that ioi
funds to support the Los Angeles Ma
tional ii it had become necessary.
THE FIRST NATIONAL.
The state OF affairs at the First Ma.
tional bank were much the same at
yesterday. Large amounts of coin were
received during the day and the clerks
were busily engaged getting matters in
shape for the national bank examiner
who has been ordered here by the comp
troller OF currency at Washington, and
whose arrival is momentarily expected
''Several plans" said Mr.. Elliott
shave been considered by the directors
and friends OF the bank to put it on itt
feet, but no one can be definitely de-
cided upon until after the examiners
inspection and report. Several citizens
who are not even customerB OF the bank
have offered to arrange guarantee
fund, by which all liabilities to depos.
itors will be covered. While many o.
the depositora have expressed willing.
ness to subscribe an increase to the cap
ital stock of the bank and raise it tC
$1,000,000, besides which several of oul
largest depositors are willing to put
their money in the bank when it again
opens. l think one of these plans MAY
be adopted, and that the bank will bt
open for business within very shor
time.
''The examiner was here only two
months ago and he knows the condition
of the bank at that time. ! do no
think it will take him long to make hi
examination this time"
A statement made by President Eli
oft shows that the bank has nearly
$500, 900 assets over liabilities.
THE CITY BANK.
Nothing new whatever is reported il
matters concerning the City bank. Th
receiver, Mr.. Otto Brodtbeck, said yes
terdsy that he was still hard st work ol
the list and could make no report what
ever. The report will probably b.
ready within few days, and the depos
itors will receive dollar for dollar of thei
money.
BANK OF AMERICA.
The Bank Of America received 500,
600 in coin yesterday and there is NOR
on the road. 1t is in prime condition t
meet all demands, and its patrons rea
ize this fact, and their confidence
shown by the few demands upon it dui
ing the excitement OF the past few days
The money it received from the mort
WAS not needed and was at the close {
business still intact in the sacks.
SOUTHERN CALIFORNIA NATIONAL.
The officials and clerks of the South
ern California National were busy q
work behind the closed doors and cul
tanned windows OF the institution, The
are patiently waiting the appearance
Bank Examiner W. W. Wightms
L