The morning call., 1893-06-15
DID NOT EXPECT 1T.
Sudden Collapse of One of the
Banks at Riverside.
The President Knew Not What Was
Coming, While the Manager
Went for Assistance.
Special to THE MORNING CALI.

RIVERSIDE, Cal. June lathe doors of
the Riverside Banking Company failed to
open at the usual hour this morning. The
following sign was displayed on the door ::
This bank is closed under instructions
Depositors will be paid
Further details of the closing of the
doors of the Riverside Banking Company
are to the effect that a statement is to
be issued Immediately. The exact cause
of the failure is not yet known. No
assignment has been made. The deposi-
tors are clamoring for their money. but
the amount due them is not known. All
the banks officials turn deaf ear to all
inquiries.
Late last night no statement had been
issued by the SUSPENDED bank of the
Riverside Banking Company, and cor
rect details are still not to be OBJ
tained. 1t Is thought. however, that
the deposits amount to over $640, 500. The
principal deposition is a. Keith, the banks
president, who, it is SAID, had $4,000 in
the vaults. and knew nothing Of the co..
lapse beforehand. At meeting of the
directors, early this morning, they de-
eided that the bank was unable TO con-
tinue business under existing conditions
There was run on the collapsed bank last
February, but all demands were promptly
met The annual statement of the bank
on January 1 showed the total assets to be
81. GOO; total deposits, S641 .0C0. II is
alleged that speculation was the cause of
the failure, but the facts will be known
soon. The president of the bank gives 8
the reason of the failure the intense hard
times and the fact that the bank had been
carrying orange growers too long.
Cotton, June 14.-The marble works on
Slower Mountain closed to-day. The works
were operated by the Uren Company,
which is supposed to have been backed by
the Riverside Banking Company. The
workmen were notified this morning that
the works would be closed for few days,
and at noon they received checks on the
Riverside Banking Company. which was
closed this morning by order Of the Bank
Commissioner, for their work to date.
The custom of the company was to pay on
the 18th for work to the 1st of the month
The payroll amounts TO $500 a month.
Several Cotton parties were depositors
with the Riverside Banking Company.
The bank here was not affected.
o. T. Dyer, manager Of the River
side Banking Company, has been in
the city for several days in the inter.
ests of the Institution. He was in his
rooms at the Palace Hotel Yesterday when
he was notified by telegraph of the bank
failure, and was in rather troubled frame
of mind last evening when CALL reporter
interviewed him upon the outcome of the
apparent disaster.
I'VE have one of the strongest banks in
Southern California" said he. land | feel
confident that we will pay our depostors
dollar for dollar Our troubles are
due solely because we could not col
lect money enough from outstanding notes
and mortgages to satisfy the demand of
our depOsltors. The present condition Of
affairs in Riverside is accounted for by
the partial failure of the orange crop last
season. This year the crop is oil right,
but the money derived therefrom has not
all been received from the Eastern agents
Of the orange-growers.
81 came to San Francisco to help ont
matters as best 1 could, but it seems the
bank has closed before | could make
arrangements to tide over our affairs. No
other business interests in Riverside or in
Southern California will be affected by
our trouble and we will resume business
again without dnubt.
Mr.. Dyer Will leave upon this mornings $
train for Riverside.