The record-union., 1893-06-24

tional needs of our depositors. We there |
fore feel bound in justice to all concerned |
to suspend payment for the present. |
Should no satisfactory arrangement for
an early continuance be affected the de-
positors will soon be paid in full, with in
terest, and the assets, if properly handled,
Will yield the shareholders s., 100000 or
zoo per cent. on the par value OF the capi-
tai stock. The stock is held in wealthy
hands representing millions of money
and the liability is such on each share
holder as TO prelude the possibility of loss
to depositors. Our present liabilities out
side of foreign capital and surplus are
only about 81, ,690, 900, and considerable of
this is subject to reduction by Offsets"
PRESIDENT M'DoNALD SHOCKED.
New YORK, June 23.-Dr. r. H. Nc
Donald, President of the Pacific Bank,
who Is in this city, was shocked when he
heard to-day that his bank had closed.
He said: Though President of the bank,
| have not been active in its management
for some time. am sufficiently familiar
with the affairs of the institution, how
ever, to feel confident that there is no
chance for any of the depositors to lose
anything. | think it will liquidate for
almost the amount of its capital and sur
plus, 81 100000 and $500, 900 respectively.
The bank had gone into no speculative
enterprises up to the time of my depart
ure. OF the local business we had a fair
percentage, with an extraordinary num-
ber of correspondents out in the coun-
try. 1t was heavy drafts made by coun-
try banks, 1 presume, which forced the
suspension"
CONFIDENCE RESTORED AT SAN DIEGO
SAN DIEGO, June 23.-Confdence is be-
ing rapidly restored intbank matters. L.
5. Babcock, President of the Coronado
Beach Company, announced this morn
ing that he will accept checks on the
Banks of Commerce and on the First Ma
tional Bank at their full face value for
various lines of merchandise and sup
plies carried on in the company's ware
house and for books of tickets of the
street-car and motor lines.
The Bank Examiner is making good
progress in examining the Bank of Com
merce and expects to conclude this after
noon.
The plan for percentages per cent.
on resuming, 10 more in sixty and ninety
days-is considered as good as adopted,
and it Is expected the bank will be open
Monday.
The new Merchants National Bank,
which is crowded with depositors, is en-
abling business to be transacted as usual.
tyrara in ixyjJ,aI q g1e1
900; demand certificates OF deposit, SS9,-
40.
In the last five days between $1,000
and 100000 in cash have been paid out
over the counter.
The run on the Farmers Exchange
Bank resulting in the closing of its doors,
caused the excited depositors to call for
their money at the First National. Mon
day night the craze had subsidized and it
was thought that the bank had weathered
the storm, but when so many banks
failed in Los Angeles and other places on
Wednesday and Thursday, a run on the
First National Bank started in anew
The resources of this bank, backed as
they are by men of wealth, are fully am
pie to pay depositors dollar for dollar,
and it will be but short time before il
will reopen its doors.
This bank and the Farmers Exchange
have pursued liberal but careful policy
in supporting the principal industries of
this community, and the citizens are de-
ploring the misfortune that has befallen
them.
Had not a similar craze been operating
in Los Angeles, the First National Bank
would have found no difficulty in obtain
ing cash to meet all demands.
The President of the bank, Joseph
Brown, stated shortly after closing that
the bank would resume business in a
short time. A notable feature of the run
on this bank has been that several ire
sponsibIe parties have throughout the last
five days been circulating stories on the
street discrediting the banks ability to
pay depositors and advising everybody
to draw his money. These fellows have
been openly denounced by others, but to
no effect. The craze was on, and moth
ing, seemingly, could stop it.
Everybody comedies the ability of the
First National to meet all its obligations,
and now there is little or no excitement
on the streets. The other banks-the San
Bernardino National and Bank of San
Bernardino-are considered impregnable,
and no further trouble is anticipated.
COULD NOT STAND THE RUN.
SAN BERNARDINO, June 23.-The First
National Bank of San Bernardino, which
has withstood the run for the last five
days with such fortitude, was to-day
compelled, shortly after having opened
its doors. to post the following notice to
depositors and to close its doors:
lowing to the stringency of the money
market and the unusual withdrawal of
deposits during the last five days, this
bank is forced to close its doors tenn
| porarily."
The officers of the bank are: Joseph
Brown, President; H. b. Garner, Vice
President; 0. H. Kohl, Cashier. Its di-
rectors are: Joseph Brown, II. Brink
meyer, J. w. Hall, 0. H. Kohl, w. J.
Curtis, L. d. Crandall, H. B. Garner, J.
! Flanders and John NJ. James.
1t has paid-up capital stock of $780,
! 900, surplus fund OF S25, 900 and undi-
vided profits of S7,995.
BANK OF MADEIRA.
| MADEIRA, June 23.-The Bank Of Ma
| dera failed to omen its doors tbis uornipor