The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-24


rarily."
The officers of the bank are: Joseph
Brown. president; 81. Il. Garner, vice
president; o. Ii. Kohl, cashier. Its d-
Iectors are: joseph Brown, H. Brink
meyer. j. W. Hall. o. H. Kohl. W. j.
Curtis, L. D. Cran1alI II. Fl. Garner, J.
Flanders and John M. James.
II has paid-up capital stock OF 100000,
a surplus fund of $4,000 and undivided
profits of $685..
There were individual deposits of
S261,000; demand certificates of deposit,
S9S,4
In the last five days between 100000
and 100000 in cash has been paid out
over the counter.
The run on the Farmers Exchange
Bank resulting in the closing of its doors
caused the excited depostors to call for
their money at the First National. Mon
day night the craze had subsided 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 run on the
First National Bank started in anew.
The resources of this bank, backed as
they are by men of wealth. are fully ample
to pay depositors dollar for dollar. and it
will be but a short time before it will re-
open 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 would
have found no difficulty in obtaining cash
to meet all demands.
a notable feature of the run on this
bank has been that several irresponsible
parties liave throughout the last five days
been circulating stories on the street dis
crediting the banks ability to pay deposi-
tors. and advising everybody to draw his
money. These fellows have been openly
denounced by others, but to no effect. The
craze was on, and nothing. seemingly. could
stop II.
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 impfegna BILE,
anu uu iuILHcI tIuuUi6 is dUllCl pdl6u.
The First National Bank will reopen
again tomorrow morning. One of the
leading officers of the bank said to-day:
I'VE closed, of course, owing to depletion
of the casn on hand by the steady run made
on US for the week past. We could have
raised the money by pressing the creditors
of the bank, but as this would have in
volved a great deal of suffering and en-
barrassment we concluded to close our
doors until the present furry has some-
what aDated. The depostors of the hank
are amply protected. there being consid-
erably over a dollar OF assets to one of
liabilities"
Since it has been announced that the
bank will reopen for business hundreds of
citizens have extended their congratulations
to Joseph Brown, president OF the bank.
Many of them realize that the closing Of
the bank permanently and the placing Of
it in the hands of receiver would newt
ably bring TO many borrowers financial
trouble. If not disaster.
SAN DIEGO. June 23.-Confidence is be-
ing rapidly restored in bank matters. E. S.
Babcock, president of the Coron ado Beach
Company, announced this morning that he
will accept checks on the Bank of Com
merce and on the First National at their
full face value for various lines of mer-
chandise and supplies carried in the CON-
pany's warehouse and for books of tickets
of the streetcar snd 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-10 per cent Oh
resuming and 10 more in sixty aud 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.
NEW. WHATCoM, Wash. June 23.-The
Columbian National Bank did not open its
doors this morning. A notice on the doors
stated: sowing to inability to realize on
securities the directors have decided to
close temporarily" Cashier Baker says
the assets of the bank are $4,000 and the
liabilities $4,000.
MADEIRA, June 23.-Ths Bank of MADEIRA
failed TO open its doors this morning. A
placard on the doors stated: Temporarily
suspended. Depositors will be paid in
full"
SAN RAFAEL. June 23-F. c. de Long,
ex-State Senator. has made an assignment
to Henry Pierce of San Francisco.
Los ANGELES, June 3.-The bank ex-
citement is a thing Of the past Spe Gu
lators who have been Offering to buy
checks at small discount have found few
customers, as every third store displays
notice offering to accept checks on all the
closed banks at par.
National Bank Examiner Wightman,
who arrived from San Francisco to-day,
says that the condition of the banks is ex-
cellent, and that both the national banks
will probably resume next week. The Los
Angeles National Bank has reserve fund
of more than 100000 on hand. There
have been more deposits to-day than pay
ments at this bank, upon which the most
persistent run was made, and there is
steady increase of redeposits.
President NJ. II. Sherman of the Electric
Consolidated Railway Company said TO-
day that the suspension OF the Pacific Bank
in San Francisco would not affect the road,
as the bank was the owner of only a small
minority of the stock.
The Chamber of Commerce, at special
session to-day, passed resolutions express
ing implicit confidence in the Los Angeles
banks. and giving figures to show why
they are perfectly sound.
-o