The herald., 1893-06-21


Ae to the cause of the stringency Mr..
Breed thought it was started by the
condition of affairs at Chicago, where SO
many millions of dollars had been spent
in preparing for q big trade and big
business, which had not materialized
the fret months OF the worlds fair. 1t
had caused great stringency, the effect
OF which had been far-reaching. The
railroads had not made low enough
rates to the east, and these things taken
in connection with the financial prob
lens before the country had caused an
epidemic OF suspicion to pass over the
country. Mr.. Breed hoped for the best,
but it could plainly be seen that he was
worried over the possible outcome of to-
day.
SOUTHERN CALIFORNIA SAVINGS BANK.
J. H. Braley, cashier OF the Savings
Bank of Southern California, was quite
confident as to the outcome of the saw
ings banks if the commercial banks hold
out. He found quite crowd of depos-
itors at the bank, corner OF Spring and
Court streets, and some OF them wanted
their money. During the day depositors
who called were paid in part in accord
ance with the rules of savings banks,
and notice was given in the caee OF other
demands. Mr.. Braley thought the
banks OF the city were well prepared for
the emergency, and did not believe the
furry would last very long. He thought
depositors should show more confidence.
They might know that banks could not
pay every depositor at once, and should
exercise more forbearance. He said
that not more than $4,000 or $4,000 had
IA I1r
the day, and there had been some de-
posits. He thought the stringency was
ike la grippe, and was sweeping across
the country like a cyclone.
CALIFORNIA BANK.
On oil the most deserted bank corners
in the city during the day was that of
the California bank, corner OF Second
and Broadway. A reporter found Presi-
dent Franken6eld and several OF the
directors in the presidents room. Mr..
Fraukenfeld said that there was money
enough in the bank and in transit to
pay every dollar, except the city and
county money on deposit. No run on
the bank had taken place during the
day.
A few small depositors had drawn out,
but the bank had received the usual
amount of deposits ,/over the counter.
The closing OF the Citizens'bank and
University bank had precipitated the
runs on other banks, and Mr.. Franken-
field believed that with little time
their bills receivable would supply funds
to pay all they owed.
The banks in the city, be continued,
are in a condition generally to pay ali
they owe il the people will exercise COM
mon sense. The amount of money in
the city at present ie very little behind
what it was in January, 1888. The banks
have fortified themselves to the best OF
their ability, and large amounta of coin
have been shipped to the city during
the past two weeks. He did not con-
slider that there was any occasion for the
excitement, and believed it would blow
over in few days.
STATE LOAN AND TRUST COMPANY.
DIR. W. G. Cochran, president OF the
State Loan and Trust company was seen
by HERALD reporter and asked for his
views of the situation and OF the condi-
tion Of his institution.
''In my opinion" said DR.. Cochran
with O smile, sit is an epidemical finan-
cial grippe that is going over the country
the only remedy for which being the gold
cure. In regard TO this institution | will
say that the State Loan and Trust conn
pany is all right. 1t has subscribed
capital of 81 900. 900 and paid up cap
itai OF 100000. The policy of the bank
has at all times been very conservative,
and for that reason, together with our
large capital, we think we have the con-
fidence OF our depostors and hence do
not expect any marked Withdrawal of
deposits, but rather expect an increase.
Our deposits subject to check are small
in proportion TO the amount of business
we do. Our cash on hand is larger since
ever bsiore in the history of the bank,
30 it is impossible for us to be even
worried"
NATIONAL BANK OF CALIFORNIA.
Col. J. M. C. Marble, together with
Gen. M. II. Sherman. one of the
directors. were found in the private
office of the National bank of Calitor-
MIA.
"What ia your opinion OF the situa-
tion ?" was asked OF Colonel Marble, the
president of the Institution.
"Well, 1 don't see that any advan-
tage can be derived from talking in
regard to the matter. Some people
think that there is and others don't. [
am one of the latter. All have to say
is that we are here and ready for busi-
ness. II the people want to come, we
are ready for them.
$50 far az l have observed of our
business today, we have received more
deposits than have been withdrawn.
We do not feel alarmed at the situation
and are fully prepared for what may
come"
FARMERS AND MERCHANTS BANK.
Mr.. H. w. Hellman, vice-president of
the Farmers and Merchants bank, was
hard at work among the clerks when
the reporter called, and it was some
time before the official could be asked
for his views.
81 have nothing to say about the
situation. We are too busy receiving
deposits. do not care to express my
self, because it might hurt other estab-
liehments. We are all right, however"
Another person who is well ac-
quainted with the affairs of the bank.
said, 'This morning we had four extra
men employed receiving deposits. This
trouble haa been anticipated for fully
four months past and we were fully pre-
pared for it. Our vaults have been
filled with an extra amount of funds
and private detectives have been en-
ployed to qua rd them.
'There is now $250,000 on the way
by special train from San francisco. It
is not sent for because we need il, but
in order to be fully prepared for any
la ta