The herald., 1893-06-25
FIDUC|ARY RENAISSANCE,
The Suspended Banks on the
Eye of Reopening.
Both of the National Banks in Sat
isfactory Condition.
Examiner Wightman's Encouraging
Ideas-Tho University Banks As
sets Iacreased-East Side
Bank Resnmes.

The tide of financial affairs which for
the last two days has been on the ebb
has turned at last and is now coming in
on prosperous food. The panic of the
earlier days OF the week was stopped
and then followed two days of compara-
tive quiet.
Yesterday morning, however. ushered
in a new state of affairs. The sun OF
prosperity is rising again and soon will
illuminate this Southern California land
as it formerly did previous to the dis
asters commencing on Tuesday last.
THE EAST SIDE BANK.
Yesterday the East Side bank opened
its doors at 10 o'clock and resumed busi-
ness just ss il nothing of an extraordin-
ary nature had occurred.
There was no run on IL by depositors
and everything went on aa smoothly and
quietly as II its doors had never been
closed. The depoaitors had agreed to
support their bank, and in consequence
the East Side leads among the other
banks in being the fret to throw open
it's doors to the public and resume busi-
ness.
President w. J. Washburn stated that
he had coin sufficient in the bank to
meet every demand, and that their de-
posits we're greatly exceeding their pay
ments. Not a note had been hypothi-
Gated. The president greatly appreci-
ates the kindness of the depositors in
coming to their aid and helping them
over the difficulty.
The bank kept open today until 3
O'Clock in order to accommodate those
wishing to draw money, but the num-
Der taking advantage of the privilege
was small.
Examiner wrGHTMAN.
National Bank Examiner W. B.
Wightman is still hard at work ON the
affairs of the Southern California. He
stated today that it would possibly take
little longer to 10 through the books
than he had at first anticipated. II
shall be through with both banks"
eaid he, "by the middle of next week at
all events, and then will forward my re-
port at once to Washington, where 1t
will be laid before the comptroller of
the currency. When he passes upon it
we will hear Immediately by wire, and
the banks will be thrown open. am
finding everything in the accounts as
thought would before I commenced on
them. The banks will undoubtedly
open again, and in the very near fu-
ture."
THE SOUTHERN CALIFORNIA.
President Breed said: "Matters are, as
you see, in statu quo, with the Southern
California bank. The examiner is hard
at work examining the books. We have
already formulated plan which has
been agreed to by our depositorH, but
which 1t is necessary now for uB to keep
secret. The receiver thinks we will be
able to open about the middle OF the
week, but hardly think 40, and con-
slider the first of next week much more
likely time. We have plenty of coin on
hand to meet all demands. When the
examination is over will give you a
statement indorsed by the examiner,
which you can publish, and which will
chow the public the condition of our
affairs and the fact that dollar for dollar
of the deposits will be returned II 30
desired.
THE FIRST NATIONAL.
Within the closed doors of the First
National bank all bore cheerful aspect
as if in anticipation OF some good thing
soon to arrive.
Nothing definite regarding plan for
reorganization could be gained from any
of the officials, but one OF them said that
there was a movement in progress which
would open the doors of the First Ma
tional bank to the entire satisfaction OF
all its friends and the whole community
within short time.
JUDGE wIDNEY TALKS.
Judge r. NJ. Widney, the president OF
the University bank, reached this city
early yesterday morning, and his placid
countenance did not seem at all dis
turbed by the cyclone which has lately
swept the city and closed in connection
with others the doors OF his bank. The
Judge was soon deep in the intricacy of
its trouble, and owing to his exertions
the following reassuring condition OF
affairs in the form of a statement was
given to HERALD reporter in the after
noon
''The directors voluntarily have abso-
lutely decided to the bank various prop
critics, whose deeds appear on record in
Los Angeles and San Bernardino coun-
ties, together with bonds and moneys
"The property decided aggregates $685.
600 in addition to the present assets Of
1920 900 now held by the bank, making
u tObhl Ol fOOf ,OVUt W bcCuIo floo,UuV
liabilities.
This was q voluntary offer made by
the different directors, because they
were desirous OF showing the public that
in managing the business of the Univer
city bank, they wished to stand person
ally between their customers and any
possibilities OF loss under any condition.
"Another reason why the directors
have taken this step was because they
were unwilling that those owing the
bank should be forced to borrow else
where and thus add 30 the stringency OF
the money market. The foregoing state
ment was authorized by the following
directors: s. w. Little, John Macarthur,
D. o. Miltimore. 8. Mckinley. l.. j. P.
Morrill,, @. A. Warner and r. M. Wild
ney.
Since the arrival OF the judge the
faces of the different officials wear
much brighter aspect. The manage
ment are now making arrangements to
open at the earliest time possible under
the present stringency.
THE Los ANGELES NATIONAL.
At the Los Angeles National bank
Major Sonebrake is resting on his oars,
receiving strength and congratulations
and telling all his friends ''just how it
was done" The bank closed promptly
at IL O'Clock yesterday, it being Satur-