davidaulloa/AmericanStories huggingface dataset:
The morning call., 1893-06-24

ers knight and Dunsmoor entered the
bank and Immediately commenced an In
vestigation of the accounts. They had
only been at work about an hour when
Deputy Sheriff appeared and levied an
attachment for S2l,169 06 upon suit
brought by ferdinand Smith, the money
broker. He took possession of the prem
ises and personal property and his action
brought about the first and only com plica-
ton of the day so far as the Pacific Bank
was concerned.
The complication was no less than con-
flict between the Bank Commissioners and
Sheriff McDade as to which was in author
ity. The Bank Commissioners claim that
no creditor of the bank has any right by
Judicial process to seize the assets pend
ing their examination. The Sheriff. acting
under the advice of his counsel, MIR. Sulli-
van, contended that the Bank Commits
sioners had no legal right of possession, as
their duty was simply clerical and to be
confined to the business of Investigating and
reporting upon the condition of the
bank. At o'clock Attorney General
Hart was sent for. Messrs. Dunn and
MePike. the attorneys for the Pacific
Bank. argued that the Sheriff was tres
passer. Lawyer Sullivan, on behalf of
the Sheriff, said no obstacle would be
offered to the fullest and competest ex-
animation by the Commissioners, but the
only possession that could be recognized
was that of the Sheriff by virtue of the
writ of attachment. Acknowledgement
Hart said that if the Sheriff's position was
right not bank in the city was safe. He
accordingly espoused the Bank Commits
sioners' view, and stated that he would
institute proceedings in court to GUST the
Sheriff. He could not say exactly what his
form OF action would be, but he would give
the subject his immediate consideration
and on his return from Los Angeles. for
which city he left last evening, he would
be prepared to act.
Meanwhile the Sheriff's keeper is in
charge. The Bank Commissioners will
resume their investigation to-day. When
they left the bank last evening neither
The morning call., 1893-06-24
THE SAVINGS UNION.
Several Hundred Small Depositors
Withdraw Their Funds.


The San Francisco Savings Union. one
of the most solid among the San Francisco
savings banks, which occupies temporary
quarters on the northwest corner of San
some and California streets, was subjected
to slight run, which was kept up an day.
10 the amaZement of people on the outside
who know the institution and the high
character of its directors and man ayers.
The run did not affect the bank except
to impose additional work on the clerks
and to enable it to save the interest on the
deposits withdrawn. all OF which would
have been due July l. In all about $685.
GOO was taken out during the day by 41O
deposiiors.
All demands under $1,000 were paid.
Those who desired between $1,000 and
$1,000 were required to give thirty days
notice and those WHO desired more than
$4,000 had to give sixty days notice. All
term depostors were compelled to give
six months notice, the usual agreement
with term depoSitors.
The San Francisco Savings Union on the
1st day of January, 1898, reported re-
sources and Liabilities as follows:
Resourres-Bank premises, S216. 5O2 is:
other real estate, Sill. 1858 03; invested in
stocks. bonds and warrants, S.. 439. 9S6 So:
loans on real estate, $40. 724, 721 90; loans
on stocks. bonds and warrants. S4.55o-
132 81; money on hand. checks and other
cash items, S174.696 "a; due from banks
and bankers, 1851, $50 %; other assets,
$1,000
Liabilities-Capital paid up. 81. 900. 600;
The morning call., 1893-06-24
THE HIBERNIA BANK.
1t Has Five Millions in Government
Bonds Alone.

There was slight run on the Ribernia
Savings and Loan SocIety's Bank, at the
corner of Jones and McAliister streets,
during the day. A few timid women and
excited depositors withdrew their savings
during the morning hours. During the
afternoon number presented themselves
to withdraw their deposits.
The bank officials paid out money
promptly, but as all of the deposits at the
Hibernia Bank are in sums uHder S4 900,
the total amount of money Withdrawn did
not amount to over 100000. The deposit
tors were mostly women and a small scat
tering of workingmen. The crowd was
quiet and orderly and stood in line
patiently. One poorly dressed woman,
who withdrew her savings in the morning.
returned in the afternoon feeling more
confident to again deposit her money, but
the bank officials declined to reopen her
account. The fact that those who with
drew their money will lose the current six
months interest appeared To have little
or no effect upon the timid depositors.
James r. Kelly, president of the bank,
was directing his force of paying tellers
when CALL reporter sought an interview
yesterday afternoon.
they come" said Mr.. Kelly, with laugh.
I'VE have not the slightest idea wha has
caused this run on our bank. We have no
term derositors. We do not accept over
$4,000 from any one person. We have
nothing in common with the other savings
banks in San Francisco aud do business
differently. Why. this institution regard
as simply impregnable, and this run on us
t0.dau 10
count for it, except that timid people are
easily frightened 1t is most astonishing
that bank like ours, with our 5000, 600
in hand in Government bonds alone.
should have a run. We have no doubtful
securities or stocks of any kind.
"Our total assets are S31, 132, 655, and of
this amount S3,650,000 is in United States
Government bonds. and 81 .O69. 1873 in Dis
trict of Columbia bonds. These bonds of
the District of Columbia are issued by the
Governm ent and guaranteed by the United
States. Then we have nearly two millions
in miscellaneous bonds, and one million OF
this amount is in Market-street bonds,
which are absolutely the best and most
secure in the market. The other bonds in
clude Suffer street, San Jose city and
other securities of undoubted value Our
OnlouOC oHCOh lbi i, 1880. SHOWS
among our assets real estate and lands
and buildings owned by our corporation
valued at anot Their million of dollars. We
have also nearly 100000 cash in gold and
silver coin in our vaults. Our total assets
as stated are over thirty-one millions,
while the total amount which we owe to
| 6epositors is twenty-eight millions The
actual value of our reserve fund is S2,1O1,-
9o5"
Colonel Robert j. Tobin, secretary of
the society, returned to the bank from
downtown shortly before the closing Office
hour of 8 o'clock. To a reporter he said
'This is simply an epidemic of fear. The
San Francisco banks are in just as good
condition as they ever were. Our bank is
perfectly sound. We have over $40. o00, 600
invested in realty right here in San Fran
CISCO"
The morning call., 1893-06-24
THE SITUATION.
Local Banks Fully Prepared to Pay
All Demands.


The furry seems over.
The people who allowed themselves to
be frightened yesterday by the closing of
the doors Of the Pacific and the Peoples
Home Savings banks and who withdrew in
consequence their deposits from various
banks in the city, losing the interest which
would nave been paid them on July l
next. are beginning to realize that they are
victims not only of their fright but also
Of unprincipled spectators who nursed
the scare" caused by the sudden closing
of the two banks mentioned to buy up
every account which they could upon
other banks at figures ruinOus to the de-
positors.
When the banks opened yesterday morn
ing there began a slight demand on the
savings banks which lasted throughout the
day, but so slight was the run that none of
the banks found it necessary to go outside
its own doors for ready cash to meet the
demands.
On the com mereial banks, where the
business men have their deposits, there
was no run, IN fact the books of all the
commercial banks, when balanced last
night, showed no unusual amount of trans
actions, and fully the amount of deposits
ordinarily made in the course of business.
The timid depositors who rushed in yes
terday and withdrew their money from the
savings banks will probably return to-day,
sadder men and women, and redeposit
their little savings minus the interest
which their money would have earn ed had
it besn left alone un til July next.
The banks have been the gamers by the
little furry of yesterday, and the people
the losers. Spectators, who played upon
the fears of women and timid men, reaped
rich harvest, and this in despite of the
fact that the banks of the city did their
utmost to protect their depositors and
Teassure them.
This morning the situation in banking
circles in San Francisco is simply this !:
Every bank in town. except the Pacific
and PEOPLES Home Savings Banks, stands
ready to pay all depositors every dollar
due them. Savings banks will not even
strictly enforce the thirty days limit, nor
will term" depOsitors have any trouble
getting their money. The banks are only
too willing to pay. 1t is money, big money,
IN their pockets TO do so, and there is no
lack of ready cash to meet all demands.
Let deposiiors stop and think awhile
before throwing away the interest earned
by their money during the past year or
half year and remem Der that the advice of
Spectators. who are tanning the fire of
excitement. is the advice of the very men
who are willing to risk their money in
buying up depositors' accounts
No man or woman With money in bank
In San Francisco to-day need fear. They
will get every penny due them, and il they
use reason will get the interest that their
money has earned.
The banks of San Francisco now open
are as sound as a dollar and more than
able TO pay all claims.
The morning call., 1893-06-24

he had in the world was in the bank and
that he only wished that he had more to
his credit on his passbook. He spoke in
good-humored manner to everyone and
exercised a more potent spell with his
eloquence than with his arm in allaying
the excitement
The crowd received large accessions
from those who had only spectators in
terest in the scene. About five hundred
people in ali were on the sidewalk. The
depostors could be easily detected The
tell-tale envelope incloslng the little pass
book was the badge of Identification. Very
few in the throng betrayed any dismay.
1t was crowd easily paeified. After read
ing the bulletin on the door the depositors
fell back and discussed the situation among
themselves. The feeling generally seemed
to be that all wonld end well, and most of
the people departed in more amable
frame of mind than when they came.
There was, however. all day a crowd of
more or less magnitude in front or the
bank.
Early in the morning one man contriyed
to create a diversion for the police and the
people. This man worked himself into a
high state of excitement and began TO
harangue the crowd, winding 10 with
proposition that they should force their
way into the bank. He was warned by
the police to keep quiet. This advice,
however, was not to his taste, and he made
a motion as though about to draw pistol
from his hip pocket. In another instant
he was seized by the collar. There was
some jeering by the crowd as policeman
jerked him out of the mass and led him
swiftly in the direction of the Southern
police station, where charge of resisting
an officer was booked against him.
At IL O'Clock the directors held a meet
ing. at which. after preparing a statement
for publication. they declared the regular
dividend of per cent on term deposits
and 1'6 per cent on ordinary deposits,
payable on July 1. The dividend on the
stock was passed. and the amount. $4,000,
credited to the reserve fund, though Secre-
tary FarDum said that If the bank had
The morning call., 1893-06-24
A MINT OF MONEY.
A Plethora of Gold in the CONNER
CiaI Banks.

The effect of the closing of the Pacific
Bank. if any, upon the other commercial
hanks in the city was imperceptible. The
merchants and business men of San Fran
cisco seemed to thoroughly understand the
situation and therefore did not lose their
heads. About the usual everyday bust
ness was transacted. The managers and
clerks had an idle day and therefore had
plenty of leisure to chat pleasantly with
friends and reporters who dropped in to
make inquiries. There was nothing in
fact to report. The pervading feeling was
that of relief. The suspension of the
Pacific Bank had been regarded with a
certain degree of dread lest something like
general panic might be precipitated at
The critical moment
Az noon. however, the crisis had fairly
passed, though all the big banks had forli-
neu themselves in advance for the ordeal.
"a vast amount of money had been trans
lefred from New York to this city during
the last three weeks, with the resuit that
ohele is plethora of funds in the local
BANKS. A million of dollars was paid ouf
by the sub-treasury to the commercial,
panks Oh Thursday, and another half
million was received by them Yesterday
from the same source. Besides these tele-
graphic transfers through the agency of
the United States Government eyery ex-
press car arriving from the East is filed
with coin consigned to the local banks.
The result is feeling of the most chaar-
1ui confidence In all the commercial banks
at the present time. There is mint of
The morning call., 1893-06-24
BANKERS MEET.
They Compare Notes and Beam Over
the Result.


REPRESENTATIVES Of the banks met last
night and compared notes. The meeting
was more than private-it was lodge
meetlng-but the various reports so grati-
fed some of the bankers that after II VOC
all over they could not help talking
about it.
The run yesterday wasn't run az
ell, said the representative of one Of the
savings banks. "My boy" he continued
you can say IN your paper to-morrow
that the savings banks of San Francisco
can stand just such phil as Yesterday for
solid month and then have money IaTt
80 lar as the commercial banks are cop-
cerned, we find from the reports that there
has not been even tie sembapce of : run
Some OF them show more than average
deposits aud only two of them an excess of
withdrawal OF coin. and in both eases tho
Withdrawal was expected. Our banks arc
sound as dollar now. every one Of than
only wish l had $4,000 cash in every
bank In town. So far as the savinge
banks are concerned, the run of yester.
day paid them well, and they don't cara
how long it continues. When .lulv !
comes, MY boy, you will see how mncb
they have made in saving interest. and in
terest, you know, is the profit in MONEY!"
Several other bankers ware seen and
they were all in good spirits, the general
expression being, 'If the people want
their money let them come and get it,
The morning call., 1893-06-24

have small deposits here will all be paid
off. l am told that So 1000, 600 has been put
in the boxes of the safe deposits at the
California Safe Deposit and Trust Com
pany and the First National Banks safe
deposit This will all come back into cir
cnlation again. These panic-stricken peo-
interest do themselves great deal of
harm and injure the confidence of the
public in financial Institutions"
James K Wilson. president of the
Sather Banking Company, said: "The
banks have been getting money from the
East in antic patton of this trouble. OF
course, we are not worried. No bank,
YOU will understand. keeps on hand enough
money to paw up without notice. If they
did what would be the use of accepting
deposits? Money placed in bank is sup
posed to be put oct at interest. You can
see that we have no run here TODAY"
All of the commercial banks were as
quiet as was the Sather bank. More de.
posits than Withdrawals generally were
reported.
Henry Williams. vice. president of the
California Safe Deposit and Trust Com.
pany, stated that there had been greater
demand than usual for boxes within the
last few weeks. These were largely for
the deposit CT money withdrawn from the
banks.
people are very much to blame" said
Mr.. Williams, 'for taking money away
from the banks now. 1t is Il suicidal and
foolish policy. for they, by boarding it,
lose their interest. We have told people
coming here that it was foolish for them
to take their money from banks where it
was earning interest. and many of them
have taken our advice and let their funds
rema in in the banks"
A. Montpelier, cashier and manager of
the Changers Bank. said:
1.-THE harvesting of the crops is coming
on now, and that will distribute a great
deal of money all over the State All our
banks are safe and this furry is only tenn
porary. 1t will die out in very lew days
There is no excuse for any runs on the
banks. for we have all much more money
coming in than we owe"
President Murphy of the First National
said that the furry would die out in few
days if people would only go on and at
tend TO their business.
THE banks in town are all in good con-
dition," ne continued. gu can see that
there are no more than the usual number
here to-day Of our creditors and l am sure
you will fiud that true of all the other
banks. We have paid out no more than
usual to-day"
AT Wells, Fargo & Co.'s 1t was said:
''All of the banks except the Pacific re.
solved to stand by each other, but there
will be no need for that. Run? OF course
not. The idea of run on Wells, Fargo
& Cor
C. Altschul, the manager of the Lond on,
Paris and American Bank, after speaking
of the preparations made by all of the
banks in anticipation of the failure of the
Pacific, said:
II am inclined to think that the atmos-
phere in the financial community havin g
been cleared confidence will be restored
within a very few days. l can cheerfully
add that l don't know of any place in the
world where the leading banks are on q
The morning call., 1893-06-24
THE PEOPLES HOME.
Valuable Property Decided to 1t by
the McDonaids.

A crowd that assembled in front of the
Flood building long before the hour OF
the opening of the People's Home Savings
Bank indicated that this was to be the
focal point of whatever public excitement
was to follow the news that the Pacific
Bank had failed.
The savings bank was not prepared for
run. The only thing to do was done. The
doors were not open save 10 those who had
business with the safe deposit depar tment.
Soon after9 o'clock the following notice
was posted on the door:
In order to protect depositors and collect on
securities, this bank Is closed Temporarily. we
have sufficient assets to more than cover all
liabilities.
PEOPLES HOME SAVINGS BANK.
San Francisco, Cal, June %. 1898.
The depositors in sight, the majority of
whom were women and young boys and
girls. kept one good-natured policeman
very busy telling them that all the money
The morning call., 1893-06-24

reserve and profit anc loss, $3.50. 065 %; due
depostors, SGT. lbs. 1911 OF; other liabilities,
$50, O64 95.
The total assets and liabilities was
S2S. $50, 324 20.
Lowell White, the cashier, said that owing
to the cramped quarters of the bank he
was not able to accommodate the banks
patrons Is eXpeditionslv as be desired.
The bank had abundance of monev, as,
anticipating trouble when the Pacific
Bank should 90 under, its managers had
made ample preparations to stand siege
of panic-stricken people. He could not
account for the particular run on the
bank, except that the Savings Unien had
been mentioned by a morning paper as
one of the savings banks which would in
sist on the rules regarding limited amounts
and time notices. The institute, he said,
never was in better condition.
The morning call., 1893-06-24
cause she was frightened and had made up
her mind that it WAS better to get little
than to lose all.
WORK FOR THE POLICE.
a Fine Chance for Robbers and Lazy
Husbands

iiuSb bands.
This means work for u.s." said Police
Captain Short. as he ooked ct the line in
front of the Hibernia Bank yesterday.
"See how many women there are" he con-
tinued. Now all those women will go
home aud put the money they are DRAWN g
cut of the bank in a stocking or an old tin
can or hide it somewhere. and ID day or
two when they go to look for it the money
will be gone.
Then there will be weeping and wailiug
around police Headquarters. Don't you
suppose all the thieves in town are onto
the fact these people are taking their
money out of the bank and taking it home
Don't you SUI pose that the loafer o hus-
band. who is supported by his wife, knows
that the wife has at last taken out of the
bank the few dollars that he couldn't get
a; by beating her or c0axing her? You
bet, he does. What kisses and kicks have
failed to do. this foolish scare has done or
him, and it won't be the drunken brute's
fault if q dollar of the money ever is re-
deposited.
I'VE expect more work. But what are
you going 20 do?" said the veteran police
man. "You can't convince these people of
anything. If that bank office there was
stacked TO the ceiling with gold they
wouldn't believe there was enough" and
with a sigh he turned away to get another
detail of police to help keep in order the
crowds in front of the banks.
The pekpocket force was out 10 full,
but so closely we're they watched that no
harvest was reaped. and yet they had
splendid opportunities. A woman would
draw her hundred or two hundred dollars
out of bank, and, tickled to think she had
received her money, would rush out on the
street and exhibit it to her waiting friends
and then stow it away in pain sight of the
pickpocket in hand satchel or bag or even
put ii in her pocket.
The latter plan was of course by far the
best as no pickpocket living Is exactly GER
tain where the pocket in a woman's dress
is located. The police are watchful and
hope the people will take at least ordinary
precautions to protect the money they were
so anxious to take from place of safety.
The morning call., 1893-06-24
THE PACIFIC BANK.
A Conflict Between tie Sheriff and
the Bank commissioners

tne BANK commissioners.
The Pacific Bank, with blinds down and
its doors locked, was visited BY grea,
many people all day yesterday, the ma
jorty of whom were drawn thither by
curiosity.
Thereiwere typewriter and manuscript
notices tackled on the doors. After read
ing these aud peering through the bank
windows the visitors left or formed In lit
tie groups on the sidewalk to exchange
opinions regarding the fate of the institu-
| ton.
The man who knew all about the event
mouths before the catastrophe made him
self quite numerous. His eagerness for n
vindication of his gift of prophecy found
expression in the ofi-repea.ed query.
Didn't L tell you SOP" with the perpen-
| dlcular pronoun highly accentuated. This
conceit, however. frequently received q
severe shock By the quick rejoinder from
his interlocutor, Yes, but knew all the
time 1t was coming"
The men who had deposits in the sus
pended bank had the least to say. Their
surprise was over in most instances before
they had breakfasted. The morning papers
had told them the unpleasant story. So, if
they stopped for moment to view the
premises at the corner of Pine and San
some streets when they came downtown it
was only TO verify the cold truth embalmed
in cold print.
Beside the announcement of the direc-
tors that the bank was closed were min or
bulletins posted on the panels, saying that
drafts drawn on the Pacific Bank by the
Randall Banking Company of Eureka.
Cal. and by the Exchange Bank of Spo-
kane would be honored by the Nevada
and Anglo. California banks respectively.
A solitary police officer patrolled the
stretch of sidewalk around the Pacific
Bank, but there was hardly any occasion
for his services, as nothing resembling a
crowd collected at any hour of the day in
front of the premises.
Soon after 10 o'clock Bank Commission.