The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-06-22
COMPELLED TOSUSPEND
In 4ldiotic" Ran on Los Angeles Banks
Causes q General Closing Of Doors.
LIABILITIES WILL BE MET
Each Bank viii be Able to Pay Its
Depositors In Full-Exciting
Scenes on the
Street.

Los ASGELEs, CAL, June I.-Four
hanks closed their doors to-day. They
were the First National. the Southern
California. the Broadway and tho East
Side banks. A large crowd assembled mt
the corner of FIRST and Spring streets early
in tho forenoon. Al 10 o'clock notice
was placed on tho doors Of tho Southern
California bank TO the effect that tho
bank would not open to-day. All eyes
then turned TO the Los Angeles National
on the opposite corner. Another largo
or owd was in front of the First Ma
tional and the Farmers and Merchants'
bank. While there had been all sorts Of
rumors upon the street about the former.
but few people in the crowd, n large ma.
jority of whom were curiosity seekers,
doubted for q moment that the doors
would be open at the usual hour. But .
notice was placed upon the doors of the
FIRST National to the effect that. owing to
heavy run upon the bank, amounting to
over $4,000, the bank was closed by order
of the board of directors. The East Side
bank doors bore the following notice: "On
account Of not being able to cash New
York and San Francisco exchange, we are
compelled to close our doors. Depositors
will DO paid In full"
A. Gerbertiing, one of the state commits
sioners. arrived here yesterday. He 10
now in charge Of the state hanks. the
City and tho University, which suspended
yesterday. Gerbertling says that. from n
cursory examination of tho University
bank, made last night, he found that the
hank owes $4,000 and has $1,000 assets.
Gerberding says that idiotic would not be
too strong . term to apply TO the scnseless
run on the banks hero now, as they wcre
never In better condition.
Promptly at 10 o'clock this morning tho
Los Angeles National bank opened its
doors. A long line Of depositors. stretch
ing along the curbstone, extending north
on Spring street for over 100 feet, was on
hand under police escort, TO take their
turns in entering tho bank. just before
the iron gates swung open. Major Bone
brake appeared OH the steps, bareheaded
as no appeared yesterday, and, addressing
the crowd. snid:
"Not dcpositor Of this vault will lose a
dollar Of his money, for the hank can pay
two dollars for one. I appeal to the de-
positors TO have patience"
The spcech Was CREATED with cheers
| The bank made satisfactory terms with
| its depositors.
The Farmers and Merchants bank
had strong pull on its Golfers. The off,
GERS declared that they wcre prepared to
meet any demand.
President J. NJ. Elliott Of the First Na
tional said: "When this thing com
menced, We had over fs00,0O0 in cash on
hand and. with our correspondent subject
to check at sight. We considered ourselves
from the class OF paper held. In most ex
cellcnt condition. Tho unprecedented
run Of the past two days, during which We
have paid checks of over $4,000, wal
mere than we could stand. Tho amour,
Of our liabilities to depositors will bs
somewhere In the vicinity OF Si.2s0.O)0
against which we have all our bills re
ceivable. our capital and our surplus
which will amount In the aggregate Z,
S5O0.OO more than this sum-"
The Broadway bank, on tho corner o.
Sixth street and Broadway, failed to oper
this morning. Against the glass Of tn,
door was a notice that depositors would b.
paid. The only liabilities are call deposit
of $4,000; certificates Of deposit due IL
September. $1,000; total, $4,000. Tn,
banks commercial loans, we'll secured
amount to $4,000, and other securities Z,
Sa0.OO0, making n total of $50, 1000.