The herald., 1893-06-24
CLOSED FoR ONE DAY.
The First National of San Bernardino
Temporarily Embarrassed,

The First National of San Bernardino
Temporarily Embarrassed,
SAN BERNARDrNo, June 23-[Special.
People passing the First National
bank this morning we're surprised to see
q notice which read: Sowing to the
of the money market and the
unusual withdrawal of deposits during
the last five days, this bank is forced to
close its doors temporarily" posted on
the front door. rhe bank opened as
usual, but had only kept open Is min
utes when the county treasurer ap-
peared and attempted to cash check
for $25,000, which could not be met.
The news soon spread and in few mo-
ments large crowd had collected on the
corner discussing the suspension. The
majority of the people are fully satisfied
that there has been no mismanagement,
as no unfavorable remarks were heard
regarding the institution. The opinion
of all is that the bank is solvent and
ouly closed temporarily. Its affairs are
in good condition and the utmost con-
fidence is felt in the directors and stock
holders.
HEAVY DRAIN.
The First National has sustained a
heavy drain on its cash resources for
some days. Like tho Farmers Exchange
it is the victim of false and malicious
reports circulated by parties seeking to
inlure its standing. The run started on
the morning that the Farmers Exchange
closed its doors, and has continued inter-
mittingly up to the present time. The
panic in Los Angeles and other parts of
Southern California prevented outside
aid. While the bank could have tided
over by realizing on outstanding assets
in this city, this course meant pushing
other people to the wall, and it was
decided to suspend temporarily, or until
the present furry in financial circles had
subaided. This course, it is needless to
say, has been the best for the interests
of the city. ANY other would have
involved the debtors of the bank at
once, and caused considerable embar-
easement.
The officers of the bank are Joseph
Brown, president; M. B. Garner, vice
president; o. H. Kohl, cashier. Its
directors are Joseph Brown, III. Brink.
meyer, J. W. Hall, 0. H. Kohl, W. J.
Curtis, L. D. Crandall, M. B. Garner, J.
Flanders, John M. James.
1t has paid.up capital stock OF $780,
600. a surplus fund of $25,000 undi
vined profits, 1896.
There were individual deposits OF
$26l, 600; demand certificates of deposit,
sos, ,478. In the last five days between
500, 900 and $500, 900 has been paid out
over the counter.
AN OFFICERS STATEMENT.
One of the leading officers in an inter
view said: ''We closed, OF course, owing
to the depletion of the cash on hand by
the steady run made on us for week
past. We could have raised money here
by pressing the debtors of the bank, but
as this would have involved great deal
of suffering and embarrassment, we con-
cluded to close the doors until the money
market had regained its normal condi-
ton, or until the present furry is over.
The depcsitors of the bank are amply
protected. There ia considerably over q
dollar in assets for every dollar of liabil-
ities."
The suspension has had no effect
whatever on the other banks. At the
San Bernardino National Bank some
very heavy deposits have been made
while the Withdrawals were 10 larger
than usual There is no doubt that the
bank will resume.
READY TO RESUME.
SAN BERNARDINo. CAL, June 23.-TBy
the Associated Press. THE First Ma
tional Bank Of San Bernardino, which
closed doors this morning, will reopen
again tomorrow morning.