The herald., 1893-06-21

bank naturally slept peacefully; but
during the night several OF the officers
connected with the clearing house
changed their minds, and when Mr.
Childress called for the money about 8
O'Clock yesterday morning it was re-
fused.
There was then nothing left for the
City bank but to close its doors, as there
WAS no time left to obtain help from
outside points.
THE total amount OF deposits we
have in the bank" he said, "is $3.50 900,
and our assets are about 500 600 in ex-
cess of these deposits. One.half OF the
excess is in mortgages and the other half
commercial paper. TT, ......s
"0ur depositors Will be paid dollar
for dollar, know they will, and our be-
ing compelled to cloEe the doors Of the
institution and suspend payments, is
directly due to the failure OF the clear
ing house to come to our aid."
THE UNIVERSITY BANK.
While the sudden closing OF the city
banks doors was under discussion on
the street it became rumored around
that the University bank at First and
Broadway had followed suit.
Precisely at ~ o'clock the University
bank closed it's doors and the drawn
curtains gave general appearance OF
gloom to the building.
From the opening hour until that
time, dspoaitors had hurried in and
drawn their coin. The run continued
until it was thought advisable by the.
bank officials that it be closed, and soon
notice which read, "Bank closed De-
positors will be paid in .full," orna-
mented the front doors and stared in
the facesof belaied depositors.
CASHIER ARNoLD's STATEMENT.
Mr.. Arnold said yesterday that the
closing assproduced merely through
lack of ready money. The bank did not
ask assistance from the clearing houee
or any one. When it found itseIi unable
to meet the demands upon it in ready
money, il merely closed its doors. The
bank Ia perfectly solvent and depositors
will get dollar for dollar. 1t owns the
building and land at the corner OF Sixth
and Broadway, for which it paid 500 900
in cash during dull times, ard it owns
one half OF the property it at present
occupies. besides owning Detween si0,-
0U0 and $50, 900 in realty. Twenty thous-
and doilars was all that was needed to
tide it over the difficulty. Judge r. M.
Widney, the president of the b4uk, is
on his way east to address the interna-
stionGl congress OF bankers at Chicago.
He was reached by wire at Kansas
City, and telegram in return from him
which announced that he wonld return
immediately was read by HERALD re-
porter late yesterday afternoon.
I CVhe aisappaihted 1depositors walked
up tho stone steps to the closed doors,
and, after reading the notice, went their
several Ways, the expression on their
faces proving that although they had
potisucceeded in getting their money.
They were confident that it was safe and
that they would eventually receive it.
@ TIE LOS ANGELES NATIONAL.
About 12,o'clock the paying teller and
clerks OF the Los Angeles National bank
became conscious that the number OF
the banks patrons. intent on drawing
money was gradually decreasing, and be-
fore many minutes had gone by it was
evident that a run was on. When l
o'cloek arrived it found the front OF the
bank packed with b struggling mass Of
humanity Witch IL required the SER
vices ofaseyeral % aieers 10 keep in order.
1t was. qpist crowd however, and in it's
numbefa composed people Of all de-
grees, nationaiitleH and vocations. The
swarthy negro elbowed the Caucasian
laborer, and the almond-eyed subject of
the fiowery kingdom stood aide by side
with the palesfaced girl in the poke
bonnet, whose aRpearance designated
her asa mA faller OF the Salvation army.
As quickly as the checks were pre-
serted 10 the teller, they were paid, and
although in a shors while a line about
hundred feet long was formed extending
north-on Spring street, each member