New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-23
PRICE THREE CENTS.
CALIFORNIA BANKS CLOSE.
THE PACIFIC BANK OF SAN FRANCISCO WILL
NOT OPEN TODAY-A SAVINGS BANK IN
TROUBLE-OTHER INSTITUTIONS IN
THE STATE CLOSE THEIR DOORS.
(BY TELEGRAPH TO THE TRIBUNE.1

! THE STATE CLOSE THEIR DOORS.
| (BY TELEGRAPH TO THE TRIBUNE.1
San Francisco, June 22.-The long-expected
financial crisis in San Francisco has come To-
morrow the Pacific Bank will not open, and it's
collapse will probably drag down the Peoples
Home Savings Bank, which is an ofshoot Of the
Pacific. To-day an important conference Of local
bankers was held and after considering the re-
port Of the Pacific Bank, it was decided that the
! funds were not sufficient to warrant the other
banks i'll helping it along The banks pres-
dent is Dr. X. ii. Mcdonald, who is very rich, but
he has had little hand in the management. The
bank has been very accommodating and its loans
have involved it in many semi-speculativc enter
prses such the Electric Railway Of Los An
geles, John Brown Colony, of Madeira; Salt River
Irrigating Works and the Tuscan Street Railroad
All these demanded coin. and they have brought
in nothing.
The Pacific has also largo amount loaned on
personal notes. The other city banks are all fort-
fed for a run, and any of them will be aided by
the Clearing House. The why no all was
given to the Pacific Bank. the manager Of the
Clearing House says is because the bank is not
solvent. A large amount Of funds was received
to-day from New-York and it is expected that
all banks wiz be able to meet demands tomorrow
merce failed to open its doors this morning. The
new Merchants National is the only bank left.
Pomona, Cal. June 22.-The Peoples Bank did
not open this morning. This notice was on the
door:
Owing TO the existing financial stringency, the
Board of Directors of this bank have decided to
temporarily close its doors. DepOsitors will be
paid in FULL
Santa Ana, Cah. June 22-The First National
Bank and the Commercial Bank of Santa Ana did
not open their doors this morning owing TO heavy
Withdrawals Of deposits and inability TO collect
fast enough. Both declared to be solvent,
have ample assets and can in time pay in full.
Los Angeles, Cal, June 2..-The East Side
Bank doors, which shut yesterday bore the
following notice "on account Of not being able
TO cash our New-York and San Francisco exchange
we are compelled to close our doors. The de-
positors will be paid in full"
A. Gerberding one of the State Commissioners,
arrived here yesterday from Riverside and Ban
Francisco He is now in charge of the banks
the City and CniversityAsuspendcd yesterday.
Commissioner Gerberdng says that from cursory
examination of the University Bank las, night
he found that the bank owes 1000, and has
$500 900 assets. Gcrberdng says that " idiotic'
would not be too strong term TO apply TO the
srnseless run the banks here. as they were
never in better condition Promptly at 10 o'clock
yesterday morning the Los Angeles National Bank
opened its doors 4 long line Of depositors,
stretching along the curb of the street extend
ing north Spring-st. for over 100 feet. were
on beld under police direction, TO take their
turns in entering the bank Just before the iron
gates swung open, Mayor Bonebrake ap-
pcared on the steps bareheaded, and, addressing
the crowd, said
" M off u,ill
Of his money. for the bank can pay So for 81.
appeal to the dcpostors to have patience His
speech was greeted with cheers. The bank made
satisfactory terms with dcpositors.
The Farmers and Merchants Bank stopped the
strong pull its Golfers and the officers declared
that they prepared to meet any demand.
President j. Mellot. of the First National, said
When this thing commenced we had over
xs00,0OO in cash on hand and with our cor
respondents subject TO check at sight we con-
sidered ourselves, with the class Of paper held,
in most excellent condition. The unprecedented run
of the last two days. during which paid checks
of over 100000. more than we could stand.
The amount Of liabilities to tho depostors will
be somewhere in the vicinity of Sl,2J0,000,
against which we have all our bills receivable,
capital and surplus, which will amount in the
aggregate to S5OO,O00 more than this sum-"
The Broadway Bank failed to open yesterday
morning. Against the glass door was a notice
that the depositors would all be paid. The only
liabilities call deposits, 200: certificates
commercial loans. well secured, $4,000; other
securities, $4,000 total, $4,000
Washington, June 22;-C oniroller Eckels has
appointed Frederick \. Pauley 4 temporary Ma
ticnal Bank Examiner, and plac@ him in charge
Of the First National Bank and the Consoldatcd
National Bank of San Diego Cal, which closed
their doors Yesterday. The capital of the First
National Bank is 100000, and at date of last
report the nominal resources Were stated at about
$50 900. The capital of the Consolidated Na-
tonal Bank is S2j0,000, and at date of last
report the nominal resources were stated at
about Sl,27o,000