The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-22
Los Angeles Institutions
Go Down.
SAN DIEGO HAS A STIFF RUN.
Public Confidence Is Being Restored
and 1t Is Thought That the
Trouble Is Over.
Special to THE MORNING CALL


have closed their doors. They were the
First National, Southern California. the
Broadway Bank and East Side Bank.
Long before the hour of opening the banks
a large crowd assembled at the corner of
First and Spring streets. and in the long
line of depositors in front OF the Los An
geles National and Southern California
National.
Those in the line were mostly laborng
men and suburban residents. At 10o'clock
sharp a notice was placed upon the doors
Of the Southern California to the effect
that the bank would not open to-day.
Al eyes were turned TO the Los Angeles
National. which is situated on the opposite
corner. The people drew out their
watches and took in the situation with
bated breath.
Major Bonebrake then addressed the
crowd and the depositors commenced TO
file up 10 the paying teller.
Another large crowd was found in front
Of the First National and Farmers and
Merchants banks.
While there had been all sorts of rumors
upon the streets about the former, but few
people in the crowd. large majority of
whom were curiosity-seek7rs, doubted for
a moment that the doors would be open at
tie usual hour.
The excitement was intense. however,
when a notice was placed upon the doors
Of the First National TO the effect that
owing to a heavy run upon the bank,
amounting TO over $780, COO, the bank was
closed by order of the board of directors.
The following is the notice:
"NoTICE-First National Bank, Los An
geles, Cal. June 81, 1898: Owing to the
heavy withdrawal of deposits during the
last two days, amounting to more than
5000, 600, this bank is forced TO close its
doors. BY order of the directors.
-. hi. ELLIOT, President"
In less than q quarter of an hour the
streets were crowded with excited people,
which was followed by slight run on The
Farmers and Merchants Bank.
Chief Glass detailed every man on the
force on duty, and the crowd was CON-
PEELED TO keep on the move.
The general opinion among business men
is that IL would have been a wise move on
the part of all the banks to have closed
their doors for day or two until the ex-
element had abated. As II is, everybody
appears to have lost his reason.
The East Side Bank also closed its doors
this morning. The doors bore the follow
ing notice: "On account of not being able
TO cash our New York and San Francisco
exchange we are compelled to close our
doors DepositorS will be paid in full"
There was no one about the institution,
hence the Express representative was I'M
able 10 gather particulars.
Gerberding, one of the State Commits
sioners. arrived here yesterday from Riv-
erside and San Bernardino. and is stop
ping at the Westmin ster. He is now in
charge of the suspended State banks-the
City and the University.
Receiver Otto Brodtbeck took charge of
the City Bank to-day, but the safe deposit
department is open and dung business
right along.
Commissioner Gerberding says, from a
cursory examination of the University
Bank made last night, he found that the
bank owes $4,000 and has $780, 900 assets
to pay it with. At the bank it is stated
that nothing will be done until the return
of President Widney, which is expected
about Friday or Saturday.
Mr. Gerberding says that "idiotic"
would not be too strong term to apply TO
the senseless run Oh the banks here now.
rs they were never in really a better cou-
dition.
The first local gun in the battle of the
bankers was fired at thu City Bank in
Judge Shaw's cour. this morning, when
Mrs. Margaret z. Miller. depositor in
the defunct Institution. was given judg-
ment against it in the sum CT sol, 300.
This was Immediately followed by the APP
pOintment Of Otto Brodtbeck as receiver.
His bond was fixed at 100000.
The Farmers and Merchants people
were standing the strong pull on their cot
fers. but the rustic of gold and the SHIN
mer of the silver did not deter the excited
throng from pushing forward to secure
their coin.
Every available inch of space was occu-
pied. but inside the rails the busy clerks
smilingly handed out the cash to all appli-
Giants, and there was no sign of fear on
their countenaDces. Herman Hellman
said to the exnressman: IL w. Holman
will be here this afternoon with S25O,OOo
in cold cash, and $500, 900 m ore on the way.
We are ready for all"
The sober sense Of the people Of this
city is gaining the ascendency and the ex-
element in regard to the bank furry is
rapidly subsdiug. 1t is believed that the
worst is now over. Many who have with
drawn their money now feel ashamed Of
their prccipitancy, and some of them will
deposit again tomorrow. With very few
exceptions those who drew out money
were small depositors and in many cases
women.
Six banks in all have closed temporarily.
namely, First National, Southern Caiifor.
MIA National. City Bank, Broadway, Uni
versity and East Side Bank. The latter
three are small institutions. The First
National paid out over half million in
two days. The Los Angeles National
Bank is making % aud 10 per cent pay
ments cash. the balance in ten and sixty
days, and claims to have $4,000 to start
with tomorrow.
An excellent Impression was created this
afternoon when l. W. HelIman OF tho
Farmers and Merchants Bank and Nevada
Bank of San Francisco arrived from the
north with half million dollars for his
bank.
The savings banks are requiring notices
for large payments. There has been no
serious run on them. Confidence of the
public is shown by the fact that many
stores are Offering TO take checks on the
banks which have closed or passbooks in
place Of cash. The banks which havo
closed expect to resume business in two