The herald., 1893-07-06
THE BANKS WILL OPEN,
COMMERCIAL MEN OF THE CITY EN-
DoRsE THEIR sOLIDITY.
No Truth In Any Alsrmist stories-Reso'
lutions Adopted by Chamber of
Commerce and Board of
Trade-The Situation.

and it went into executive session at 10
O'Clock. 7. d. Stimson, presided. E.
F. G. Klokke, George II. Pike, G. w.
Parsons, A. w. Francisco, I. A. Eisen,
Robert McGarvin, M. L. Graft and
Charles Forman we're present.
The following resolutions were adopt
ed, and the secretary OF the board was
instructed to telegraph them to Comp
troller Eckles of Washington:
Whereas, 1t has recently come to pass
that two of the national banks of this
| city, the First National and the South
ern California National, were compelled
to temporarily close their doors, owing
to sudden and unwarranted demand
for cash on the part of number OF their
depositors now be it
Resolved, By the board of directors OF
the Los Angeles chamber of commerce,
who are authorized to speak for that
organization, in which is represented all
lines of business and professions, whoEe
membership equals or excels that OF any
commercial organization on the Pacific
coast, and whose members own or CO l.
troll more than two thirds of all the
property in the city; that we hereby de-
clare our complete confidence in the
stability of the institutions before men
toned and our belief that, with the
present return of confidence and the
calmer judgment which now exists
among our people, there is no longer any
risk OF recurrence of the misunder-
standing which led to the closing of
of these banks. and we hereby respect
fully urge the comptroller of the cur
20 ollnx5 fho hnfAra oA
banks to resume business at the earliest
possible date, in order that our people
may no longer suffer the inconvenience
which is occasioned by their remaining
closed.
The Los Angeles board Of trade also
convened in session at ~ O'Clock yester-
day and passed the following resolution,
which the secretary was instructed to
wire to the comptroller of the currency
at Washington:
At special meeting of the directors OF
the Los Angeles board of trade the fol-
lowing was unanimously adopted:
Whereas, The First National bank and
the Southern California National bank
OF Los Angeles, on account of the re-
cent panic prevailing here, and their in
ability to get funds here by express from
their correspondents fast enough to meet
the immediate and altogether unreason-
able demands made by portion of their
customers, were compelled to seek tenn
porary relief by closing their doors. and
are now ready to open and desirous OF
opening and continuing business and
Whereas, We have every reason to be-
lieve that, in the future as in the past,
they will have the confidence and sup
port OF the business community; there
fore, be it
Resolved, That we believe the neces-
sity for closing the banks referred to
arose from no mismanagement; that we
have the utmost confidence in these
banks, their officers and directors; that,
speaking for the members OF the board
OF trade, (who have already by resolu.
| ton published in the press expressed
the same intention) who represent the
| interests of the wholesale merchants
and jobbers OF the city, it Is our inten-
tion to continue our deposits ss before; !;
that the interests OF this portion of the
state necesaitates an early opening OF
our banks; and, that we beg to respect
fully urge the comptroller of the cur
rency to issue, with as little delay as
possible, the permit Tor the reopening
Of the banks referred to.
1.-THE statement that the comptroller
declined to allow the national banks to
reopen unless On a petition from their
depositors and customers" said Bank
Examiner Wightman, yesterday, sis a
mistaken one. The comptroller nat
urally exercises great caution and will
examine the reports of the closed banks
in the most thorough manner.
before declaring his decision. 1t must
ha horal hot tA
condition of the Bank of Southern Cali
fornia and the First National bank left
this city for Washington by mail it was
not wired. Consequently it will take
six days to reach ita destination. That
from the Southern California probably
reached Washington last Monday or
Tuesday, and the one from the First
National will arrive either today or
tomorrow. There have also been some
later details forwarded which the comp
troller asked for. can, however, state
that both banks will soon reopen. l
cannot definitely state the day, because
there may be some minor details to ad
just.
Prsident Elliott of the First National
said yesterday that everything was at
present in the most favorable light. A
largo amount OF coin had been received
on Saturday and more was on its way
from the east. The banks expect to
open within 10 days. The officials don't t
expect to hear from Washington much
before July 10th. but when they do hear,
it will be an order to throw their doors
open to the public and continue business
at the old stands, as formerly.
Further refutstions of the absolute
baeeleseness of the alarming sensational
article on the banks which appeared in
| the Times of Tuesday were obtained
Yesterday, but in view of the HERALD's
complete refutation of the assertions,
little needs to be added.
The Times of yesterday morning con-
tanned half way sort of retraction of
the article in question, but stuck to it
that move was on foot to have Mr..
John E. Platter appointed receiver of the
First National bank. AS noted in yes
terday's HERALD that gentleman de-
MED similar statement, but the asser-
ton is made in yesterdays Times that
the matter has been discussed, and that
county official (unnamed) had written
to Washington recommending Mr.. Pla-
ter
For various reasons this was construed
yesterday as meaning County Treasurer
Shorb as the ready letter writer. His
representative, Mr.. James Tiernan, how
ever. made an absolute. unqualified de-
nial that Mr.. Shorb had done any such
thing and said that that official would