Los Angeles herald., 1908-05-20
PATRONS LEAVE
MONEY in BANKS
SIX MONTHS NOTICE EXPIRES;
FEW WITHDRAWALS
SAVINGS INSTITUTIONS FEEL
PRosPERITYs RETURN
Complete Restoration of Confidence
Evidenced by Fact That Public
Forgets Desire to Obtain
Deposits

That a complete restoration of conf
dence in the financial institutions or
the city has been affected is manifested
most firmly and substantially by the
indifference of depositors in savings
banks to avail themselves of the time
limit of six months by Withdrawing
their funds During the most acute
period of the panic last fall banks took
ADVANTAGE of the law by refusing TO
pay out such deposits without SIX
months notice. The six months have
now expired, but the number of de-
posits withdrawn to date is small and
of little consequence.
The depositors who clamored for their
savings last fall have seemingly for
gotten their fright by remaining away
from the banks, preferring TO leave
their funds to grow with interest.
In striking contrast to the strained
conditions in banking last fall is the
present eagerness of citizens to open
accounts. A survey of the savings
banks shows that they are receiving
from thirty to sixty new accounts daily
each. One banks average is f1fty-four
daily while another reports its average
as fifty daily.
New business is being acquired every
day. and each day shows an improve
ment over it's predecessor. The nature
of the new accounts being received is
of a most substantial nature, coming
from persons who wish to put their
money away in sure and stable invest
ment.
Making Many Loans
The banks are making numerous loans
and business is increasing with strides
and bounds. While the bankers are
conservative in their estimates and
statements. they are one in the belief
lie or
Los Angeles in the future will outstrip
the Los Angeles of the past, which,
considering the city's marvellous growth
in the past ten years, Is statement
radiant with assurance of remarkable
financial strength and magnitude.
Los Angeles was the first city to
rally from the effects of the panic
Consequently confidence has long since
been restored. Now that the time is at
hand when depositors may withdraw IL
they wish their absence from the banks
Is marked, giving evidence that their
fright of six months ago has been swal-
lowed up in the massive wave of reas-
surance.
Bankers are pleased with the present
radiant situation, and their sentiments
are alike in the set belief that a new
era is at hand.
M. s. Eellman, vice president of the
situation in an interview for The Her.
aid yesterday. said:
1--WE now have normal times. The
people have long since forgotten that
there was panic. Those who wished
to withdraw their deposits last fall
were suffering from fright, but they
have recovered. Their scare has been
only a very few deposits withdrawn.
turned into confidence. There have been
in, c small that
1t really doesn't count.
Business Is Active
Business is active in all branches
of banking, and prospects for the fu-
ture are most promising. We are max
ing a great many loans and are getting
lots of new business.
New accounts are being opened at
the rate of fifty a day. These are all
stable accounts, from persons who mean
business and who wish to put their
money away to grow with interest.
Banking is especially active at pres
ent in the making of loans. Our loan
committee is meeting regularly each
day for the purpose of proving loans.
A new and great era of prosperity has
commenced. Business interests are
secure and confidence has long since
been restored"
1.-THE six months named in the no.
tifications of intentions to withdraw de-
posits have expired in most instances
said j. F. Sartori, president of the
Security Savings bank yesterday, land
we find that the majority of patrons
prefer to leave their money on deposit.
"Those who withdraw their funds do
so for the purpose of making profitable
loans or to meet the requirements of
their business. The savings banks are
prosperous and we look for continu-
ance of the present attitude Of depos-
itors and a continued growth of bust