Los Angeles herald., 1910-05-03

and coffee free to the men and women who
were in line there demanding their money
Tho president and directors of the bank
issued n statement nt midnight saying that
the run" was the result of a conspiracy;
that they have more than enough money to
pay every depOsitor dollar for dollar, and
that their doors will not be closed even II
all their deposltOrs present their demands.
Spectators yesterday composed a large
part of the lineup.
The policemen called to keep the line
In order last night were rendered luncheon
by tho bank officers.
At the beginning Of the run yesterday 20
per cent of the money on deposit in the
bank was in the banks vaults.
bankers and retired capitalists from Pasa-
dena and nearby cities, well from Los
Angeles yesterday and last night made large
deposits in the bank according to the Offi-
cials of the Institution, and S15O,OOO has
been promised from one source alone at 10
o'clock this morning.
Hundreds of telephone and personal calls
were made at the bank yesterday, assuring
President skinner that he would get all the
help he might need.
AT 3 o'clock this morning, after nine
teen hours of the most strenuous bonn
bardment to which any financial insti-
tuition in the United States has ever
been subjected, the All Night and Day
bank at the corner of Sixth and Spring
streets was still paying off its deposit
ors as fast as they could reach the pay
ing tellers; and having withstood what
is declared one of the most remarkable
runs in the history of banking con-
Germs, the bank was receiving deposits
far in excess of the sums withdraws.
The run, which began on the All
Night and Day bank yesterday MORN
ing, was indeed remarkable in many
particulars. While at 3 o'clock this
morning the line of anxious depositors
had considerably DIMINISHED, and de-
spite the most reassuring statements
and prospects, the men ana women who
formed the line gave no indication of
reasonable willingness to desist from
their efforts.
In the excitement incidental to the
run on the All Night and Day bank,
which undoubtedly cost one man his
life yesterday and allowed scalpers and
curbstone spectators an exceptional
opportunity to reap a harvest Of dol
lars and im$ose both on the public and
on the bank, there was revealed num-
Der of unusual and interesting features.
Perhaps one of the most striking of
these revelations was in the attitude
OI Ine HunuItuS VI MedlLuy AitH ebnNA
women who openly stated that they
did not believe the bank was getting a
square DEAL" and who came Loyalty to
its aid, although they had never before
done business with the threatened in
stitution.
Fifty new accounts were opened with
the All Night and Day bank yesterday
in spite of the run.
Private individuals came to the sup
port of the bank with securities and
cash aggregating value of about
| $400 900.
PAYS EVERY DOLLAR IN FULL
The bank paid every depositor in full,
dollar for dollar, and at 3 o'clock this
| morning had cash enough in its vaults,
| according to it's directors and clerks,
to pay off every man, woman and child
in the long line that jammed the
| street along the curb from Sixth street
| to the corner of Fifth.
Fifty policemen were kept busy yes
terday and last night patrolling the
line of depositors and Spectators"
yet there was no manifestation of a
,riotous spirit and no disposition to be
Impatient or unfair. Those in the line
| who were actually depositors merely
stated they wanted their money" al
| though they had no doubt the bank
was on a solid basis. This peculiar
attitude caused much amusement.
On the other hand, according to the
| officials of the bank, investigation re-
vealed that a large proportion of the
men in the line were not depositors,
but men who were holding places there
to sell them to others who might have
large sums of money in the bank and
would be willing to pay for place
"close up
Many of these spectators had to
drop out of the line before o'clock
this morning when their positions had
worked up so close to the window that
| they saw it was no use, and they had
to leave because they had no accounts
at the bank. This greatly reduced the
| lineup, and in the number which still
remained bank officials said there were
many more spectators.
The bank had the most severe drain
! between the hours of and 10 o'clock
last night, when, 1t was stated, num-
Der who had fairly large sums on de-
posit bought the places of smaller de-
postors so they could get near the
head of the line.
For instance, it was stated one de-
positor who had $3.50 in the bank found
man near the head of the line who
had but SO in the bank, and the
heavier depositor gave the second man
his 80 to get his position in the line.
However this may have been, the
! larger depositors who wanted their
money got to the window last night
! before 10 o'clock; but large or small
they were paid as they came up to the
windows.
LARGE DEPOSITORS NOT WORRIED
1t was a notable fact, also, that the
really large depositors in the bank were
! not alarmed and refused to demand
! their money. Many of them went into
| the bank to place more money on de-
! posit. The great majority of the men
who formed the line yesterday and
| last night were working men and wo-
men whose accounts comprised sums
ranging from 81 to $50, many of them
scramblng for places in the line who
at the windows presented checks for
| the ridiculously low sums of 81 and So.
The bank has twenty-four thousand
accounts. AS an indication of the con-
| fidence still reposed in the institution,
the largest number of persons in the
line at any time yesterday was $40.
| OF course, there were several hundred
outsiders and sight-seers who jammed
the streets in front of the bank, but
were not interested in it financially.
When it is remembered, as the bank
officials cited last night, that a large
number of those actually in line are
not depositors but spectators, and
many of the others have accounts of
| from SO to $40 or 500, it can readily be
seen that the bank should not be in
any real danger, If 1t ever has been.
AS but 900 men and women were in
| line Yesterday and there are $4,000 ac-
counts at the bank, ii will also be seen
/ t,ot op1u about nna-fOrfiptb Of tba