Los Angeles herald., 1910-05-03
All Night and Day Bank Is
Paying Depositors Promptly
Continued from Page One,

active bankers and others came into
the institution and rendered their aid.
Many of them placed large deposits in
the bank
"The All Night and Day bank has
enemies" said President Skinner last
night. "They don't like our banking
hours; jealousy has led to this con-
spiracy to ruin us; but / want to say
positively and unequivocally that we
will pay every dollar in full to every
depositor who asks 1t.
I'VE were compelled at noon yester-
day to take advantage of the law
which permits us to demand time on
savings deposits, and in justice to all
of our patrons and in justice to our
selves we must do this; but as soon
as this run is over even these savings
depositors will be paid on demand, IL
they are reasonable.
"All we want is a square deal and
fair play. For nineteen hours we have
stood every demand made on us. We
have demonstrated that we are square
and honest; that we have the money
and are willing to pay it to those TO
whom il belongs.
"Our securities are gilt edge. The
investigation committee of the Clear
ing House association admits we had
20 per cent of our deposits on hand.
This is twice as much as other banks
usually carry. 1t proves that we are
not investing injudiciously or extern
sively. Our business affairs are
straight, our investments and securi-
ties bona fide and safe; our methods
legal and in conformity with the best
banking principles. No one is going
to lose a dollar.
At noon yesterday someone placed q
large sign over the sidewalk, reading:
"This bank can pay every dollar on
deposit. 1t is one of the strongest
banks on the Pacific coast. 1t has been
your friend. Jealous competitors have
worked to bring you here. Every per-
son in this line should show their 10y
atty by leaving at once. Your money
is safe. Why, then, remain here, do
ing an unkind and foolish thing?
BREAK RANKS"
Vice President Connor of the bank
denied that any of the bank officials
had authorized the placing of this
poster in front of the bank. He criti-
csed the wording of the poster, and
said that it had been thoughtlessly
worded by an overly enthusiastic
friend of the institution, who hoped to
break the run.
THANKS LOYAL FRIENDS
1--WE wish to thank the many loyal
friends who have stood by us. We
have discovered friends that we never
knew we had we have tried old friends
and they have proven true.
This run may continue tomorrow;
can't say; but we will do tomorrow as
we have done today-pay each and
every person who comes to u.s."
According to bank officials, this is
the first time a day-and-night bank
has been subject to such a run. Nu-
merically it is the heaviest run, 1t Is
said, ever made on bank in Los
Angeles.
There are at present only two public
day-and-night banks in the United
states A prominent capitalist, dis
cussing the matter last night, said
Los Angeles and New York city
have the only two day-and-night
banks in this country. The presence
of such an institution in this city has
been a great asset for Los Angeles,
and it is an asset which its people can
not afford to jeopardize. l have per-
sonally investigated the management
| methods and finances of the institu-
ton, and know that in every respect
they are all that they should be, and
the bank is a credit to our city. We
cannot afford to let this bank go un-
der The gross rumors circulated by
its enemies have been proven false
and it would be stain on our city
| under our present prosperous condl-
tions, to let such commendable en-
terprise go to the wall, especially when
the run has been started without any
real excuse or reason"
Shortly after 8 o'clock this morning
the line in front of the All Night and
Day bank was considerably less than
it had been at any time since the run
began and there were indications that
the lineup would be reduced to a
~ Inx
Every dollar. it is declared, will be
paid to depositors who may call at the
bank today and whether or not the
run continues there is an air of un-
f1inching confidence among the bank
officials.
NO ALARM FELT
At no time yesterday did they seem
to feel the least alarm, although at one
time the street was black with people
pressing against it's doors Jokes were
| freely exchanged among the busy en-
| ployes and the bank officials, smiling
good naturedly, did everything they
could to accommodate their patrons
Sandwiches and coffee were served
free to the men and women in the
waiting line and luncheon was also
served TO the police officers in charge
| of the crowd These sandwiches were
wrapped and on the label of each
sandwich was printed the following:
"Open until midnight. Saturday. May 7.
| Sorry not to be able to pay faster.
"Sorry also to keep you waiting.
"Have little lunch with us while you wait
Compliments of the All Night and Day
Bank
''Keep this wrapper for souvenir
Someone Is to blame for this run;
we know how and where it started
| and what motives are back of it," said
Mr.. Morton, one of the directors of the
bank. 1T am a lawyer, and 1 believe
know something about law. We
have recourse to the law, and while
am not ready to state that we will take
such recourse, 1 want to say that the
guilty parties will be punished.
THAT is all have to say, except tc
assure every depositor that we will pay
dollar for dollar on demand. Our pa
| irons, however, should be reasonable
| They should not expect too much OF
us. This is the longest run, consecu-
| lively, ever made on a bank in the
history of the United States. Other
| institutions, similarly besieged, have
to stand the strain but five hours, ther
| they can recuperate for the following
morning. They close at p M anc
| do not open until 10 o'clock the next
morning. We have to remain open day
and night six days week. This run
was purposely started Monday morn
| ing. so that we will have six days
| steady run, with no time for recuper-
| alton. 1t is a terrific handicap, but We
will make good. We will pay every
dollar that we are legally required tC
pay-no more and no less. The AL
Night and Day bank is here to stay