Los Angeles herald., 1910-05-04
Los ANGELES HERALD: wEDNE EsDAY MORNING.
BANK RUN ENDED;
F. LINE MELTS AWAY
Night and Day Institution With
stands Siege of Nearly
Forty Hours
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have built up en- extensive business
among wage-earners.
"I wish to say here that we have
had the loyal support Of hundreds of
persons who until now have never de-
posted a cent in our bank, but who
are coming to us now with sums rang
ing from $50 to $4,000. We have opened
about two hundred new accounts since
the run began, and have broken all
of our past records In the number and
amount of general deposits which have
been received since the beginning of
the run. The bank has over $4,000
accounts.
1.-THE bank started out with 00O
in deposits Monday morning at
o'clock. At o'clock Tuesday night 1t
was estimated that the bank had lost
only about 100000 in deposits and that
by next Monday morning the bank
will have more deposits on hand than
it had last Monday morning"
In many stores in Los Angeles yes
terday were to be seen large or small
placards reading, Checks cashed here
on the All Night and Day bank"
BANK EXAMINER SATISFIED
State Bank Examiner Alden Ander-
son, who arrived IN Los Angeles yes
terday morning, made a personal In
vestigation of the banks affairs yes
terday. He said
''I find that the bank is paying its
depositors dollar for dollar, and that
the depositors will get every dollar that
Is coming to them. If they want it. 1
will remain here for two or three days,
and in order to keep in touch with the
condition there l will make a more
thorough examination of the bank
affairs as to its loans and credits"
Mr.. Anderson would not discuss the
action of the Clearing House aSSocia-
ton, and did not wish to make state
ment as to the banks securities, but
seemed thoroughly satisfied that the
securities were gilt-edge. These secur-
tiles, according to President Skinner,
consist of real estate first mortgage,
covering urban and suburban homes,
collateral loans, municipal bonds, etc.,
and are considered bona fide in every
respect by financiers who have investi-
gated the banks methods and manage
ment.
The fact that 70 per cent of the total
deposits were in the banks vaults when
the run began is considered by promi-
nent bankers sufficient in itself to have
prevented such a run, especially when
the fact was confirmed by the clearing
house committee, which first investi-
gated its affairs. This fact, however,
seemed to carry little weight with a
great many of the smaller depositors,
mostly wage earners, whose knowledge
of banking methods, 1t was stated, was
not such that they could appreciate
what this condition meant.
BANK HAS OBEYED LAW
Bank Examiner Anderson, discussing
the banks condition last night, said:
tfFINa.a NI,a a cf n a
in every respect, and so long as II does
so 1t will not be closed"
This has been the contention of the
bank management from the beginning
of the run, but even the reassuring
statement of the bank examiner yes
terday did not dissipate the lineup.
President Skinner and Vice President
w. j. Conner, as the run began to
break yesterday at noon, said TO a re-
porter for The Herald:
'I wish to thank The Herald for its
statement of facts in this morning s
issue. It was the best and fairest ac-
count Of the affair printed by any
newspaper in Los Angeles, and we are
satisfied 1t did more to break the run
than anything that was done by the
press, or by the public, in behalf or
the bank. The Herald told the people
the truth. Your reporters made thor
1QNeSllRdLlOilg
of the facts had a most reassur1ng ell
feet on our depositors.
1--WE want to express our thanks to
others who stood by us, also, especially
to the bankers of Los Angeles ana
Pasadena, many of whom came TO us
private, but who rendered invaluable
assistance. Also we wish to express
our appreciation to the several thou
sand depositors who did not participate
mi. 81 f1,of FNralxr n
one-thirtieth of our patronage was rep
resented in this run Is extremely graft
flying to all of u.s.
President Skinner, Vice President
Conner or none of the other active
officials had left the bank or closed
their eyes even for a brief nap up TO
midnight last night; but at that time
stated they would, go home and rest,
as the run was over and there was no
danger OF further lineup.
BRAVE WORK OF EMPLOYEES
1--WE never recognized any danger
from the lineup" said Vice President
Conner, "and we knew from the first
that we would be able to meet every
demand made on us; but such an un-
precedented run required the presence
of every person connected with the
bank day and night. Among those who
worked all day and night Moncay and
all day Tuesday, without even going
out for their meals, and who worked
fast and faithfully, without moments
rest, were Assistant Cashier F. w. Col
lum, who acted as paying teller to help
expedite the rush. Our regular tellers
also aided him. These men are c. P.
Bell, L. f. Greene, o. B. Berry, J. Il.
Gilbert, jr., c. C. Norton, H. G. Rath,
P. H. Berry, d. r. Cline. Others whom
we will remember for their loyalty are
Assistant Cashiers e. R. Miller, II. M.
Ostrom, b. H. Smith; and G. A. Buck
ingham, note teller; Charles Castro
and l.. e. Gollum, clearing tellers; e.
e. Lones and Messrs. st. Clair and
Leavitt, bookkeepers; d. c. Behee, coll
lector; r. Stejtz, j. S. Stephenson and
w. J. Matthews, bookkeepers in the
passbook department; and the Misses
A. L. Holmes, katherine Silverman
and Lucy Mcdowell Of the clerical
force. Not one of these persons slept
Monday night or Tuesday, or deserted
their posts until the run was broken"
Stoddard Jess, president of the Los
Angeles Clearing House association
and vice president of the First Nation
al bank of Los Angeles, issued the fol-
lowing statement yesterday morning:
1.-THE Los Angeles Clearing House as
sociation has noting to say at this time,
other than to express regret that the
news of a. run on anY Los Angeles