First National Bank (Los Angeles, CA)

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Bank Failures in California, Los ANGELES, Cal., June 21.-Four banks closed their doors to-day. They were the First National, Southern California, Broadway Bank and East Side Bank. All claim that the depositors will be paid in full. The failures were caused by theouspension yesterday of the State and University banks, also of this city. Depositors became frightened and wanted their money at once. The liabilities of the First National are $1,250,000; assets. 81,730,000. The other institutions are, comparatively speaking. small concerns. As a result of the Los Angeles failures the Consolidated National Bank, of San Diego, also closed its doors to-day.

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FOUR BANKS FAIL

California Institutions Closed Their Doors Yesterday. Los ANGELES, CALA., June 21.-Four banks closed their doors to-day. They were the National, Southern California, Broadway Bank and South Side Bank. President Melliott, of the First National, said: "The unprecedented run of the last two days, during which we paid checks of over $600,000, was more than we could stand. The amount of liabilities to the depositors will be somewhere in the vicinity of $1,250,000, against which we have all our bills receivable, capital and surplus which will amount in the aggregate to $500,000 more than this sum."

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BANK FAILURES IN LOS ANGELE

Los Angeles, Cal., June 21. The Southern California National Bank and the Los Angeles National Bank here have closed their doors. Later in the day the Broadway bank and the East Side bank closed their doors. The First National has announced that the withdrawals of the last two days exceeded $600,000. Bank Examiner Gerberding says the run on the banks is senseless, and that they are all fully solvent. The suspensions created much excitement and great crowds gathered on the streets. Runs were made upon the Farmers and Merchants' and the Los Angeles Banks. The former paid all deposits promptly, but the latter announced it would pay only small depositors, and give the larger part in cash and the remainder in certificates payable in rixty days. San Diego, June 21.-Following in the wake of the financial troubles is To Angeles, the Consolidated National Bank suspended payment this morning The Savings Bank of San Diego, which has its office with the Consolidated National, and which is closely related in management, suspended at the same time, owing to a run consequent upon the morning suspensions. The First National closed its doors this afternoon. Portsmouth, Ohio, June 21.-The Citizens' Savings Bank has failed.

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SIX BANKS CLOSE

Four of Them Are at Los Angeles and Two at San Diego. Los ANGELES. Cal.. June 21.-Four banks closed their doors to-day. They were the First National. Southern California. Broadway Bank. and East Side Bank. A large crowd assembled at the corner of First and Spring streets early in the forenoon. At 10 o'clock notice was placed upon the doors of the Southern California to the effect that the bank will not open to-day. All eyes were turned to the Los Angeles National. which is situated on the opposite corner. Another large crowd was in front of the First National and the Farmers' and Merchants' Bank. There had been all sorts of rumors on the street about the former. but few people in the crowd. a large majority of whom were curiosity seekers, doubted for a moment that the doors would be open at the usual hour. but a notice was posted on the doors of th.e First National to the effect that owing to a heavy run upon the bank it must close. At San Diego the Consolidated National and the Savings Bank of San Diego suspended. There is no question of the assets of these banks. They all have twice as much assets as liabilities. but their money is loaned out on real estate. and it can't be taken in at demand. It is feared that all the banks will have to close for a few days. as none can stand a steady run. It is also feared that several San Francisco banks. which have been helping local banks. will be embarrassed. San Francisco bankers here were very nervous over the news from Los Angeles. It is expected that a run will be made on several San Francisco banks which are known to be involved with these Los Angeles institutions. and which have large sums loaned on Southern California property.

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Los Angeles Business Troubles

Los ANGELES, June 21.-Several banks in Los Angeles, including the First National, the Southern California, the Broadway and East Side, have temporarily suspended payment. The assets in all cases largely exceed the liabilities, and depositors will be paid in full. The City bank and the Universe bank are also temporarily embarrassed.

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FOUR BANK Los Angeles, Cal., June 21.-Pour closed their doors today. They with first national. the Southern California the Broadway and the East Hill A large crowd assembled at the of First and Spring streets I it noon. At 10 o'clock a notice with upon the door of the Southern the effect that the today. nia would bank ot to open All eyes turned to the Los Angeles National on the opposite side of the other crowd was in front of the De geles and the Farmers and Memo banks. While there had been all rumors 0 the street about the people in the crowd. a large whom were curiosity-suchers doesnoy the doors would open at the usual when a notice was placed on the the First National to the effect the ing to a heavy run on the bank asics to over $600.000, the bank WAS class the directors. The East Side bank's doors bark following notice: "On account of at MAY ing able to cash our New York Francisco exchange TO are BE to close our danta. Depositors paid in full."

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BANKS SHUTTING DOWN

FOUR LOS ANGELES INSTITUTIONS CLOSED. RUNS ON BANKS IN PORTSMOUTH OHIO-BUFFALO PRIVATE BANKERS ASSIGN. Los Angeles, Cal. June 21.-Four banks closed their doors to-day. They were the First National, Southern California, Broadway Bank and East Side Bank. A large crowd assembled at the corner of First and Spring sts. early in the forenoon. At 10 o'clock notice was placed upon the doors of the Southern California to the effect that the bank would not open to-day. All eyes were turned to the Los Angeles National, which is situated on the opposite corner. Another large crowd was in front of the First National and the Farmers' and Merchants Bank There had been all sorts of pumors on the street about the former, but few people in the crowd. a large majority of whom were curiosity-seekers, doubted for a moment that the doors would be open at the usual hour, but a notice was posted on the doors of the First National to the effect that owing to a heavy run upu the bank. the doors would not be opened. Buffalo, June 21.-H. C. Tucker & Co., private bankers, doing business in the Chapin block, closed their doors this morning. The company had a large amount of money lent on mortgages, also on notes and paper, on which it was hard to realize quickly? Aside from the banking business they continued to do a general real estate, loan and in surance business. It is stated that the embarrassment will in no way affect any other business house, although the firm did a strictly Buffalo business. The figures coald not be given by either of the firm nor would either state whether there was any likelihood of their resuming business. Portsmouth, Ohio, June 31.-The Citizens Savings Bank assigned this morning to A. F. Holcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets $400,000. The excitement spread and runs were made on the other banks, namely. the Portsmouth National Farmers National and First National. and they are taking advantage of the 10 per cent limit. The Little Kanawha lumbering mills are in the hands of a receiver. The failure of the citizens will embarrass some of the manufacturers here.

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of the First National was to the effect that owing to the heavy run upon the bank amounting to over $60,000, the bank was closed by order of the board of directors. The East Side bank doors bore the following notice: "On account of not being able to cash New York and San Francisco exchange, we are compelled to close our doors. Depositors will be paid in full." A. Gerberding, one of the state commissioners, arrived here yesterday. He is now in charge of the State bank, the City and University, which suspended yesterday. Mr. Gerberding says from a cursory examination of the University bank made last night he found that the bank owes $14,000 and has $30,000 assets. Gerberding says idiotic would not be too strong a term to apply to the senseless run on the banks here now, as they were never in better condition. Promptly at 10 o'clock this morning the Los Angeles National bank opened its doors. A long line of depositors, stretching along Curb street and extending north on Spring street for over 100 feet, were on hand under police escort, to take turns in entering the bank. Just before the iron gates swung open, Major Bonebrake appeared on the steps bareheaded as he

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FOUR BANKS SUSPEND

Los Angeles Feels the Effect of the Stringency. Los ANGELES, Cal., June 21.-Four banks closed their doors today. They were the First National, Southern California, Broadway bank and East Side bank. A large crowd assembled at the corner of First and Spring streets early in the forenoon. A notice was placed upon the doors of the First National that owing to a heavy run upon the bank amounting to over $600,000 the bank was closed by the order of the board of directors. The East Side bank doors bore the following notice: "On account of not being able to cash our New York and San Francisco exchange we are compelled to close our doors. The depositors will be paid in full." A. Gerberding, one of the state commissioners, arrived here yesterday from Riverside and San Bernardino. He is now in charge of the state banks-the City and University-which suspended yesterday. Commissioner Gerberding says from a cursory examination of the University bank last night he found that the bank owes $140,000 and has $300,000 assets. The Farmers and Merchants' bank stood the long pull on its

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LOS ANGELES TROUBLE

During the Crisis $8,000,000 Was Withdrawn from the Banks. Los ANGELES, Cal., June 22.-The financial situation is more encouraging, $250,000 in coin was received yesterday after business hours and the Farmers' and Merchants' bank this morning reeived $250,000 more, opening its doors with over $1,000,000 in its vaults, which as believed to be more than enough to meet all demands. It is estimated that $8,000,000 was withdrawn from the banks during the crisis. So far there has been no mercantile failures. Everything was quiet and peaceful in banking circles all of today. There was but a slight run on the Los Angeles National bank as the line of depositors was greater than that of the withdrawers, and there was quiet at all the other banks. Confidence is restored and a good many people who withdrew funds have deposited them. All banks received large sums of money, and even the six closed banks received some. President Elliott of the First National bank made a statement in which he said that the bank would resume business as soon as the bank examiner arrived and gave his sanction. It is expected that the other banks will soon resume except, possibly, the City bank which is in the hands of a receiver.

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ALL DOING WELL

THE SUSPENDED BANKS GETTING READY FOR BUSINESS. The First National to Be ReorganizedThe University to Reopen this Week-The Southern California Only Waiting for the Word. The suspended banks are all busy preparatory for business. At the First National yesterday no definite statement could be obtained as to its plans further than that the bank would be reorganized, and that when it did open it would be stronger than before. THE UNIVERSITY. President Widney of the University bank yesterday etated to a HERALD re. porter that his bank would reopen some day this week, and gave out the following correspondence: To Hon. W. H.H. Hart, Attorney-General: DEAR SIR: In compliance with the law we beg leave to report that we have examined the affairs of the University bank of Los Angeles and submit the following: $132 905 90 Amountdue depositors Amount due banks 7,890 63 $140,796 53 The bank has solvent aasets equal to double this amount, and in addition thereto the directors have transferred to the bank, in trust for the depositore, real estate valued at double the amount due creditore. We therefore recommend that the University bank be permitted to resume business as soon as possible. Yours respectfully, A. GERBERDING C.H. DUNSMOOR, Bank Com's. To the University Bank of Los Angeles: GENTLEMEN: In view of the above report, and concurring with the commissioners therein, I direct that said bank may resume business on its obtaining sufficient money, in your judgment, to meet the demands of depositors in the ordinary course of business. WM. H. H. HART, Yours truly, Attorney-General. "We will open some day this week," said Judge Widney, "as soon as we have cash enough on hand. There is no bank in the state that can make the showing we do of four dollars to one in assets, and when we open any depositor who tries to draw his money out from feelings of insecurity cught to be drummed out of the city.' " THE SOUTHERN CALIFORNIA. The officials of this bank were all happy yesterday. They said that they were ready to reaume just as soon as permission is received from the comptroller of the currency, which would unquestionably be given inside of a week or 10 days. BROADWAY BANK. The state bank commissioners, C. H. Dunemoor and A. Gerbarding, made the following statement to Attorney-General Hart yesterday: Upon examination of the Broadway bank, we beg to advise you that the total amount due depositors is $22,400, and the total of assets is $60,000. This bank has arranged with its depositore to defer payment upon all but $3000, and we recommend that it be permitted to resume business at the earliest opportunity. Attorney-General Hart replied as followe: "I have examined the report of the bank commissioners herewith handed to you in reference to the present condition of your bank, and I agree with the commissioners in the conclusions reached by them. and direct that you open immediately for business.

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BANK TROUBLES IN VARIOUS CITIES

Buffalo, June 27 (Special).-The first failure among Buffalo banks, in the present panic, is likely to be the last Considerable anxiety was felt about the situation here before the banks opened this morning, but in not one of them were the withdrawals unusually large. The action of the Buffalo Bankers' Association in offering to issue unlimited clearinghouse loan certificates nipped in the bud the panic started by the failure of the Queen City Bank. The banks here hold combined assets of $30,000,000 and cash resources of $6,000,000. The feeling among business men here to-day is more confident than at any time iu the last three weeks. Mr. Creed, the deputy superintendent of the bank, stated this afternoon that, so far as he has proceeded with his examination of Queen City Bank affairs, he knows of no reason why it should not resume business at an early day. Los Angeles, June 27.-The Broadway Bank opened Its doors this morning. The bank commissioners say the bank ought never to have closed. The University, First National and Southern California National are still closed. They will be opened in a few days. Confidence seems restored and the business outlook is improving Ashland, Ky., June 27.-The Second National Bank of this place closed its doors this morning. It is solvent. but was forced to suspend because of inability to realize on good paper. The depositors will all get their money. Seattle. June 27.-A special from Port Angeles says: "The First National Bank, of this city, closed its doors yesterday morning, after having been open thirty minutes. Two weeks ago the deposits of the bank were $127,000, and it was regarded as one of the safest in the State. From some cause a run began and continued until the deposits, including county funds, amounted to only about $85,000. Against this the bank announced its resources as $142,000. The bank will undoubtedly resume business in a short time.

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CALIFORNIA FAILURES

The City of the Angels Has a Bad Streak of Luck. Los ANGELES, Cal., June 21.-The Southern California national bank and the Los Angeles national bank have closed their doors. Later in the day the Broadway bank and the East Side bank closed their doors. The First national has announced that the withdrawals of the last two days exceed $600,000. Bank Examiner Geberding says the run on the banks is senseless, and that they are all fully solvent. One Down at San Diego. SAN DIEGO, Cal., June 21.-Shortly before noon today the Consolidated National & Savings bank of San Diego closed its doors. A statement is issued that the assets are largely in excess of the liabilities. Missouri Bankers Meet. EXCELSIOR SPRINGS, Mo., June 21.The state gathering of bankers is alwaysa notable event here, and the convention which began today will listen to a number of interesting papers on topics of current importance.

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THE SUSPENDED BANKS

The Commercial Organizations to Endorse Their Solvent Condition. Owing to some technicality the two national banks, the Southern California and First, have not as yet received their commissions from Washington, although they are in good condition and pretty near ready to open. Special meetings of the directors of the chamber of commerce and board of trade have been called for tomorrow to take action in regard to the situation and write to the authorities at Washington to allow these two institutions to open their doors at an early date. The intention of the meetings, also, is to show that full and perfect confidence is felt in the banks, and that they have the support of the commercial interests of the city.

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THE BANKS WILL OPEN

a MISLEADING TIMES STATEMENT FULLY CONTRADIOTED Comptroller of the Currency Kohles Has Not Expressed an Unfavorable Opinion-No R. ceiver for the First National. The HERALD was "ecooped" yesterd on a very important piece of new by the Times, the only trouble about ch ilio "news" being that it was ottrud. latter journal printed a local article headed to the effect that Comptrolier the Currency Eckela had written a 100ter to some person unnamed in this city, which letter was received on Monday. stating that he would deny permission to the suspended national banks to open, unlees a sufficient number of de positors indicated a willingness for the institutions to resume. The article produced a decided EPOHA tion, and if yesterday had been a busi nees day, another wild panic might have resulted from its alarming tone but fortunately for all parties appear that, according to the statements of officere of the banks, and other gentlemen referred to, there is not a eingle word of truth to it. THE SOUTHERN CALIFORNIA BANK The article commences with the fol lowing statement A letter was received yesterday from Hon.J./. Eckles, comptroller of the currency, in which that official declines to archorized the reopening of the Souther California bank, unless a sufficient number of customers and depositors indicate their willingness to have the bank continue business. "Immediately on receipt of this letter the following petition was prepared and circulated among those who are on the bank's ledger as customers, and was very generally signed "Los ANGELES, July 3, 1893. "To the Hon. J. H. Eckles, Controller of the Currency, Washington, D. O.Sir: We, the undersigned, being customers and depositors of the Southern California bank of Los Angeles, having perfect confidence in said bank and its management, and being perfectly eatisfied its temporary suspension was not on account of mismanagement, and our confidence not having been shaken by its temporary supension, we hereby express our willingness to continue business with said bank, and hereby respectfully request that you grant permission for it's speedy reopening. 'When completed, the petition will be transmitted by telegraph to the comptroller of the currency by Senator White, with a statement as to the names attached to the document. With reference to this newturn of affairs, it has been explained that this is but a part of the red tape now in vogue in the comptroller's office. Mr. Ecklee has been known to express himself as opposed to the reopening of suspended national banks, unless upon the strongs th showing, and the urgent demand of depositors. In regard to the Southern California National bank, it is now strongertati ever, and has been ready and anxious to reopen for several days, only awaiting the permission of the comptroller. In putting itself in its present strong position to resume payment the bank makes the proud boast that it has not called upon single patron to pay his account, unless overdue.' A HERALD reporter at once, on reading the above, called on Mr. Bosbyshell, of the bank, and asked him about the matter. "You may say," he answered, "that we have not even had a hint from Mr. Eckles or ny other official that we will not be permitted to resume. In fact there is overy reason to believe that we will be allowed to open our doors at an early date. The comptroller has not denied permission to resume, nor is such a thing possible, as he could not have received Examiner Wightman's report until yesterday, and, furthermore, he has not been asked to let us reopen. We make no request of the comptroller. The whole matter is treated through the examiner's report, and only that way. The latter part of the article's reference to us is correct, we are all ready toopen, and have more than enough cash on hand to meet any possible demand. "The assertion that we were compelled to get the depositors to sign the petition to the comptroller referred to is also without foundation. It was our own idea and was not ordered from Washington. "I have no right to speak for Examiner Wightman and his report, but feel justified in saying that it will be strongly in favor of our immediate reopening. as there is no reason in the world why it should not be.' THE FIRST NATIONAL. The Times' article then goes on to say "It was ascertained yesterday that for several days there has been a movement on foot looking to the appointment of a receiver for the First National bank, and that John E. Plater of the Bank of America was being urged for the place; in fact, that strong letters had been sent to the comptroller of the currency, recommending his appointment to the position in case such a step became necessary. The bank has applied for permission to reopen, which been refused, except under the same conditions as those imposed on the Southern California.' Mr. Plater, when seen a said: to ship HERALD would has been reporter, offered me, yesterday 'No and member- think by I know of it if such 8 thing were contemnlated

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National Banks are Reopening

WASHINGTON, D. C., July 6.-The Comptroller of the Currency is informed that the First National Bank of Los Angeles, Cal., and the Southern California Bank of the same place, which suspended recently, will open their doors for business again within & few days. Comptroller Eckies is adopting precautions in all cases where suspended banks apply for permission to resume to make sure that the banks are put on an absolutely sound basis before the request is granted, in order to guard against a second suspension within a short time. The Comptroller is informed that the First National Bank of San Diego, California, which reopened for business yesterday, received deposits to the amount of $250,000, as against withdrawals to the amount of $3,000. This is regarded as an evidence of returning confidence. The Washington National Bank of Spokane, reopened for business this morning.

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ties of the Fourth, the Times has been trying to lie itself into line again. It has half admitted its roorbacks and without contrition desires again to stand in line with a community which it has tried to wreck. There is a difference between the Times as a liar and the celebrated Baron Munchausen, and it is altogether in favor of the Baron. That distinguished nobleman sometimes told stories that were not within the lines of ordinary probability. But when, observing the countenances of his auditors, he saw some signs of incredulity, he always placed his hand on the hilt of his sword, with the remark that he had been very careful to keep his narratives within the bounds of truth, and if any gentleman doubted his statements he was ready to fight him at any time or place, or with any weapons. Our esteemed contemporary differs from Baron Munchausen in every respect, and most remarkably in that it has swallowed the receivership story for the First National bank, and has practically admitted that it told a lie when it said that the Controller of the Currency, in advance of the receipt of Examiner Wightman's report, insisted that the depositors of the Southern California should unite in a petition for the resumption of that bank. Having eaten its leek, and laboriously denied everything that it asserted, we suppose that we can leave our esteemed contemporary to the universal contempt of a community which it has unsuccessfully tried to wreck.

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local land officers will be made at present. RESUMING BUSIN ESS. California Banks to Reopen in a Few Days. WASHINGTON, July 6.-The comptroller of the currency is informed that the First National Bank of Los Angeles, Cal., and the Southern California bank of the same place, which suspended recently, will open their doors for business again within a few days. Comptroller Eckels is adopting precautions in all cases where suspended banks apply for permission to resume, to make sure that the banks are put on an absolutely sound basis before the request is granted, in order to guard against a second suspension within a short time. The comptroller is informed that the First National Bank of San Diego, Cal.. which reopened for business yesterday, received deposits to the amount of $25,000 as against withdrawals to the amount of $8,000. This IS regarded as an evidence of returning confidence.

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OPENED THEIR DOORS

Two of the Suspended Los Angeles Banks Resume Business. Los ANGELES, July 10.-The Southern California National Bank and the University Bank opened their doors this morning. It was expected that the Southern California Bank would open, but the opening of the University Bank was something of a surprise, though they were in condition to open several days ago. The First National Bank is still closed and is only waiting for orders from Comptroller Eckels to follow the example of the Southern California. Only two banks now remain closed of the six that closed two weeks ago. The City Bank is in the hands of the receiver and will not reopen. The First National Bank felt the rush the worst, having nearly a million dollars withdrawn. But the First National has many wealthy stockholders and friends and will be in its old-time vigor as soon as it opens.

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National Banks to Resume

WASHINGTON, July 8.-The - comptroller of currency is informed that the First National Bank, of Los Angeles, Cal., and the Southern California Bank, of the same place, which suspended recently, will open their doors again for business within a few days. The Washington National Bank, of Spokane, has re-opened for business.

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READY TO RESUME

Two Suspended Banks Have Mended Their Finances. WASHINGTON. July 14.-The comptroller of currency to-day authorized the First National bank of Los Angeles, Cal., and the National Bank of Commerce of Provo, Utah, to resume business. The banks will resume with plenty of money, none of which is borrowed, but obtained by the collection of amounts due on notes or supplied by the directors.

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WASHINGTON TELEGRAPHIC NOTES

A case of yellow fever is reported at Gulf quarantine station, Chandler island, Miss. Congressman Springer denies that he is to be let out of the chairmanship of the ways and means committee on account of failing health. Col. Fred Grant, late minister to Austria, is in Washington. He says that country is very prosperous, with a good big surplus in the treasury. About 2,560 pensioners have been suspended under Secretary Hoke Smith's ruling, requiring beneficiaries of the act of June 27, 1890 to prove total disability. Each one has 60 days to produce proof. The treasury department has decided that un der the section of the tariff law which provides that if the value of goods exceeds the value declared in the entry more than 40 per cent, fraud may be presumed and the goods seized by the collector. Comptroller of the Currency Eckels has authorized the First National bank of Los Angeles, Cal., the National bank of Commerce of Provo Utah, and the Second National bank of Ashland, Ky., to resume business. The government will not interfore in the Franco-Siamese trouble, as American interests in Siam are very slight. There are however, about 20 missionaries, principally Presbyterians, in Siam, and the Presbyterian mission board has asked that they be protected.

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IN THESE days of suspensions and failures it is gratifying to note that many of them are due only to temporary embar rassments and that many of the reputed bursted banks are over their trouble and are again doing business. Among those which have re opened during the last few days are: Gate City National Bank, At lanta, Ga.: First National Bank, Los Angeles, Cal.; First National Bank, San Diego, Cal.: First National Bank, Santa Anna, Cal; First National Bank, San Bernardino, Cal: the Southern California National Bank, Los Angeles, Cal: Merchants' National Bank, Fort Worth, Tex.; Second National Bank, Ashland, Ky.; Capital National Bank, Indianapolis, Ind: First National Bank, Palouse City, Wash; Washington National Bank, Spokane Falls, Wash; National Bank of Commerce, Provo City, Utah, and First National Bank, Cisco, Texas.