Los Nietos Valley Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 24, 1893
Location: Downey, California (33.940, -118.133)

Metadata

Model: gpt-5-mini
Short Digest: 8b2288d2

Response Measures

None

Description

Article (The Herald, 1893-06-24) states there was no run on the Los Nietos Valley Bank; it was closed 'as a matter of protection' and was expected to reopen early next week (Monday). Classified as a suspension with reopening. Bank type not specified in text.

Events (2)

1. June 24, 1893 Suspension

Cause Details: Closed 'as a matter of protection' (precautionary voluntary suspension; no run reported).
Newspaper Excerpt: J. H. Strine of Downey, a director of the Los Nietos Valley bank of that city, states that there was no run on that institution at all, and that it closed as a matter of protection, and will probably reopen on Monday.
Source: newspapers

2. June 26, 1893 Reopening

Newspaper Excerpt: it closed as a matter of protection, and will probably reopen on Monday.
Source: newspapers

Newspaper Articles (1)

1. June 24, 1893 The Herald Los Angeles, CA

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Article Text

day, they had another run of those wishing to make deposits, and it became necessary at last to add additional receiving clerks. Mr. Hellman stated that the trouble was over, and that although the damage which had been done would have to be remedied, still if the people would exereise patience with the banks, all would be well. "The run is over and gone, ,, eaid he, "and I am satisfied the people now thoroughly realize their mistake and regret their/maddened folly. "There have been considerable demands on us for monies from country banks. but only those who were old customers and standbys have been accommodated by this institution. The failure of the Pacific bank in San Francisco was a foregone conclusion. It has been anticipated by conservative banks months ago and, therefore, it did not occasion any surprise. "The rest of the commercial banks of the city of San Francisco are all heavy institutions and no such a thing as a run is possible. There will be no trouble up there.' Mr. I. W. Hellman is still in Los Angeles, and will be here until the end of thie week. The depositors of the Broadway bank are busily engaged in formulating a plan for its opening. Most of the arrangements have been made, and Warren Gillelen, its president, is confident that it will be doing business again "at the old stand" early next week. The receiver of the City bank, Otto Brodtbeek, stated yeeterday that he was still busy examining the files but that he would be prepared to make a statement today. Matters at all of the other banks were very quiet yesterday, only the routine business was done, but there was lots of coin on hand, with no takers. They both enjoy the utmost confidence of their depositors. At the University bank yesterday there were no new developments. The management are awaiting the arrival of President Widney, who, it is expected, will reach here today. The probabilities are, however, that the University will be the first among the closed banks to reopen, which is confidently expected to take place early next week. President Breed of the Southern California bank said yesterday that now as the examiner is here they would soon be in a position to make a clear statement of its affairs to the general public, and also said that he would do so, whether the examiner did or not. "We have plenty to pay all depositors," said he, "and only closed because it would have been sheer madness to have remained open and admitted such a frantic crowd.' J. H. Strine of Downey, a director of the Los Nietos Valley bank of that city, states that there was no run on that institution at all, and that it closed as a matter of protection, and will probably reopen on Monday.