843. Los Angeles National Bank (Los Angeles, CA)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2938
Charter Number: 2938
Start Date: June 21, 1893
Location: Los Angeles, California (34.052, -118.244)

Metadata

Model: gpt-5-mini
Short Digest: 981d164f

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

In June 1893 there was a run on the Los Angeles National Bank triggered by panic after other local banks closed and street rumors. The bank stayed open (paid demands during the day), made partial payments (50% within ten days) and continued business afterward.

Events (3)

1. April 30, 1883 Chartered

Source: historical_nic

2. June 21, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: Panic and street rumors following the sudden closing/suspension of other Los Angeles banks; described as a 'senseless' or 'idiotic' run caused by talk of irresponsible persons on the street.
Measures: Paid checks as presented during the day; paid out large sums in coin; issued partial payments/short-term certificates (paid out 50% of deposits subject to call within ten days) and publicly assured depositors of solvency.
Newspaper Excerpt: The news of the closure of the two banks spread rapidly through town and in short order a run was inaugurated on the Los Angeles National. The bank paid all demands as fast as possible.
Source: newspapers

3. October 21, 1905 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (21)

1. June 21, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 21, 1893

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Failure of Two Small Los Angeles Banks. DEPOSITORS WON'T SUFFER. Plenty of Assets, but Money Could Not Be Realized on Them. Other Assignments. Special to THE MORNING CALL June 20.-The University Los ANGELES, business, and Bank, which did commercial the Bank closed their doors this Yesterdsy these made an City morning. institutions Savings effort afternoon to borrow both money from the Clearing-house, but failing in this they were forced to suspend payment this morning left on and before he Saturday, President Widney for started Chicago he said that he bad deeded all his property. both real and personal, to the bank, and stated if any one loses he will. Robert Widney Jr. says that the securities overbalance the deposits three to one. A formal statement will be made in a few days. The closed City Bank has ample security and can pay depositors in full. A.D. Childress, president of the City Bank, says that the bank is closed temporarily in order to collect money from its loans and securities. He says the depositors will be paid in full. The news of the closure of the two banks spread rapidly through town and in short order a run was inaugurated on the Los Angeles National. The bank paid all demands as fast as possible. President Bonebrake made a speech assuring every depositor that his money would be paid to him. Notwithstanding the withdrawals, large sums of money were deposited in the bank bv merchants confident of its security. Runs more or less were made on every bank in town. All the savings banks are solvent and are paying money without question. There is DO excitement outside of a few small depositors, and at several banks today the receipts exceeded the payments. banks kept open conditions of the above criticism, the increased following the hours. the Two reserves banks depression of is the The having stead!ly after boom deposits Los collapse business Angeles in since 1888. and of the speculative real estate Realestate values have touched bedrock, but since the first of the year have been on the up grade, inside business property being in good demand at much higher prices than during the height of the boom. The clearances of the Los Angeles banks for this year up to the end of May show an increase of 38 per cent over 1892, as compared with 1 per cent increase in the country at large. There are nearly $11,000,000 ou deposit in the city banks. The run of to-day was caused entirely by small depositors, who became scared at the talk of irresponsible persons on the street. SAN BERNARDINO, June 20.-The finan ctal flurry in this city caused by the closing of the doors of the Farmers' Exchange Bank and of the Savings Bank of San Bernardino has subsided altogether. The streets are now perfectly quiet and no further trouble is anticipated. The Farmers' Exchange Bank has gone into the handsjof Receiver George L. Hisom, and there is no prospect that its doors will be opened again for some time to come. It is the intention of the leading stockholders to right their affairs as soon as possible and pay every dollar to the depositors. ) The public has received the failure with unusual complaisancy and but few if any ill-natured remarks have been heard in regard to it. ALBANY, Or., June 20.-The excitement over the .financial flurry has quited down. Official statements of the suspended banks' condition will show, it is stated. assets sufficient to pay depositors every dollar. EUGENE, June 20.-The Lane County Bank, owned by Hovey, Humphrey & Co., the oldest bank in the county, failed to open its doors this morning. The suspension was caused by a stringency of the money market. A notice was posted on which says: "Depositors will be No statement paid in full." the door liabilities. has yet been but made as to the assets and the depositors do not seem to have any fears. and many say if the bank should open this afternoun they would not withdraw deposits. VALLEJO, Jone 20.-The Vallejo Electric Light and Power Company has filed a petition in in-olvency in the Superior Court of Solano County. This action is said to be due to the numerous suits pending against the company, and involving many thousand dollars. Judgement in several suits has already been rendered against the concern. If the petition is granted the company will be reorganized. Sheriff Henderson has been appointed receiver, with bonds fixed at $10,000. Pendaction of the court the company their plant. as to ing will the run suspend Vallejo its in operation would mean leaving darkness

2. June 21, 1893 The Herald Los Angeles, CA

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bank naturally elept peacefully ; but during the night several of the officers connected with the clearing house changed their minds, and when Mr. Childress called for the money abont 9 o'clock yesterday morning it was refused. There was then nothing left for the City bank but to close its doors, aa there was no time left to obtain help from ontside pointe. "The total amount of deposits we have in the bank," he said, "ia $180,000, and our ageets are about $100,000 in excess of these deposits. One-half of the excess is in mortgagesand the other half commercial paper, "Our depositore will be paid dollar for dollar, I know they will, and our be. ing compelled to close the doora of the institution and suspend payments, is due to the failure of the clearhouse to come to our directly ing aid." THE UNIVERSITY BANK. While the sudden closing of the city bank's doora was under discussion on the street it became rumored around that the University bank at First and Broadway had followed suit. Precisely at 12 o'clock the University bank closed its doors and the drawn of curtains gave a general appearance gloom to the building. the opening hour until that had time, From depositore hurried continued in and drawn their coin. The run until it was thought advisable by the bank officials that it be closed, and soon a which read, Bank closed. will be paid. in positors notice full," orna- De- in the front doors the faces of belated mented depositors. and stared CASHIER ARNOLD'S STATEMENT. Mr. Arnold said yeaterday that the closing was produced merely through a lack of ready money. The bank did not ask assistance from the clearing house or any one. When it founditeelf unable to meet the demands upon it in ready money, it merely closed its doors. The bank is perfectly solvent and depositors will get dollar for dollar. It owns the building and land at the corner of Sixth and Broadway, for which it paid $20,000 in cash during dull times, and it owns one-half of the property it at present occupies. besides owning between $40,000 and $50,000 in realty. Twenty thousand dollars was all that was needed to tide it over the difficulty. Judge R. M. Widney, the president of the bank, is on his way east to address the international congrees of bankers at Chicago. He was reached by wire at Kansas City, and 8 telegram in return from him which announced that he would return immediately was read by a HERALD reporter late yesterday afternoon. disappointed depositors walted steps to the after reading the notice, went the expression on that although several and, up The the stone ways, closed they doors, their their had in getting money. were confident that it would eventually faces that They succeeded they proving their waseafe receive it. and THE LOS ANGELES NATIONAL. About 12,o'clock the paying teller and clerks of the Los Angeles National bank became conscious that the number of the bank's patrons intent on drawing money was gradually increasing, and before many minutes had gone by it was 1 evident that a run was on. When o'clock arrived it found the front of the bank packed with a struggling mass of humanity which it required the services of to keep in order. It was a quiet crowd,however, and in its numbera comprieed people of all degrees, nationalities and vocations. The swarthy negro elbowed the Cancasian laborer, and the almond-eyed subject side of the flowery kingdom stood aide by with the pale-faced girl in the poke bonnet, whose appearance designated her 38\a member of the Salvation army. As quickly as the checks were presented ta the teller, they were paid, and although in a short while a line about a hundred feet long was formed extending north.on Spring street, each member

3. June 22, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, June 22, 1893

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COMPELLED TO SUSPEND An "Idiotic" Run on Los Angeles Banks Causes a General Closing of Doors. LIABILITIES WILL BE MET Each Bank Will be Able to Pay Its Depositors in Full-Exciting Scenes on the Street. Los ANGELES. Cal.. June 21.-Four banks closed their doors to-day. They were the First National, the Southern California. the Broadway and the East Side banks. A large crowd assembled at the corner of First and Spring streets early in the forenoon. At 10 o'clock a notice was placed on the doors of the Southern California bank to the effect that the bank would not open to-day. All eyes then turned to the Los Angeles National on the opposite corner. Another large crowd was in front of the First National and the Farmers and Merchants' bank. While there had been all sorts of rumors upon 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 placed upon the doors of the First National to the effect that. owing to a heavy run upon the bank. amounting to over $69,000. 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 banks. the City and the University, which suspended yesterday. Gerberding says that, from a cursory examination of the University bank. made last night, he found that the bank owes $14,000 and has $80,000 assets. Gerberding says that 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 ''clock this morning the Los Angeles National bank opened its doors. A long line of depositors, stretching along the curbstone, extending north on Spring street for over 100 feet, was on hand under police escort, to take their turns in entering the bank. Just before the iron gates swung open. Major Bonebrake appeared on the steps, bareheaded as he appeared yesterday, and, addressing the crowd. said: "Not a depositor of this vault will lose a dollar of his money, for the bank can pay two dollars for one. I appeal to the depositors to have patience." The speech was greated with cheers. The bank made satisfactory terms with its depositors. The Farmers' and Merchants' bank had a strong pull on its coffers. The officers declared that they were prepared to meet any demand. President J. M. Elliott the First National said: "When this thing commenced. we had over $800,000 in cash on hand and, with our correspondent subject to check at sight. considered ourselves, from the class of paper held. in most excellent condition. The unprecedented run of the past two days, during which we have paid checks of over $600,000, was mere than we could stand. The amount of our liabilities to depositors will he somewhere in the vicinity of $1,250,000, against which we have all our bills receivable. our capital and our surplus, which will amount in the aggregate to $500,000 more than this sum." The Broadway bank. on the corner of Sixth street and Broadway, failed to open this morning. Against the glass of the door was a notice that depositors would be paid. The only liabilities are call deposits of $12,000; certificates of deposit due in September. $10,000; total. $22,000. The bank's commercial loans, well secured. I amount to $40,000. and other securities to f $20,000, making a total of $60,000.

4. June 22, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 22, 1893

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CONCERNING BUSINESS AND FINANCE. NEWARK, N. J June - -Judge Andrew Kirkpatrick receiver of the Domestic Manufacturing Company and Domestic Machine Company, has received a report of the assets and liabilities of the two concerns. The report is as follows: Domestic Manufacturing Company assets $666,000; liabilities (including capital stock of $200,000:) $268,362; samples $397,652; contingent liabilities per endorsement $505,059. Domestic Sewing Machine Company, assets $2.642,379; liabilities (including capital $1,500,000, preferred stock $141,000;) $3,443,913; deficiency $801,534. The company has contingent liabilities per endorsements of $698,613. WASHINGTON, D. C., June 21. - -The Sec. retary of the Treasury has authorized the Treasurer of the United States to anticipate the payment of July interest. The public announcement will probably be made to-night or to-morrow and the checks will be sent out on Monday. Los ANGELES, CALA., June 21. -The Southern California National bank and the Los Angeles National bank here closed their doors this morning. PORTSMOUTH, O., June21.-The - Citizens' Savings Bank closed its doors this morning. No statement of its condition was given except that President Overturf hoped to be able soon to overcome the difficulties now encountered. CHICAGO, June 21. -The Ellsworth Packing and Provision Company made an rssignment to-day. ROCHESTER, N. Y., June 21.-Job E. Hodges, assignee of H. H. Warner, filed his schedule of assets and liabilities to-day. The total indebtedness is shown to be $1.046,369, of which $652,027 is secured and $393,341 unsecured. Of the secured liabilities $375,000 is indebtedness to the H. H. Warner Company, Limited. The contingent liabilities amount to $469,108. The nominal value of the assets is $2,573,022.

5. June 22, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, June 22, 1893

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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.

6. June 22, 1893 The Times Richmond, VA

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California Bank Suspends. LOS ANGELES, CAL., June 21.-The Southern California National Bank and the Los Angeles National Bank here closed its doors this morning

7. June 22, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 22, 1893

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absolutely no excuse for the present crazy run on them. The deposits in nineteen Los Angeles banks on January 1 aggregated about $11,000,000, which is an increase of more than a million dollars during the year. A careful review of the situation at the close of business to-day indicates that the financial atmosphere is clearing. The arrival of n large amount of coin from the north, aggregating $250,000, and the announcement that $500,000 more would ATrive to-day had a reassuring effect, which was shown from the fact that as the closing hour approached there was a falling off rather than an increase in the number of depositors about the various banks. As stated there was an increased demand at the Farmers' and Merchants' Bank for a short time during the morning, but this was checked by the arrival of $250,000 of gold coin from San Francisco in charge of I. W. Hellman. Mr. Hellman stated that this amount was drawn entirely from his own personal resources and that not one cent of it was from the Nevada Bank. The bank will receive $500,000 additional this morning and it will open its doors with over a million in coin in its vaults. which it is believed will be more than enough to meet all demands. During the day $120,000 was withdrawn and deposits made aggregated $65,000 to $75,000. The run on the Los Angeles National Bank was continued throughout the day up to the closing hours, but rather diminished Instead of increased as 3 o'clock approached. The bank remained open during the entire day and did not take advantage of the notice issued that it would keep open but one hour. The demands were light compared with the previous day and offers of assistance were received aggregating $65,000. The Southern California Railroad Company made its usual deposit to-day. On investigation by the Supervisors the deposit of county funds, amounting to $46,500. was found intact. The strong fight made by Major Bonebrake in the face of the most unprecedented run has attracted general attention, and be has received many congratulations and substantial offers of assistance in consequence. There is nothing new in regard to the banks which failed to open this morning. The solvency of the First National and the Southern California is beyond question and every dollar will be paid, which condition exists as to all other hanks which have suspended. There was no run to speak of on any of the other banks of the city, and it is believed that there will not be any. The Bank of America received a heavy accommodation from the Farmers' and Merchants'. and has $125,000 in cash resources in San Francisco which will be available to-day and which will enable i to meet all demands. The savings banks are enforcing the notice rule, and there is no trouble of any sort in these institutions reported. It is estimated that about $3,000,000 has been withdrawn from the banks during the present crisis, and so far not a single mercantile failure has been reported.

8. June 22, 1893 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, June 22, 1893

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fornia to the effect that the bank would not open today. A large crowd was In front of the First National and the Farmer's and Merchants's bank. A notice was placed upon the doors of the First National to the effect that owing to a heavy run upon the bank amounting to over $600,000, the bank had been closed by order of the board of direct. orn. 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 the doors. Depositors will be paid in full." Promptly at 10 o'clock this morning the Los Angeles National Bank opened its doore. A long line of depositors stretching along the street extending north on Spring street for over one hundred feet, were on hand. Just be. fore the iron gates swung open Mayor Bonebrake appeared on the steps bare. headed as he appeared yesterday and addressing the crowd said: "Not a depositor of this vault will lose a dollar of his money, for the bank can pay two dollars for one. I appeal to de. positors to have patience." The speech was greeted with cheers. The Farmere' and Mechanics' bank stood a strong pull on its coffer. The officers declared they were prepared to meet any demand. President J. M. Elliott of the First National said: "When this thing commenced We had over $800,000 cash in hand and with our correspondents subject to check at sight, and we considered our. selves from the class of paper held, in a most excellent condition. The unprecedented run of the past two days, during which time We have paid checks of over $600,000, was more # than we could stand. The amount of t liabilities to depositors will be some# where in the vicinity of $250,000. against which we have all our billie rc. ceivable, the capital and surplus which will amount in the aggregate to $500,000 more than this sum." whe Brooklyn bank on the corner of Sixth and Broadway, failed to open # this morning. Against the glass of the door was a notice that depositors would be all paid. The only liabilities are # call deposits. Twelve thousand dollarsin certificates of deposits are due t in September, and $10,000 shortly after, 0 a total of $22,000, besides commercial , loans well secured of $40,000, and , other securities of $20,000, a total of $66,000. SUSPENDED PAYMENT. SAN DIEGO, Cal., June 21.-Following in the wake of the financial troubles in Los Angeles the Consoli, dated National bank suspended pay. ment this morning. A notice on the f door gives as the reason the financial f stringency and declares that depositors , will be paid. The assets are said to be 1 much larger than the liabilities but B no complete statement is now obtainr able. / The Savings bank of San Diego, f which has an office with the Consolit dated National and which is closely S related in management, suspended at the same time. The Consolidated is one of the largest and had been considered the most substantial in town. H Owing to the run consequent upon the 1 morning suspensions, the First National closed its doors this afternoon. It is r thought it will be amply able to meet all liabilities. No statement is now obtainable.

9. June 22, 1893 The Herald Los Angeles, CA

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the regular closing time. Major Bonebrake stated yesterday afternoon a short time after 3 o'clock that the bank had paid out close onto $400,000 and they would continue to settle all demands made upon it. Yesterday a large amount of money was received and a still larger one would be received before have banking hours tomorrow, "We not asked assistance from anybody," said he, "and we don't propose to. All demands will be paid that are presented and will be paid by us alone, without drawing on outside help. "Over deposits have been coming in freely from the business men of the city, and one alone, that of $6000 from the Santa Fe road, proves that perfect confidence is felt in the bank." The crowd of depositora which at the opening of the bank crowded its doors increased towards noon until they fully equalled those of yesterday. As the afternoon hours wore away and the closing time approached they dwindled away until when the doors closed only probably 8 dozen were with. in the building, in contrast to the crowd which occupied the same space yesterday. The run was apparently a thing of the past, and the remaining depositore had decided that their money was safer in the institution than their own pockets. THE SOUTHERN CALIFORNIA. Diagonally across the street from the Los Angeles National a notice on the doors of the Southern California National bank appeared shortly before 10 o'clock and attracted instant attention. It read as followe: "Owing to the withdrawal of deposits and the stringency of the money market, our board of directors has decided to close their doors temporarily. Depositors need have no fear about their deposits. The bank has ample assets to pay all deposits in full." Mr. Breed, the president, told a HERALD reporter later in the day that it was decided to close their doors after the run which took place on them Tueeday afternoon. "We paid outover $100,000," said he, "and kept our doors open until 10 minutes after 3 in order to give all a chance. It was decided, however, in consideration of the craze which had taken possession of everyone, that it would be best to close our doors. When the run commenced we had over 50 per cent of our deposits in cash on hand, and that is a better showing than any other bank in the city could have made. We are perfectly solvent and we have plenty of money, the only trouble is that it is in New York, Chicago and San Francisco, and it takes time for it to reach us here. "Los Angelea is too far away from the money centres and that is the reason all the banks have been compelled to close. If we had been granted a little time all would have been met. We have a large amount of money on the way to us and expect in a few days to open again and meet all demands made upon us. It would have been foolish for us to have keptopen while the present insane craze held possession of the depositors." THE BROADWAY BANK. The Broadway bank, on the corner of Sixth and Broadway, also failed to open yesterday morning, and its patrons were surprised by being confronted by the following notice: 'We have closed the bank owing to the fact that we can not pay you all in full at once. Your money is safe, as it is loaned out on good security. We have a wellfounded prospect of obtaining money to enable us to reopen in a day or so. "Our only liabilities are call deposite, $12,490.25. Certificates of deposite, due September, 1893, $10,000; total, $22,490.25. Commercial loans, well secured, $40,679.05; other securities, $26,100.79; total, $66,779 84.' Mr. Warren Gillelen, the president, told a HERALD reporter yesterday afternoon that the depositors themselves were striving to arrange matters in such a shape that the bank would be able to

10. June 22, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, June 22, 1893

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More Bank Troubles. PORT-MOUTH, Ohio, June 31.- The Citizens Savings Bank assigned to- day 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 the assets over $400,000. Great excitement has spread and runs more or less strong are being made on other banks, viz: The Portsmouth National, Farmers National and First National, and they are taking advantage of the 10 per cent. limit. Little Kanawha Mills are in the hands of a receiver. The failure of the Citizens will embarrass some of the manufacturers here. Los ANGELES, Cal., June 21.-The Southern California National Bank and the Los Angeles National Bank here closed their doors this morning. CINCINNATI, Ohio, June 21.-Th's afternoon Crane & Co., the wealtby East End lumber dealers, assigned to Attorney C. W. Baker. The assets are given as $250,000 and liabilities $150,000.

11. June 22, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 22, 1893

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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

12. June 23, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 23, 1893

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Bank Failures in California. SAN FRANCISCO. June 22.-The Bank of Commerce, of this city, closed its doors this morning. A notice on the door stated that the bank was temporarily closed. Dopositors will be paid in full. The First National Bank and the Commercial Bank of Santa Ana did not open their doors this morning owing to heavy withdrawals of deposits and inability to collect fast enough. Both are declared to be solvent, have ample assets and can in time pay in full. The People's Bank, of Pomona, this morning posted this notice on its door: "Owing to the existing financial stringency the board of directors of this bank have decided to temporarily close its doors. Depositors will be paid in full." At Los Angeles to-day everything was quiet and peaceful in banking circles. There is but a slight run on the LosAngeles National Bank. The line of depositors was greater than that of the withdrawers. It was quiet at all the other banks.

13. June 23, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 23, 1893

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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.

14. June 25, 1893 The Herald Los Angeles, CA

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LETTER BAG. Took the Right Course. EDITORS HERALD: When a financial cyclone of unexampled violence, like the one we have just been passing through, overtakes a community it becomes a question which sometimes requires instant determination how banks' concededly solvent, shall best meet the shock. Of the various methods adopted by the several banks of this city to meet the extraordinary crisis through which they have had to pass during the fore part of this week, that evolved out of the exigencies of the case by the Los Angeles National seems to me the most admirable. Both theoretically and practically it appears to have met the situation better than any other plan that could have been devised. A percentage of payments (of the sudden and unexpected avalanche of demands thrust on the bank) was made, whereby a paralysis of the business of the community was avoided, and at the same time provision was made for subsequent pay ments at an early date, but after the storm should have passed, and the bank should have had time to gather in its resources. And thus the bank is saved, being sound, from wreck, or even from suspension; for it partially meets the demands made against it with the cash, thus relieving the pressing or present needs of its depositors, and takes up the balance with short time certificates, thus in effect obtaining, with the consent of its depositors, a brief extension. Is not this a better way than to close its doors absolutely, on the one hand, or to heroically cripple itself on the other, by attempting the impossible feat of paying all in full on the instant, before it can have had time to gather and marshal its resources, whereby, if solvent, it presumably will B. be prepared to meet all comers?

15. June 27, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, June 27, 1893

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Two of the largest and reputed strongest theatrical troupes in America have gone into the hands of receivers in the past few days "Great prosperity" is no respector of persons. The Cassell Company, the great Eng lish and American publishing concern of New York and London, failed last week. The liabilities are large and the assets cannot be converted into cash at present. WASHINGTON, June 6.-Comproller Eckels to day appointed Robt. M. Ditty receiver of the Citizens' National Bank of Hillsborough, Ohio, and Elisha May, of St. Johnsbury, Vt., an examiner of national banks. FAIRFIELD, III., June 16.-The liabilities of S. Bonham, the banker. who failed yesterday, are in the neighbor hood of $125,008, with assets equal to more than that amount. Iti thought the bank will pay dollar for dollar. E. Bonham's large merchandise store is included in the assignment PORTSMOUTH, Ohio, June 31.-The Citizens' Savings Bank assigned o day to A. F. Halcomb and Frank M. Smith. A run on the bank made this step necessary. The liabilities are something over $300,000 and assets over $400,000. Great excitement has spread and runs, more or less strong, are being made on the other banks, viz: 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' Bank will embarrass some of the manufacturers here. ASHBORO, June 21.-J. A. Wall, a merchant at Sophia, assigned to day, R. R. Ross, trustee. This is the third assignment in Randolph in fifteen years. Los ANGELES, Cal., June 21.-The Southern California National Bank and the Los Angeles National Bank here closed their doors this morning. EUGENE, Oregon, June 20 -The Lane County Bank temporarily suspended to day. It has plenty of property in sight to secure all depositors. CORVALLIS, Oregon, June 20.-The creditors of Hamilton, Job & Co., bankers, who failed a week ago, held a meet ing yesterday. The receiver made a statement showing the total assets to be $195,000. A deduction of $62,000 for doubtful overdrafts and bills receivable leaves available assets of $133,000 The liabilities are $224,000. An assignment has been made for the benefit of the creditors. TOPEKA, Kansas, June 20.-TheState Bank Commissioner yesterday ordered the State Bank of Plainville closed. The capital stock is $50,000, but the amount of liabilities is not obtainable. The officers of the bank say that depositors will be paid in full. PITTSBURG, Pa., June 19.-The Oil Well Supply Company, with assets of $2,500,000 and liabilities of $1,000,000, was totally unable to meet its indebted ness to day, and to prevent forced sales and a waste of property had to seek of the courts. John Eaton, of company, was appresident the aid the pointed receiver by Judge A. Cheson, of the United States Circuit Court. BOSTON, Mass., June 16.-Winkley, Dresser & Co., the Milk street stationers, made an assignment to-day to Francis Doane, a well-known stationer. The liabilities are $150,000 and the assets somewhere in the same neighborhood. PHILADELPHIA, Pa., June 16.-The Reading Rolling Mill Company yesterday made an assignment for the benefit of creditors to Joseph R. Cofrode and Lllis Ames Ballard. BUFFALO, N. Y. June10 6.-The Genesee Oil Works, limited, have made a general assignment. The liabilities of the company are about $300,000. The cause of the assignment was the inability to meet several large notes when they became due or to have them extended. THE EATON, COLE AND BURN-

16. June 29, 1893 The Herald Los Angeles, CA

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STILL CLEARING UP. The Suspended Banks Getting in Fine Shape. The financial situation yesterday was about the same as the day before. Examiner Wightman was hard at work on the securities of the First National bank, and was finding everything in good condition as he proceeded. President Elliott said they were waiting now the result of his efforts and the sanction of the comptroller of the currency to reopen. "We hope to open some time next week," said he, "but it depends upon how soon we will be allowed to by the authorities at Washington. The plan for the reorganization of the bank is progressing nicely, and we will have plenty of coin and backing when our doors open again. At the University bank collections were still coming in, and it is the intention of the management to open just as soon as they have a sufficient amount of money on hand. "We don't intend to open," said one of the officials yesterday, "until we have enough money on hand to meet all demands, whether there is a run or not." The officers of the Southern California bank are patiently waiting to hear from Washington, which it is hoped will be next Monday. They stated there was every probability that they would open on the following Tuesday. Everything is in readiness, and they have lots of coin. At the Los Angeles National everything was quiet and the deposits are increasing as each day rolls on. Major Bonebrake is still receiving congratulations on the pluck and ingenuity with which he managed the late run. J. E. Fiehburn, the assistant cashier of the First National bank of San Diego, is in the city and said yesterday that the closing of the First National was directly due to the shutting down of the Consolidated, which took them by eurprise and transferred the run to their bank. "The simple trouble was," he said, "that we had not coin enough to meet the demand made on us. We can pay $3 to $1 on all claims now held against us and will be open again for buriness within three days from this time."

17. June 30, 1893 Highland Recorder Monterey, VA

Article from Highland Recorder, June 30, 1893

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THE NEWS. A Chinese laundryman was murdered and eremated by his rival in Brainard, Minn. Mrs. Angelina de Marrie died at Chippewa in her was one hundred and seven Falls, showing Wis. that She she had proof possession years old, and Thomas Randall, in his history of the Chippewa Valley, claims that she was one hundred and twenty-one years old. Kaukauni F.ber was fire. Loss $30, The 000.-A.G. Company plant of the destroyed by (Wis.) Biker, editor of the Bremen, Ind., Standard, was whipped by Mrs. Cal. Sinninger, wife of the editor of the Euquirer. was by north of in whitecaps -Wiiliam four Buckley, miles assassinated Columbia, while on his homo he was a witness against some Marion county from court, of the murderous where Miss., whitecap gang. way Ho that he F. of the Plankinhad T. Bank been Day, warned in formerly president would be killed. ton Milwaukee, mysteriously disappeared.- E. J. Centes' dry goods store in Albany, Texas, was destroyed by firo. Loss $75,000. -Miss Alby Graffam, age. seventy years, fell asleep in her chair at her home in Auturn, Me. By some movement, a lamp close by was overturned, the old lady's clothes caught fire and she was burned to a New death. four years ---Isaac old, committed Lloyd, Welshman, suici in fiftyYork by shooting himself in his shoeshop. Before he fired the fatal shot he made his . will in the presence of a witness, one of his workmen. The American Loan and Trust Bank was appointed receiver for the General EngineerIll. Isaac Held,a dry of ing goods Company dealer of Harvey, Richmond, assigned James the from an Liabilities dynamiter, recently $10,000. discharged Gi bert, Engin New York the name on the steamer l'sh second prison, Chester, arr.ved His appears on cabin passenger list as James Cunwas met at the by Mr. and a of whoimningham. Kennedy He party friends, quarantine mediately transferred him to a Chovet was arrested on the charge of silk Superintendent in New York Anthony snugg tugboat. ing Ford, Jr. of New the while looms.---Daniel steep, walked through fourth-story York, window and was killed The boiler of the Works the superintendent and Ridgewood ploded, killing (N.J.) Stone-crush'ng exbusiness of the ing others. The portoin injurtown of Tiliamok; Ore., was burned Several was and is work of supposed Fires to started be the simultaneously, incendiarie it The total loss is $100,000 insurance half. has President Prof. E. of B. Clemen Craighead College, been Columbia, elected C. This is the new agricultural opened Jul, 1st. which will be Craighead college considered one of the finest educators the Pacific Bank of Francisco one South.----The closed its doors. Fuly San hundred of me in the employ of Campbell & section struck La that their fo eight mont. of Ill. the They drainage claim canal, Co., on wages in g past not been them e The strikers two months have paid are behaving quietly, but de clare before the g a return and three they to work -Twelve will have their money business house dwell'ng houses in a one-th'rd of the was S Ky., by about fire. Loss, town, Leonardsvil wipe out $30,000 parti .Ily insured to bone t water works a the Those town who for defeated $5,000 for the proposition yea ago were th only ones who lost fire a in g cha'n -Caleb Wright, neg:0 preacher in the th gang, committed suicide by jumpin e ne... Ga. He sen and ha d into tenced the for liver wife-beating, Rome, pretche was is to the convicts several times. It is believe he committed suicide on acc. unt of learnin a of his wife's faithlessness. Union Pacifi h ste mer which leit Port of large and land, Oregon, R. R. with Th mpson, frieght passen ger list, struck a snag, filled with water an went to the bottom. Is Senator Leland Stanford died at his home e in Palo Altd. --Francis Spies, vice consi g of Honduras, killed himself in New York. I At Williamsport, Pa., fire destroyed th saw mill of Payne, Cockran & Co. One , the boilers blew up, but no person was hur y at about is bein dThe B'shop loss Bonacum, is estimated of Lincoln, Neb. $85,000. tried by Mgr. Satolli for alleged mal leasan in office. Madison, Wis., the home L. Vandusen was destroyed by fire, one chil was nt so burne domestic, cremated, Theresa another Rink, badly burned, badly and g that she is not expected to live. The fire was m caused by the explosion of kerosene -Lew st Dreyfus, a wealthy business man, of Lor nBranch, blew out his brains, David Ke es dall and Frank Templeman were overco: by gas while working in a well, near Mor ehead, Ky., and killed. Dr. John Hood, r', Aden, Tenn. killed Wm. Piper, his wife cpar.mour, a Southern California islimp at him. by throwing The burning coal National Bank and the Los Angeles Nat on cBank of Los Angeles, Cal., suspended. on The Citizens' Savings Bank of Portsmout an ag In 8 tra of 000 O., made assets $400,000. assignment. Liabilities freight $300 wreck near Prospect, O., on the Hocki cal Valley Railroad, three men were killed a he a number injured.

18. June 30, 1893 Idaho County Free Press Grangeville, ID

Article from Idaho County Free Press, June 30, 1893

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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.

19. July 11, 1893 The Herald Los Angeles, CA

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Thanks. The Los Angeles National bank de. sires to express its gratitude to the many friends who so nobly stood by it in the late bank troubles in this city. Their friendship was a tower of strength, and it would be invidious to mention names, as we hear from time to time of persons who mitigated the assault whom we scarcely knew and who never did a dollar's worth of business with us. The bank paid out fifty per cent of its deposits subject to call within ten days, which few other banks in the United States ever withstood, but with the assistance of our friends and our cash, and with a firm determination that those depositors who had funds in this bank and did not rush for it should stand on an equal footing with those who did, we won the battle. We are now and have been since the run paying out checks in full and going along with the regular business of the bank. We assure our old customers and any new ones, and there are many who have opened accounts with us, all the facilities which a large capital and sound business experience warrants. Los ANGELES NATIONAL BANK.

20. October 10, 1893 The Herald Los Angeles, CA

Article from The Herald, October 10, 1893

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A SAFE BANKING INSTITUTION. The Los Angeles National Bank. A Great Concern Which Pressure. Successfully Stood the Financial ers Its Deposits and Deponttors-Stockhold. with Many Who Are Identified of of the Solld Institutions Southern California. Probably no bank in the United pride to States unpoint with as much Les Angeles can calls as can the The bank of this the withstood the pleasant National they city. pressure manner late in which bear on them during for brought to trouble is indeed a marvel, leading financial stated by many in the state it was openly men that few banks a pronounced business withstood such could at have that time without was surrendering. unprecerun was an experience that city, but its dented in the adamant officers It stood history like of the and greet- met onslaught with a pleasant same time ing and hearts every externally, while at the ached. They their among heads the first to experience had taken pos- the were of the fright which seemingly result session of the people, cause. who had Depositors for run crowded mad money, about without as the if doors, they clamoring feared reaching that their their life window. depended In upon every president case they the teller's the door by the their were given met at the assurance indeed it that was. In to and was safe, as were honored money days' time checks of the demand four amount and of when 50 per the cent people fact that had colwas truly most solvent of a doubt. lected deposits, the bank their senses peradventure the was proven Major the After beyond quiet the Bonebrake, had been restored the no president, HERALD reporter undergo such a him to still remains could George told induce H. but the major that demon- money a strain again, and the public have confidence the helm, him that they have increasing In in of the that the other at patronage strated his to management bank. stated by connection proved the with this it directors may be of the bank help be able supports trouble. and to to those times foresight of heads and clear the officers during cool and be of attributed and a strong these fact the the gentlemen the bank can was able doors to withstand open. The and their every stockholders offered pressure that public keep endorsed its their restored con- act, and the when quiet was was merited. of gratulations a heartiness bank that was never in The with more business prosperous the time. condition The than deposite among it is at a the present to about $750,000, many and of the amount depositors will men be found and corporations of the its leading business in this section to the country, doing business several opened of accounts which management came after they was had bank seen and how cooly the its hours of dversity. $500.conducted during stock of the bank is In addiThe capital a surplus of $55,000. bank shows 000. with to this eurplue pay the a semi-annual alsufficient tion earnings cent, to which it incorpo- has dividend done of since 4 per the bank was predominent a this an rated, ways "In old times 10 sdage, years of and peace ago. trait it with seems prepare the as for officers if war" it was of restored institution old confidence customers has been who vaulte have The of the away in and had returning many their money and hidden asking to open their in accounte are Conservation again. is of a business, leading factor and men as the tranenction with the bank are in and those connected thoroughly informed they are able to about place who are their Loe loans Angelee. with every identified degree with of and many ern Ite California. of the abetting solid and institutions have are every done sound forward of much project South- for in aiding that the purpose has e ver of been advancing brought public build- enterprise. bank is located in at its the own northeast ing, The which of First is situated and Spring inaemuch streets, as a most corner valuable piece prominent of property, corner in the it City is the of the Angels.

21. December 23, 1893 The Herald Los Angeles, CA

Article from The Herald, December 23, 1893

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THE COURTS. The jury in the case of Henry Deeming, charged with burglary, failed to agree as to his guilt, and were diecharged yesterday by Judge Smith. In the case of W.J. Washburn, receiver, VB. Los Angeles National Bank, Judge Shaw yesterday overruled the demurrer to the complaint.