854. Southern California Bank (Los Angeles, CA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 22, 1893
Location
Los Angeles, California (34.052, -118.244)

Metadata

Model
gpt-5-mini
Short Digest
a3af397c

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Bank publicly stated ability to pay; awaiting federal examiner/comptroller to reopen.

Description

Contemporary articles (June–July 1893) describe a run that affected multiple Los Angeles banks including the Southern California Bank, the bank's voluntary closing/suspension for protection, and its reopening in early July after examiner/comptroller review. Cause of the run is contagion from failures and runs at other banks (San Francisco / Consolidated / Pacific Bank), so classified as local_banks rather than a pure misinformation event. Dates are best-effort extractions from the article sequence.

Events (3)

1. June 22, 1893 Run
Cause
Local Banks
Cause Details
Contagion from runs and failures at other banks (failures/closing of Consolidated/Pacific banks and related panic in region).
Measures
Bank closed temporarily for protection; officers later awaited examiner and comptroller review; increased coin holdings reported.
Newspaper Excerpt
Die Bantgrippe...ist auf ihrem Rundlauf auch in der Stadt Los Angeles eingetroffen ... Southern California Bank ... niedergefrettet.
Source
newspapers
2. June 24, 1893 Suspension
Cause
Local Banks
Cause Details
Closed as a protective suspension after heavy withdrawals and public panic stemming from other bank failures and runs in the region (frantic crowds / heavy withdrawals).
Newspaper Excerpt
President Breed of the Southern California bank said ... '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.'
Source
newspapers
3. July 10, 1893 Reopening
Newspaper Excerpt
The Southern California bank at Los Angeles, Cal., resumed business yesterday morning. (reported July 11 telegraphic brief).
Source
newspapers

Newspaper Articles (8)

Article from Abendblatt Der Illinois Staats-Zeitung, June 22, 1893

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Die Bantgrippe. Die Geuche, die man bank run nennt, ift auf ihrem RunDlauf auch in der Stadt Ser Engel - Los Angeles - eingetroffen Die und hat im Gturme vier Banten, ",Southern California Banf", Crite Ra= tionalbanf, Broadman Banf und Caftide Bant, niedergeftreett. Mehr als Techsmal Sunderttaufens Dollars waren in menigen Tagen Der (Friten Nationalbank entzogen worden and da Das Bolf feine Bernunft annehmen mollte, musten Sie Bahlungen Sen eingeftellt merden. Gleiches mar mit übrigen Banten, Die vorhin genannt mour den, der Fall. run hat der Bantrebifor Sie GerberDing erit por ganz furzer Beit Banfen unterjucht und geftern baraufhin Sie Heußerung gethan: Bornirtheit wäre faum fräftig genug, den gegenwärtigen Un= fturm auf dortige Banfen 311 bezeichnen Senn günftiger geitellt jeien Diefelben noch nicht gerveien. was fümmert fich aber der Underftand um Gründe; nach Gründen fucht derjelbe überhaupt nicht. Wie biel= leicht bei ganz blindem Barm Sie Menge Sem Dusgange zii eilt und Drängt, ohne Rüdficht Darauf, men fie in ihrer tollen Saft niedertrampele, io wälzt fich auch das Bolf auf ein blobes (Serücht hin nach den Gtätten hin, mo es jeine Criparnifie hin= terlegt hat, indem Jeder dem Underen nor= zufommen fucht, ohne Rüdficht Darauf, dat den Letten die Sunde beigen. Reiner will Sex Gebiffene fein. Denn alle Gläubiger fann Sie Bant boch nicht auf einmal befrie= Sigen, 10 menig mie der einzelne Geichäfts= mann, menn auch eine Bermögenstage eine noch 10 glänzense märe. 2luf der Grundlage Des Predits beruht das ganze Gejchäftsleben. Das (Sine fönnte ohne das Undere nicht beftehen. In Can Diego, der anderen Sauptitast in Cubcalifornien, hat die Bahlungsein= ftellung der LOS Ungelefer Banfen die zeit= meiligeCinftellung SerGejchäfte in Der,, (Sonjolidated National Bant" zur Folge gehabt und in der damit eng aufammenhängenben ",Gabings Bant of Gan Diego". 50 müffen die Gläubiger der lefteren mit unter dem Unberftand Der Thoren in LOS Ungeles leiben und in den nächiten Iagen mird man auch bon Banfbritchen in Nord= californien and Die ganze Stüfte hinauf bis nach Waihington 311 hören betommen. Die Bantgrippe muß eben ihren RunSlauf bollenben.


Article from The Herald, June 24, 1893

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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.


Article from The Herald, June 29, 1893

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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."


Article from The Record-Union, July 7, 1893

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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. 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, against withdrawals to the amount of $8,000. This is regarded as evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning.


Article from The Wheeling Daily Intelligencer, July 7, 1893

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Banks Resume Business. W ASHINGTON, D. C., July 6.-The comptroller of the currency is informed that the First National Bank of Los Angeles, California, and the Southern California Bank, of the same place, which suspended recently, will open their doors for business again within a few days. 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 $8,000. This is regarded as an evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning.


Article from The Seattle Post-Intelligencer, July 7, 1893

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repaires aud and was Tudies. THE CANDIDATES MUST WAIT. No Appointments of Prest dential Post masters Until Cleveland's Return. WASHINGTON CITY, July 6.-The postmaster general said today that until the president's return from Buzzard's bay, early in August, no further appointments of presidential postmasters would be made. No consolidation of land districts is anticipated before the secretary of the interior returns from his summer vacation. In consequence of the contemplated consolidations. few. if any, appointments of local land officers will be made at present. Alfred P. Swineford. Wisconsin, who served as governor of Alaska during Cleveland's former term, has been appointed inspector of the surveyor general and district land offices. The attention of the war department has been called to the operations of a man who signs himself J.J. Fuller, and represents himself as a nephew of the chief justice of the supreme court. He addressed a letter to the sergeants of the various military companies throughout the West, in which he requests that they be read to companies, offering through the assistance of his uncle to obtain repeal of the laws preventing re-enlistment after ten years' service and prohibiting a man from purchasing his discharge. He says in conclusion: Send me 81 and 1 will guarantee large profits within a short time. He gives his address as San Francisco, and requests soldiers not to delay, as he starts for Washington City on August 20, to press the matter in congress. Dr. Guzman. the Nicaraguan minister, today called upon Secretary Gresham and presented his letters of recall. He communicated to the department the fact that the Nicaraguan government had abolished its legations in all save a few countries in South and Central America. This action is understood to be based on economical considerations. As a matter of international comity, the dipiomatic representation of one country with another is expected to be reciprocal, though it is unlikely, however. that this course will be pursued with Nicaragua. The American interests in the canal are so important that Mr. Baker, of Minnesota, the present minister to Nicaragua, will probably be requested to remain. Nothing is known in this city of the details in the immigration arrangement between Brazil and China. the conclusion of which has just been announced in advices from China, but it is said at the Chinese legation that the convention is merely supplemental to the general treaty between the two countries already in existence, and is confined to the subject of the introduction of Chinese laborers into Brazil. Mr. YangJu the new minister to the United States. now en route to this country, will probably bring the first full particulars of the contents of the document. , Arguments in the patent office investigation were concluded today, and Commissioner Seymour took the case under advisement. The treasury gold now amounts to $96,778,943. The following named cadets among others have been appointed to the West Point military academy: California-W. C. Murray, of Mendocino; B.C. Soule, of Oakland. Oregon-A A. Fries, of Medford: F. L Trull. inger, alternate, of Yamhill Utah-W. C. Cole, of Willard. The term of these cadets begins on July 1894. Improvement in Southern California WASHINGTON CITY, July 6.-The comptroller of the currency is informed that the First National bank, of Los Angeles, and the Southern California bank, of the same place, which suspended recently, will open their doors for business again within a few days. 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 withdrawais of $8,000. This is regarded as an evidence of returning confidence.


Article from St. Paul Daily Globe, July 11, 1893

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TELEGRAPHIC TICKS. The cruiser Philadelphia has arrived at Rio de Janeiro, Brazil. The Southern California bank at Los Angeles, Cal., resumed business yesterdry morning. The Lafayette hotel, belonging to the Wabash and Big Four at Lafayette, Ind., was destroyed by fire yesterday afternoon. The total number of fourth-class postyesterday was caused 126, of were to fill which masters 40 appointed death. vacancies by resignations and The Elmira (N. Y.) Savings bank reopened for business yesterday, paying its old depositors a dividend of 25 per cent. As soon as possible another dividend will be declared. a Secretary Herbert has directed court martial to assemble at Mare the Island, Cal., on the 29th inst., for trial of Paymaster J. S. Sullivan, charged with embezzlement. Mrs. Bancroft, the well-known actress, thrown from a cab in London yeswas terday and run over. She received injuries that necessitated her removal to a hospital. 1: The discussion of the ninth clause of government act. which relates to the in of Irish parliament the Irish representation counties the committee and imperial boroughs, began yesterday in of the whole of the house of commons. The missing yacht Sea Gull, which was supposed to have foundered near Chicago with nearly a dozen people all in Sunday night's storm, has turned up right. She landed in an out-of-the way place in the southern part of the city, and suffered no damage. Latest advices are to the effect that the steamer Bawnmore, which struck a rock off Point Gardo, Cal., and Cas- was about to sink, has been towed into She par bay, on the Mendocino coast. is a very much damaged vessel. The excursion steamer Eldorado ran aground on Horseshoe reef, near Buffalo, it early yesterday, and for a while which looked as though the accident, in itself slight, would dis- all but the passengers astrous, was prove were safely landed. The New Haven steamboat Richard Peck, whose highest ambition is to show Purher heels to some other boat, the the Fall River line, has by Mr. itan pride of lowered Hearst's in had little race her yacht Vamoose, who beat her a on Long Island sound. One million bushels of grain came to Ont., from the West last The receipts were received there in one as Kingston, week. ever week, the carriers largest and a of the large are there waiting to be result lying many grain unloaded. of the T. Oswin Mayo, vice president E. Wells Packing company. committed suicide at his home, in Chicago, by taking a dose of rat poison. His business affairs are said to be in good condition, act. and 110 cause can be assigned for the Enlisted men in the navy will now have the privilege of purchasing their Secretary Herbert yesterday order establishing for the purchase regulations issued discharge. an rules of and discharges, as authorized by the last naval appropriation bill. believed at Leaventhat the the coal miners IS at an among worth. It is Kan., generally sympathy strike end. into morning miners went mines. The men work at the price offered the Yesterday two when for resumed mine they first went out-80 cents a ton run coal. Reports to the South Chicago police who station indicate that three men were seen clinging to an upturned row aftboat off Cheltenham Beach Sunday ernoon, and who were supposed to have the been drowned, were picked up by occupants of a boat and brought safely to land. The statue of P. T. Barnum at Seaside park, Bridgeport, Conn., was disfigured Sunday night by being covered of with red paint. The granite steps the pedestal were covered with inscriptions derogatory to the character of the deceased showman. There is no clue to the perpretator of the deed. Jerry O'Donnel was to have been married at Calumet, Mich.. but at the time set for the ceremony a requiem mass was being sung for him. He died suddenly. O'Donnell was the one for very who-was sent to the penitentiary three years for trying to bribe the jury in the Croun case at Chicago. The New Zealand Loan aud Mercancompany, limited, the offices of are in London, is The capital of the tile day. which Agency failed company the yester£4,500,000. Three-quarters of loss It will on people in Great Britain. is that the company on wide speculations John S. Penman, tralia. carrying Rev. feared fall Dr. Irvington, rector has in been Aus- of the Presbyterian church at He N. Y., has resigned his pastorship. he has done so because of his inability says to longer sustain and subscribe to the "system of doctrine" of his church. Dr. Penman was one of the commissionto the general assembly at Washing- in ton. ers He voted with the minority favor of Dr. Briggs.


Article from The Western Sentinel, July 13, 1893

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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.