855. Southern California Bank (Los Angeles) (Los Angeles, CA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 21, 1893
Location
Los Angeles, California (34.052, -118.244)

Metadata

Model
gpt-5-mini
Short Digest
75541e7b

Response Measures

Full suspension, Books examined

Other: Comptroller/examiners later required banks be put on sound basis before reopening; reopening supervised by Comptroller of the Currency offices as reported in July articles.

Description

Contemporary reports (late June 1893) describe heavy withdrawals and crowds/runs on several Los Angeles banks including the Southern California Bank, which suspended payment. By early July (Comptroller's bulletins) the Southern California Bank was reported to be preparing to reopen. Classification: run → suspension → reopening.

Events (3)
1. June 21, 1893 Run
Cause
Macro News
Cause Details
Financial stringency/panic in late June 1893 producing heavy withdrawals and runs on multiple Los Angeles banks; inability to collect funds quickly.
Measures
Heavy withdrawals led to suspension of payments; bank closed its doors (suspended) pending statement.
Newspaper Excerpt
FOUR FAILURES AT LOS ANGELES. ... The First National, Southern ... East California, ... suspensions created great excite- the and large crowda gathered in the ment Ruus were made upon the streets.
Source
newspapers
2. June 22, 1893 Suspension
Cause
Macro News
Cause Details
Suspension owing to heavy withdrawals and general financial stringency; inability to realize funds quickly led to closing doors/suspension of payments for the Southern California Bank along with other LA banks.
Newspaper Excerpt
The National bank and the CommerFirst bank of Santa Ana did not pen to cial doors this morning. owing f heavy their withdraw sle of deposits ... FOUR FAILURES AT LOS ANGELES. ... They are Broadway back and Side bank. ascribe the same cause, stringency ...
Source
newspapers
3. July 6, 1893 Reopening
Newspaper Excerpt
The comptroller of 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 the doors for business again within a few days.
Source
newspapers

Newspaper Articles (10)
1. July 1, 1893 Arizona Weekly Citizen Tucson, AZ
Article from Arizona Weekly Citizen, July 1, 1893

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Article Text

ELEGRAPHIC. SANTA ANA, Calif., June 22.-The National bank and the CommerFirst bank of Santa Ana did not pen to cial doors this morning. owing f heavy their withdraw sle of deposits Both and ina- are bility to collect fast enough. in solvent. have ample assets and can that in full. It is understood time both pay the Orange and Tustin banks have i closed for like reasons. ANOTHER PAN DIEGO BANK. DIEGO, June 22.- Bank of Com- this merce SAN failed to open its doors i morning Los ANGELES, June Everything IS quiet today. The panic has subsided. in SAN Diego, June ,--Following Los wake of the financial troubles National in the Angeles, the Consolidated morning. bank suspended payment this usual notice on the door gives the deA of financial stringency, and clares cause the depositors will be paid. than The assets are said to be much larger the liabilities, but DO complete statement is now obtainable Savings bank of San Consoli Diego, The office with the which National has an and which is closely at the related dated in management, suspended time. same The Consolidated National is one one o' and has been considered in the the of the largest most substantial banks city. to run in consequence National of the Owing suspension, the First It is morning closed its doors this afternoon. all of amply able to meet thought is liabilities. No statement is now obtainable. FOUR FAILURES AT LOS ANGELES. Los ANGELES, June 21 Four banks doors here this morning. el eed their the First National, Southern East California, They are Broadway back and Side bank. ascribe the same cause, stringency to All the money market and licability De of cash at once from resources. will be positors realize are assured that they paid in full. suspensions created great excite- the The and large crowda gathered in the ment Ruus were made upon streets. Farmers and Merchants and the Los he former paid all depositors Angeles. but the latter announced and promptly, only email depositors and cerwould pay depositor part cash the tificates give large payable in sixty days for remainder The First National bank announces were it close because $600,000 assets exthat in two days. The ceed withdraw the liabilities by $500,000. PERRY, Kas., June 22.- A fearfully destructive cyclone passed through Williamstown and adjacent country onehalf mile wide and six miles long, accom the panied by a downpour or rain and t darkness of midnight. dead bodies have already been at discovered Ten and it is known that least five more are killed. The dead are: F. Evans. Emery Evans. if John Hut hinson. Simuel, Mrs. Clara, Sadie, Walter, Eva and William Kincaid. Samuel Stewart. s are horribly mangled. All are torn to pieces. fatally hurt Some Baker, William Geopfert seri- and James umber of others are wife and hurt. Complete details are twenty not ously hand but probably at least blowe at are killed and thirty houses down. WASHINGTON, June 21 The president Missies has appointed C. B. Howery of ippi assistant attorney general. FREDERICTON, N. B., June 21. Eighty urebsix stores and two dwellings, the railway station and the village round of es were burned in the Gibson house yesterday families afternoon, are hom One less hundred The loss and 18 thirty $2,000,000, insurance light. DULUTH, Minn., June 21 stores, A five-story two containing four with building, newspaper plants, saloons, two containing twenty living rooms above was arned tonight. people, dead bodies have already been taken Four out. It is believed three more are in the ruice. are Mary Ford and son. Robert The dead and Elizabeth Maher and daughter Celia. The money loss is $40,000. SACRAMENTO, Calif., June 22 -Judge the superior court of Yoio county Grant of has filed decision III favor ted case plaintiff in the now the Livermore vs. Wa te, the capital of The judge tieds aga moval case. tention is that the defendants The cos n is not the proper remedy. finds injuncti agaiest con-titational the plainsiff emendment on conteation the the receive the the two thirds vote of all members. RIVER FALLS, W18. June 21.-At *clock this afternoon the large circus tentof Ringling while crowded Broe. was with struck people, than twenty. instantly `ghtning killing eightand injuring more Killed: Clark Mapes. Eugese Reynolds J.A. leudenning and SOD. O.A. Odans. O.P. Wiggins. Curt Aldridge. unknown boy. An names of the injured cannot ascertained The as they were taken away friends. While the people were passing above out the was struck twice with the 21 Jane sult. tent Fire et arted but was ext nguished. The WASHINGTON, of Senstor Stanford's death was dereceived news at Washington with some gree of surprise, alt though all his friends feeble his advenced age and health know augured his decease within no very great period. Senator Stauford was last in Washington in April. He was very feable, seemingly on the verge of dissolution. called on President Cleveland at that He t me and a number of con gressmen who saw him in the wh ite house Borrowfully predicted that the end was not

2. July 7, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, July 7, 1893

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Article Text

Confidence Is Returning. WASHINGTON, July 6. -The comptroller of 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 the doors for business again within a few days. The comptroller is also informed that the First National bank of San Diego, California, which re. opened for business yesterday. received deposits to the amount of $25,000 as against withdrawals of $8,000. This is regarded as an evidence of returning confidence.

3. July 7, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 7, 1893

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Article Text

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.

4. July 7, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 7, 1893

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play a part in the selection of the Speaker. The announcement that there is a possibility that Bland may be replaced as chairman of the Committee of Coinage, Weights and Measures has them to renewed efforts. Stories of an attempted combination between the free silver advocates and the Populists to place a candidate for the speakership in the field unless they have an assurance from Crisp that Bland will be retained at the head f"the committee are floating about. but are not generally credited, for, though it is openly said by some that Bland will not again be chairman of the committee, there are no facts that would warrant such an assertion. Crisp has not even intimated such a thing. Among the more conservative the impression is that Bland will lead the committee. This would not, however, indicate that the entire committee will remain. It is known that Crisp has made absolutely no pledges one way or the other. Senator Harris, President pro tem. of the Senate, says there will be filibustering in the Senate against the bill to rapeal the Sherman law. Comptroller Eckels states that from information given out in his office yesterday he directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. Mex., through a mistake. The name of the failed bank is the Albuquerque (N. Mex.) National Bank. Five national banks failed yesterday and this morning, as reported to Comptroller Eckels. They were: The American National Bank of Paeblo, Colo.; Central National Bank of Pueblo, Colo.; Puget Sound National Bank at Everett, Wash.; National Bank of Ashland, Ashland, Nebr., and the First National Bank of Winston, N. C. Comptroller Ecke's has directed Examiner Brown to assume charge of the two above-named failed banks at Pueblo, Examiner Horine of the failed Ashland Bank, Examiner Cleary of the failed Everett Bank and Examiner Carscadon of theifailed Winston Bank. The Comptroller of the Currency has been informed that the First National Bank of Los Angeles and the Southern California Bank of the same place, both of which suspended recently, will open their doors again for business within a few days. The Comptroller has also been informed that the First National Bank of San Diego, which reopened for business yesterday, has received deposits to the amount of $25,000, as against withdrawals to the amount of $8000. This is regarded as evidence of returning confidence. The Washington National Bank of Spokane reopened for business this morning. The gold in the treasury now amounts to $96,778,943.

5. July 7, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 7, 1893

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Banks Reopening. Washington, July 6.-The comptroller of the currency is informed that the First National bank of Los Angeles, Cal., and the Southern Caluoria 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 wher suspended banks apply for permission to resume to make sure 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, Cali., which opened for business yesterday received deposits to the amount of $25,000 against withdrawals to the amount of $8000. This is regarded as evidepea of returning confidence. / The Washington National binne of Spokane reopened for business this morning.

6. July 7, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 7, 1893

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FAILURES OF WESTERN BANKS. A FEW MORE SUSPENSIONS REPORTED-TWO BANKS RESUME AGAIN. Omaha, Neb., July 6.-The American Savings Bank suspended this morning with deposits of $133,000 and assets of $239,000. It was involved in the embarrassment of the American Loan and Trust Company. through the latter's enterprise, the Omaha and South Texas Land Company. Everett. Wash., July 6.-On account of inability to realize on securities the Puget Sound National Bank. of Everett. suspended yesterday. The suspension is said to be owing to the refusal of Eastern banks to honor heavy drafts on security affirmed. No statement is yet made. The bank's capital is $100,000. Worthington, Minn., July 6.-The Noble County Bank closed its doors yesterday morning, and its owner, Peter Thompson. made an assignment. Several thousand dollars of county money are tied up. Sumas, Wash., July 6.-The Bank of Sumas suspended payment on Monday. No statement was made. but it is thought creditors will be paid in full. Topeka. Kan., July 6.-Two Kansas banks closed their doors yesterday. The failure of the Finney County Bank, at Garden City, was not unexpected. as the bank has for "Some time been in bad condition. The bank of Leroy, Coffey County, also closed. Washington, July 6.-The Controller 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 few open their doors for business again within a days. Controller 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 againt a second suspension within a short time. The Controller 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. The Washington National Bank of Spokane reopened for business this morning. Controller his Pckels states that the information given out m office yesterday that he had directed Bank Examiner Wilson to take charge of the First National Bank of Albuquerque, N. M., was a mistake. The name of the failed bank was the Albuquerque, N. M., National Bank. Five National banks failed yesterday and this morning, as reported to Mr. Eckels. They were the American National Bank of Pueblo, Col.: the Central National Bank of Pueblo, Col.: the Puget Sound National Bank, of Everett. Wash.: the National Bank of Ashiand, Neb., and the First Na tional Bank of Winston, N. C. Controller Eckels has directed Examiner Brown to assume charge of the two banks at Pueblo. Examiner Horine of the Ashland bank, Examiner Cleary of the Everett bank and Examiner Carskadon of the Winston bank.

7. July 7, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 7, 1893

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WILL SOON RESUME. Two of the Suspended Los Angeles Banks to Open Very Soon. 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. The comptroller is also informed that the First National bank of San Diego, Cal., which re-opened for business yesterday, received deposits to the amount of $25,000, as against withdrawals of $8,000. This is regarded as evidence of returning confidence. The National bank of Spokane reopened for business this morning.

8. July 7, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 7, 1893

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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.

9. July 13, 1893 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, July 13, 1893

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WASHINGTON WAIFS. GENERAL WARNER ON FINANCES. WASHINGTON, July 6.-Gen. A. J. Warner, president of the Bi-metallic league, today said: "I see the legislative council of India has decided to receive sovereigns at the treasury in India without limit in exchange for rupees, but not Bank of England notes, nor will they pay out gold for rupees. The council has also carefully abstained from making gold legal tender. If they should do so Europe will be rapidly drained of its gold to settle balances due to India. The policy therefore is simply to sell cou cil bills which are drafts on the India treasury for rupees for gold and then buy silver on government account at a ratio fixed in the council and from this si!ver coin rupees with which to meet any excess of drafts over tax collections of the Indian treasury. We may look for purchases of silver on account of the Indian government at any time. In fact that government has adopted a sort of Bland law, excepting it has a fixed ratio of 21 12 for converting rupees into silver. If the mints of the West remains closed any length of time silver will rise as a result of purchases of our government and on account of India." On the question as to the alleged purpose of the silver convention which will meet at Chicago on August 1, to pass a resolution favoring demonitization of gold, Warner said: "I know nothing of the purpose to introduce such a bill. If the gold momentalists in-ist on subversion of bi-metal ism by demonetizing the only metal which can be produced in sufficient quantities to maintain stable relations between the money supply, population and business, and if they persist in their evident intention to destroy the automatic regulation of money through the mines, they need not be be surprised at the spontaneous movement of miners toward legislation." WEST POINT CADETS APPOINTED. The following cadets have been appointed, among others, to the West Point Military academy: Arkansas-R. Maxey, Hot Springs. Texas-W. B. Scales, Paris; W. G. Massinberg. alternate, Paris. NATIONAL BANKS REOPENED. 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 Eckles is adoptin all cases where banks ing suspended precautions apply for permission banks toresume to make sure the 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 opened for business yesterday, received deposits to the amounts of $25,000

10. July 22, 1893 The Lamar Register Lamar, CO
Article from The Lamar Register, July 22, 1893

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Banks Resuming Business. 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. 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, is order to guard against a second suspension within short time. The First National Bank of San Diego, California, which reopened for business on the 5th received deposits to the amount of $25,000 as against withdrawals to the amount of $3,000. This is regarded as an evidence of returning confidence. The Wafhington National Bank of Spokane Falls reopened for business Thursday morning.