864. University Bank (Los Angeles, CA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: June 20, 1893
Location: Los Angeles, California (34.052, -118.244)

Metadata

Model: gpt-5-mini
Short Digest: 61937fb5

Response Measures

Capital injected, Full suspension, Books examined

Other: Directors deeded personal and real estate to the bank to assure depositors; later voluntarily wound up business in 1894 with full payment of depositors.

Description

University Bank (Los Angeles) was forced to close during the June 1893 panic after a senseless run; it suspended June 20, 1893 and reopened July 10–11, 1893. Later (Feb 2, 1894) the bank voluntarily decided to wind up operations and pay depositors — a separate voluntary liquidation after the reopening. OCR typos corrected in some article transcriptions.

Events (4)

1. June 20, 1893 Run

Cause: Rumor Or Misinformation
Cause Details: A senseless, idiotic panic-driven run on Los Angeles banks; articles describe it as a headlong, causeless panic/rumor rather than bank insolvency.
Measures: Directors and officers deeded property to the bank in trust for depositors; management collected funds and awaited President Widney's return to obtain cash to meet demands.
Newspaper Excerpt: The closing of the University Bank, which is a commercial bank, was a surprise... A run has started on the other banks in the city.
Source: newspapers

2. June 20, 1893 Suspension

Cause: Rumor Or Misinformation
Cause Details: Closed as a result of heavy withdrawals and panic on the street; state examiners later found the bank solvent with assets exceeding liabilities several times over.
Newspaper Excerpt: The University bank and the City Savings bank closed their doors this morning... A notice on the door is to the effect that depositors will be paid in full.
Source: newspapers

3. July 10, 1893 Reopening

Newspaper Excerpt: The Southern California National Bank and the University Bank opened their doors this morning. ... The University Bank was in condition to open several days ago.
Source: newspapers

4. February 2, 1894 Other

Newspaper Excerpt: The University Bank to Discontinue Business... It has now on deposit the full amount of cash necessary to pay each depositor in full. It requests its depositors to call at their convenience and bring their passbooks and have them balanced up and receive their money.
Source: newspapers

Newspaper Articles (20)

1. June 21, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, June 21, 1893

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BANK FAILURES. Two Institutions at Los Angeles Close Their Doors. Los ANGELES, June 20. - The University Bank and the City Savings Bank closed their doors this morning. 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 closing of the University Bank, which is a commercial bank, was a surprise. It has all its curtains drawn and a notice on the door to the effect that depositors will be paid in full. President Widney left for Chicago on Saturday, and before he started he said that he had deeded all his property, both real and personal, to the bank, and if any one loses he will. No statement could be gotten from the University Bank Directors or officials. Great confidence is placed in all the principals of the bank. The Farmers and Merchants' Bank, and Hellman's Bank, are busy taking in deposits, and other banks are doing the same. There is no fear of the large banking institutions of the city. They have a large reserve fund on hand, and are more than prepared to meet all emergencies. A FAILURE AT EUGENE. 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 the door which says: "Depositors will be paid in full." No statement has yet been made as to the assets and liabilities, but the depositors do not seem to have any fears, and many say if the bank should open this afternoon they would not withdraw deposits.

2. June 21, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 21, 1893

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CALIFORNIA BANK TROUBLES. Two at Los Angeles Compelled to Close Their Doors. Los ANGELES, Cal., June 20.-The University bank and City Savings bank closed their doors this morning. A. D. Childress, president of the City bank, assures depositors that the bank is temporarily closed and that they will be paid in full. The closing of the University bank was a surprise. A notice on the door is to the effect that depositors will be paid in full. No statement was made by either bank. Robert Widney, jr., of the University bank, which closed its doors, says that the securities over balance deposits three to one. A formal statement will be made in a few days. The City bank has ample security and can pay depositors in full. A run has started on the other banks in the city.

3. June 22, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 22, 1893

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

4. 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.

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

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from says missioner Gerberding a cursory examination of the University bank made last night he found that the $140,000 and has $300,000 88bank to ow68 pay bank it sets it with. At the is stated that nothing will be done until the of President about Friday or expected return Widney, Saturday. which Mr. Gerberding save that "idiotic" would not be too strong a term to apply run on the were never in a to now, the as senselees they really banks here better condition. STATE LOAN AND TRUST COMPANY. The officials of the State Loan and Trust company, in the Bryson block, in to a reporter's queries, said are able to pay every they reply perfectly "We dol- not lar owe on demand. are a run, our experiencing they much though heavier demande of depositors are than usual. We have had two men since yesterday busy all the time in letting out deposit boxes, and they are all being rapidly taken. Of course is that is where the money in going. There was $900,000 money that went but yeaterday from the banks whether it has gone into safe deposits or into stocks. [takei con"that the Firet NaSouthern wise and tinued tional did and the official, the conservative California acts Na- in their doors will not do 80 for a tional not and opening they this few morning, daye, until this excitement quells." PRESIDENT FRANKENFIELD SAYS ALL IS SAFE President Frankenfield of the California bank said they were experiencing nothing unusual at that bank but were prepared for a run if it was to come: that they had ample aggets on hand to pay all that demanded their money. SECURITY SAVINGS BANK. J. F. Sartori, cashier of the Security Savings bank, stated that they had 8 few depositors call and take advantage of clause to get money, these were but the that time excepting few their there for coin. He the bad all the money no demanda bank claimed that necessary there that to demand, but coin still on its way which soon arrive. was meet more would every They here, were from 8 a.m. and thought that open p.m., yesterday the until present 5:30 agitation was about over. THE COUNTY MONEY. A rumor gained some circulation yesterday afternoon that there was some trouble about the county funds on special deposit in the City bank. The rumor no doubt, from a visit paid to District the arose, bank by Upon Attorney investi- Dillon the afternoon. an of the rumor it during gation without foundation. Receiver appeared Brodt- to who be beck informed a HERALD reporter called to see him that while there had not been a thorough examination of the of the bank, he ized that the county yet accounts to say funds felt author- were secured. At did not have more time completely the bank funds the deposit. present than of the county's on before the The $20,000 day suspension lineof the Mr. Childress had set apart a best in the bank as sefor this fund, were securities curity and trustee additional they for the placed in the hands of & on benefit of the county. The cash bank would be first applied to of the hand the in payment the county balance money, to be and if there was a email raised it would be easily done by the secureties already received for that purpose. Mr. Brodtbeck also said that Mr. had told him that the depositbe paid in full, he would turn estate to Childress necessary ors personal would accomplish in and his that that entire end. if CHECKS ARE ACCEPTABLE. Mayor T.E. Rowan and G.A. Dobinson have issued notice that they would receive checks on the First National for real estate, and Would then reduce their prices 25 per cent as well. This and seven or eight other notices to a similar effect will be found published in another column. All these go to show that the financiers there is no danger final know to that depositors, should of loss and go a long ways towards restoring.confidence. THE COUNTY MONEY SAFE. A certified statement of the money belonging to the county of Loa Angeles is given in another column. It states the amount to be $352,852.21, and that it is amply secured.

6. 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

7. June 22, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 22, 1893

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

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

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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.

9. June 24, 1893 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, June 24, 1893

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NEWS AFTERMATH. The Eugene, Ore, bank has suspend. ed; also the University bank and the City Savings bank at Los Angeles. A slight earthquake was felt in the Carolinas. Seven people were injured in an elevated road accident in New York. Justice Blachford's condition is not hopeful. Cornell freshmen won the boat race from Columbia in 10:08. Rains have extinguished the forest fires. A jury has been secured in the Mead murder case. A large dynamite bomb exploded at Madrid at midnight, a few feet from the house of Conovas Del Casillo, ex. premier. One man was killed and an. other badly injured. They were evi. dently the men who threw the bomb

10. June 26, 1893 The Herald Los Angeles, CA

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A THING OF THE PAST. NOTHING LEFT OF THE PANIC BUT REMINDERS. This Week will See Several Suspended Banks Reopened--The Northern Press and the bonds of the Consolidated Electric. probable that today or tomorrow the second of the suspended banks to resume will be the Broadway though the University is likely to run it a close race on getting its doors open again. Judge Widney on Saturday succeeded in making his bank stronger than it had been before the crash. The First National is morally certain to be open in a few days and it is learned will be 80 strengthened in both its capital and stockholders as to be one of the most formidable institutions in Southern California, President Breed of the Southern California has things well in hand for resumption and all in all the situation is pleasant and every prospect pleases. REMINISCENCES OF THE RUN. A few reminders of the craze are yet to be seen. Nearly all of the merchants have placards posted in their windows to the effect that they will take checks on any bank in payment of accounts. An enterprising barber has put out a similar sign and people can pay for their shaves with checks on the First Na. tional, University or City bank. A saloon man on Spring street diaplays this sign: "Despite the run on us we are still open. The hotter the times the cooler the drinks." THE CONSOLIDATED RAILWAY. The San Franciaco papers have, during the recent panic, shown again the animosity which seema to prevail in the north against Southern California institutions. In view of the fact that the Pacific bank which closed last week in San Francisco held some bonds of the consolidated system of street railways of Los Angeles, the papers there have taken occasion to deery the value of these lines. As far as this vast property goes itisall right, and more than that can bear comparison with the San Francisco lines in 8 most satisfactory way in fact if it comes to a show-down, it is doubtful if San Francisco capitalists would enjoy a thorough showing up of the condition of their roads. In these times a backhanded slap at any important institution of Los Angeles is a proper subject for inquiry. A HERALD reporter yesterday found Superintendent Aiken of the cable railway who has been with the company six or eight years and Receiver Trask justly indignant at the aspersion on the bonde in question, which, whilenot yet technically covering both the cable and electric systems will do so, and by agreement of all parties concerned do so now. As an indication of how things have been scaled down and the satisfactory condition of the affairs of these lines a few figures may not be amiss. When Mr. Holmes of Chicago took "the street railways of this city some years ago there were only about 20 miles of track. He succeeded in a short time in floating bonds on this system to the amount of $3,640,000, and added a floating debt of $1,000,000. making the entire liabilities $4,640,000. At the present time the system, virtually consisting of all the cable and all the electric, and nearly all the horse-car lines, has only a bonded indebtedness of $3,000,000, on a mileage, including horsecar lines, of 110 miles, and with earnings three times what they were in Mr. Holmes' day. As stated, these bonda about which the northern press has had

11. June 27, 1893 The Herald Los Angeles, CA

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

12. June 28, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 28, 1893

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

13. June 29, 1893 The State Republican Jefferson City, MO

Article from The State Republican, June 29, 1893

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WEST AND SOUTH. FIRE wiped out the village of Jeffersontown, Kv. A MOB which was supposed to have lynched Lee Bennett at Gleason. Tenn. hung Jim Harris, an innocent man, instead. Bennett was in jail at Dresden, heavily guarded. BUSINESS has been resumed by the Capital national bank at Indianapolis, Ind., which suspended one month ago. THE law permitting the sale of vagrants in Missouri has been declared unconstitutional by the state supreme court. IOWA republicans will hold their state convention at Des Moines August 15. IN the state of Washington ten government inspectors were detected in aiding in smuggling in Chinese by means of fraudulent certificates and in permitting opium smuggling either by connivance or otherwise. IN Chicago the American Railway union, a new society to embrace every branch of the service, was organized with Eugene V. Debbs, of Terre Haute, Ind., as president. BURGLARS murdered Thomas Cordway and his sister at their home near Logansport, La. FOUR negroes were killed and many others wounded in a row at an emancipation day celebration at Flat Prairie, Tex. THE West Virginia building on the world's fair grounds was dedicated, the day being the thirtieth anniversary of the birth of the state. AT the Cheyenne agency in Montana enflisted Indians had a fight with other Indians and five of the latter were killed. THROUGHOUT North and South Carolina and Georgia an earthquake shock was felt. AN edict issued by the school commissioners dismissed all married teachers in the public schools in St. Louis. THE doors of the University bank and City savings bank at Los Angeles, Cal., were closed. AT Janesville, Wis., Charles P. Whalen was sentenced to twenty-five years' imprisonment for the murder of Gerald Spaulding. A CIRCUS tent was struck by lightning at River Falls, Wis., and seven persons were killed and thirty injured. SEVERAL exhibiters at the world's fair met and recorded themselves as being unalterably opposed to the opening of the gates on Sunday, not only on moral grounds but from a financial standpoint as well, and decided to enter suit for an injunction to have the gates closed on Sunday. AT a railway crossing near Lima, O., Charles Keller and his wife and John Steinbaugh were killed by the cars. AT his home in Menlo Park Leland Stanford, United States senator from California, died suddenly in his 70th year. Heart disease was the cause. He leaves a wife and property valued at $50,000,000. NEAR Winimac, Ind., Charles Mettonay and his horse and forty head of cattle were buried out of sight in quicksand. THE doors of the Citizens' savings bank of Portsmouth, O., were closed, with liabilities of $300,000. THE firm of Sloan, Johnson & Co., wholesale grocers at Omaha, Neb., failed for $160,000. IN Los Angeles, Cal., the First national, Southern California, Broadway bank and East Side bank closed their doors, and at San Diego the Consolidated national bank and the Savings bank suspended.

14. June 29, 1893 Warren Sheaf Warren, MN

Article from Warren Sheaf, June 29, 1893

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leaving many partico ver $100,000. BISHOP MERRILL says the general commission of the Methodist denomination will issue a manifesto withdrawing the Methodist exhibits from the world's fair within two weeks on account of Sunday opening and will ask the 5,000,000 members of the church to keep away from the exposition on week days as well as Sundays. A PLAN has been conceived by the committee in Chicago in charge of the Columbian liberty bell whereby on July 4 all the bells in schoolhouses and churches of the land will ring simultaneously at noon. FIRE wiped out the village of Jeffersontown, Kv. FAILURES of banks were reported at Lebanon and Albany in Oregon, at New Hanover, N. C., at Chattanooga, Tenn., and at Plainville, Kan. A MOB which was supposed to have lynched Lee Bennett at Gleason, Tenn., hung Jim Harris, an innocent man, instead. Bennett was in jail at Dresden, heavily guarded. BUSINESS has been resumed by the Capital national bank at Indianapolis, Ind., which suspended one month ago. THE law permitting the sale of vagrants in Missouri has been declared unconstitutional by the state supreme court. IOWA republicans will hold their state convention at Des Moines August 15. IN the state of Washington ten government inspectors were detected in aiding in smuggling in Chinese by means of fraudulent certificates and in permitting opium smuggling either by connivance or otherwise. IN Chicago the American Railway union, a new society to embrace every branch of the service, was organized with Eugene V. Debbs, of Terre Haute, Ind., as president. BURGLARS murdered Thomas Cordway and his sister at their home near Logansport, La. FOUR negroes were killed and many others wounded in a row at an emancipation day celebration at Flat Prairie, Tex. THE West Virginia building on the world's fair grounds was dedicated, the day being the thirtieth anniversary of the birth of the state. AT the Cheyenne agency in Montana enlisted Indians had a fight with other Indians and five of the latter were killed. THROUGHOUT North and South Carolina and Georgia an earthquake shock was felt. AN edict issued by the school commissioners dismissed all married teachers in the public schools in St. Louisr THE doors of the University bank and City savings bank at Los Angeles, Cal., were closed. AT Janesville, Wis., Charles P. Whalen was sentenced to twenty-five years' imprisonment for the murder of Gerald Spaulding. A CIRCUS tent was struck by lightning at River Falls, Wis., and seven persons were killed and thirty injured. SEVERAL exhibiters at the world's fair met and recorded themselves as being unalterably opposed to the opening of the gates on Sunday, not only on moral grounds but from a financial standpoint as well, and decided to enter suit for an injunction to have the gates closed on Sunday. AT a railway crossing near Lima, O., Charles Keller and his wife and John Steinbaugh were killed by the cars. AT his home in Menlo Park Leland Stanford, United States senator from California, died suddenly in his 70th year. Heart disease was the cause. He leaves a wife and property valued at $50.000.000.

15. 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."

16. July 11, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 11, 1893

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

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

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ONCE MORE ON TOP. The reopening of two of the closed banks to business yesterday marks the finale of one of the most senseless panice that ever visited a city. The University bank and the National bank of Southern California resumed business yesterday morning, and the First National bank will reopen in a few days, when Comptroller of the Currency Eckles has had time to verify the very favorable report of its affairs made by Examiner Wightman. It is needless to say that the resumption of business by the University and the Southern California banks was made the occasion for the heartiest greetings of their officers by our citizens generally. No one whose opinion is worth having ever had the slightest doubt about the standing or the complete soundness of any of the Los Angeles banks that were compelled to close their doors three weeks ago. The wild and headlong run that was made upon them was the result of a panic which sometime seizes upon people just the same as a stampede sometimes seizes upon animals. It is not necessary that there should be a cause for one of these demonstrations. They start without reason, and once started everybody loses his head and they follow each other like a flock of sheep. In iact men in a panic are more like sheep in a senseless rush than anything else. They follow their leader implicitly. If the leader jumps at an imaginary obstruction all the rest do the same; 80 with men in a panic, if one entere a bank and calls for his money instanter, they all follow after and want their money, too. That is, the men, not the sheep. The latter will break their necks by jumping down a precipice; the former will figuratively do the same in a causeless run upon their financial institutions. No stronger evidence of restored confidence and reason in this community could be wanted than was shown yesterday in the reopening of the two banks named. The very men who were wild to draw their money a few days ago, returned with it yesterday to replace it in the very banks they forced to temporarily close. At the close of business yesterday the Southern California had received $57,000 of deposite against $21,000 checked out. We could not get the exact figures of the University bank, but were told by one of the officers that the deposits were largely in excess of the money checked out. These facts show conclusively that we have passed the era of scare; that confidence is restored, and that we shall go right along again in our old prosperous course. Los Angeles has one fact which this disturbance has shown very conspieuouely, and of which she should be justly proud, and that is that the financial stirring up through which she has gone has developed no taint of bad faith or dishonesty in the men who have been trusted with the custody of the people's money. That fact alone is worth all the trouble and anxiety we have experienced.

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

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collecting in money to meet our general business. "The panic demonstrates that the University bank was solvent nearly three to one, and that it had been careexamination fully and of honestly the printed managed. reports An of the Los Angeles and California banks ehow that the University bank has a larger ratio of assets to liabilities than any bank on the coast. The last report of the national banks printed by the controller of the currency shows no bank in the United States with assets of over 1.75 to 100, while this bank shows 300 to 100. This is cansed by the fact that this bank carries all its earnings to a surplus and declares no dividende, giving depositors the safety of our entire profits and forcing us directors to carefully manage our business. "The bank commissioners said, after looking over our accounts, that a more solvent bank never closed its doors in the face of a senseless parric. Our directors voluntarily deeded nearly $400,000 of their real and personal property to the bank in time to protect depositore and establish confidence. "We open with our own money, obtained from our own resources, without calling in from our debtors. "Capitalists offered to cash our mortgages and notes for whatever money we needed. "This we refused, as we did not wish to assign over customers' notes and mortgages to others, Having good real estate owned by the bank we prepared to put it up as security for the small amount we needed to add to our own cash. "The customers of this bank are thus taken care of in this national crisis, at the cost of the bank, and without annoyance to them. "We open with more than enough cash for all banking purposes, and expeet no inconveniences in the future. Thousands of dollars have been deposited with us by our regular customers since the panic, and we have taken care of their business in the usual manner. "The printed reports of the other banks, both those closed and the others show the ratio of assets to liabilities to be about 150 to 100, which is above the average of all the best banks in New York City or in any other city in the United States. Even the closed banks show after the run as high a ratio of assets to liabilities as those which did not close, proving them to be safe and solvent. "The result of the Southern California panic has demonstrated that no banks in the world have been more safely or carefully managed. "They will nearly all resume, and I predict that the confidence of the people all over the United States in our Southern California banks will be far greater in the future than in the past. "They have all been carefully guarded against danger from real estate and other speculations, and the recent crisis has demonetrated that fact. "The scurrilous individuals who, prior to the panic, spread rumore through the community against the solvency of any of the banks of this city have been SO completely shown up by the bank examiner's report that all they can now do is to go around and do some more lying on some other point."

19. July 13, 1893 Grant County Herald Lancaster, WI

Article from Grant County Herald, July 13, 1893

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NEWS ITEMS. For the Week Ending July 11. During a fight at a pienic near Mascoutah, III., twenty-five men were hurt, one fatally. The Washington national bank at Spokane which suspended several weeks ago has resumed. John Lyons and Joseph Bishop were drowned at Stoneboro, Pa., by the capsizing of their boat. Drought in many sections of Europe bids fair to ruin the agriculturists. Fodder is a total failure. Siveter, 9. of and Dr. Thomas years age, one of the oldest physicians in America, died at Salem, In. W. F. Thornton & Son, bankers of Shelbyville, III., failed for $500,000. Assets may reach the liabilities. Meeting accident in a Windsor (Conn.) Mary Media remained food for swamp without Mrs. forty-one days. A severe rainstorm flooded several small towns in Dane county, Wis., and great damage to property resulted. in Oroville, wiped Chinatown out. Cal., was Eight brick stores and thirty other buildings were destroyed. Frank Boyes, a demented farmer near Wauseon. O., cut his wife's throat and killed himself. A daughter escaped. Reports to the state department say American agricultural implements are taking well in England. Trade is increasing. National banks throughout the country have during the last two months increased their circulation nearly $7,000,000. Floating indebtedness of the world's fair corporation has been retired. Money will now be accumulated to retire bonds. The Arkansas state bank of Stattgart, and the Arkansas Farmers' and Traders' bank of Dewitt failed to open their doors. Albert Lewis as shot and killed and Charles Lewis wounded in the climax of a fend with the Yandell family at Princeton, Ky. The world's 2-mile race record (4:48 k/) for trotters was broken at Salem, Ore. by the stallion Blondie, who made the distance in 4:48. It was said that conductors and engineers on the Queen & Crescent railroad had robbed the company of goods valued at $40,000. The Southern California national bank and University bank at Los Angeles, Cal., which failed recently, have resumed business. President Moshier, of the Capital national bank of Lincoln. Neb., was sentenced to five years in prison for wreeking the bank. The burning of the new school building at Monterey, Cal., destroyed priceless papers relating to the many early history of California. The bank at Lesueur, Minn., the Northern national at Big Rapids, Mich., and the Citizens' bank at Winneconne, Wis. shut their doors. During a drunken fight at Woodbine, Kv., City Marshal Morrissy, Bud Smith and Jim Francis were killed and four others were wounded. A heavy electric and rainstorm visited Middlesborough, Ky., in which a shower of fish of the sun perch species was precipitated on the town. The New York & New Haven railroad lost sixty-four freight cars and other property by fire at New Haven, Conn., the loss being $100,000. The statue of P.T. Barnum at Seaside park in Bridgeport, Conn., was disfigured by some vandal by being covered with red paint. Augustus Hemenway, of Canton, Mo., invited the twenty-six public school teachers there to a ten-day trip to the world's fair at his expense. The gross earnings of the Chicago, Milwaukee & St. Paul road for the year ended June 30 were $83,975,054. against for the $32,283,308 previous year. The State bank at Shubert, Neb. closed its doors owing to the flight of the cashier, G. V. Argabor ght, with $21,000 belonging to the institution. The July returns to the department of agriculture make the average condition-of wheat 76.6 per cent., rye, 85.3; barley, 101.1. SS.8; oats, 88.3. and potatoes The banking house of W. F. Thornton & Son at Shelbyville, III., made assignment with liabilities of $500,000. involving hundreds of business men and farmers, The body of Otis D. Dana, a Boston merchant. was found in a pond near Plymouth, Mass. He was and is to have walked friends there supposed visiting into the pool while asleep. Death of Justice Blatchford. Justine NEWPORT, R. I., July 8. -Associate Samuel Placet

20. February 2, 1894 The Herald Los Angeles, CA

Article from The Herald, February 2, 1894

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IT WILL WIND UP ITS AFFAIRS. The University Bank to Discontinue Business. A Statement About the Matter From President Widney. Depositors Will Be Paid in Full Whenever They Wish-The Reason for This Action on the Part of the Bank. For some time past the University bank has been considering the question of closing up its business, and has decided to pay off its depositors. For this purpose it has now on deposit the full amount of cash necessary to pay each depositor in full. It requests its depositors to call at their convenience and bring their passbooks and have them balanced up and receive their money. As the bank will continue open as usual for several months and will make no formal closing, depositors can call at their convenience, Business arriving through the mails will be cared for as usual, and cash received on collections or remittances from customers will be deposited with the Los Angeles National bank, subject to the check of the proper party. Judge R. M. Widney, the president of the bank, stated last night that the reason for the closing was that the officers of the institution could make more money by attending to their large land interests than by continuing the bank under the existing business conditions. Since the bank opened after the panic of last summer its business, the judge stated, had been steadily increasing and all of its patrons have maintained the utmost confidence in its management. It has now, however, on hand in its vaults all the cash necessary to pay off every depositor, and then there will be left for the stockholders from $160,000 to $170,000 available assets, which will give them a dividend above the original investment of 60 or 70 per cent. It will be remembered that the bank closed for a few days during the panic of last summer, but was promptly reopened, the stockholders pledging their personal holdings of property to secure the depositors. There have been some negotiations looking towards a consolidation with one or two other banks, but none was agreeable to the University people and they have decided to wind up their affairs as stated. President Widney, Cashier Arnold, Mr. Cunzon and the other officials have large private interests in realty, mines and other property which require their attention and which it will profit them more to devote themselves to, than to continue as at present.