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Los Angeles Times file photo
The All Night and Day Bank, Spring and 6th Streets, c. 1911.
May 3, 1910: You may recall the All Night and Day Bank from a 2009 post. For reasons that aren’t explained in this story, depositors began a run on the bank and in the days before the FDIC this could mean failure. The run ended the next day, after 36 hours, and the bank remained solvent despite the withdrawal of about $100,000. The Times said.
“At 6 o'clock last evening the line of depositors who were after their money extended from the paying teller's window, out through the 6th Street entrance to Spring Street and along the latter thoroughfare to the Security Savings and Trust Co. building a full block away. In the line were gray-haired women, young girls with schoolbooks under their arms, old men and young men, white men and colored men, Japs, Greeks, in fact all classes and most all nationalities whose habitat is Los Angeles,” The Times said.
Remind me again about the “wisdom of crowds.” I keep forgetting.