This law had two major provisions in it: one provision required a permit to carry a concealed handgun anywhere in California, and that statute is the direct ancestor of California's current concealed weapon permit law. The other provision prohibited non-citizens from possessing concealable firearms. While the handgun ban by non-citizens was upheld by the California Supreme Court in the case In re Rameriz (1924), it was struck down by the California Court of Appeals in People v. Rappard (1972).
According to a July 15, 1923 San Francisco Chronicle article on p. 3, col. 1, that explained what the new law did, and at whom at it was directed, “It was largely on the recommendation of R. T. McKissick, president of the Sacramento Rifle and Revolver Club, that Governor Richardson approved the measure.” Later in the article, McKissick acknowledged that there might be a problem with the ban on resident aliens owning handguns, but the article quotes him that if the law was sustained by the courts, it would have a “salutary effect in checking tong wars among the Chinese and vendettas among our people who are of latin descent.”
That same article explained: “Aimed at disarming the lawless, the bill provides exemptions and exceptions to preserve the rights of those using firearms for competition or hunting or for protection in outing trips.”
To see the article, click here--it's 455K long, so it will take a while to download. Here's a smaller, somewhat more readable version, cut and pasted so that it all fits onto one page.