1019. Bank of San Francisco (San Francisco, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 17, 1888
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
004c8c78

Response Measures

None

Description

The December 17, 1888 article reports the Bank of San Francisco suspended payments due to alleged irregularities by its cashier (Ramsden) and an ongoing investigation. No reopening or rescue is mentioned in the provided articles, so I classify this as a suspension that appears to lead to closure/receivership (no evidence of reopening). OCR in Article 5 is poor; I corrected the date inference to 1888-12-17 based on the article metadata and the text mentioning Dec. 17.

Events (1)

1. December 17, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reported criminal irregularities / suspected irregularities by the cashier (Ramsden) and irregular loans; investigation underway led to suspension of payments. Articles state the bank 'was suspended' and mention 'criminal irregularities' in the cashier's books and loans as the cause.
Newspaper Excerpt
SAN FRANCISCO, Dec. 17.- ... Bank of San Francisco ... suspension ... irregularities ... Cashier Ramsden ... investigation ...
Source
newspapers

Newspaper Articles (5)

Article from The Salt Lake Herald, November 28, 1886

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street in front of the bank became a dense mass of people, through whom terror-stricken depositors forced their way. By sympathy the run extended to the smaller banks, and one by one they closed their doors. Latham, the manager of the Bank of London and San Francisco, tried to save Ralston. All the spare coin in his bank was carted up to the side entrance of the Bank of California, and almost as fast as it came in at the side door it went out at the front. The paying teller had orders to continue while there was anvthing to pay with. When half past 2 o'clock came, and payments were still being made, the excitement was intense, and bets were freely made that the bank would stand the pressure. The paying tellers were nervous with excitement as the long hand of the clock slowly climbed around. Five minutes, ten minutes, fifteen minutes. It only wanted a quarter to 3 when the ponder ous doors of the bank were seen to swing outward and close with a mighty clang in the face of the vast crowd that thronged the street. The Bank of California, the greatest financial institution on the Pacific Coast, had ceased to exist. The people went wild. All the evening papers got out extras. In the bank parlor Ralston received the reporters and correspondents, of whom there was a perfect mob. He was ghastly pale, and leaned with his elbow on the mantelpiece. "The Bank of California, gentlemen", he said, "does not owe a single dollar it cannot pay. An attempt has been made to crush me, but it will not succed. The bank will resume in a day or two," This was about 4 p. m. A little after 5 p.m. his lifeless body was taken out of North Beach, and it was known that he had committed suicide. He had ostensibly gone in to take a swim, and although there never was a doubt in the public mind that he had taken his own life. the coroner's jury found an open verdict. The public excitement now grew to fever heat. The friends of Ralston were loud in their denunciations of the Bonanza people and of the Call and Bulletin. The editorial rooms of both papers were barricaded with piles of paper. behind which were hidden some armed police officers. The militia were called out and held in readiness at their armories. The police charged several mobs who assembled to gut the offices. Reporters for these papers held their lives in their hands. A mass-meeting was held at Union Hall, to sympathize with the family of the "murdered Ralston." It was attended by thousands, and addressed by leading men of parties. Colonel W. H. L. Barnes, the attorney to the bank, and a personal friend of the dead man, begged the people for his sake to be quiet and not to disgrace his name by riot. Things simmered down a little, and better counsel began to prevail. Those who witnessed the funeral of Ralston will hardly forget it. Never had such an imposing sight been seen n California. The cortege was preceded by a battalion of cavalry and three regiments of infantry, with arms reversed. Then came the order of Odd Fellows, then the clergy of various denomis ations, then the hearse and pall-bearers, among whom were Senator Sharon, P. 0. Mills, Peter Donahue, the banker; D. is. Colton, the railroad magnate; Judge Hoffman, of the United States Court, and some twenty other equally prominent citizens. Behind the hearse" walked the clerks of the Bank of California, the regents and faculty of the University. the members of the Chamber of Commerce, the membe:s of the Stock Exchange, and of the Pacific Stock Exchange. representatives of the press. trade organizations and citizens in thousands on foot and in carriages. Was there ever seen in the world such a sight?-Comment and Dramatic Times.


Article from The Clifton Clarion, October 19, 1887

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"KING OF THE COMSTOCK." Sharon's Course When the Bank of California Suspended. [New York Journal.] In 1863 Senator Sharon was induced to take the agency and general supervision of the Bank of California in Gold Hill and Virginia City, Nev. Here he formed the acquaintance of Mr. Ralston, at that time one of the brightest heads in the mining districts. Mr. Sharon was considerable of a mining expert, and felt that the Virginia and Gold Hill mines were not as remunerative as they should be. He had examined every mine with the greatest care, and had become a mining expert as well as a banker. He called to his aid, however, the best judgment of men of mining experience, and made a most thorough survey of the mining properties in which he had become interested, and finally determined to drift for a strange ledge. A drift was at once undertaken and prosecuted with prodigious vigor. That drift developed not only a new deposit of ore, but it very soon exposed to view the "King of the Comstock." From that time Mr. Sharon became the recognized leader in enterprises of the greatest magnitude on the Comstock, and these were managed with such adroitness and skill that he was regarded as the financial chief of the Pacific Coast. His name was added to the directory of the Bank. All went swimming on in the high tide of wealth and 1 osperity for nearly ten years. Then came a day when gibes and sneers were hurled against the directors of the bank. Its depositors with bated breath and lowtoned voice and scarcely audible whisper, told the sad tale of ruin, beggary, and misery unmeasurable. The great Bank of California had suspended. And Ralston, its President, had drawn the veil upon a life that had lifted enterprise into exultation and reared monuments of grandeur on either side of his pathway. The citizons of San Francisco have not forgotse.1 that dreadful day. The streets around the bank were packed with men and women, and yet not one word of censure was expressed so pronounced was to affection for Ralst and the es teem in which the directory W: e held. Soon the small door was opene Senator Sharon stepped through it "If the sidewalk, and for a few moments cast a steady look upon the mass of human faces turned upon him. His face, habitually mobile and imperturbable, expressed for a moment that touch of sympathy that can never be told in words. The multitude seemed to understand it, and raising his hat with more the purpose of admitting the cool air to his throbbing brain than in salutation, he turned with a step and manner full of resolution and walked away. A meeting of the directors was called for that evening, and in a vigorous speech Mr. Sharon advocated that all should put their hands into their pockets and make up any deficiency in the bank's capital. Senator Sharon headed the list, and in a few days the bank was enabled to resume. Thus was the bank put upon its feet, and to Senator Sharon was justly ascribed the success of the venture. Several years later Mr. Sharon was elected United States Senator from Nevada. He is quiet and unpretentious in his demeanor, and few would recognize in him the owner of the 'King of the Comstock" and other millions of property.


Article from Omaha Daily Bee, January 24, 1888

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reached the ears of the principal stoekholders, and they demanded an accounting. The demand was entirely unexpected by Ralston, and he found no escape except in humiliating his family. There was a meeting of the bank directors, and everything showed that the doors would have to be closed and that Ralston would figure as little better than a defaulter. For nearly a decade he had been the most prominent figure in the local mining stock market. and by his genius he had more than once got the better of the rising bonanza kings, Flood and O'Brien. It was their influence that precipitated the crash, and Ralston knew that he could hope for no mercy from these men, who represented antagonistic circles, and were powerful enough to control the money market of the city. Ralston was an intensely proud man, and he couldn't bear the stigma of failure after his "Napoleonic" career for so many years. So, on the morning after this decisive meeting, he went to the baths at North Beach to take his usual plunge. He seemed in unusually good spirits, and swam out in the bay with lusty stroke, when he stopped a moment and was seen to go down. When assistance reached him he was dead. Many at the same time claimed his death was accidental, but as he was in the prime of life, there is no question that it was deliberate suicide. The news of his death caused intense excitement, and caused a panic in financial circles. A disastrous failure was averted mainly through D. O. Mills, now of New York, who came to the rescue of the bank with his fortune and influence. Ralston's estate fell into the hands of Sharon, who derived large profits from the settlement of it. It is a singular coincidence that the recent retirement of the bonanza king (Flood) from the Nevada Bank, caused by his heavy losses in the wheat deal, occurred on the fourteenth anniversary of Ralston's death and the failure of the Bank of California, which Flood was mainly instrumental in bringing about.


Article from Morning Appeal, July 31, 1888

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# THE OLD CALIFORNIA. "The Underaker," in the Stockton Mail, gives a terrible review of the history of the California theater and John McCullough. The theater was a temple erected to Eros and Venus, where the monied men of San Francisco worshiped. The drama there was merely the cloak to the big brother run by McCullough, who was the agent of his monied backers. The men and women who cast their talents and beauty at the shrine lived a fast and merry life, and kept up the terrific pace until they drifted off into the suicide's grave, the hospital and the mad house. After the Bank of California failed, the house went down the scale with a rush, until it was the resort of tight-rope performers, female minstrels and flash troupes, and the curtain dropped for the last time on a dime novel play, where the leading performer was a horse. How sadly the bust of old Shakespeare looked down on the degeneration of the place during the last decade. If the masks, tinsel and tawdry trappings of the old ruin could but mouthe its inner history, what a tale of lust, debauchery and wrecked homes would startle San Francisco, and not startle it much, either, for the inside was well known, it always having been the custom of the male characters in the behind-the-scenes dramas to come out on the street corners and saloon fronts and boast of their performances. A woman who was foolish enough to be ruined inside those walls was known to the town inside of twenty-four hours.


Article from Spokane Falls Review, December 20, 1888

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There e by very recently. secured in seven days until $36,000 being who simply scraped away of of five men. of the ledges in raked a party the surface the nuggets. or true not and Whether this that be much gold has If been the there is no doubt the diggings. will help brought in from a good one it camp proves to be its old-time importance. Special-A restore Ross, Cal., occurred here SANTA Yuma shooting to afFair Dec. 18, by the screams last mysterious night. A shot followed heard about midnight. learned a of a woman hour's were search it was has taken that After an an irate husband father-in-la of his W daughter, shot who was shot at the in his house. The but no harm fired was living with a The deadly father-in-law purpose. is in the employ was done. of the city government. advices SAN FRANCISCO, Dec. that 17.-Mail SirJulius Vogel. from Honolulu of New state Zealand is cable. working He ex-premier in London for the construction Pacific of a cable a hard unfavorable to the the colonies, when from is Vancouver to could be obtained The from talk much shorter south of route San Francisco the British terpoint a line through and would offer of carrying was absurd, the hostile ritory solely inducement for of war. He believes a power special to cut capitalists it in time could be found his doubts whether out the project, and ad itself in to carry would recomme Julius with under own scheme credit Sir scheme preference. Reports way a huge nancial cable to Ausfor one side to having purchasing and Taylor constructing was the stabbed present in from it the is America. tralia believed of John Edward Price, and The cause day by will prove fatal though Price, saloon the stabbing wound is not known. Taylor attacked who the gave himself up, and says he stabbed him in self-defense. him in a Dec. 17-The Francisco Cali. SAN FRANCISCO Bank of San Thomas, fornia National payment to-day. suspension R. P. was suspended president, the stated irregularities that irregularities the of Cashier is C. not H. due to that these has sufficient availRamsden; but the bank all depositors known, funds to insure Ramsden was against able loss. Cashier week and an in been ves. suspected of last his books not has been suftigation which so far has definite state. issued. in ficiently progress. thorough for The any bank was incor- or joint-stock ment to two be years ago as a taken by investganization. porated shares being in the East. Its which auors in this city and was $1,000,000. of It is thorized capital was subscribed in coin. referred to $200,000 stated that the criminal irregularities character, but con17. are not principally of a of bad Dec. loans Special 16 sist SAN FRANCISCO, aged citizen, died illness at about three years. Joseph residence Durbrow, this an morning The after immediate an Depneumonia. of of his death coast was in 1851. as a rep- ip cause ceased came to the Pacific Mail Steamsh Orresentative and of the acted as its agent Since in 1870 was Company, for a number of years. active occupation, C M Durbrow egon trustee has had in a no number of large coris N but porations. FRANCISCO, Dec. 17, Special Parsons, who SAN learned that weeks Harry ago from some BarS came now here a few visited the dives and on there M a point in Oregon, Monday night, known = bary Coast. young last man who said When be had they were met him since boyhood, new-found friend invited was him leaving to his Parsons Parsons home and now the regrets invitation the having **nice accepted. placed 80 much for he confidence took him in of into two a others dark of him robbed young alley and man, with the $120 assistance and a gold watch and chain. Or., Dec. 17, Special:- robbed PORTLAND, Gerson. a restaurant keeper, for divorce, ar- of Louis who is suing him he was rested $500 his wife, last in Tacoma week and last skipped, evening and brought Johnof back W. to-day. C. Webb. $180. who was bunkoed convicted Fred in the The criminal son out trial court of the to day. suit Bennett of Adolph for $4085 Haberly dam. against ages for Contractor injuries building sustained in Seattle by a fall was from bethe exposition Judge Deady to-dav. old. a highway. gun before Hanlon, 13 years in the peniman, Geo. sentenced is to be to shipped two Stearns years on having a foreign. agreed to tentiary, bound vessel, sentence. Judge Hanlon wanted requested go to prison. him to to suspend His mother Salem also the court to send H. Steinman Pacific of Seattle Industrial to-day Architect to the North exposition buildcertified that its new according to the ing Association had been and completed accepted the building in behalf specifications of the association. 17. Special.-A PORTLAND. Or., Rasmus Dec. Laison was held the Arlington to-day bail for obstructing unable for trial States in $500 mail. He Railroad has been & NavUnited with the Oregon terms of right, of igation to agree Company land. on but the road torn was way through his Several times he has term built anyway. and recently finished a in up the the county track. jail for the offense. issued SALT LAKE, Utah, to-day Dec the 17 following The liberal adL committee dress country: -The liberal SALT to LAKE the committee, CITY, Dec. representing 17. desire to repub- call N o territorial licans and democrats the alike. country to the fact opthe pose attention of of Utah unanimously b that the the gentiles Mormon statehood scheme, re-