1032. California Safe Deposit & Trust Company (San Francisco, CA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 1, 1907*
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: dee918d1

Response Measures

None

Description

The institution failed/suspended payments in 1907 and remained a defunct/wrecked institution under receiver Frank J. Symmes. Articles describe frauds, loans to directors and criminal prosecutions (J. Dalzell Brown) as the cause. No article describes a discrete depositor run separate from the failure; the bank was placed in receivership and assets were being sold years later, so classification is suspension_closure.

Events (9)

1. January 1, 1907* Receivership

Newspaper Excerpt: receiver Frank J. Symmes, the receiver for the bank (articles refer to the 'receiver' administering the assets and advertising bids).
Source: newspapers

2. January 1, 1907* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of large-scale frauds and bad loans to directors and insiders (loans on worthless mining securities; prosecutable misconduct by officers such as J. Dalzell Brown).
Newspaper Excerpt: the failure of the California Safe Deposit and Trust company, which failed in 1907
Source: newspapers

3. December 21, 1911 Other

Newspaper Excerpt: the suit was in connection with the failure of the California Safe Deposit & Trust company...the rendering of a decision in favor of its legality came as a severe blow to the heirs under the Walker will.
Source: newspapers

4. December 27, 1911 Other

Newspaper Excerpt: Depositors' Mutual Aid and No Fee association of the California Safe Deposit and Trust company...decided to petition Judge Seawell to authorize the disposal of all the bank's holdings...18 were present, representing more than $100,000 of deposits in the defunct bank.
Source: newspapers

5. October 28, 1912 Other

Newspaper Excerpt: After the bank suspended payment the railroad company sued the surety company and obtained a verdict for the liability of the bond, which was affirmed today.
Source: newspapers

6. January 18, 1913 Other

Newspaper Excerpt: Bids on the assets of the wrecked California Safe Deposit and Trust company, were advertised for today by Frank J. Symmes, the receiver. From five to ten per cent is all that remains in sight for the depositors.
Source: newspapers

7. February 22, 1913 Other

Newspaper Excerpt: A bid of $257,000 for the assets of the wrecked California Safe Deposit & Trust company...If the bids are accepted depositors will get 3 or 4 cents on the dollar.
Source: newspapers

8. November 11, 1913 Other

Newspaper Excerpt: Depositors of the defunct California Safe Deposit and Trust company face the alternative of accepting a cash dividend on their deposits of 3 1-3 per cent, payable January 2, or taking Western Pacific stock.
Source: newspapers

9. June 22, 1914 Other

Newspaper Excerpt: Receiver Frank Symmes of the California Safe Deposit and Trust company has sued John Treadwell...It is alleged that Treadwell, as a director, borrowed money from the bank contrary to law.
Source: newspapers

Newspaper Articles (12)

1. December 22, 1911 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, December 22, 1911

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Article Text

JUDGMENT AGAINST D.F. WALKER ESTATE A. C. Ellis, Jr., Receives $42,129.73 Under Decision of California Court. Special to The Tribung SAN FRANCISCO, Cal. Dec. 21.-Superior Judge Buck of Redwood City returned a judgment yesterday of $42,129.73 against the David Walker estate in favor of A. C. Ellis, Jr., of Salt Lake City. The claim was assigned to Ellis by Isaac Kohn of this city and the rendering of a decision in favor of its legality came as a severe blow to the heirs under the Walker will. who have heretofore harbored the belief that It would not be allowed. or at least would be cut down considerably The amount represents a portion of an unpaid judgment which Kohn received from the superior court of San Fran cisco some time ago. The suit was in connection with the failure of the California Safe Deposit & Trust company. of which the late David Walker was president. One-quarter of a million shares of stock of the Walker estate were sold yesterday by Special Administrator Walter Linforth being vended at public auction and bringing only $3600. There were 110 parcels of stock in local and foreign corporations, mostly those engaged in the mining business. The sale was made on the order of Judge Buck in order to raise funds for the administration of the estate. Although worth in the neighborhood of $1,000,000. the estate is without funds at the present moment.

2. December 27, 1911 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 27, 1911

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Article Text

DEPOSITORS WANT BANK ASSETS SOLD Court Also to Be Petitioned to Cut Salary Paid to the Receiver The Depositors' Mutual Aid and No Fee association of the California Safe Deposit and Trust company, formed recently with the object of conserving the assets of the defunct institution without further expense, met at the Hotel Robins, 711 Post street. last night and decided to petition Judge Seawell to authorize the disposal of all the bank's holding with the exception of 41,500 shares of Western Pacific stock, which is valued at about $500,000. The depositors also decided to ask that all expenses of conducting the receivership. including the salary of Receiver Frank J. Symmes, his attorneys, clerks and all others in his employ, should be. greatly reduced. It was suggested by A. P. Van Duzer. a depositor, that Symmes' salary be cut down from $15,000 a year to $2,500 and that two attorneys be paid $500 each instead of $10,000 yearly. "Close everything up except the Western Pacific stock," said Van Duzer. "I would not give this old overcoat that I have on for all the other assets. The receivership is too expensive. It costs $20,000 a year to take care of the El Dorado Lumber company alone and other holdings bring practically nothing and are a great expense." The following committee was appointed to investigate and petition Judge Seawell to order a reduction in expenses and the sale or other disposal of a score of outside holdings of the bank, including the Carnegie Brick and Pottery company. numerous mines, coal companies and other concerns: Dr. C. C. Baker, president of the association; Mme. Louise A. Sorbier, secretary; A. P. Van Duzer, Miss Annette Murphy, Henry H. Ramft and E. H. Aigeltinger. The next meeting will be held January 5, at which time the committee will report. Eighteen were present last night, representing more than $100,000 of deposits in the defunct bank.

3. January 21, 1912 New-York Tribune New York, NY

Article from New-York Tribune, January 21, 1912

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Article Text

"TACKING" OR "COMING ABOUT." The greatest test of the skate sailor. funct California Safe Deposit and Trust into a deal by which Company for the first time are revealed which has an organization some of the gigantic frauds which caused one or two other places the failure of that bank. Evidence was inbe amalgamated with th troduced which told of loans running into organization. Ex-Mayor hundreds of thousands of dollars on seassociates hope through curity that was of little value. The direcsecure control of the tors and officers of the bank loaned to three years hence. Mc( themselves, it is charged, great sums on desires to regain power wildcat mining stocks and other doubtful stated that he retired paper. Final proof of the frauds pracwealthy, but he is not sat tised on depositors was disclosed when the He desires, most of all, receiver in a report to the court told that Bion J. Arnold, the tra $1,000,000 was the most he could get for all here to help San Fran the available assets of the bank. Chis will railway problems, gave give the depositors seven cents on the dolcorporation managers lar. They have already been paid 10 cents, that. with the municipa making a total of 17 cents. That means street, now under consti that the bank looters caused a loss to the lines on which the franc depositors of more than $7,000,000. pire, the city can, in a sh The Navy Department is planning to a complete system of n install in a giant tower which will be erectat a comparatively low traffic situation here com ed at the entrance to the harbor during the exposition a wireless station which will and says he will require be the most powerful in the world. The top his plan for the impre of the tower will be 1,300 feet above the sea, connection it is worthy e and the new Board of and this height, with the unusually favor found that it will be nece able conditions at Ocean Beach, it is expected. will enable operators to send mesthe municipal road in Ge sages across the Pacific. tract. Day labor and e McCarthy have proved C At the state convention of the State Building Trades Council at Fresno this When Mayor Rolph too week labor leaders and Socialists entered the services of a bond e

4. October 29, 1912 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, October 29, 1912

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Article Text

# SURETY COMPANY IS # COMPELLED TO PAY SAN FRANCISCO, Oct. 28. -The United States circuit court of apneals denied today the appeal of the National Surety company from the decision of a lower court, by which the company was ordered to pay the Western Pacific Railroad company $50.000, as the liability of a bond given by the surety company for J. Dalzell Brown, defaulting manager of the California Safe Deposit and Trust company. Brown was secretary of the Western Pacific at the time of his connection with the bank. It was charged that he had deposited funds of the company in the bank when he knew the institution was insolvent. After the bank suspended payment the railroad company sued the surety company and obtained a verdict for the liability of the bond, which was affirmed today.

5. January 18, 1913 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, January 18, 1913

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Article Text

San Francisco, Calif., Jan. 18.-Bids on the assets of the wrecked California Safe Deposit and Trust company, were advertised for today by Frank J. Symmes, the receiver. Buyers will have until February 20 to submit their offers. From five to ten per cent, said the receiver today, is all that remains in sight for the depositors from the sale. They have already received one dividend of ten per cent liabilities at the time of the failure were booked at $9,000,000. Promissory notes of John Treadwell, whose brother, James, was one of the moving spirits in the company,

6. January 18, 1913 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, January 18, 1913

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ALL ASSETS OF FAILED TRUST CO. WILL BE SOLD RECEIVER ADVERTISES FOR BIDS AND DEPOSITORS WILL REAL. IZE 5 PER CENT (By Associated Press) SAN FRANCISCO, Jan. 18.-Bids on the assets of the failed California Safe Deposit and Trust company were advertised for today by Frank J. Symmes, the receiver. The buyers will have until February 28 to submit offers. The failure of the institution left hundreds penniless, several of whom committed suicide. From 5 to 10 per cent is all that is in sight for the depositors, said the receiver.

7. January 18, 1913 The Chronicle=news Trinidad, CO

Article from The Chronicle=news, January 18, 1913

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WRECKED BANK WILL PAY DEPOSITORS ONLY TEN PER CENT San Francisco, Calif. Jan. 18.Bids on the assets of the wrecked California Safe Deposit and Trust company were advertised for today by Frank Symmes, the receiver Buyers will have until February 20 to submit their offers From five to ten per cent. said the receiver today. is all that remains in sight for the depositors from the sale They have already received one dividend of ten per cent. Liabilities at the time of the failare were booked at $9,000,000. Promissory notes of John Treadwell, whose brother James was one of the moving spirits in the company. are listed among the assets at $1,028,426 More promissory notes ranging from $50 to $75,000. some supposed to be good, more often problematical, railroad industrial mining and promotion shares and bonds and miscellaneous commercial paper make up the remainder, The failure of the company more than four years ago, was a scandal that shook the state. J. Dalzell Browne. vice president and general manager. was sentenced to IS months in San Quentin, in the prosecutions that followed. Hundreds of depositors were left absolutely penniless. Several committed suicide and others ended in the asylums.

8. January 18, 1913 Las Vegas Optic Las Vegas, NM

Article from Las Vegas Optic, January 18, 1913

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TO SELL ASSETS. San Francisco, Jan. 18.-Bids on the assets of the wrecked California Safe Deposit and Trust company were advertised for today by Frank J. Symmes, the receiver. Buyers will have until February 20 to submit their offers. From five to ten per cent, said the receiver today, is all that remains in sight for the depositors at the sale. They have already received one dividend of ten per cent. Liabilities at the time of the failure were booked at $9,000,000. Promissory notes of John Treadwell, whose brother James was one of the moving spirits in the company, are listed among the assets at $1,028, 460. More promissory notes ranging from $50 to $25,000, some supposed to be good, more of them problematical, railroad, industrial, mining and promition shares and bonds, and miscellaneous commercial paper make up the remainder. The failure of the company, more than four years ago, was a scandal that shook the state. J. Dalzell Brown, vice president and general manager, was sentenced to 18 months in San Quentin, in the prosecutions that followed Hundreds of deposit OI'S were lei absolutely penniless. Several committed suicide and others ended in the sane asylums.

9. January 19, 1913 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, January 19, 1913

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LITTLE REMAINS OF CONCERN'S ASSETS Bids Asked for What Is Left of California Safe Deposit and Trust Company. SAN FRANCISCO. Jan. 18.-Bids on the assets of the wrecked California Safe Deposit and Trust company were advertised for today by Frank J. Symmes. the receiver. Buyers will have until February 20 to submit their offers. From 6 to 10 per cent. said the recelver today. is all that remains in sight for the depositors from the sale. They have already received one dividend of 10 per cent. Liabilities at the time of the failure were booked at $9,000,000. Promissory notes of John Treadwell, whose brother, James, was one of the moving spirits in the company. are listed among the assets at $1,028,426. More promissory notes, ranging from $50 to $25,000, some supposed to be good, more of them problematical: railroad, Industrial, mining and promotion shares and bonds, and miscellaneous commercial paper make up the remainder. The failure of the company. more than four years ago, was a scandal that shook the state. J. Dalzell Brown. vice president and general manager, was sentenced to eighteen months in San Quentin in the prosecutions that followed. Hundreds of depositors were left absolutely penniless. Several committed suicide and others ended in the Insane asylums.

10. February 22, 1913 East Oregonian : E.O Pendleton, OR

Article from East Oregonian : E.O, February 22, 1913

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DEPOSITORS MAY GET 3 CENTS ON DOLLAR Assets of California Trust Dwindle From $12,500,000 to $257,000. San Francisco, Feb. 22.-A bid of $257,000 for the assets of the wrecked California Sale Deposit & Trust company, which failed in 1907 for $12,500,000, including its capitalization, was the largest offer found when bids were opened by the receiver. Bids on real estate bring the total of approximately $300,000. The failure of the California Trust was the biggest scandal of its time on the Pacific coast. J. Dalzell Brown, one of the directors, was sentenced to 18 months in the penitentiary in the prosecutions that followed. Notes of other directors, in one instance, aggregating more than $1,250,000, were amlong the securities found pledged for loans. If the bids are accepted depositors will get 3 or 4 cents on the dollar.

11. November 11, 1913 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, November 11, 1913

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MUST TAKE CASH OR STOCK Depositors of California Safe Deposit and Trust Company Face Alternatives The depositors of the defunct Callfornia Safe Deposit and Trust company are facing the alternative of accepting a cash dividend on their deposits of 3 1-3 per cent, payable January 2, or taking as their quoto Western Pacific stock at $10 per share, an advance of $2 a share over the present market. At the time the court order was issued declaring a 3 1-3 per cent dividend Western Pacific stock was valued, fairly the court declared, at $10. Since then it has steadily decreased until yesterday morning $8 was the price asked, a quarter of a point higher than it was Saturday. Frank F. Symmes, receiver for the bank, said this morning that he put the proposition squarely up to the depositors, who were undecided as the to whether to take their cash or stock. CHANCE OR CASH tell them," said Symmes, "that no market for cific that unless they there "I and is Western wish the to rail- take Paa on it going up, as increases its earnings and on road its chance assessments interest and pays its bonds, they would better take their cash dividends. We have 39,700 shares of Western Pacific on hand. of which 600 shares have been subscribed for up to the present time. That plainly shows the attitude of the depositors. "It is true that some time ago we offered as high as $30 a share Pacific, but many were for depositors were Western unwilling to railroad accept of the that figure, believing the would increase its earnings by leaps and bounds. "The court has ordered that the stock be issued at $10 per share to less those to that change want that it, price." and I am powerPAYS NO DIVIDENDS A well known financier said yesterday: "The time the offer of $30 per share was made was the time for the stock to be sold. stock has no value as a stock, nor road is able to earn more dividend until "Now the the paying will it have than enough to pay the interest on its debt. "Last year its net earnings were The the Pacific is only Western $1,400,000. bonded $50,000,000 debt second first of bonds, $25,000,000 in bonds and total debt of mortgage notes-a mortgage $91,000,000. $16,000,000 "There is no chance of the stock having an interest paying value until the road has a net earning capacity of more than $4,550,000. This fact should be known and appreciated by all the depositors who consider accepting Western Pacific stock in lieu of cash. "There is a remote possibility that the stock may have an increased value at some time, if it is kept intact, but not if it is dissipated. THINKS CASH BETTER "Certainly, every depositor of the defunct California Safe Deposit and Trust company owns the stock If It it is retained by Receiver Symmes. is beyond my comprehension how any depositor can gain by accepting the stock in lieu of cash at $10 a share, when it does not earn dividends and has no chance of earning dividends for many years to come." Samuel Rosenheim, representing the Depositors' association, said that was convinced that Receiver he was administering the afthe depositors fairly the best for he fairs Symmes was of doing their and that interests that was possible.

12. June 22, 1914 The Alaska Daily Empire Juneau, AK

Article from The Alaska Daily Empire, June 22, 1914

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BANK RECEIVER SUES DEVELOPER OF TREADWELL SAN FRANCISCO, June 22. - Receiver Frank Symmes of the California Safe Deposit and Trust company has sued John Treadwell, one of the early owners of the Treadwell mine for $2,000,000. It is alleged that Treadwell, as a director, borrowed money from the bank contrary to law.