1041. Clay Street Savings Bank (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 21, 1878
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
62b2b301

Response Measures

Books examined

Other: Required notice for withdrawals over $100 (by‑laws); police guarded doors; paying limited amounts on demand.

Description

Multiple contemporary newspapers (Jan 21–23, 1878) report a run/heavy withdrawals on Clay Street Savings Bank. Officers repeatedly stated there was no ground whatever for the run and measures were limited to requiring notice on large withdrawals; the run subsided by Jan 23. No suspension, closure, receivership, or reopening is reported for this bank in the articles provided.

Events (1)
1. January 21, 1878 Run
Cause
Rumor Or Misinformation
Cause Details
Articles attribute the runs partly to incendiary agitation and state officers declared there was no ground whatever for the run, suggesting rumors or agitation triggered withdrawals rather than bank insolvency.
Measures
Paid smaller amounts on demand; required notice for larger withdrawals per by-laws (e.g., notice for amounts $100 and over at rate of two days per $100; paid up to $50–$300 on demand depending on report).
Newspaper Excerpt
The run extended to the Clay Street Savings Bank, which also has been besieged by depositors all day. The president states that there is no ground whatever for the run and that the bank is ready to fulfill all its obligations.
Source
newspapers

Newspaper Articles (10)
1. January 22, 1878 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 22, 1878

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Article Text

Heavy Run on Savings Banks. SAN FRANCISCO, January 21.-On Saturday there was something approaching a run on the Odd Fellows' Savings Bank, which, however, attracted little attention. This morning the run recommenced at the opening of the bank, and has continued during the day. As a precautionary measure the bank, in conformity with its by-laws, required a notice to be given on all amounts of $100 and over at the rate of two days for each $100. The officera assert confidently that the bank can pay all demands under the provisions of the by-laws. The run extended to the Clay Street Savings Bank, which also has been besieged by depositors all day. The President states that there was no ground whatever for the run, and that the bank is ready to) fulfill all obligations. No other savings banks have experienced an unusual demand on their resources. There is a disposition to partly, at least, credit the runs to the present incendiary agitation. In conformity with the notice given by the railroad authorities that the unemployed workingmen would be given work at the company's property on Mission Bay at one dollar per day, several hundred men assembled there early this morning. About three hundred and thirty were set at work and others will be given an opportunity as fast as the company can make arrangements. Within a few days employment will be furnished to 1,000 men if 80 many offe r their services.

2. January 22, 1878 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, January 22, 1878

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Article Text

Run on a San Francisco Savings Bank. SAN FRANCISCO, January 21.-Saturday there was something approaching a run on the Odd Fellows' Savings Bank, which, however, attracted little attention. This morning the run recommenced at the opening of the bank, and has continued during the day. As a precaution. ary measure the bank, in conformity with its by-laws, required notice to be given on all amounts of $100 aud over at the rate of two days for each $100. The officers assert confidently that the bank can pay all demands under the provisions of the by-laws. The accounts and securities were recently examined by the Board of Directors and found in proper condition. The run extended to the Clay street savings bank, which has been besieged by depositors all day. The President states that there is no ground whatever for the run and that the bank is ready to fulfill all its obligations. No other savings bank have experienced an unusual demand on their resources.

3. January 22, 1878 New-York Tribune New York, NY
Article from New-York Tribune, January 22, 1878

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RUN ON SAN FRANCISCO SAVINGS BANKS. SAN FRANCISCO, Cal., Jan. 21.--On Saturday there was something approaching a run on the Odd Fellows' Savings Bank, which, however, attracted little attention. This morning the run was commenced at the opening of the bank, and continued during the day. As a precautionary measure the bank has, in conformity with its by-laws, required notice to be given on all amounts of $100 and over, at the rate of two days for each $100. The officers assert confidently that the bank can pay all demands, under the provisions of its by. laws. The accounts and securities of the bank were recently examined by the board of directors, and found to be in proper condition. The run extended to the Clay Street Savings Bank which has also been besieged by depositors all day. The president states that there is no ground whatever for the run and that the bank is ready to meet all its obligations. No other savings banks have experienced any unusual demand upon their resources and there is a disposition to partly, at least, attribute the runs to the present incendiary agitation.

4. January 22, 1878 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, January 22, 1878

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TELECRAPHIC. WESTERN DISPATCHES Setting Men at Work. SAN FRANCISCO, Jan. 22. About 200 men were set at work by the Southern Pacific Railroad Company this morning filling in Mission Bay, at $1 per day. The Company expect there will be about 400 or more at work to-morrow should they offer their services. The Run on Savings Banks, The run which commenced on the Odd Fellows' Bank Saturday, continues this morning. The sidewalk in front of the bank is crowded with people, and the police guard the door to keep out a greater crowd than can be attended to at once. The bank is paying out $50 on demand, aud requiring two days' notice for each $100. At the Clay Street Savings Bank there is an unusnal demand, though it is not what could be considered a run. A number of small depositors are withdrawing their accounts. The bank is paying out on demand up to $300; over that amount, it requires notice in accordance with its by-laws. Very few notices have been given thus far. At the Hibernian, German and Masonic Banks no ripple of excitement appears. The San Francisco Savings Union reports a slight increase of business, but working both ways. Workingmen's Convention. The Workingmen announce that their Convention will assemble at Temperance Hall, corner of Twenty fourth and Alabama streets this evening. The authorities are making effective preparations to carry out their policy of repression.

5. January 22, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, January 22, 1878

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Article Text

SAN FRANCISCO. Run on Savings Banks--Railroads Giving Work to Unemployed. SAN FRANCISCO, Jan. 21.-Saturday there was something approaching a run on the Odd-Fellows' Savings Bank, which, however, attracted little attention. This morning the run recommenced at the opening of the bank, and continued during the day. As a precautionary measure the bank has, in conformity to its bylaws, required notice to be given that on all amounts of one hundred dollars and over, at the rate of two days for each hundred dollars. The officers assert confidently that the bank can pay all demands under the provision of its by-laws. Its accounts and securities were recently examined by the board of directors, and found in proper condition. The run extended to the Clay Street Savings Bank, which has also been besieged by depositors all day. The president states there are no grounds whatever for the run, and the bank is ready to fulfill its obligations. No other savings banks have experienced any unusual demand upon their resources. There is a disposition to partly, at least, credit the runs to the present incendiary agitation. In conformity with the notice given by the railroad authorities, that unemployed workmen would be given work on the company's property at Mission Bay at one dollar per day, several hundred men assembled there early this morning. About three hundred and thirty were set at work, aud others will be given opportunity as fast as the company can make arrangements. Within a few days employment will be furnished to 1,000,if so many offer their services.

6. January 22, 1878 The New York Herald New York, NY
Article from The New York Herald, January 22, 1878

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Article Text

RUN ON CALIFORNIA CORPORATIONS. SAN FRANCISCO, Jan. 21, 1878. On Saturday there was something approaching a run on the Odd Fellows' Savings Bank, which, however, attracted little attention. This morning the run recommenced at the opening of the bank and continued during the day. As a precautionary measure th e bank has, in conformity with its bylaws, required notice to be given on all amounts of $100 and over, at the rate of two days for each $100. The officers assert confidently that the bank can pay all demands under the provisions of its bylaws. The accounts and securities of the bank were recently examined by the Board of Directors and found to be in proper condition. The run extended to the Clay Street Savings Bank, which has also been besing by depositors all day. The president states that there is no ground whatever for the run and that the bank is ready to meet all its obligations. No other savings banks have experienced any unusual demand upon their resources, and there IS a disposition to partly at least attribute the runs to the present incendiary agitation.

7. January 23, 1878 New-York Tribune New York, NY
Article from New-York Tribune, January 23, 1878

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SAN FRANCISCO SAVINGS BANKS. SAN FRANCISCO, Jan. 22.-The run on the Odd Fellows' Savings Bank subsided to-day. The run on the Clay Street Savings Bank continued quite briskly, but the officers express no concern, and seem confident that the run will wear itself out without rendering necessary any steps to realize upon assets.

8. January 23, 1878 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, January 23, 1878

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THE NEW ORLEANS DEMOCRAT, WEDNESDAY, JANUARY 23, 1878. hoarding of currency and its consequent withstock compaMONEY TO LOAN drawal from the channels of trade and indusof duties the -ONhave try is probably the main cause of the finanusurped DIAMONDS, JEWELRY, WATCHES, SILVERcial stress under which the country is laboris undoubtedWARE, PIANOS, LOOKING-GLASSES this due ing, and it will not cease so long as the Secreis AND FURNITURE OF ALL tary of the Treasury persists in his ruinous our of govDESCRIPTIONS, WALT but ineffectual efforts to resume specie in year power And all other personal property, Guns, Pistols, are we payments without the means to do it with. shows, etc. Also on Stocks, Bonds and other collatthese Day after day we learn of the failure and corporaerals, in large and small sums, at as low rates of us bankruptcy of financial institutions at the interest AS any chartered institution in this money itself. for city. PLEDGES KEPT ONE YEAR. North and West, and there seems to be no their in fierce prospect of a cessation of this calamitous the cause state of affairs while money continues to be they, Hart's Loan Office, 108 on the heard hoarded and becomes dearer and dearer, and 43 43 Baronne Street shall use. all other kinds of property command but Offers t (Opposite the N. O. Gas Co.) nominal prices. The Watche MAURICE J. HART, Agent. We conclude by appending a list of suspenN. B.-Parties not being able to call in person sions taken from yesterday's papers. They will receive prompt attention by communicatthe illustrate more eloquently than any amount expressed ing with the above. men" financial H of rhetoric the financial troubles of the counALL BUSINESS STRICTLY CONFIDENthe commercial try: TIAL. he BOSTON. Jan. 21.-The directors of the Merproperly city The business at No. 48 St. Charles street, cantile Savings Bank are exacting sixty days' Senaover known as "Hart's Broker's Office," will be connotice from depositors. silver the quesSAN FRANCISCO, Jan. 21.-A run was made on tinued as heretofore. ja20 1y 2dp the Odd Fellows' Savings Bank to-day. The far So islature. run extended to the Clay Street Savings Bank. REMOVAL does there PASSAIC, N. J., Jan. 21.-Waterhouse Bros., To the corner of Chartres and Conti sts., No. 85 manufacturers of flocks, shoddy, overcoating over introversy" and suitings. have suspended business. unanimous C. ROUYER. PROVIDENCE, Jan. 21.-The Providence County Senin the Savings Bank, in Pawtucket, issued a circular GALVANIZER, JEWELto its depositors, announcing the omission of its ER. CLOCK MAKER, OPthe of strength usual semi-annual dividend. A charter proTICIAN, respectfully inof monetization vision has been enforced. forbidding the withforms the public that the Elgin drawal of money before the second Wednesday pening of his new estabact. resumption in April. The bank, on the thirtieth of Novemlishment will take place on of measure a 3, ber, had about $3,000,000 in deposits, with $2,228,MONDAY, December 24, 000 invested in real estate and mortgages. Other I have a com and that he is ready to inmaterial he savings banks in Pawtucket require notice for correspond with t please his customers, in choice articles. at exin is adopted the withdrawal of principal. but pay interest on ceedingly reduced prices. Goods, recently retions, Clocks, Bro demand. ceived, per latest European and Northern Legislature, I Make a BOSTON. Jan. 22-The Dorchester Savings steamers. cannot be excelled for elegance and measthat such Bank has been placed in the hand of a finance For further 1 style. These goods consist of jewelry of all withcommittee, with instructions to report within he kinds, watches, chains, clocks, eyeglasses, specpeople no24 sixty days. tacles, church articles, etc. Mr. Rouyer offers CHICAGO, Jan. 22.-Saml. Bliss & Co., grocers, his services as general repairer of watches, jewraise to failed. elry, clocks and silverware. Specialtv-the sale nption ST. JOSEPH,' Jan. 22.-The Buchanan Bank of of table furniture in French silver. Alfenide and do legislators this city has closed its doors. plated. Also, spectacles and eyeglasses, in steel of society. NEW YORK, Jan. 22.-The court appointed Peor tortoise shell. and the resetting and supplyter Ammerman as agent to wind up the Brewde22 im 20 ing of lenses for same. to voter, every ers and Maltsters' Insurance Company. an has equal MALAKOFE BITTERS

9. January 24, 1878 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, January 24, 1878

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TELECRAPHIC. WESTERN DISPATCHES The Savings Banks Run Entirely Subsided-Pat to S.a. SAN FRANCISCO, Jan. 23. The run on both the Odd Fellows and Clay Street Savings Banks has en tirely subsided, and only ordinary business is being transacted. The steamer Belgie, for China and Japan, put to sea this morning, though the bar is still breaking badly. Without Gas-Narrow Escape From a Conflagration. PETALUMA, Jan. 23. The town has been without gas for several days, but the new gas works are nearly completed. A large kerosene lamp exploded in Wells, Fargo & Code office Monday night at 9 o'clock. The office was locked. and but for the timely action of citizens a conflagration would have en sued. The doors were broken in, and the counter, which was on fire, carried out. namage to the Santa Barbara Wharf. SANTA Barbara, Jan. 23. At 12 o'clock last night nearly 1,000 feet of Stearns' whart was earned away. It Was the isner end of the outer portion left after the late catastrophe. About 60 tons of freight, brought by the Senator and Orizava, stih remain on the outer portion, still standing. The wind was not high, but the waves were tremendous.

10. August 24, 1878 The Daily Intelligencer Seattle, WA
Article from The Daily Intelligencer, August 24, 1878

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EUROPE. CONSTANTINOPLE, Aug. 22 - Five steamers have left San Stefano for Odessa with Russian troops returning home. VIENNA, Aug. 22-The news of a brilliant success at Zerajevo has excited enthusiasm here. The efforts to stifle the insurrection speedily and completely will not be relaxed. Gen. Phillipovich has been promoted and received the grand cross of the order of Leopold. Insurgents taken prisoners in Bosnia will be sent to the fortresses of Resienstadt, Koniggratz and Cmorn. BUCHAREST, Aug. 22-Minister Cog. alniceano is about to go to the various capitals to seek such modification of the treaty of Berlin concerning the Jews, as will avert the necessity of an election of a constitutional assemblage to amend the Roumanian constitution. FRANKFORT, Aug. 22-The congress for the reform of international law have adopted a resolution favoring the freedom of the Suez canal and similar works in time of war. SAN FRANCISCO, Aug. 22-There was rather larger demand than usual this morning by depositors of the Clay street savings bank on account of the withdrawal from business of the Masonic bank. The Clay street bank also held a large amount of U. S. pay certificates, but it appears they had not borne in the assets of the bank, as was the case with the Masonic bank, and were provided for long ago. Officers of the bank expressed no fear of a run on the concern in case one should be commenced. By noon the little ripple of excitement had subsided and affairs at the bank had assumed their normal aspects.