1042. Collateral Loan and Savings Bank (San Francisco, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 16, 1877
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
8ec724b4

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Nov 16–17, 1877) report the Collateral Loan and Savings Bank placed in the hands of a receiver with manager John (Jno.) Tyler arrested for absorbing/absconding deposits and swindling brokers. No run or depositor crowding is reported; the bank was placed in receivership and described as collapsed, so classified as suspension leading to closure/receivership.

Events (2)
1. November 16, 1877 Receivership
Newspaper Excerpt
Judge Daingerfield has, on his application, appointed Thos. H. Acheson Receiver. Mr. Acheson said last evening that he knew nothing as yet about the concern. The Collateral Loan and Savings Bank was placed in the hands of a receiver to-day. ... The deposits ... have been absorbed by Manager John Tyler ... He was arrested and locked up.
Source
newspapers
2. November 16, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Manager John (Jno.) Tyler absorbed/absconded deposits (about $21,000–$24,000) and swindled brokers; alleged defalcation ~ $100,000; receiver appointed; Tyler arrested.
Newspaper Excerpt
The Collateral Loan and Savings Bank was placed in the hands of a receiver to-day.
Source
newspapers

Newspaper Articles (11)
1. October 20, 1877 Arizona Citizen Tucson, Florence, AZ
Article from Arizona Citizen, October 20, 1877

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Article Text

Late News. The failure of the Pioneer Loan Association in San Francisco, is nothing less than a premeditated robbery by J. C. Duncan of about 6,000 depositors, most of whom are poor, out of a million dollars. The failure of the Fidelity Savings Bank--a new concern--amounts to very little to any body. The Market Street Savings Bank has suspended, but asserts ability to pay depositors. Cross & Co.'s failure surprises everybody. It has stood number one in San Francisco since 1848. The members of the firm are regarded as honest men and may resume business. Ullman & Co., of San Francisco, importers and dealers in ladies' cloaks, cloths, trimmings, have failed. Losses and dull times, assigned as the reason. Liabili ties about $300,000. The Franklin Sav. ings Bank, of Pittsburgh, Pa., has fail. ed. An assistant treasurer of the Grand Trunk railway, Canada, has absconded with a large sum. A London Solicitor has just failed. Liabilities $700,000 over assets. An era of fraud or exposure of it seems prevalent throughout the world. The telegraph and newspapers have got up quite a war feeling bet N een the United States and Mexico, and say the Mexican people do not approve of the peace policy of Diaz, especially in the matter of surrendering fugitives from justice under the extradition treaty. The press is generally discussing the late Ohio election. Hardly any two agree as to what caused the great change or exactly what effect the change will have on the future of parties and public measures. It is believ. ed that silver will surely be remonetized by the next Congress. Chas. Sweeney, absconding Secretary of the Collateral Loan and Savings Bank in San Francisco, is supposed to have come to Arizona with about $7, 000, principally belonging to D. T. Meagher. Secretary of State Evarts made an argument for the defendant, in the Supreme Court October 10, in the case of Edwin A. C. Hatch VS. Thomas B. Coddington. The War Department has just published a section of law which forbids the purchase of coal or wood by any officer until the same shall haye been inspected by an inspector duly appointed by the head of the Department. Congress convened in extra session on 15th; elected Samuel J. Randall, of Pennsylvania, and Speaker of last Congress, Speaker of the House. The Pres. ident's message was short and confined to appropriations for Army, and for deSciencies for the Navy and Department of Justice, and favors provision for the Paris Exposition. Bills relating to other subjects have been introduced

2. November 17, 1877 Evening Star Washington, DC
Article from Evening Star, November 17, 1877

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ONE HUNDRED SAVINGS BANK DEPOSITORS ROBBED.-The Collateral Loan and Savings Bank at San Francisco was place 1 in the hands of a receiver yesterday. It was a small affair, having about one hundred depositors. The deposits, amounting to som $24,000, have, it is charged, been absorbed by manager John Tyler, who seems to have been virtually the bank. He has also, it is charged, relieved a number of brokers of amounts aggregating about $65,000 on stock ransactions. He was arrested and locked up.

3. November 17, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, November 17, 1877

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Article Text

ONE MORE TREASURY ROBBED. SAN FRANCISCO, Nov. 16.-The Collateral Loan and Savings Bank was placed in the hands of a receiver to-day. It was a small affair, having about one hundred depositors. The deposits, amounting to some $24,000, have been absconded by Manager John Tyler, who seems to have been virtually the bank. He has also swindled a number of brokers in amounts aggregating about $65,000 on stock transactions, He was arrested to-day and locked up.

4. November 17, 1877 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, November 17, 1877

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SAVINGS BANKS BURSTING. While it will be generally conceded that this is a good year for savings banks' managers, it will not be disputed that it is an exceptionably bad one for savings banks' depositors. The collapse of three or four more of these institutions is reported to-day by telegraph. There seems to have been a general suspension in Reading, Pennsylvania, and a ruinous explosion in San Francisco. In the latter city, the Collateral Loan and Savings Bank has left its depositors without collateral, except it be the person of the manager, who, unlike Deacon Duncan, failed to escape. The persons swindled by the thieving managers of these bursted banks are principally working men and women. Though they rob their poor victims of their hard earnings, and not unfrequently get away with tens and, even hundreds of thousands of dollars, when arrested and convicted their punishment is not commensurate with the magnitude of their guilt. A few weeks. ago a pious swindler named Gilman, who, as manager of a savings bank in New York City, robbed the depositors of over $100,000, pleaded guilty to the charge of swindling, and the Court tearfully sentenced him to five years in the Penitentiary. An hour later the same Court sternly sentenced a poor man who stole bread for his starving, children, to ten years in Sing Sing. One stole thousands of. dollars, the savings of hard working and poorly paid men and women for years, and was tearfully consigned to jail for five years. The other, perhaps left. penniless by the swindling bank manager, stole bread for his starving children, and was sternly consigned to hard labor for ten years. It is plain that Justice, in deciding these cases, was not blindfolded. One Was a relative of the great Beecher, and had influential friends; the other was out of employment, and, had a starving family. The rule of the New York Court is general throughout the land. Themanagers of the broken San 1 rancisco savings banks, who have robbed hundreds of the savings of years' of toil, incur less risk of being punished than the man who, unable to find employment, steals to prevent his children from dying of starvation. It is scarcely considered a crime to steal a $100,000 from savings bank depositors, hence the managers of many of these institutions pocket the money and take chances on escaping or of being acquitted if arrested and brought to trial,

5. November 17, 1877 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, November 17, 1877

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TELECRAPHIC. WESTERN DISPATCHES Another Savings Bank Collapsed The Principal Arrested. and a Receiver Appointed. SAN FRANCISCO, Nov. 17. The Collateral Loan and Savings Bank has gone where the woodbine twineth. The principal, Jno. Tyler, Jr., has been arrested. It appears that Tyler has been the Duncan of his bank, only he was not smart in evading the officers of the law. Some time past he manipulated Cromer mining stock, and it is charged that he swindled a large number of brokers and others in transactions with this worthless stock. Tyler's defalcation. amounts to about $100,000, while the assets of the concern are about $40,000 all told. An attachment suit was commenced against the bank in the 12th District Court yesterday by Martin Jones of 1736 Howard street. Judge Daingerfield has, on his application, appointed Thos. H. Acheson Receiver. Mr. Acheson said last evening that he knew nothing as yet about the concern. He intended to take possession yesterday; but, at the request of some parties, ae deferred until to-day. Late last. evening a. young man in passing the doors of the bank saw a crowd of persons assembled in front, and inquired the cause. Upon being informed that that the concern had collapsed he was seized with dispair. and throwing up his hands cried: My God, all I have in, the world is gone!" Many prominent men were victimized. Death of an Editor. Sacramento, Nov. 17, E. Rickwell, an editorial writer on the Daily Bee, and ex-Assemblyman of this State, and at one time on the Morning Call of San Francisco, died here to-day of softening of the brain.

6. November 17, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, November 17, 1877

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California. SUSPENSION OF A SAN FRANCISCO BANK. SAN FRANCISCO, November 16.-The Collateral Loan and Savings Bank was placed in the hands of a receiver to-day. It is a small affair, having about one hundred depositors, and has been absorbed by Manager John Tyler, who seems to have been virtually the bank. He has also swindled a number of bankers in amounts aggregating about $65,000 in stock transactions. He was arrested and locked up.

7. November 17, 1877 The New York Herald New York, NY
Article from The New York Herald, November 17, 1877

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A CALIFORNIA. BANK SWINDLE. SAN FRANCISCO, Nov. 16, 1878. The Collateral Loan and Savings Bank was placed in the hands of a receiver to-day. It was a small at. fair, baving about a hundred depositors. Deposits amounting to some $24,000 have been absorbed by Manager John Tyler, who seems to have virtually been the bank. He has also swindled a number of brokers in amounts aggregating about $65,000 on stock trans. actions. He was arrested to day and locked up.

8. November 17, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 17, 1877

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Our citizens are trying to keep down the excitement to the best of their ability. The announcement is made that the assets of all the banks will cover the liabilities, but this is doubtful. Every savings bank in this city is now closed. Their liabilities will amount to over $2,000.000. To the Western Associated Press SAN FARNCISCO, Nov. 16.-The Collateral Loan and Savings Bank was placed in the hands of a Receiver to-day. It was a small affair, having about 100 depositors. The deposits, amounting to some $21,000, have been "absorbed" by the manager, John Tyler, who seems to have been virtually the bank. He has also swindled a number of brokers in amounts aggregating about $65,000 on stock transactions. He was arrested to-day and locked up. CLEVELAND, O., Nov. 16.-Stohl & Guenther, picture frame dealers, assigned to-day for the benefit of their creditors.

9. November 18, 1877 Morning Appeal Carson City, NV
Article from Morning Appeal, November 18, 1877

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4 CONCERN THAT OUGHT TO BRRAK.-Of a broken "bank" whose perpetual suspension ought to be at once declared and made final and positive, we are informed as follows by a dispatch from San Francisco, dated Nov. 16. The collapsed institution is the Collateral Loan and Savings Bank. The sort of a contrivance that it was is herewith described: "The bank appears to have done a queer business. It was the custom to loan money on valuables, such as watches, jewelry, etc., and these in turn would be taken by the officers of the bank and pledged to some pawn broker, and as an hour's notice was required when a borrower came to redeem his property the article would, in the meantime, be taken from the pawn broker and returned to the owner. It is said that one pawn broker in this city has over $20,000 worth of property of that nature pledged by the bank."

10. November 23, 1877 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, November 23, 1877

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flames. The works covered three acres of ground and 500 girls and 300 men were employed. Loss $500,000. The Pittsburgh Grand Jury which had the July riots under consideration made their report on the 19th. The refusal of the State officials to testify, they say, reduced the scope of the investigation to narrow limits. Of the firing by the military they say a pistol was fired from the crowd and some stones were thrown, and without orders the soldiers fired and killed ten citizens. Twenty-two were killed in the two days. This the jury characterize as unauthorized, wanton and willful killing by the soldiers. They say the whole military operation, from first to last, was a miserable blunder. They deny that the citizens were in sympathy with the mob and reject the doctrine that the city or county should pay for damages inflicted by a mob excited to violence by the unlawful acts of the State military. The arrival, days after the people had suppressed the disturbances, of several thousand civic soldiery, headed by the Commander-in-Chief of Pennsylvania, with seven Major-Generals, a host of Brigadiers, and staffs far exceeding in number the array that followed Sherman to the seathe presence of these troops, days after all danger was passed, the jury say, was intended as a threat to the citizens and a mark of contumely to the county. This Grand Jury has returned indictments against nearly 100 persons accused of participation in the riots. WEST AND SOUTH. The large building of the Singer Sewing Machine Company, in Chicago, occupied as a dry goods establishment by Field, Leiter & Co., was destroyed by fire on the 14th. The origin is unknown and the loss will reach $1,000,000 on stock and $500,000 on the building. Insured for $900,000 on the former and $200,000 on the latter. A Trans-Atlantic Cable Company, to lay a cable from San Francisco to Japan and China was organized in San Francisco on the 14th. The capital stock is $10,000,000. W. F. Coolbaugh, a Chicago banker, suicided on the 14th, induced by matters outside of the bank of which he was Presidentthe Union National. It has been decided by a Chicago court that stockholders of savings banks are liable for the indebtedness of the bank as a whole. Indianapolis wants $200,000 raised for a monument to Senator Morton. On the 15th several distinct shocks of earthquake were felt in parts of Kansas, Iowa and Nebraska. At San Francisco the Collateral Loan and Savings Bank has been placed in the hands of a receiver, and the manager, John Tyler, has been arrested for swindling. The other day the Kate L. Bruce, a Chicago vessel, sunk near Alpena, Mich., and the crew are supposed to have beenlost. On the 16th, a-mob at Nashville took out of jail Boot Alexander, the murderer of Doughty, to lynch him, but he was suffered to escape. Advices of the 18th say El Paso County, Tex., is under control of a Mexican mob deauthorities. fying the United States The Mexican Gen. Escobedo, on trial at Brownsville, Tex., for violation of the U. S. neutrality laws, has been acquitted. It is thought that he will try to precipitate another revolution in Mexico. In the cases of ex-State Treasurer Cardozo and Congressman Smalls, at Columbia, S. C., motions for new trials have been denied. The Confederate monument at Chattanooga, Tenn., completed and ready to erect, was defaced beyond repair by some unknown persons during the night of the 17th. A committee of the miners holding possession of the Keets mine, near Central City, D. T., waited on the authorities on the 19th and to abandon the property if assured from criminal was refused. of proposed proposal immunity The prosecution. soldiers ordered The by Gen. Sheridan to assist the Sheriff were reported ten miles from the city.

11. November 24, 1877 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, November 24, 1877

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Bank Failures. The Reading Savings Bank, the Dime Savings Bank and Bushong & Brother, bankers, of Reading, Pa., suspended on Friday afternoon. The deposits of the Reading Savings Bank, though they had fallen off $700,000 during the past two years, amounted to nearly $1,000,000. The failure is attributed to the shrinkage of values, depression of business, and general distrust. The Collateral Loan and Savings Bank, at San Francisco, was placed in the hands of a receiver on Friday. It had only about one hundred depositors, and its deposits, aggregating about $24,000 are said to have been "absorbed" by John Tyler, its manager. Tyler is also charged with having swindled various stock brokers out of $65,000. He has been lodged in jail. The People's Savings Bank, at Newark, N. J., has suspended. It owes about $50,000 to depositors, but its assets are said to be sufficient, "if realized," to pay in full. The concern was started in 1871. The banking house of W. W. Smith, at Hamburg, Lowa, made an assignment Tuesday. Its liabilities are stated at $100,000; assets $45,000. The Third National Bank of Chicago has suspended. but announce their assets as fully equal to all demands.