1051. Dime Savings Bank (San Francisco, CA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
October 16, 1877
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
19b42e6e

Response Measures

Partial suspension

Other: Bank later described as 'sham affair' and not regularly incorporated; appears to have closed permanently after suspension.

Description

Newspapers report an initial run in Oct 1877 (officers posted 30-day notice on certain deposits) and a later suspension in May 1878. The May reports describe the bank as a sham affair and a swindle, implying permanent failure. I corrected OCR spacing (e.g., Dime Sav. ings bank).

Events (3)
1. October 16, 1877 Run
Cause
Local Banks
Cause Details
Run followed recent savings bank failure and Duncan fiasco in the area, producing depositor nervousness and withdrawal requests.
Measures
Posted notice requiring 30 days' notice on all deposits exceeding $10 in silver; limited immediate payments.
Newspaper Excerpt
A run was also made on the Dime Savings Bank on Market street... put up a notice requiring 30 days notice on all deposits exceeding $10 in silver.
Source
newspapers
2. May 18, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to the bank being a sham/not regularly incorporated; assets nominal and a swindle by Joseph Davis & Co.; insolvency revealed.
Newspaper Excerpt
The Dime Savings bank, of San Francisco, has suspended. It proves to have been a sham affair. Deposits about $45,000 : assets, stocks to the nominal value of about $10,000, but worth much less.
Source
newspapers
3. * Other
Newspaper Excerpt
Reports note depositors were principally children and Joseph Davis & Co., a pawnbroking firm, were at the bottom of the swindle.
Source
newspapers

Newspaper Articles (8)
1. October 17, 1877 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, October 17, 1877

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Article Text

PACIFIC COAST. SAN FRANCISCO. $3,000,000 for the Blue Lakes. TROUBLE IN THE SAVINGS BANKS. -A Run on the Hibernia Bank. A DOMESTIC TRAGEDY. SAN FRANCISCO, October 16. The suspension of the Market-street Savings Bank was announced to day, owing to the withdrawal of accounts during the past week. The officers state that the assets of the bank are sufficient to settle all claims of depositors, which they propose to pay in two, five and eight months. The amount due is about thirty thousand dollars. The Water Commissioners did not meet'to-day, but will hold a session tomorrow, at which ex-Governor Haight will confer with the Commission on the subject of drawing a bond of three million dollars for the Blue Lakes Company. Messrs. Hayward & Rose have signified their readine-s to produce a bond within twenty-four hours after it is required. The Spring Valley Water Company have not made any further proposition to the Commissioners, but Mr. Sharon is reported to have said that he would sell the works for eight million dollars, and let the city pay the debts of the corporation. Great uneasiness is occasioned by the recent savings bank failure, which produced a run on the Hibernia Bank that was quitelively for a while, but as the officers assured the crowd that if they wanted their money they could have it at the rate of a million a day for the next two weeks. The depositors soon caine to the conclusion that they did not want it and the excitement subsided. A run was also made on the Dime Savings Bank on Market street, the officers seeing the danger of a heavy call on the resources of the concern, put up a notice requir ing 30 days notice on all deposits exceeding $10 in silver. The bank has been called upon for about forty thousand dollars since the Duncau fiasco. The officers say that the bank can meet all demands, but as they had acted liberally with depositors for the past week, and there was evident intention to inaugurate a run, they considered it time to put on brakes. James McQuade, boiler maker, fell asleep in his house on Filbert street about 4 o'clock this morning. His wife and three children being absent at the time, he was awakened by a terri. ble blow on the hip, and looking up, Mrs. him

2. October 20, 1877 The Pioche Weekly Record Pioche, NV
Article from The Pioche Weekly Record, October 20, 1877

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LATEST NEWS BY MAIL. WASHINGTON, Oct. 15. Senator Jones expects to present the completed report of the Silver Commission during the present session. There will be no change in its conclusions and recommendations as published last winter, but he has made its historical and argumentative portion much better than it was at first contemplated. Considerable space will be devoted to a contrasted statement of the excellencies and defects of the paper system of currency, and ground will be taken that as compared with the metallic system, or even with the bi-metallic system, the latter is hampered by restrictions on free coinage, etc. The paper system is the most logical, cheapest and best. This is undoubtdly what gave rise to last summer's reports, that Jonos had become a convert to paper money. He says, however, that while assuming the above position, he is not a particle less ardently an advocate of the adoption of a bi-metallic system with free coinage, and unlimited legal tender safeguards for the protection and preservation of the precious metals as the solid currency of our country. The members for all the Pacific Coast Districts, except the Fourth California, were sworn and seated in the House to-day. The contest regarding Pacheco's right to be sworn in, will take place to-morrow, unless similar struggles of the Colorado, South Carolina and Louisiana contestants consume the day, which is not probable. The idea of bringing the present session to a close within the next week or two, seems to be generally abondoned to-night, the judgment of the most experienced members of both Houses being that it will inevitably last until nearly the first Monday in December, when the regular session begins by constitu. tional requirement. There was an extra meeting of the Cabinet today, to consider the nominations to be sent to the Senate. In the Senate, handsome floral tributes were placed on the desks of Blaine, Conkling, Sargent, Ferry and Dawes. The committees will remain unchanged for a few days. SAN FRANCISCO, Oct. 16. The suspension of the Market street Savings Bank was announced to-day, owing to the withdrawal of accounts during the past week. The officers state that the assets of the bank are sufficient to settle all claims of depositors, which they propose to pay in two, five and eight months. The amount due is about thirty thousand dollars. Great uneasiness is occasioned by the recent savings bank failure, which produced a run on the Hibernia Bank that was quite lively for a while, but as the officers assured the crowd that if they wanted their money they could have it at the rate of & million & day for the next two weeks. The depositors soon came to the conclusion that they did not want it and the excite. ment subsided. A run was also made on the Dime Savings Bank on Market street, the officers seeing the danger of a heavy call on the resources of the concern, put up a notice requiring 30 days notice on all deposits exceeding $10 in silver. The bank has been called upon for about forty thousand dollars since the Duncan fiasco. The officers say the bank can meet all demands, but they had acted liberally with depositors for the past week, and there was evident intention to inaugurate & run, they considered it time to put on brakes. LONDON, Oct. 15 A special to the times from Calcutta says it is feared war is imminent between England and Ameer of Afghanistan and the Khan of Kelat, in consequence of the location of a British force at Onetta, in Beloochistan, which the Khan and Ameer construe to mean permanent occupation of that country. Though the force at Onetta is only sent as an escort to the British resident agent, yet the Viceroy declares its maintenance there is & necessary measure of Imperial policy. The Ameer of Afghanistan is negotiating with the Kelat and Beloochee chiefs for a forcible expulsion of the British, for which he offers his help and warns Khan that their continued presence means eventual absorption. A correspondent at Sistova gives a favorable account of the Russian preparations for a winter campaign. Vast stores of corn and forage have been laid in at the depots along the Russian railroads, but the mud is frightful on the roads. Two miles south of Simnitza bridge, it takes eight horses and twenty men pushing behind to get a light wagon through. It is estimated that the famine will cost the Indian Government fifteen million pounds, ex. clusive of the loss of revenue and other indirect effects. PARIS, Oct. 16. Complete returns, except the colonies, show that 314 Republicans and 210 Conservatives have been elected. Fourteen second ballots will be necessary. The Conservatives retain 142 seats out of the 158 held by them in the late Chambers. The Republicans retain 297 seats of the 363 who voted the order of the day censuring the dissolution of the Chambers. On Saturday afternoon. when the

3. May 18, 1878 Daily Press and Dakotaian Yankton, SD
Article from Daily Press and Dakotaian, May 18, 1878

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Article Text

TELEGRAPHIC BREVITIES. S: n Francisco, May 18.-The Dime Sav. ings bank, of San Francisco, has suspended. It proves to have been a sham affair. Deposits about $45,000 : assets, stocks to the nominal value of about $10,000, but worth much less. Cincinnati May 18.-The treasurer of the festival association states that the receipts thus given him foot up $67,500. Two rail roan yet to hear from will increase this somewhat. The total expenses will be even forty thousand dollars.

4. May 19, 1878 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, May 19, 1878

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TELEGRAPHIC TICKS. A fireSaturday morning at Massillon, O., destroyed the south, and about half of the west wings of Russell & Co.'s agricultural works. -Loss about $50,000; Insurance $30,000. Shillito, treasurer of the Cincinnati Festival Association, states that the receipts thus farfoot up $67,500. The total expenses will be even $40,000. The Senate has confirmed L. H. Cummings, of New York, Indian agent at San Carlos agency, Arizona. The Dime Savings bank, San Francisco, has suspended. The American Social Science Association convened at Cincinnati, Saturday, and will remain in session one week.

5. May 23, 1878 The Milan Exchange Milan, TN
Article from The Milan Exchange, May 23, 1878

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WEST AND SOUTHWEST. The Cincinnati Musical Festival was opened on the evening of the 14th, and was in every way successful. The exercises included the dedication of the new Music Hall. The St. Agnes Academy, a school for young ladies, at Memphis, Tenn., was burned to the ground on the morning of the 16th. There were 45 boarders in the school, all of whom lost their wearing apparel. The academy was owned and managed by the Sisters of St. Dominic, and was fully insured. Joe Fore, the St. Louis desperado, who was serving out a 10 years' sentence in the Missouri Penitentiary for an attempt to kill his wife, was set upon and stabbed to death by a fellow convict named Billy Rogers, with whom he had quarreled, on the night of the 17th. Brown Bowen was hanged at Gonzales Texas, on the 17th, for the murder of Thos Halderman. Bowen protested his innocence to the last, and charged the commission of the crime upon his brother-in-law, the notorious John Wesley Hardin. The Chicago, Rock Island and Pacific Railroad Company have effected a lease of the Keokuk and Des Moines Valley Railroad for a term of 45 years. The transfer will be made on the first of October next. The Dime Savings Bank of San Francisco has suspended with liabilities amounting to about $45,000 and assets nominal. It turns out to have been a sham affair, not regularly incorporated, and its depositors were principally children. Joseph Davis & Co., a pawnbroking firm, were at the bottom of the swindle. Frank Houlton, a well known farmer of DeKalb County, Ind., was shot dead by a burglar whom he discovered in his house and attempted to capture, on the night of the 17th. The murderer fled, but was subsequently arrested and proved to be a neighbor of Houlton's named John Abbot, who had recently been discharged from the Penitentiary. The boiler of the portable engine in use on the farm of David Waggard, near New Frankfort, Ind., exploded on the 18th, instantly killing John Waggard and John Jenkins. The Ohio Legislature at its recent session passed law reconstructing the Congressionai districts of the State, the effect of which, taking the Presidential vote of 1876 as a basis, will give 13 Democrats to 7 Republicans, instead of 8 Democrats to 12 Republicans, as at present. Gen. Garfield is gerrymandered out of his old district into another having a hopeless Republican minority, and Representative Foster will be compelled to move his house across the street in the town where he resides in order to keep his residence in the Tenth District. William B. Walls, the Prosecuting-Attorin the famous inurder trial of Nancy E. Clem, in Indiana, has made a confession and allegation that $1,000 in cash was paid to Judge Truman H. Palmer for granting the nolle prosequi by which she was set at liberty.

6. May 25, 1878 American Citizen Canton, MS
Article from American Citizen, May 25, 1878

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Billy Rogers, with whom he had quarreled, on the night of the 17th. Brown Bowen was hanged at Gonzales, Texas, on the 17th, for the murder of Thomas Holderman. Bowen protested his innocence to the last, and charged the commission of the crime upon his brother-inlaw, the notorious John Wesley Hardin. The Dime Savings Bank of San Francisco has suspended, with deposits amounting to about $45,000, and assets nominal. It turns out to have been a sham affair, not regularly incorporated, and its depositors were principally children. Joseph Davis & Co., a pawnbroking firm, were at the bottom of the swindle. Frank Houlton, a well-to-do farmer of Hamilton, De Kalb County, Ind., was shot dead by a burglar whom he discovered in his house and attempted to capture on the night of the 17th. The murderer fled, but was subsequently arrested and proved to be a neighbor of Houlton's, who had recently been discharged from the Penitentiary. The boiler of a portable engine in use on the farm of David Waggard, near New Frankfort, Ind., exploded on the 18th, instantly killing John Waggard and John Jenkins. It is believed the Pope, yielding to the advice of his physicians, will spend the summer at Monte Cassido, the celebrated Benedictine abbey of Naples. Senor Zamacona, the Mexican Minister at Washington, says his advices from Mexico show that the revolutionists have utterly failed, and have no support whatever in any of the States of that Republic.

7. May 31, 1878 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, May 31, 1878

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WEST AND SOUTHWEST. The St. Agnes Academy, a school for young ladies, at Memphis, Tenn., was burned to the ground on the morning of the 16th. There were 45 boarders in the school, all of whom lost their wearing apparel. The academy was owned and managed by the Sisters of St. Dominie, and was fully insured. Joe Fore, the St. Louis desperado, who was serving out a 10 years' sentence in the Missouri Penitentiary for an attempt to kill his wife, was set upon and stabbed to death by a fellow convict named Billy Rogers, with whom be had quarreled, on the night of the 17th. Brown Bowen was hanged at Gonzales Texas, on the 17th, for the murder of Thos. Halderman. Bowen protested his innocence to the last, and charged the commission of the crime upon his brother-in-law, the notorious John Wesley Hardin. The Chicago, Rock Island and Pacific Railroad Company have effected a lease of the Keokuk and Des Moines Valley Railroad for a term of 45years. The transfer will be made on the first of October next. The Dime Savings Bank of San Francisco has suspended with liabilities amounting to about $45,000 and assets nominal. It turns out to have been a sham affair, not regularly incorporated, and its depositors were principally children. Joseph Davis & Co., a pawnbroking firm, were at the bottom of the swindle. Frank Houlton, a well known farmer of DeKalb County, Ind., was shot dead by a burgiar whom he discovered in his house and attempted to capture, on the night of the 17th. The murderer fled, but was subsequently arrested and proved to be a neighbor of Houlton's named John Abbot, who had recently been discharged from the Penitentiary. The boiler of the portable engine in use on the farm of David Waggard, near New Frankfort, Ind., exploded on the 18th, instantly killing John Waggard and John Jenkins. The Ohio Legislature at its recent session passed a lawreconstructing the Congressional districts of the State, the effect of which, taking the Presidential vote of 1876 as a basis, will give 13 Democrats to 7 Republicans, instead of 8 Democrats to 12 Republicans, as at present. Gen. Garfield is gerrymandered out of his old-district into another having a hopeless Republican minority, and Representative Foster will be compelled to move his house across the street in the town where be resides in order to keep his residence in the Tenth District. William B. Walls, the Prosecuting-Attorin the famous murder trial of Nancy E. Clem, in Indiana, has made a confession and allegation that $1,000 in cash was paid to Judge Truman H. Palmer for granting the nolle prosequi by which she was set at liberty. On the 20th, Mr. Leon Chouteau, a commercial agent from France, addressed the San Francisco Chamber of Commerce in favor of a new commercial treaty between France and the United States, and was very cordially received, as he had been in all the large cities which he had visited. A heavy wind, rain and hail-storm ran all

8. June 1, 1878 San Marcos Free Press San Marcos, TX
Article from San Marcos Free Press, June 1, 1878

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Okubo, Japanese Minister of the Interior, has been assassinated. The murderer was arrested. # THE CINCINNATI MUSICAL FESTIVAL The Cincinnati Musical Festival was opened on the evening of the 14th, and was in every way successful. The exercises included the dedication of the new Music Hall. The recent cold snap caused considerable injury to fruit and vegetables in a large portion of the country. Mrs. Flynn and her infant child were brutally murdered near Atoka, Indian Territory, on the 10th. Her husband is suspected of being the murderer. The family were on their way to Coffeyville, Kansas, where Mrs. Flynn's father, Henry Meyers, resides. Serious rioting has occurred at Blackburn and Burnley, England, caused by the failure of negotiations between the masters and striking operatives of the cotton mills. The residence of Col. Jackson, at Blackburn, Chairman of the Masters' Association, was burned to the ground, and an attempt was also made to burn Jackson's Mills. The residence of Alderman Hornby was partially wrecked, and the windows of all the mills in town demolished. A strong force of infantry from Preston arrived, and cleared the streets. Col. Jackson and wife barely escaped with their lives. One mill at Burnley was burned. The disaffected districts were strongly garrisoned by armed militia. The Senate has ratified the treaty between France and the United States, providing for a convention at Paris the present summer with a view to the adoption of a metrical system of weights and measures. The National Temperance Association met at Chicago on the 14th. The St. Agnes Academy, a school for young ladies, at Memphis, Tenn., was burned to the ground on the morning of the 16th. There were 45 boarders in the school, all of whom lost their wearing apparel. The academy was owned and managed by the Sisters of St. Dominic, and was fully insured. The Chicago, Rock Island and Pacific Railroad Company have effected a lease of the Keokuk and Des Moines Valley Railroad for a term of 45 years. The transfer will be made on the first of October next. Joe Fore, the notorious St. Louis desperado, who was serving out a 10 years' sentence in the Missouri Penitentiary for an attempt to kill his wife, was set upon and stabbed to death by a fellow-convict named Billy Rogers, with whom he had quarreled, on the night of the 17th. Brown Bowen was hanged at Gonzales, Texas, on the 17th, for the murder of Thomas Holderman. Bowen protested his innocence to the last, and charged the commission of the crime upon his brother-in-law, the notorious John Wesley Hardin. The Dime Savings Bank of San Francisco has suspended, with deposits amounting to about $45,000, and assets nominal. It turns out to have been a sham affair, not regularly incorporated, and its depositors were principally children. Joseph Davis & Co., a pawnbroking firm, were at the bottom of the swindle. Frank Houlton, a well-to-do farmer of Hamilton, De Kalb County, Ind., was shot dead by a burglar whom he discovered in his house and attempted to capture on the night of the 17th. The murderer fled, but was subsequently arrested and proved to be a neighbor of Houlton's, who had recently been discharged from the Penitentiary. The boiler of a portable engine in use on the farm of David Waggard, near New Frankfort, Ind., exploded on the 18th, instantly killing John Waggard and John Jenkins. It is believed the Pope, yielding to the advice of his physicians, will spend the summer at Monte Cassido, the celebrated Benedictine abbey of Naples. Senor Zamacona, the Mexican Minister at Washington, says his advices from Mexico show that the revolutionists have utterly failed, and have no support whatever in any of the States of that Republic. William B. Walls, the Prosecuting Attorney in the famous murder trial of Nancy E. Clem, in Indiana, has made a confession and allegation that $1,000 in cash was paid to Judge Truman H. Palmer for granting the nolle prosequi by which she was set at liberty. Mrs. Lydia Sherman, known as the "Connecticut Borgia," who confessed to the killing of nine persons by poison-two husbands and seven children-died in the State Penitentiary at Hartford on the 16th. The banking house of Joseph Rrown at Wilkesbarre, Pa., has closed its doors, causing great distress to the poorer classes, who are the principal depositors. Forty lives were lost by the burning recently of the theater at Ahmedrugger, in in India. From Richford, Vt., comes the news that 600 Fenians are drilling at Chasey, N. Y., 68 miles west of the first-named town.