1055. First National Bank (San Francisco, CA)

View Charter #1741 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1741
Charter Number
1741
Start Date
September 4, 1875
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
b522ab7f

Response Measures

Accommodated withdrawals

Description

Newspaper pieces describe a lively run on the First National Bank on Sept. 4, 1875 during the wider San Francisco banking panic after W.C. Ralston's death and runs on the Bank of California. Subsequent articles (Sept. 14) show the First National doing satisfactory business and apprehending no lasting damage. No evidence that the First National permanently suspended or closed, so classified as run_only. Other banks did suspend temporarily (National Gold Bank & Trust Company, Merchants Exchange, Bank of California), but those actions refer to other institutions.

Events (1)
1. September 4, 1875 Run
Cause
Local Banks
Cause Details
Panic/contagion following runs and distress at Bank of California (and the news of W. C. Ralston's death) led depositors to run on multiple San Francisco banks including First National.
Measures
No specific emergency measures for First National described in these articles; subsequent reporting indicates it met business and was 'doing a very satisfactory business.'
Newspaper Excerpt
At 1:30 p. m. depositors commenced a lively run on the Anglo-California Bank, the London and San Francisco Bank, the Merchants Exchange Bank and the First National Bank.
Source
newspapers

Newspaper Articles (3)
1. August 28, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 28, 1875

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Article Text

notice and dis morning consequence of the exeicement coin the directors In in getting doors for the present. appointment open our the There $100,000 and San deem it best bank has The not secretary London to in coin states on hand. Francisco that demands without is a run on the able to meet all preBank, but trouble. it is Great excitement EXCITEMENT is vails. THE seems SUBSIDING. to be subsiding street The excitement California and the than at the opening London and much less crowd The on run on of business surthis morning. ceased with a large was a San Francisco remaining in vaults. agio-California There at the First slight plus run qu the subsided. everything The gold bank to be said of the opening, National but same it soon is reports and Commer- bank quiet The Columbia, Pacific banks all report cial of British banks. The everything rivate going on are as excitement and All the city banks of Cal usual nothvester considered generally. Ralston sound except this statements morning the Bank says of ifornia. to his current as to the Many California One is day. ing in addition of the rumors are authority, statement that full apparently the depositors cent. On the condition bank stockholders will from pay good 50 per stockholder in and the hand, a prominent the bank can and do the states other that the satisfy utmost the depositors, bernian Savings met. will scarcely There be that. has to been Bank, n little but rush the at demand the it Hi is returning, has been Confidence promptly worst seems is over. the But and National little unthe as to either Merchants eariness is Company report Gold believed Bank felt Bank. Trust The resuming former or though with it an Exchange of soon the time, wait to fix assets President unable probability abundance of available upon coin. The only out the that they believed this ing morning reception states of with a small paid is supply be to sound million yesterday, Exchange only left. The Mercants and the suppension au good that some to go down; no vet temporarted thority It is are likely on half perfectly dozen failures heavy names Mon stock rebrokers No commercial expected next banks given. A squeeze The Savings their ported. collection day, have been in doing some being during business, the disbursements. larger in that Austin usual day, than the day the line. deposits has $270,000 No ex in the citement City Tax Collector tax monies on which deposit he has cer of protested of California deposit. for The directors that Bank of special this morning or two ston assured tificates the would Collector be confirmed paid in day says Ral to the bank. the A money rumor has turned not over yet his private means OF CHAMBER OF COMMERCE. held a meet MEETING Chamber of Commerce decided it would this injurious towards ing probably The afternoon be more action and lookin than ordinary benefi- nccial to take any of the to the next the postponement or notes Monday. maturity The meeting counts collection day on attended. was very largely RALSTON. HUICIDE OF five o'clock minutes past rapidly to the A gen- side carriage of state of About ten Bank drove California. ex re close door of the out, and bank, in a and in just citement tleman jumped ran inquiries into the said that in charge he had of an to Ralston smelting sponse the body of near the the city, officer works, left on in it the the is #11 beach north apposed part by suicide. of smelt FurSellig's ing drowned, ther LATER- particulars Ralston wharf soon. and rode to jumped off the FURTHUR DEATH. in the docks. work PARTICULARS OF RALATON'S city. excitement every There is great Ralston information The death o of the best bathing other topics.net he went Beach about blishment appears From North went to in the the sea disappear water 3:20 and and and thend his body P. M., about Soon after Selby Lead ed awam behind a vessel. floating ashore, by still efforts alive discovered brought bu all 10 was wards and was were summoned He died at Premincitate Physicians him failed Col. Fry number his father- of minutes to to 0 o'clock. Otis, and a before he the ex in-law, Mayor citizens and arrived Capt. Lees Mr. went Ralston's to prominent vired. Col. Fry and obtained few dollars bathing house in these were to the found bank. commi Nothing clothes, and his statement to show that conveyed he to Cola No tendency was of suicide. 1812, Jacksonstre street, Festus before Mazzcle he reach the Fty. Boy Mr. Rlaston, RAW him sit on having The named body the residence stated saw the bath the smelting and throw clay ed that he bank RAW up near house; several water. papers Close work search could was made He also content him the scraps tear into for the the reported pieces but to none have of seen water The general entering the California him phial be The found. drink before pression going the of into that water. that the equested he held took poison before of the Bank Ralston was which directors director, prospect a resign as regard the it is believe to meeting did. Asregar to-day. President circles and financial without further that Bank he in best informed will go National on Gold Merchants the bank and that the and the Monday The trouble, Trust Company will resume on The street and Exchange town is Banks full 8 P. M., of is rumors. a crowded with peoMILITARY. ple. at this ARING hour, TO CALL OUT THE tathe

2. September 4, 1875 Arizona Citizen Tucson, Florence, AZ
Article from Arizona Citizen, September 4, 1875

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Article Text

1crowd on California street was much less than at the opening of business this morning. The run on the London and San Francisco bank ceased with a large surplus remaining in the vaults. Slight run on the Anglo California at the opening, but it soon subsided. The First National Gold Bank reports every thing quiet; the same may be said of the Bank of British Columbia and Pacific and Commercial Banks. Private banks all report no excitement and every thing is going on as usual. Generally all city banks considered sound, except the Bank of California. Ralston this morning says nothing in addition to his statements of yesterday. Many reasons are current as to the condition of Bank of California. One statement appeared from good authority, that the bank will pay depositors in full and sixty cents to stockholders; on the other hand, prominent stockholders state the most the bank can do, will be to satisfy depositors and scarcely that. There has been a little run on the Hibernian Savings Bank, but the demands were promptly met there by loans. Generally speaking, confidence seems to be returning and the panic is believed to be almost over. But little uneasiness is felt as to the affairs with the National Gold Bank and Trust Company, or Merchants Exchange Bank: the former reports a probability of some running, but it has abundance of available assets. The president this a. m. stated they paid out a million yesterday, with a small supply left. The Merchants Exchange is believed to be sound, and its suspension is only temporary. LATER.--Great excitement has been caused by the rumor on the street that W. C. Ralston, president Bank California, committed suicide by drowning himself in the bay. LATER, 6 p. m.-Without doubt the rumor that W. C. Ralston drowned himself in the bay opposite Selby's smelting works is correct. Selby's son brings the news and says he helped to take the body out of the water. There is a most profound sensation throughout the city. STILL LATER, 6:30 p. m.-Ralston's body is at Col. Fry's house. The people are almost wild with excitement. Gen. Coey of the National Guard is prepared to quiet any disturbance that may arise. LATER STILL, 8 p. T-The facts concerning the suicide of the great banker as far as can be ascertained, are these: Ralston went over to North Beach and went in bathing in the bay was seen throw away a paper after going to the water. Boatmen afterwards saw him floating and took him out. They worked upon the body and tried to restore life, but it was no use, he was dead. The story is that he took poison and deliberately went into the water and drowned himself. A few are inclined to believe that it is a case of accidental death. The coroner will hold an inquest to-morrow. It is impossible to convey an idea of the effect this intelligence has upon the peoplenothing like it has been witnessed for years. The National Bank and Trust Company, this morning, announced a temporary suspension on account of scareity of coin, but will give good securities to any depositor who wishes them. At 1:30 p. m. depositors commenced a lively run on the Anglo-California Bank, the London and San Francisco Bank, the Merchants Exchange Bank and the First National Bank. Savings banks require the legal notice before paying anything. LATER.-The Merchants Exchange Bank has closed. The Chamber of Commerce held a meeting this with a large attendance. It was decided that it would probably be more injurious than beneficial to take any ac. tion looking towards the postponement of ordinary settlement of accounts and notes maturing next collection dayMonday. The course of the different banks has caused good feeling. Several closed

3. September 18, 1875 Washington Standard Olympia, WA
Article from Washington Standard, September 18, 1875

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CALIFORNIA. More Liquor Frauds. SAN FRANCISCO, Sept. 14,-9:20 P. M.Revenue officials were around to-day among wholesale liquor houses examining books, which resulted in finding many instances where packages of spirits gauged and reported at ten and twenty gallons each had been thrown upon the market as containing from 200 to 300 gallons. Most of these were from the Pacific Distillery, whose officers were reported yesterday a having made affidavit of the destruction of trhir accounts up to the first of last July. The discoveries thus far made by officials indicate very extensive frauds, in which not only dealers and distillers but also revenue officials are believed to be implicated. Situation of Banks. SAN FRANCISCO, Sept. 15.-There is a very active demand for money, which banks are unable adequately to supply. The National Gold Bank and Trust Company had $150,000 coin transferred to day through the office of the sub-treasurer, and considerable amounts are reported to have arrived or are close at hand from New York to the Bank of California and Hibernia Bank. The First National Bank is now doing a very satisfactory business, and officers apprehend no diminution of patronage on account of the recent temporary suspension. Arrangements will soon be in progress for increasing its capital stock, and on the first of January it is intended to have a capital of two millions. Lively Business in the Stocks. Business in the California Stock Board was very lively to-day, showing marked improvement both in the volume of transactions and prices realized. The increased business of this board will probably have the effect to hasten the opening of the other boards, which are expected to resume business in about two weeks. Salds on the streets were spirited to. day, and the vicinity of the board rooms begins to wear an appearance similar to that before the panic. Lick Again. SAN FRANCISCO, Sept. 14.-In the 19th district court to-day a decree was rendered discharging the old trustees of the Lick trust and appointing in their places the following: Richard S. Floyd, Faxon D. Atheston, Bernard D. Murphy, John H. Lick, and John Nightingale,