First National Bank - San Francisco, CA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 1741
Charter Number: 1741
Start Date: August 19, 1878
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 96325b69

Response Measures

None

Description

Notice posted Aug 19 that directors decided to close (suspend) the bank because of insolvency of a large manufacturing firm (Einstein Bros.). Article says assets ample and bank expected to resume shortly, so this is a suspension with expected reopening tied to a local economic shock.

Events (1)

1. August 19, 1878 Suspension

Cause: Local Shock
Cause Details: Closure was caused by the insolvency/failure of a large manufacturing house (Einstein Bros.) that affected the banks' creditors and prompted directors to close temporarily.
Newspaper Excerpt: In order to do equal justice to all parties and to insure the full and speedy payment of all their creditors at the earliest possible moment, the board of directors have decided to close both banks.
Source: newspapers

Newspaper Articles (1)

1. August 22, 1878 Mower County Transcript Austin, Lansing, MN

Article from Mower County Transcript, August 22, 1878

Click image to open full size in new tab

Article Text

Heavy Failure. Einstein Bros., boot and shoe dealers, of San Francisco, suspended August 17th Liabilities estimated at $800,000, half of which is due eastern creditors. The assets consist of a stock of goods, factory and outstanding accounts, and real estate supposed to be heavily incumbered. The failure is due to heavy-leises in stock speculation carried on by two members of the firm in the firm's name, but in opposition to the other members and without their knowledge. The following notice was posted on the doors of the First National and Quincy Savings' Banks, on the morning of Au 19. In order to do equal justice to all parties and to insure the full and speedy payment of all their creditors at the earliest possible moment, the board of directors have decided to close both banks. Officers and directors of the institutions assure their creditors in the strongest terms that the ir assets are ample to meet their debts in full, and that they will be paid the cash. Assets now on hand to! pay a large part of the indebtedness. The action is caused by the insolvency of a large manufacturing house of that city. (Signed) C. M. Pomeroy, president; U.S. Pinefield, cashier." The failure of the bank has caused little or no excitoment. Our citizens all feel that the bank win liabilities infull and will re. sume in a very short time.