First National Gold Bank - San Francisco, CA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 1741
Charter Number: 1741
Start Date: August 27, 1875
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 2cfdc4d2

Response Measures

None

Description

The First National Gold Bank (San Francisco) suspended operations in late August 1875 because of the panic and inability to obtain gold/coin despite being solvent; newspaper notice (Aug 27) states the bank will close until further notice but that it had substantial assets. By Oct 3 articles describe the bank ready to receive customers in new quarters, indicating reopening. There is mention of crowds and coin flows but no clear, damaging depositor run that forced failure, so this is a suspension followed by reopening. I corrected OCR errors in the articles when interpreting dates and phrases.

Events (3)

1. November 30, 1870 Chartered

Source: historical_nic

2. August 27, 1875 Suspension

Cause: Correspondent
Cause Details: Closed because of the panic and inability to obtain gold/coin (lack of specie) despite having assets above liabilities; directors closed until coin could be procured to meet demands.
Newspaper Excerpt: In consequence of the panic, and the impossibility of getting gold, the National Bank and Trust Company will close until further notice.
Source: newspapers

3. October 3, 1875 Reopening

Newspaper Excerpt: The First National Gold Bank ... will receive customers in their new and elegant quarters on Monday morning.
Source: newspapers

Newspaper Articles (3)

1. August 29, 1875 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, August 29, 1875

Click image to open full size in new tab

Article Text

UNDAVASIA NOONHILAY THE CALIFORNIA PANIC. Excitement Subsiding-Confidence turning-Worst Over No Commercial Failures Reported, a Dozen Heavy Brokers and Man ufacturies Shakey. President Rolston, of the Bank Callfornia, Commits Suicide. 841-88 protory NVS citement in consequence of the failu of the Bank of California seems to subsiding. The crowd on the bank much less than at the opening of "shoq SSOU The run on the London and Francisco Bank closed with a large plus in the vault. A slight run on the Anglo Californ this morning soon subsided The First National Gold Bank ourus on pur be said of the Bank of Brit/sh Columb and the Pacific and Commerciaj ban! Private banks report no exciteme Tensuse 110 Sujor PHB erally speaking all the city banks considered sound, except the Batrk California. President Ralston has nothing in addition to his statement yesterday. Many rumors are current regardi the condition of the Californ mo.y suomers ano authority, is that the bank will depositors in full and stockholders ty cents on the dollar. Another that the stockholders state that most the bank can do is to satisfy positors. There has been a slight run on Hibernian Savings Bank, but the mand was promptly met. Confidence seems to be returni мело s! WORDS the believed st 11 pur Little uneasiness is felt, as the aftai of either the National Gold Bank Trust or Merchants' Exchange The former reports the probability an early resumption, though unable fix the time. The National Gold Bank has abundance of available assets. which

2. September 2, 1875 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, September 2, 1875

Click image to open full size in new tab

Article Text

EFFECT OF THE SUSPENSIONS. Assistance Rendered by the Government. SUICIDE OF PRESIDENT RALSTON. SAN FRANCISCO, August 27.-The excitement seems to be subsiding. The crowd on California street is much less than the opening of business this morning. The run on the London and San Francisco banks has ceased, with a large surplus remaining on hand. A slight run was made on the Anglo-California at the opening, but soon subsided. The First National Gold Bank reports everything O.K. The same may be said of the Bank of British Columbia, and the Pacific and Commercial Bank. Private banks report no excitement and everything going on as usual. Generally all city banks are considered sound except the Bank of California. Mr. Ralston this morning says nothing in addition to the statements of yesterday. Many rumors are current as to the condition of the California Bank. One statement, apparently from good authority, is, that the bank will pay depositors in full, and stockholders fifty cents. On the other hand, a prominent stockholder says that the utmost the bank can do will be to satisfy the demands of depositors, and scarcely that There has been little rush at the Hibernian Savings Bank, but the demands were promptly met within the by-laws. Generally speaking, confidence seems returning. But little uneasiness is felt as to the affairs of either the National Gold Bank Trust Company or Merchants' Exchange Bank. The former reports the probability of soon resuming, though unable to fix the time. Abundance of available assets is only awaiting the reception of coin. The president this morning states they paid out about one million dollars yesterday, with a small supply left. The Merchants' Exchange is believed to be sound. The suspension is only temporary. OTHER FAILURES. The National Gold Bank Trust Company and the Merchants' Exchange Bank have suspended. The directors of the latter have prepared the following notice for the afternoon papers: In consequence of the excitement, and the disappointment in getting coin, the Directors deem it for the best interests, and the interests of all, uot to open our doors at present. The secretary states that the bank has $100 in coin on hand. The amount liable on deposits is $800,000, but against that may be over $400,000 in notes. The bank is perfectly solvent, the only trouble being a lack of coin. There is a run in the London and San Francisco Bank, but Manager Latham asserts his ability to meet all demands without trouble. Crowds surround the Bank of California and the suspended National Gold Bank and Trust Company also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great. STATEMENT OF NATIONAL GOLD BANK. The National Gold Bank and Trust Company have sent in the following notice for publication in the morning papers In consequence of the panic, and the impossibility of getting gold, the National Bank and Trust Company will close until further notice. The bank has $1,300,000 above all its liabilities, and as soon as coin can be obtained, will resume business as usual. In the meantime, any creditor desiring can have good assets of the bank to the amount of his claim. By order of the Board of Trustees." [Signed,] HENRY L. Davis, Pres't. City Tax Collector Austin has two hundred and seventy-five thousand dollars of protested tax monies on deposit in the Bank of California for which he has certificates of special deposits. The directors assured the collector this morning that the money would be paid in a day or two. A rumor which is not yet confirmed says that Ralston has turned over his private means to the bank. SUICIDE OF PRESIDENT RALSTON. About ten minutes past five o'clock, a close carriage drove rapidly to the side door of the Bank of California. A gentleman jumped out in a state of excitement, ran into the bank, and in response to inquiries said he had just left the body of Ralston in charge of an officer on the beach, near the smelting works, in the northern part of the city. Ralston had gone to the Sellig's smelting works wharf and committed suicide by jumping off the dock. FURTHER PARTICULARS OF THE SUICIDE. There is great excitement in the city over the death of Ralston, which overshadows every otber topic. From the best information, it appears he went to the sea-bathing establishment at North Beach, about 3:25 p.m., undressed, went into the water, swam about two hundred yards, disappeared behind a vessel, and

3. October 3, 1875 Los Angeles Daily Herald Los Angeles, CA

Article from Los Angeles Daily Herald, October 3, 1875

Click image to open full size in new tab

Article Text

for the opening gun of artillery salute at the base of Telegraph Hill, on Sansome street, while three cheers from the crowd welcomed the voice of the opening cannon, and before the echoes had died away the window screens of the bank lowered and the ponderous iron doors swung open. The nimble clerk who turned the crank to swing open the doors had only time to jump inside before the full force of the rush came. A little pale-faced man, with a check in his hand, was the first to reach the paying teller's desk, but he hesitated with so much confusion, and seemed so deeply agitated that others gained the advantage of him. Then the jingle of coin began, and while some were demanding others were tendering. The stream of coin pouring out from the California street front was sustained by an incoming stream of equal volume from the Sansome street side. The friends of the bank, and they are legion,came forward to attest their friendship by liberal reinforcements of hard cash. In the great mass of people that crowded into the bank and clambered up to the windows outside, nineteen out of twenty were idle spectators who had come to gratify a natural curiosity. From 10 A. M. until 2 P. M. California street was thronged with citizens who recited to one another all the rumors of the hour, and discussed at length the probable demand on the bank. All were inclined to concede to San Francisco financiers the glory of an achievement that had never been surpassed in the financial history of America. The flags floating from the buildings on Montgomery and California streets gave an air of holiday festivity to the occasion. If any apprehension of disaster was felt it was not expressed, either in the words or actions of the multitude. The brokers were particularly joyous, predicting that the stock market would open with gratifying buoyancy Tuesday morning. It is only a surprise that some over-enthusiastic speculator did not mount a stationary vehicle and offer to buy all the available shares in the crowd. It was expected that the bank would close at 12 M., the usual hour on Saturday for terminating banking business, but to accommodate visitors the tellers continued to pay out and take in coin until 1 o'clock P. M. The bank officers do not state thesum paid out, but they report officially that the sum received was $750,000 in excess of the amount disbursed. To-night Senator Sharon, President of the Bank Syndicate, will receive the compliment of a serenade at his residence on Sutter street. The brokers have organized a syndicate to pay for the music, and the subscriptions were coming in to-day ata promising rate. To-day the managers of the Nevada bank of San Francisco were actively engaged in preparations to open for business on Monday at 10 o'clock A. M. A supply of coin apparently large enough to resist the pressure of the fiercest run ever made on a banking institution was piled up in the cash receptacles behind the counters. The President and subordinate officers were at theft respective stations of duty during the day, while a corps of busy clerks and book-keepers were applying themselves diligently to the task of getting ready the deposit accounts. An officer was stationed at the door to prevent the entrance of idle spectators. The First National Gold Bank, which has secured a stronghold in the Nevada block, has the work of its interior arrangement about completed, and will receive customers in their new and elegant quarters on Monday morning.