1076. Hibernia Bank (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 16, 1877
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
18751be7

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple papers (dated Oct 16, 1877) report a lively run on Hibernia Bank triggered by a recent savings bank failure elsewhere in the city. The run subsided after officers reassured depositors by offering to pay out up to a million dollars a day for two weeks. There is no mention of Hibernia suspending, closing, or reopening — only a temporary run.

Events (1)

1. October 16, 1877 Run
Cause
Local Banks
Cause Details
Run was triggered by uneasiness after a recent savings bank failure (Market-street Savings Bank) in San Francisco.
Measures
Officers publicly assured depositors and offered to pay out up to a million dollars a day for the next two weeks to calm the crowd.
Newspaper Excerpt
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 a million a day for the next two weeks.
Source
newspapers

Newspaper Articles (3)

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


Article from The Pioche Weekly Record, October 20, 1877

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Article Text

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


Article from Arizona Citizen, October 27, 1877

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Article Text

A Sound Bank. SAN FRANCISCO, October 16.-The uneasiness occasioned by the recent Savings Bank failure, produced a run on the Hibernia Bank, which 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 a million a day for the next two weeks, depositors soon came to the conclusion that they did not want it, and the excitement subsided.