1078. Hibernia Bank (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 12, 1906
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
0b75378c

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Other: Bank employed detectives / police to arrest persons spreading false rumors and arranged liquidity from bonds.

Description

September 1906 run on Hibernia Bank driven by rumors/conspiracy and agitators. Bank met all demands, had ample funds, detectives arrested persons spreading false reports; run subsided within days. No suspension or closure mentioned.

Events (1)
1. September 12, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Excitement and withdrawals traced to rumors spread by hostile agents/individuals; arrests made of persons inciting depositors; alleged conspiracy by enemies and insurance agents.
Measures
Bank officers publicly assured soundness; arranged to get funds from bonds (can get a million a day); detectives and police aided in arresting persons spreading false reports; paying tellers dispensed coin.
Newspaper Excerpt
RUN ON SAN FRANCISCO BANK STILL CONTINUES...the run on the Hibernia bank continued today...
Source
newspapers

Newspaper Articles (12)
1. May 23, 1906 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, May 23, 1906

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Article Text

FRISCO BANKS ARE OPEN They Have an Abundance of Money on Hand SOME SAVINGS BANKS RESUME THERE WAS NO RUN ON ANY OF THE BANKS- GENERAL CONFIDENCE. SAN FRANCISCO, Cal., May 23.This morning at 9 o'clock the Commercial banks opened their doors for the transaction of regular business unhampered by clearing house restrictions. Gold in plenty filled the vaults and there is as much money in the banks today as ever in the history of San Francisco. The stability of the financial situation lies in the fact that there is not the slightest evidence of a money panic, every bank in the city now being in a position to pay all obligations without undue strain. While the official date for the formal opening of the savings banks is next Monday, 1 many savings institutions opened this morning. The Mutual Savings bank opened for unrestricted business with $20,000,000 in money and active se( curities in its vaults. The California Safe Deposit and Trust Co., opened in its old quarters at the corner of California and Montgomery streets. 1 This bank is the first one to have its 1 temporary quarters completed. The 1 Humboldt bank opens tomorrow mornd ing. About 30 per cent of the Humboldt's loans were in the burned disF trict and the bank has announced that it will return all insurance money to I its borrowers for rebuilding purposes. Scene at Hibernia Bank. With no more rush or excitement than that usually attending settling S day before the fire, the Hibernia bank, e the city's largest savings institution, h threw open its doors at nine this morning. Every look and every action of the hundreds in line, before the doors opened, betokened confidence. F The line began to form at 6:45 and at 9 a. m. it extended down Jones street and then to Golden Gate as far as Market and back again towards Jones. s Old women, young clerks, begrimed a: teamsters and pretty stenographers fo were there, all as cheerful as a crowd " of theatre-goers waiting their turn at the box office. A young fellow in working clothes stepped out of line to give his place to an aged woman in a pa shawl, who tightly hugged to her pl breast her little yellow-covered book dr Others followed suit and soon the fo woman was far up the line. Many brought lunches and stools prepared for a long wait. When the doors were opened the first ten persons tolled off were allowed to enter. Two paying tellers, their money benches heaped with gold, quickly passed out coin. Few withdrew their total deposits. . A few large withdrawals were made, but mostly by persons who needed funds

2. September 13, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, September 13, 1906

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Article Text

RUN ON SAN FRANCISCO BANK STILL CONTINUES By Associated Press. SAN FRANCISCO, Sept. 12.-The - run on the Hibernia bank continued today notwithstanding the assurances of its officers backed by similar statements from all the leading banks that there is more than enough money available to promptly pay all demands. Two hours before the bank opened this morning there were about 500 people in line before its doors. Those who are anxious to withdraw their savings are said to be mostly small depositors. While the run was in progress yesterday afternoon many deposits were made by men whose confidence in the stability of the institution was unshaken.

3. September 13, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, September 13, 1906

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Notwithstanding the efforts by the Hibernia Bank to trace the rumors which have caused a flurry among some of the bank's depositors, to their source, neither the officers of the Hibernia nor the officers of other banks can give a reason for the excitement which has lead a portion OI the depositors to withdraw their savings. It is a notable fact that officers of other banks have been free in expressing their astonishment at the withdrawals and their confidence in the bank. The Bank Commissioners have also issued a statement and Archbishop Riordan has given his advice to the depositors of the perfect soundness of the bank and the benefit to them of allowing their deposits to remain. The only result of the run is a loss of interest to the exciteable ones and a gain of many tnousand dollars to the bank in interest payments which are cancelled by withdrawals. In another column of The Call is a full statement of the assets and liabilities of the Hibernia and the nature and accessibility of its resources. When the bank opened yesterday morning there was in its vaults $1,299,711, and this amount was increased during the day by another million. An arrangement has been made whereby the bank can get a million a day from its bonds, and that is more than it is physically possible for the seven paying tellers to hand out in a day. Detectives placed in the line to watch for instigators of the excitement have traced one source of the rumors to an individual whose hostility is unexplained. Although it is conceded that the excitement against the bank has been aroused by interested persons there is not a banker in town who is not surprised at the action of that portion of the depositors who have been carried off their feet by the rumors. One and all unite in saying that there is not the slightest cause for any excitement.

4. September 14, 1906 The Spokane Press Spokane, WA
Article from The Spokane Press, September 14, 1906

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BANK RUN RUNS OUT SAN FRANCISCO, Sept. 14.When the Hibernia bank opened this morning a long line of depositors were again on hand waiting to withdraw money. The number, however, was not so great as on previous days. The bank continues to meet all demands. Many of those in line brought funds for deposit. Active steps have been taken by the bank officials to run down persons responsible for rumors that caused the run. Hibernia bank officials state that while the run continued, amounts withdrawn are only 75 per cent of those of yesterday, depositors taking only a portion of their accounts. Deposits are normal and the bank can stand an indefinite run.

5. September 14, 1906 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 14, 1906

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Bank Run Not Ended. San Francisco, Sept. 13.-The run of the timid depositors on the Hibernia Bank has not ended yet. All demands are being promptly paid in full, the bank having millions of dollars available for immediate use. The State Bank Commissioners have reported that the institution is absolutely sound, The run, which has not assumed large proportions, is expected soon to cease.

6. September 14, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, September 14, 1906

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TIMID DEPOSITORS WITHDRAW SAVINGS By Associated Press SAN FRANCISCO, Sept. 13.-John Carter was arrested this morning in front of the Hibernia bank, where he was exciting timid depositors who are continuing the run on that bank begun Tuesday morning. Carter was urging the elderly women in the throng to dispose of their bank books to him, declaring that the failure of the bank was imminent. The arrest was made by Joseph S. Tobin, attorney for the bank. The bank officials are certain that Carter was employed by enemies of the financial institution to spread false rumors of the bank's instability. Carter denies this, saying that he did it "just for fun." He says that he is a recent arrival from Tennessee. Earlier in the day Edward Tobin detected a man working among the waiting depositors, but the fellow ran off when Tobin appeared. The police are aiding the bank officials in their efforts to detect the conspirators.

7. September 15, 1906 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, September 15, 1906

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GREAT RUN IS ABOUT OVER Depositors of Hibernia Bank in San Francisco See Heaps of Gold and Become Brave. . SAN FRANCISCO, Sept. 15.-The run on the Hibernia bank is practically ended. The withdrawals have fallen almost to normal, while the deposits are normal. There were few in line this morning and many upon their arrival at the

8. September 16, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, September 16, 1906

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Page warm weather light north wind. CITY. Gambling dens run and police fail to secure evidence against them. Page 34 Eight school buildings must be enlarged to Page 40 meet rapid increase of pupils. Fish Commission is stocking streams of the Sierra with thousands of Eastern trout. Page 40 William H. Bradley sustains fracture of skull as result of beating. Page 40 Hibernia Bank depositors beg to reopen their Page 43 accounts and are refused. Solomon Loeb, a fourteen year old boy. is Page 37 killed by a Fillmore-street car. Thomas M. Ferguson, a well known saloon man. is sued for divorce on several charges. P.25 Relief Corporation will send representative to Page 25 Washington to secure money. Runaway horse on Fillmore street upsets bugPage 42 gy and creates excitement Candy girl who turned on gas few days ago Page 42 dies at Emergency Hospital. Lawyers ask for sworn statement from the German Insurance Company of Freeport. Page 32 Transport Sherman will take many casuals Page 42 and regulars to the Philippines. Crew of British ship Lyndhurst mutiny at sea and all hands are put in irons. Page 29 William Freide still alive; finding of watch shows assailants escaped out Market street P. 31 Burglars enter home of Hermann Franklin, at 319 Waller street, and make way with valuable booty. Page 42 Grand Encampment of Odd Fellows will be held Page 25 in Watsonville next month. Federal Government requests Dr. Albert J. Atkins of San Francisco to report on use of adulteratde foods. Page 39 SPORTS. Cross country runners preparing for Dipsea Page 43 race over the Marin County hills Students of architecture show skill in athletic competition on Wilmerding school track. Page 43 Champion Stakes won by Accountant. Page 41 El Otros winner in race paced by an outsider. Page 41 Fishermen find plenty of striped bass at Tiburon. Page 42 Though President Jordan umpires, faculty is Page 43 beaten by seniors. Oakland pulls pin feathers from wings of the Angels. Page 42 Raisin Pickers go to pieces in the seventh and Seattle wins. Page 42 New York's water polo team wins stubborn contest from Chicago Page 41 Seals take kindly to Portland mud and give Webfooters a drubbing. Page 42 Chicago Nationals take two games from St. Louis and make clean sweep of series. Page 42 Washington and New York of the Americans break even on double-beader. Page 42 Juvenile tennis players meet on park courts Page 41 in singles handicap tournament Melville Long a puzzle to the crack tennis players. Page 43 Tommy Burns and Jim Flynn sign for fight at Los Angeles Page 43 Stanford students making every effort to master Rugby football. Page 42 Gunmen display their skill in meet at San effects his capture. Page 41 Sam Berger accepts the offer of a match with Jack O'Brien at Colma. Page 43 POLITICS. Bell, Democratic candidate for Governor, to Page 35 make war on Hearst and Herrin Democrats of Alameda nominate a county ticket. Page 32 WHIST. The seventh serial article on bridge whist, conducted by R. F. Foster, an authority on the subject. Page 25 LABOR. ( Objectionable 51 per cent agreement is abro gated by the Garment Workers' Union. Page 33 MINES. Reports from Nevade mines show that the era Page 51 of prosperity continues unabated. MARINE. Captain of bark St. James reports heavy earthPage 49 quake in the Gulf of California. Coral reef that holds Manchuria being blown Page 33 to piece by dynamite. SUBURBAN. Bride of Jenkin B. John of Oakland attends injured in wreck while on honeymoon. Page 39 Handsome young matron of Butte entertained Page 38 by Oakland society. Mrs. Fred Hudson of San Bruno Park to ride a wild bull. Page 36 Charles McDonald, arrested for insanity in Page 38 Oakland. victim of brutal blow. W. A. Gates tells of inadequacy of State institutions. Page 38 Point Richmond woman dreams father is killed by car and six hours later is informed of his death. Page 38 San Francisco man finds lost son living life Page 36 of hermit on Berkeley hills Graduates of Stanford hold their deferred class day exercises. Page 30 California University professor declares pho Page 36 netic spelling to be vulgar. John D. Isaacs resigns from Oakland School Board because of pressure of railroad duties. P.36 Father Sesnon, assistant pastor of the Church of the Immaculate Conception, surprises burglar at work in his room and, after fierce struggle, effects his capture. Page 37 COAST. Three passengers are injured in collision on Vallejo-Napa Railroad. Page 34 Arthur Cochran, San Francisco boy, killed in Oregon. Page 34 Poisoned bullets are found on highwayman arrested in Portland. Ore. Page 29 Captain Amundsen discoverer of the North west Passage. tells of his observations. Page 39 Passngers and crew of the wrecked steamPage 39 ship Oregon are rescued. Three Seattle street cars run away and are smashed to pieces. Page 39 DOMESTIC. Bryan gives more definite statement of position in regard to trusts. Page 43 MacArthur succeeds Corbin as lieutenant general of army. Page 33 Confederate and Union veterans in reunion at Gettysburg. Page 48 Second will of late Mrs. Louisa P. Barnes, Page 34 formerly of Los Angeles, is filed. FOREIGN. Count Witte denies story that anarchist at Page 41 tempted to assassinate him. German Count says new General of Jesuits has beliefs of middle ages. Page 43 Cuban revolutionists make offer to surrender to commander of American warship. Pages 29-30 Central Tropoff and

9. September 21, 1906 Washington Standard Olympia, WA
Article from Washington Standard, September 21, 1906

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Article Text

THE run on the Hibernia Bank, San Francisco, is said to have been incited by deliberate conspiracy of its enemies, and several of its agents have been arrested for spreading false reports. The Hibernia is one of the strongest financial institutions on this Coast, and the State Commission of California pronounce it absolutely eafe.

10. October 7, 1906 The Morning Astorian Astoria, OR
Article from The Morning Astorian, October 7, 1906

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was the street nearest to the burned district which had been left intact on one side. The residences on the west side of the avenue were transformed into business house with incredible swiftness, and the burned line along the eastern side was covered with frame buildings. The street is now lined from one end to the other with retail shops, some of them bearing the names of rich and long-established firms. Plate-glass is used prodigally, and the avenue is brilliant with electric signs. One may procure along Van Ness avenue the richest fabrics and costliest jewelry, as well as anything else procurable in any city. With flags flying and gilt signs glittering in the sun, this long and wide thoroughfare has become the business center and is continually crowded. Judging by the experience of other cities, it seems probable that Van Ness avenue will remain the center of the shopping district. It took an earthquake to shift the crowds from Kearney to Van Ness, and perhaps nothing short of an earthquake can shift them back again. One or two big firms, seeing this, have let contracts for the erection of permanent concrete buildings on Van Ness avenue, and others are likely to follow. Rents are enormously high, and property owners along the street are getting more for ground rent now than they obtained for buildings before the disaster. The quake shook the life out of some old firms and hastened the birth of many new ones. Dozens of stores bear the names of men who were clerks before April 18. Merchants from other cities have stepped in and established houses here. Competition is keen and money appears to be more plentiful than for many years. # City's Financial Soundness. The financial soundness of San Francisco has been demonstrated in various ways. The bank clearings are much larger than before the fire. Some of the new money comes from insurance companies, of course, but not all of it. The business of the banks is greater than ever. In some of them withdrawals exceed deposits, but the money withdrawn is going into reconstruction. Other banks are piling up deposits. The other day a little flurry was caused by an attempted run on the Hibernia bank, one of the largest institutions in the country. It was a grotesque failure as a bank run. The bank has 80,000 accounts, receiving no deposit exceeding $3,000. It is reckoned as solid as the Treasury. A few frightened women formed a line, obtained their money, and then returned and deposited it. With this exception, public confidence in the banks has been absolute.

11. October 10, 1906 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, October 10, 1906

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Insurance Agents Besiege Bank. The run on the Hibernia Bank, in San Francisco, was caused by disgruntled agents of a fire insurance company.

12. November 1, 1906 The Carlisle Independent Carlisle, AR
Article from The Carlisle Independent, November 1, 1906

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LNG UP SAN FRANCISCO Citi zens Make Marvelous Progress in the Work of Restoration. New Buildings, Finer Than Those Destroyed by the Earthquake and Fire, Going Up on Every Side-"City Beautiful" a Matter of Time. San Francisco.-One of the world's people away. It requires only a visit eat sights is San Francisco. Cities to San Francisco to disprove the reave been ruined and ashes have port that the city has lost half its overed them, but never before unpopulation. der modern conditions. A city ruined The quake shook the life out of by earthquake and fire in the old some old firms and hastened the birth days meant that the time of recovery of many new ones. Dozens of stores would equal the age of the city up to bear the names of men who were the hour of its destruction. In this clerks before April 18. Merchants age the very evidences of destruction from other cities have stepped in and are turned into agencies of repair and established houses here. Competition improvement. Fire has rarely failed is keen, and money appears to be to bring about better conditions in a more plentiful than for many years. city, and San Francisco is no excepThe financial soundness of San tion to the rule. It is not the imFrancisco has been demonstrated in provement of the city that will make various ways. The bank clearings them marvel, however, as much as are much larger than before the fire. the rapidity with which the work Some of the new money comes from will be accomplished. insurance companies, of course, but The earthquake of April 18 caused a not all of it. The business of the few million dollars' damage-possibly banks is greater than ever. In some $10,000,000 would cover that loss. The of them thdrawals exceed deposits, fire, which had full play after the but the money withdrawn is going quake had broken the water mains, into reconstruction. Other banks are burned over 514 squares, or 2,560 piling up deposits. The other day a cres, or four square miles, the total little flurry was caused by an attemptloss being estimated at $500,000,000. ed run on the Hibernia bank, one of On-this property there was insurance the largest institutions in the counmounting to about $315,000,000. Of try. It was a grotesque failure as a this insurance about $150,000,000 had bank run. The bank has 80,000 acbeen paid in cash to policyholders up counts, receiving no deposits exto September 15. ceeding $3,000. It is reckoned as solas