1079. Hibernia Savings & Loan Society (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 6, 1870
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
fe02686f

Response Measures

None

Description

Newspaper articles from Oct 1870 report a depositor run on the Hibernia Savings & Loan Society in San Francisco. Officers repeatedly asserted ability to meet demands and no suspension, receivership, or permanent closure is mentioned, so classify as run only. Cause appears to be ill-reports/rumors; no concrete misinformation event is described. OCR corrected 'Hibernian banks and Loan Society' to 'Hibernia Savings & Loan Society' to match provided bank.

Events (2)

1. October 6, 1870 Run
Cause
Rumor Or Misinformation
Cause Details
Articles describe 'ill-reports' and panic among depositors but provide no specific adverse revelation or concrete misinformation event; directors say they do not know cause.
Measures
Officers refused to pay except to the actual needy; enforced several days' notice for withdrawals; directors publicly asserted ability to meet demands.
Newspaper Excerpt
FINANCIAL PANIC. The run on the Hibernian banks and Loan Society to-day caused much excitement among its depositors. The officers of the society assert their ability to meet any demand.
Source
newspapers
2. October 15, 1870 Run
Cause
Rumor Or Misinformation
Cause Details
Crowd clamoring and 'ill-reports' reported; directors unsure of cause—suggests rumor-driven panic rather than bank-specific insolvency.
Measures
Refused payments except to the needy due to required notice period; directors publicly stated ability to withstand continued drain.
Newspaper Excerpt
A RUN ON THE HIBERNIA. ... a crowd of depositors had assembled ... clamoring for the return of their funds ... As several days notice is required before money can be withdrawn, the officers refused to pay anyone except the actual needy;
Source
newspapers

Newspaper Articles (2)

Article from The Portland Daily Press, October 7, 1870

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Article Text

CALIFORNIA. VARIOUS MATTERS. SAN FRANCISCO, Oct. 6.-Another arrival from Ochostk of the codfish fleet brings 100,000 fish and reports the catch of the remaining vessels to be immense. Late Arizona advices state that a band of friendly Pineo Indians attacked a party of Apaches near Arizona City and killed thirteen of them. Gov. Safford, while scouting on the White Stone mountains discovered the charred remains of two white men who had perished at the stake. An old Indian chief of the Arizona tribe has sued tor peace. FINANCIAL PANIC. The run on the Hibernian banks and Loan Society to-day caused much excitement among its depositors. The officers of the society assert their ability to meet any demand. The Society is the largest of any kind in the city. The July statement shows cash on hand $715,000, and the total loans cover $120,000. THE BUSINESS OF SAN FRANCISCO. The review of the commerce of San Francisco for the past nine months shows the following: Foreign imports exclusive of duties and freight charges, $12,000,000; free goods, 8,515,000. The demand for gold for duties amount to $6,180.000. The internal revenue receipts in San Francisco were $2 007,000; number of marine arrivals from outside ports 2800, with tonnage of 793.000. The exports amounted to $91,518,000, of which 4,473 000 pounds was wheat, 878,000 flour and 1.473.000 wool. The export of treasure was $26,723,000. The coinage of the mint amounted to $14,839,000. Number of passenger arrivals were 14,800 and departures 26,600. The earnings of the Central Pacific railroad, main line, for September were $833,412, the heaviest trafic since the road opened.


Article from Weekly Trinity Journal, October 15, 1870

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Article Text

A RUN ON THE HIBERNIA. At the hour of opening the Hibernia Savings and Loan Society's office yesterday morning, a crowd of depositors had assembled round the doorway, clamoring for the return of their funds, and soon the news spread through the city, that a run had commenced on the Bank. This instantly caused much excitement, and all those who had money deposited there, rushed off for their pass books, and helped to swell the throng. As several days notice is required before money can be withdrawn, the officers refused to pay anyone except the actual needy; and both the distinction made and the refusal, tended to increase the panic. It will no doubt last for several days and test the bank's stability to the utmost. The Directors say that they are able to stand a continued drain of money, and do not know what has caused the present ill-reports against the institution. The amount in deposit exceeds $11,000,000.