1089. 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
455a9743

Response Measures

Accommodated withdrawals, Books examined

Other: Bank officials arrested an agitator accused of spreading false reports.

Description

Multiple newspaper dispatches (Sept 11–14, 1906) describe a depositor run on the Hibernia bank driven by unfounded rumors. The bank met all demands, officials and the state bank commissioners declared it sound, and the run petered out. No suspension or receivership is reported. OCR corrected minor capitalization/spacing only.

Events (1)

1. September 12, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumors about the bank's condition (possible false stories about losses from the fire and other circulated allegations); agitators allegedly spread false reports and one man was arrested for exciting depositors.
Measures
Bank paid depositors promptly in coin as passbooks were presented; officials publicized holdings and met with state bank commissioners; offers of assistance from other banks were declined.
Newspaper Excerpt
Unfounded rumors on the condition of the Hibernia bank ... led thousands of depositors to withdraw funds ... the sidewalk in front of the bank was crowded by about 1000 persons.
Source
newspapers

Newspaper Articles (11)

Article from The Evening Statesman, April 26, 1906

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Article Text

Banks to Resume Business. Commercial banks are preparing to resume business in a preliminary way before they open their vaults. It has been arranged to pay depositors not to exceed $500 on accounts. Each bank had sums transferred ta their credit by correspondents at London, Paris and New York. These transfers will be made to the mint and money will be available at that point. The form of procedure will be for a depositor to draw a check in the usual form. This will be endorsed by the cashier or other official of the bank and the customer may present it or have it cashed at the mint. Planing Mills Intact. The planing mills report an encouraging situation. It is ascertained that fifteen of the 39 mills escaped destruction. Two of the mills are now running and the rest will resume op. erations as soon as permitted to do SO by the board of public works. Those whose plants were destroyed will be rebüllt as soon as insurance losses are adjusted. Banks Doing Business. Banks are being opened on Laguna street and West Lafayette. Several banks have already tacked cotton banners on residences overlooking the refugee camps and will soon be ready for business. The savings banks are reported in excellent condition. The Hibernia bank alone has twenty-five millions in United States bonds and other securities, which can be converted into cash at any time. The bankers are merely awaiting orders from the clearing house to start operations. The order of the president permitting the finance committee to use the mint as a depository greatly facilitates the handling of relief funds for which constant calls are being made. The committee decided to divert one hundred thousand dollars immediately to caring for the refugees at Oakland. The Pacific Hardware company has presented a bill of a hundred thousand dollars for dynamite and other supplies ordered by the board of public works. The bill will be paid. It is now estimated that ten thousand dollars will complete the repairs: to sewers on which much work has already been done. Churches to be Rebuilt. Methodist churches valued at a half million which were destroyed, will be rebuilt and the work will begin at an early date. it is estimated that 349,440 rations were distributed yesterday. Ot the Grant school, provisions were given out to 672 people an hour for ten hours. An ample supply of food is on hand for present needs. There is an over supply of perishable foods and the relief committee is urging that only staple goods be sent.


Article from The Spokane Press, September 11, 1906

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Article Text

RUMOR RUN ON FRISCO BANK (Scripps News Association.) SAN FRANCISCO Sept. 11.-Unfounded rumors on the condition of the Hibernia bank, one of the strongest savings banks on the Pacific coast, led thousands of depositors to withdraw funds in the last fortnight, but the demands did not assume the form of a "run" until this morning, when the sidewalk in front of the bank was crowded by about 1000 persons. Three tellers were engaged in handing out coin as fast as pass books were presented. None could tell how the foolish story of the alleged unstable condition of the bank originated, but they were simply there because of rumors that the bank was unsafe. Several stories are told as to the cause of the "run." One was charged against several insurance companies against which the bank recently issued a statement calling attention to the fact that they are welching.


Article from Deseret Evening News, September 13, 1906

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Article Text

AGITATOR ARRESTED. Was Trying to Excite Timid Depositors To Continue Run on Hibernia Bank. San Francisco, Sept. 13.-John Carter was arrested this morning in front of the Hibernia bank, where he was exciting the 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. de. claring 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 reports 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.


Article from Arizona Republican, September 13, 1906

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Article Text

HIBERNIA BANK. A Run on the Big Financial Institution Yesterday. San Francisco, Sept. 12.-The run on the Hibernia bank, the largest savings bank in the city, which began yesterday afternoon, continued today, 500 people being in line at the opening hour this morning. All demands were promptly met and the bank declares it has plenty of funds to meet all demands. All the leading banks here declare the Hibernia is solid. Those withdrawing are mostly small depositors. Secretary Tobin states that the bank has $23,000,000 worth of immediately available securities, consisting of government bonds and gilt-edge local securities. The bank holds mortgages in the burned district of San Francisco to the amount of $18,000,000, for which it holds as securities $9,000,000 of insurance and $2,000,000 worth of real estate. The bank commissioners of California met the Hibernia bank officials today to discuss the situation. There is no doubt of the bank being able to stand the run..


Article from The Morning Astorian, September 13, 1906

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State Bank Commissioner Makes Effective Statement in Relation. SECURITIES ARE ENORMOUS Declares All Alarm Felt by The Depositors to be Absolutely Unfounded and Unreasonable-Agitation Quieting Down. SAN FRANCISCO, Sept. 12.-The run on the Hibernia bank which began yesterday was apparently the result of groundless rumors regarding its loss in the great fire, was continued today, but caused no flurry in financial circles, Officials of the bank stated that while numerous small deposits have been withdrawn, the normal amount of new deposits was made during the day.


Article from Los Angeles Herald, September 13, 1906

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Article Text

COAST Theodore A. Bell nominated for governor at Democratic convention in Sacramento while William R. Hearst is kicked out of party. Run on Hibernia bank at San Francisco continues in spite of officials' statement that there is plenty of funds to pay all depositors. Five officers of the California National Guard resign at San Francisco.


Article from The Daily Appeal, September 14, 1906

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Article Text

THE HIBERNIAN IS SAFE. SAN FRANCISCO Sept. 14.-The run of timid depositors on the Hibernia bank has not yet ended. quite a number being in line yesterday. All are being promptly paid in full. the bank having millions of dollars available for immediate use. The state bank commissioners hav ing reported that the bank is absolutely sound. the run. which has not yet assumed large proportions, iis expected to cease.


Article from Lewiston Evening Teller, September 14, 1906

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Article Text

RUN ON BANK ABOUT ENDED SAN FRANCISCO, Sept. 14-The run on the Hibernia bank is about over. The ink Oficials are unable to trace definitely the source of rumors which started the run, but sospicions are directed against certain parties. Action may be taken against them later.


Article from The Twice=a=week Herald, September 14, 1906

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RUN ON BANK. Financiers Are Pazzled as to the Cause. San Francisco, Sept. 12.-Local financiers were puzzled to account for the run yesterday on the Hibernia bank. Other banks offered assistance to the Hibernia but it was declined. The Hibernia is said to be able to meet the immediate demand for $30,000,000 and the San Francisco banks generally have such but have loaned nearly $50,000,000 in Wall street,


Article from The Salt Lake Tribune, September 14, 1906

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TRIES A NEW GRAFT 'Frisco Man Arrested for Aiding Run on Savings Bank. SAN FRANCISCO, Sept. 13.-John Carter was arrested this morning in front of the Hibernia bank. where he was exciting the 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 reports of the bank's stability. 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.


Article from Omaha Daily Bee, September 15, 1906

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Bank Run Almost Over. SAN FRANCISCO, Sept. 14.-The run on the Hibernia bank is about over. Few are now calling for the full amount of their deposits.