Hibernian Bank - San Francisco, CA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: August 27, 1875
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: c78b391f

Response Measures

Accommodated withdrawals

Description

Article (NY Herald, Aug 28, 1875) reports a slight rush at the Hibernian Bank on Aug 27 during the panic after the Bank of California failure; demands were promptly met within the bylaws and no suspension is mentioned.

Events (1)

1. August 27, 1875 Run

Cause: Local Banks
Cause Details: Run occurred in the aftermath of the Bank of California failure and related citywide panic; depositors briefly withdrew funds.
Measures: Met demands promptly within the bylaws (paid withdrawals according to rules).
Newspaper Excerpt: There has been a slight rush at the Hibernian Bank and savings banks, but demands were promptly met within the rules, as expressed in the bylaws of the institution.
Source: newspapers

Newspaper Articles (1)

1. August 28, 1875 The New York Herald New York, NY

Article from The New York Herald, August 28, 1875

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Article Text

THE BROKEN BANK. SAN FRANCISCO, Cal., August 27, 1875. The excitement consequent on the failure of the Bank of California seems to be subsiding. The crowd on California street is much less than at the opening of business this morning. The run on the London and San Francisco Bank ceased with a large surplus remaining in values. There was a slight run on the Anglo-California Bank on its opening this morning, but it soon subsided. The First National Gold Bank reports everything secure, and the same may be said of the Bank of British Columbia, the Pacific: and Commercial banks. Private banks report no excitement, and everything going on as usual. Generally speaking, all of the city banks are considered sound except the Bank of California. Many rumors are current regarding the condition of the Bank of California. One statement, apparently from good authority, is that the bank will pay depositors in full and the stockholders fifty cents on the dollar. On the other hand, a prominent stockholder states that the most the bank can do will be to satisfy the demands of depositors, and it will scarcely be able to do that. There has been a slight rush at the Hibernian Bank and savings banks, but demands were promptly met within the rules, as expressed in the bylaws of the institution. CONFIDENCE RETURNING. On the whole, confidence seems to be returning and it is believed the worst is over. But little uneasiness is felt as to the affairs of either the National Gold Bank and Trust Company or the Merchants' Exchange Bank. The former reports a probability of soon resuming, though unable to fix a time. They have an abundance of available assets, and are only waiting the reception of coin. The President, this morning, states that they paid out about a million dollars yesterday and that they have still a small supply left. The Merchants' Exchange Bank is believed to be sound and its suspension only temporary. MORE FAILURES AHEAD. It is stated on presumedly good authority that some half dozen heavy stockbrokers are likely to go down. No names are given. No commercial failures have yet been reported, though a squeeze is expected next Monday, collection day. The savings banks during the day transacted a usual business, deposits in some being larger than disbursements. There is no excite ment on that line. MEETING OF THE CHAMBER OF COMMERCE. The Chamber of Commerce held a meeting this afternoon and decided that it would probably be more injurious than beneficial to take any action looking to. ward postponement of ordinary accounts or notes maturing next collection day. The meeting was very largely attended. SUSPENSION OF THE NATIONAL GOLD BANK. SAN FRANCISCO, August 26-Midnight The National Gold Bank and Trust Company has sent in the following notice for publication in the morning papers:In consequence of the panic and the impossibility of obtaining coin, the National Gold Bank and Trust Company will close until further notice. The bank has $1,300,000 over and above all its liabilities. As soon as coin can be obtained it will resume business as usual. In the meantime any creditor so desiring can have good assets of the bank to the amount of his claim. By order of the Board of Trustees. HENRY L. DAVIS, President. THE CITY TAX MONEYS. The City Tax Collector has $275,000 of protested tax moneys 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, not yet confirmed, says President Ralston has turned over his private means to the bank. THE MERCHANTS' EXCHANGE BANK SUSPENDS. The Merchants' Exchange Bank closed its doors this morning. The directors have prepared the following notice for the afternoon papers:"In consequence of the excitement and disappointment of getting coin the directors deem it for the best interests of all concerned not to open our doors for the present." The Secretary states that the bank has $100,000 in coin on hand. The amount liable on deposits is $800,000; but against that there may be over $400,000 in notes. The bank is perfectly solvent. The only trouble is the lack of coin. THE PALACE HOTEL Warren Leland announces that the suspension of the Bank of California does not in any way affect the Palace Hotel, his interest in which President Ralston sold some months ago to Senator Sharon. The great cara. vansery will open at the appointed date, October 1. THE LONDON AND SAN FRANCISCO BANK. There is a run on the London and San Francisco Bank, but Manager Latham asserts his ability to meet all demands without trouble. MEETING OF DIRECTORS. The Board of Directors of the Bank of California held a meeting to-day. Mr. Ralston was requested to resign as President and Director, which he did. In consequence of the death of W. C. Ralston, the trustees will meet to-morrow, at half-past nine o'clock, when a statement of the affairs of the bank will be given. THE SITUATION AT NIGHT. As regards the financial prospect, in the best informed circles it is believed that all the banks will go on without further trouble, and that the National Gold Bank and Trust Company and the Merchants' Exchange Bank will resume on Monday. The town is full of rumors. The streets at this hour (8 M.) are crowded with people. It is understood that owing to the excited feeling manifested arrange.