1093. Hibernian Savings 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
4577b05f

Response Measures

Accommodated withdrawals

Description

Multiple articles from Aug 27-29, 1875 report a small/brief run (slight rush/little rush) on the Hibernian Savings Bank during the wider panic caused by the failure of the Bank of California. The demands were promptly met within the by-laws; no suspension, receivership, or reopening event for this bank is mentioned.

Events (1)
1. August 27, 1875 Run
Cause
Local Banks
Cause Details
Run occurred as part of wider panic following the failure/suicide at the Bank of California and suspensions of other San Francisco banks; depositors briefly withdrew funds from Hibernian.
Measures
Demands were promptly met within the bank's bylaws (payments/loans to satisfy withdrawals).
Newspaper Excerpt
There has been a slight rush at the Hibernian Savings Bank, but the demands were promptly met within the rules as expressed in the by-laws of that institution.
Source
newspapers

Newspaper Articles (8)
1. August 28, 1875 The Daily Argus Rock Island, IL
Article from The Daily Argus, August 28, 1875

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The Great Financial Panic in California. Ralston Requested to Re sign. He Commits Suicide. Intense Excitement over the Event. His Losses Six Millions in Speculations. The Reason for the Failure. The Corruption of Modern Banking. Great Distress on the Pa cific Coast. The Country Generally Af fected More or Less. SAN FRANCISCO Aug. 29 The board of directors of the Bank of California held a meeting to day, Ralston was requested to resign as president and director, which he did. At an interview last evening at Mr Ral ston's residence he said to a reporter The statements I have made as to the causes of failure are my statements to the world. As matter of personal and pri vate information. tell you that this failure is the result of a persistent effort for months to break this bank A rumor not yet confirmed says Ralston has turned over his private means to the bank. About ten minutes past five a close car riage drove rapidly to the side door of the Bank of California. A gentleman jumped out in state of excitement and ran into the bank. In response to an inquiry the hackman said he had just left the body of Ralston in charge of an officer on the beach, near the smelting works, partially drowned Supposed to be suicide, There is great excitement in the city The death of Ralston overshadows every other topic. From best information it appears that he went to sea bathing estab lishment at North Beach.about 3:25 P. M. undressed. went into the water. ewan about 200 hundred yards and disappeared behind vessel. Soon after the body was discov It ered floating by the Selby lead works. was brought ashore still alive. A physician was summoned, but the efforts to resusti cate him failed, He died at ten minute to five o'clock. Col. Fry and Capt. Lees went to the bathing house and obtained Mr. Ralston's clothes. In these were found few dollars and his statement to the bank but nothing having a tendency to show that he committed suicide, The body was conveyed to No. 12 Jackson street, the residence of Col. Fry He is reported to have been seen to drink the contents of a phial before going into the water. The general impression is that he took poison before entering the water. The many theories advanced as to the causes of the failure are his sendin money out of the city to buy wheat, the locking up of coin by other parties, speculations in mining stocks, etc. As regards the finan cial prospect, in the best informed circles |believed that all banks will go on without further trouble and that the National Bank & Trust Company and the Merchants Exchange banks will resume Monday. The town full of rumors The street at this hour (8 P. M. is crowded with people. It is understood that owing to the excited feeling manifested arrange ments have been made to call out military to preserve order if necessary. The National Gold Bank sent the following notice for publication in the morning papers In conseq neuce of the panic and im possibility 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 and as soon as coin can be obtained will resume business as usual. In the meantimeevery creditor desiring can have gold assets of the bank to the amount his claim. By order of the board of trustees. (Signed) HENRY L. DATIS, Prest. The merchants' exchange bank closed of its doors this morning in consequence in the excitement and disappointment ed getting coin, and will not open its doors for the present The bank is perfectly solvent. The only trouble is a lack of coin. There was run on the London and San Francisco bank but Manager Latham asserts its ability to meet the demanda without trouble. Crowds surrounded the Bank of California and the suspended National Gold Bank and Trust Company; also of the savings banks, but the action the officers of the latter institutions last night effectually prevents run on them. The excitement great, The run on the London and San Francisco ceased with large surplus remaining in the vaults. There was slight run the Anglo California at the opening but soon subsided The National Gold Bank reports everything quiet. The same may be said of the Bank of British Columbia the Pacific and Commercial banks, The private banks all report no excitement and everything going on as usual All the city banks are considered sound except the Bank of California. Many rumors are current to the condition of the Califor nia. One statement apparently from good authority, is that the bank will pay credi tors full, and stockholders fifty cents On the other hand prominent stockhold er states that the utmost the bank can d will be satisfy depositors and scarcely that. There has been little rush th Hibernian savings bank, but the demands were promptly met. Confidence seems to be returning, an Bu it is believed that the worst is over. little uneasiness is telt as to the affairs either the National Gold Bank and Trus S Company or the Merchants Exchange Bank. The former reports probabilit of soon resuming. though unable to fix th time. There an abundance of assets e and they are only awaiting the receptio of coin. The president this morning ! states that they paid out about $1,000.00 e yesterday with small supply left The Merchants Exchange is,believed be sound, and its suspension is only tem porary, stated on presumably good author ity that some half a dozen heavy stoc

2. August 28, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 28, 1875

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FROM CALIFORNIA. y 4, HEAVY FAILURES. S u u Several Banks Suspend Payment. a a An Embezzling Official Commits S Suicide. San Francisco, August 27. The National Gold I Bank & Trust Co. makes the following announcement "In consequence of the panic and the impossibility to obtain coin, the National Gold Bank & Trust Company will close until further notice. The bank has $1,500,000 over and above 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 claims. (Signed) HENRY L. DAVIS, President. I A run is expected on the San Francisco and the Merchants' Exchange banks, to-morrow. A meeting of bank presidents is called to concert measures for relief. The board of brokers has 8 called a meeting. I The Merchants' Exchange bank closed its doors as this morning. The directors have prepared the following notice for the 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. There is a run on the London and San Francisco bank, but manager Latham asserts his ability to meet all the demands without trouble. Crowds of persons surrounded the Bank of California, and the suspended National Gold Bank & Trust Company; also the Savings bank. The action of the officers of the latter institution, last night, effectually prevented a run on them. The excitement is great. San Francisco, August 27. The First National Gold Bank reports everything secure, and the same may be said of the Bank of British Columbia and the Pacific and Commercial banks. Private banks report no excitement, and everything is going on as nsual. Generally speaking all the city banks are considered sound except the Bank of California. President Ralston this morning, said that there was nothing in addition to his statement of yesterday. 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 stockholders 50 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 Savings Bank, but it was promptly met within the rules as expresed in the by-laws of that institution. 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 Co., or the Merchants'

3. August 29, 1875 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, August 29, 1875

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UNDAVASIA NOONHILAY THE CALIFORNIA PANIC. Excitement Subsiding-Confidence turning-Worst Over No Commercial Failures Reported, a Dozen Heavy Brokers and Man ufacturies Shakey. President Rolston, of the Bank Callfornia, Commits Suicide. 841-88 protory NVS citement in consequence of the failu of the Bank of California seems to subsiding. The crowd on the bank much less than at the opening of "shoq SSOU The run on the London and Francisco Bank closed with a large plus in the vault. A slight run on the Anglo Californ this morning soon subsided The First National Gold Bank ourus on pur be said of the Bank of Brit/sh Columb and the Pacific and Commerciaj ban! Private banks report no exciteme Tensuse 110 Sujor PHB erally speaking all the city banks considered sound, except the Batrk California. President Ralston has nothing in addition to his statement yesterday. Many rumors are current regardi the condition of the Californ mo.y suomers ano authority, is that the bank will depositors in full and stockholders ty cents on the dollar. Another that the stockholders state that most the bank can do is to satisfy positors. There has been a slight run on Hibernian Savings Bank, but the mand was promptly met. Confidence seems to be returni мело s! WORDS the believed st 11 pur Little uneasiness is felt, as the aftai of either the National Gold Bank Trust or Merchants' Exchange The former reports the probability an early resumption, though unable fix the time. The National Gold Bank has abundance of available assets. which

4. September 2, 1875 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, September 2, 1875

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blue. The cashier of the N Gold Bank and Trust Company to a gentleman during an inte evening that the bank would the morning, but might ha uspend during the day. This aid out all its gold 111 the after a good deal of silver. If i arrangements to-night for may be able to ride over to-mo run is expected on the San Fra and Merchant exchange Bank to A meeting of bank pres called this evening to e measures for relief. The boa brokers has also called a meeting. SAN FRANCISCO, August 26, night.-The National Gold Bank Trust Company have'sent in the following notice for publication i norning papers: "In eonsequen the panic and the impossibilty laining coin, the National Gold and Trust Company will close further notice. The bank has $1, 000 over and above all its liabi As soon as coin can be obtained it resume business as usual. In meantime any creditor so desiring have good assets of the bank to amount of his claim. By order o board of trustees. HENRY L. DAVIS, Presider SAN FRANCISCO, August 27.Merchants' Exchange Bank close loors this morning. The dir have prepared the following notic the afternoon papers: In conseq the excitement and disappoint getting coin, the directors de or the best interests of all conc not to open our doors for the pre The secretary states that the bank $100,000 in coin on hand. mount liable on deposits is $80 against that there may be $400,000 in notes. The bank is ectly solvent, The only trouble i of coin. There is a run or London and San Francisco Bank Manager Lathaif asserts bis abili neet all demands without tre Crowds of persons surround the California and the suspended N Gold Bank and Trust Company he Savings Bank, but the acti he officers of the latter institu night effectually prevent a r hem. The excitement is great. NEW YORK, August 27 -A S lispatch from San Francisco says exchanges are all closed and bu a state of suspension. Intense citement prevailing. RUN ON OTHER BANKS SUBSIDING, ETC. SAN FRANCISCO, August 27. excitement consequent on the fail he Bank of California seems t ubsiding. The crowd in Calif is much less than at the op business this morning. The rt London and San Francisco ceased with a large surplus rema values. There was a slight I'l Anglo California Bank on its this morning, but it soon The First National Gold reports everything secure, and may be said of the Bank of Columbia. The Pacific and Commercial B orivate banks, report no excite everything going on as Generally speaking all of the city cousidered sound, except the California. President Ralston norning said nothing in addition tatement of yesterday. Many rt current regarding the conditio he California Bank. One state apparently from good authority, is he bank will pay depositers in stockholders fifty cents or lollar. On the other hand, a prom tockholder states that the mos bank can do will be to satisfy the nauds of depositors, and it will so be able to do that. There has slight rush at the Hiberian Sa Bank, but the demands were pror within the rules as express he byrlaws of the institution. o vhole, confidence seems to be re and it is believed the WO But little uneasiness is felt as affairs of either the National Bank and Trust Company or the chants' exchange Bank. The f reports a probability of soon resn hough unable to fix the time. 02 an abundance of available which are only waiting the recepti The president this mo tates that they paid out about a mi lollars yesterday, and that they till a small supply left. The hant's Exchange Bank is believe sound, and its suspension emporary. It is stated on presumably authority that some half a dozen I tock brokers are likely to go e No names are given. No comm ailures have yet been reported, the squeeze is expected next Mo which is collection day. The sa banks during the day transacte business, the deposits in larger than the disbursen

5. September 2, 1875 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, September 2, 1875

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A CALM AFTER THE STORM. THE EXCITEMENTSUESIDING-ALLTHE BANKS CONSIDERED SAFE EXCEPT THE BANK OF CALIFORNIA-SOME COMMERCIAL FAILURES EXPECTED NEXT WEEK. SAN FRANCISCO, Aug. 27.-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 toward the postponement of ordinary accounts or notes maturing at the next collection day, Monday. The meeting was very largely attended. The excitement 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 company has ceased, with a large surplus remaining in the vaults. There was a slight run on the Anglo-California at the opening, but it soon subsided. The First National Gold Bank reports everything the same way. Besides the Bank of British Columbia, the Pa cific and Commercial banks, and the private banks, all report no excitement, and everything going on as usual. All the city banks are considered sound except the Bank of California. Ralston, this morning, says nothing in addition to the statements of yesterday. Many rumors are current as to the condition of the California. A statement, ap parently from good authority, is that the bank will pay the depositors in full and the stock holders fifty per cent. On the other hand, prominent stock holders state that the utmost the bank can do will be to satisfy its depositors and scarcely that, There has been A LITTLE RUSH on the Hibernian Savings Bank, but the de mands were promptly met, within the bylaws. Generally speaking, confidence seems returning. It is believed that the worst is over. But little uneasiness is felt as to the affairs of the National Gold Bank and Trust Company, or the Merchants' Exchange Bank. The former reports a probability of soon resuming, though unable to flx the time. It has an abundance of available assets, and is only waiting the reception of coin. The president this morning states that the bank paid out about a million yesterday, and had only a small supply left. The Merchant's Exchange is believed to be sound and the suspension only temporary. It is stated on presumably good authority that some half & dozen heavy stock brokers are likely to go down. No names are given. No commercial failures are yet reported. A squeeze is expected next Monday, collection day. The savings banks during the day have been doing an usual business, the deposits in some being larger than the disbursements. There is no excitement in that line. City Tax Collector Austin has two hundred and seventy-five thousand dollars in the bank of California for which he has & certificate of special deposit. The directors assured the collector this morning that the money would be paid in a day or two. A rumor, not yet confirmed, has it that Ralston has turned over his private means to the bank. REPORTS AND RUMORS. Account is current here that the losses of Ralston and his cliquein California on minmg stocks and other adventures reach six millions of dollars, A private dispatch from a prominent gentleman in San Francisco says that matters look better, so far as the best interests of the city and state are concerned. The financial panic is fearful. The losses by the failure of the Bank of California will be et heavy. SUICIDE OF THE BANK PRESIDENT RALSTON RIDES TO THE WHARF AND JUMPS ad OFF. nt SAN FRANCISCO, Aug. 27.-About ten minge utes past five, a close carriage drove rapidly ry to the side door of the bank of California k. A gentleman jumped out in ve state of excitement and ran into nk the bank. In response to inquiries, he said of that he had just left the body of Ralston in he charge of an officer on the beach near the of smelting worksin the north part of the city 11. drowned. It seems that Ralston rode t

6. September 2, 1875 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, September 2, 1875

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EFFECT OF THE SUSPENSIONS. Assistance Rendered by the Government. SUICIDE OF PRESIDENT RALSTON. SAN FRANCISCO, August 27.-The excitement seems to be subsiding. The crowd on California street is much less than the opening of business this morning. The run on the London and San Francisco banks has ceased, with a large surplus remaining on hand. A slight run was made on the Anglo-California at the opening, but soon subsided. The First National Gold Bank reports everything O.K. The same may be said of the Bank of British Columbia, and the Pacific and Commercial Bank. Private banks report no excitement and everything going on as usual. Generally all city banks are considered sound except the Bank of California. Mr. Ralston this morning says nothing in addition to the statements of yesterday. Many rumors are current as to the condition of the California Bank. One statement, apparently from good authority, is, that the bank will pay depositors in full, and stockholders fifty cents. On the other hand, a prominent stockholder says that the utmost the bank can do will be to satisfy the demands of depositors, and scarcely that There has been little rush at the Hibernian Savings Bank, but the demands were promptly met within the by-laws. Generally speaking, confidence seems returning. But little uneasiness is felt as to the affairs of either the National Gold Bank Trust Company or Merchants' Exchange Bank. The former reports the probability of soon resuming, though unable to fix the time. Abundance of available assets is only awaiting the reception of coin. The president this morning states they paid out about one million dollars yesterday, with a small supply left. The Merchants' Exchange is believed to be sound. The suspension is only temporary. OTHER FAILURES. The National Gold Bank Trust Company and the Merchants' Exchange Bank have suspended. The directors of the latter have prepared the following notice for the afternoon papers: In consequence of the excitement, and the disappointment in getting coin, the Directors deem it for the best interests, and the interests of all, uot to open our doors at present. The secretary states that the bank has $100 in coin on hand. The amount liable on deposits is $800,000, but against that may be over $400,000 in notes. The bank is perfectly solvent, the only trouble being a lack of coin. There is a run in the London and San Francisco Bank, but Manager Latham asserts his ability to meet all demands without trouble. Crowds surround the Bank of California and the suspended National Gold Bank and Trust Company also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great. STATEMENT OF NATIONAL GOLD BANK. The National Gold Bank and Trust Company have sent in the following notice for publication in the morning papers In consequence of the panic, and the impossibility of getting gold, the National Bank and Trust Company will close until further notice. The bank has $1,300,000 above all its liabilities, and as soon as coin can be obtained, will resume business as usual. In the meantime, any creditor desiring can have good assets of the bank to the amount of his claim. By order of the Board of Trustees." [Signed,] HENRY L. Davis, Pres't. City Tax Collector Austin has two hundred and seventy-five thousand dollars of protested tax monies 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 which is not yet confirmed says that Ralston has turned over his private means to the bank. SUICIDE OF PRESIDENT RALSTON. About ten minutes past five o'clock, a close carriage drove rapidly to the side door of the Bank of California. A gentleman jumped out in a state of excitement, ran into the bank, and in response to inquiries said he had just left the body of Ralston in charge of an officer on the beach, near the smelting works, in the northern part of the city. Ralston had gone to the Sellig's smelting works wharf and committed suicide by jumping off the dock. FURTHER PARTICULARS OF THE SUICIDE. There is great excitement in the city over the death of Ralston, which overshadows every otber topic. From the best information, it appears he went to the sea-bathing establishment at North Beach, about 3:25 p.m., undressed, went into the water, swam about two hundred yards, disappeared behind a vessel, and

7. September 2, 1875 Puget Sound Dispatch Seattle, WA
Article from Puget Sound Dispatch, September 2, 1875

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SAN FRANCISCO, Aug. 27.-The excitement seems to be subsiding, the crowd on California street is much less now than at the opening of business morning. The run on the London and San Francisco bank ceased with a large surplus remaining in the vaults. There was a slight run on the Anglo-California bank at the opening but it soon subsided. The first National Gold bank reports everything quiet. The bank of British Columbia and the Pacific and Commercial banks report no excitement. There has been little rush at the Hibernian Savings Bank and the demands were promptly met within the by-laws. G erally speaking, confidence is returning and it is believed the worst is over. But little uneasiness is felt as to the affairs of either the National Gold and Trust Co. or Merchants Exchang Bank. SAN FRANCISCO, Aug. 27.- In an interview with Ralston this morning, the Cashier stated in answer to many questions, that the Bank of California would never again resume business. The losses of the Bank are too great to admit of this being done. While the bank will nct resume business, it has sufficient funds on hand and at its control and disposal, to enable it to meet all its liabilities. In reply to the question: "Will interior agencies of the bank suffer from the suspension." Ralston stated they were included in the liabilities and not one would suffer the slightest loss.

8. September 4, 1875 Arizona Citizen Tucson, Florence, AZ
Article from Arizona Citizen, September 4, 1875

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1crowd on California street was 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 the vaults. Slight run on the Anglo California at the opening, but it soon subsided. The First National Gold Bank reports every thing quiet; the same may be said of the Bank of British Columbia and Pacific and Commercial Banks. Private banks all report no excitement and every thing is going on as usual. Generally all city banks considered sound, except the Bank of California. Ralston this morning says nothing in addition to his statements of yesterday. Many reasons are current as to the condition of Bank of California. One statement appeared from good authority, that the bank will pay depositors in full and sixty cents to stockholders; on the other hand, prominent stockholders state the most the bank can do, will be to satisfy depositors and scarcely that. There has been a little run on the Hibernian Savings Bank, but the demands were promptly met there by loans. Generally speaking, confidence seems to be returning and the panic is believed to be almost over. But little uneasiness is felt as to the affairs with the National Gold Bank and Trust Company, or Merchants Exchange Bank: the former reports a probability of some running, but it has abundance of available assets. The president this a. m. stated they paid out a million yesterday, with a small supply left. The Merchants Exchange is believed to be sound, and its suspension is only temporary. LATER.--Great excitement has been caused by the rumor on the street that W. C. Ralston, president Bank California, committed suicide by drowning himself in the bay. LATER, 6 p. m.-Without doubt the rumor that W. C. Ralston drowned himself in the bay opposite Selby's smelting works is correct. Selby's son brings the news and says he helped to take the body out of the water. There is a most profound sensation throughout the city. STILL LATER, 6:30 p. m.-Ralston's body is at Col. Fry's house. The people are almost wild with excitement. Gen. Coey of the National Guard is prepared to quiet any disturbance that may arise. LATER STILL, 8 p. T-The facts concerning the suicide of the great banker as far as can be ascertained, are these: Ralston went over to North Beach and went in bathing in the bay was seen throw away a paper after going to the water. Boatmen afterwards saw him floating and took him out. They worked upon the body and tried to restore life, but it was no use, he was dead. The story is that he took poison and deliberately went into the water and drowned himself. A few are inclined to believe that it is a case of accidental death. The coroner will hold an inquest to-morrow. It is impossible to convey an idea of the effect this intelligence has upon the peoplenothing like it has been witnessed for years. The National Bank and Trust Company, this morning, announced a temporary suspension on account of scareity of coin, but will give good securities to any depositor who wishes them. At 1:30 p. m. depositors commenced a lively run on the Anglo-California Bank, the London and San Francisco Bank, the Merchants Exchange Bank and the First National Bank. Savings banks require the legal notice before paying anything. LATER.-The Merchants Exchange Bank has closed. The Chamber of Commerce held a meeting this with a large attendance. It was decided that it would probably be more injurious than beneficial to take any ac. tion looking towards the postponement of ordinary settlement of accounts and notes maturing next collection dayMonday. The course of the different banks has caused good feeling. Several closed