1097. John Sime & Co. (San Francisco, CA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: November 1, 1871
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 50bf1c77

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Nov 1–9, 1871) report John Sime & Co. 'failed' and 'suspended payment' after the death of Sime and unsuccessful stock/mining operations. A petition was filed in U.S. District Court seeking bankruptcy adjudication and the sheriff opened the vaults; this indicates suspension leading to failure/insolvency rather than a mere temporary closure. There is limited evidence of any depositor run on the San Francisco office (some early withdrawals in Sacramento), so I classify as suspension leading to closure/receivership/bankruptcy.

Events (5)

1. November 1, 1871 Other

Newspaper Excerpt: A street report ... that the bank of John Sime & Co. had suspended payment to-day. We give the rumor as we received it.
Source: newspapers

2. November 1, 1871 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure attributed to unsuccessful stock and mining operations and the recent death of the firm's head; insolvency followed leading to suspension of payments.
Newspaper Excerpt: The old banking house of John Sime & Co. failed this morning ; unsuccessful stock operations are supposed to be the cause.
Source: newspapers

3. November 2, 1871 Other

Newspaper Excerpt: The failure of the banking house of John Sime & Co. took the city completely by surprise, and created quite an excitement on the streets.
Source: newspapers

4. November 7, 1871 Other

Newspaper Excerpt: Liabilities are stated at $240,000 in round numbers. Nominal assets $186,733.14 ... The books appear to have been kept correctly; the cash in the vault tallying exactly with the cashier's report.
Source: newspapers

5. November 9, 1871 Receivership

Newspaper Excerpt: The banking firm of John Sime & Co., of San Francisco, has suspended payment, and a petition has been filed, by one of their creditors in the United States District Court, praying that they be adjudged bankrupts.
Source: newspapers

Newspaper Articles (10)

1. November 1, 1871 Gold Hill Daily News Gold Hill, NV

Article from Gold Hill Daily News, November 1, 1871

Click image to open full size in new tab

Article Text

TELEGRAMS LATEST (SPECIAL TO THE GOLD HILL DAILY NEWS BY THE WESTERN UNION TELEGRAPH LINE.1 FROM SAN FRANCISCO SAN FRANCISCO, Nov. 1-1 P.M.Charles Johnson and Wm. H. Martin have been indicted and arrested for smuggling opium ashore from the bark Pekin and the steamers America and Great Republic. The bills found by the Grand Jury already at this term amount to 153, of which 120 are for selling lottery tickets. Benj. Badger has recovered judgment for $2,000 in the U. S. Circuit Court, against tho P. M. S. S. Co., for personal injury. Insurance Commissioner Mowe has notified all foreign Insurance Companies doing business in California, to furnish evidence on or before December 30th, that they have made good their capital, if impaired by the Chicago fires. The failure of the banking house of John Sime & Co. took the city completely by surprise, and created quite an excitement on the streets. It is not definitely known what produced the failure, but it is supposed to have come through stock and mining operations carried on during the lifetime of the head of the firm, lately deceased. Cavallier, of the Board of Brokers, is said to be one of the heaviest losers, and it is reported that he has taken out an attachment for $20,000. The stock market is visibly affected by the failure, but there are no indications of a run ou any other bank resulting troin it.

2. November 1, 1871 Gold Hill Daily News Gold Hill, NV

Click image to open full size in new tab

Article Text

BANK SUSPENDED.-A street report in San Francisco was telegraphed to Virginia City this forenoon that the bank of John Sime & Co. had suspended payment to-day. We give the rl:mor as we received it.

3. November 2, 1871 New Orleans Republican New Orleans, LA

Article from New Orleans Republican, November 2, 1871

Click image to open full size in new tab

Article Text

MISCELLANEOUS Alabama State Fair-Pension Agent Forbes Bailed - Philadelphia City Treasurer Arrested-Georgia Legislature-Newly Elected Charleston Gov. crament-Chinese Returning HomeScene Among Georgia Emigrants for Texas-A Colored Emigrant Restrained -Failure in San Francisco. MONTGOMERY, November 1.-The Alabama State fair, which opened here to-day, is a decided success, notwithstanding the bad weather of yesterday and last night. The articles exhibited are numerous, and show the great progress of the State in manutactures. The great races are yet to come off. The most noted running and trotting horses of the South and West are present to contend for purses Thursday, Friday and Saturday. PHILDELPHIA. November 1.-Pension agent Forbes is held in $25,000 bail. City Treasurer Mercer has been arrested on the charge of defalcation. CHARLESTON, November 1.-Three fever deaths in the last twenty-four hours. The new reform city government elected last August by a combination of the substantial citizens of all classes and parties, was installed into office to-day. Mayor Wagener will at once inaugurate important municipal reforms. There is great rejoicing in the community in consequence of the changes. ATLANTA, November 1.-Both branches of the Legislature met to-day, organized and adjourned till to-morrow. SAN FRANCISCO, November 1.-The steamer America left for China to-day, carrying seven hundred returning Chinese, and the usual number of cabin passengers. LITTLE ROCK, Novamber 1.-Some movers enroute from Georgia to Texas, passed through here yesterday, accompanied by a colored man who was raised with the family, and who accompanied them from choice. About two hundred colored men surrounded the wagons, and took the colored man by force. This action creates great indignation among the whites. CINCINNATI, November 1.-Sidney D. Maxwell, for many years connected with the Gazette, succeeds William Smith, who resigned, as superintendent of the chamber of commerce. SAN FRANCISCO, November 1.-The old banking house of John Sime & Co. failed this morning ; unsuccessful stock operations are supposed to be the cause. Sime died ten days ago. The stock market is falling heavily, but there are no indications of this failure affecting other banks. Weather Report. War DEPARTMENT, Office Chief Signal Officer, Washington, November 1, 1871, 7:30 P.M.S SYNOPSIS OF THE PAST TWENTY-FOUR HOURS. The area of lowest barometer which was Tuesday afternoon in Indiana, has moved northeast to Lake Huron, and thence on to the coast of Maine, with continually diminishing pressure. Fresh southwesterly winds," veering to the northwest, with rain, have prevailed from the Carolinas to Maine. Clear and clearing weather is now reported from New Jersey to Georgia. The northeasterly winds on the upper lakes and Lake Erio have backed to the southwest. The [CONTINUED ON FOURTH PAGE.]

4. November 3, 1871 Gold Hill Daily News Gold Hill, NV

Article from Gold Hill Daily News, November 3, 1871

Click image to open full size in new tab

Article Text

EXCITEMENTIN SAORAMENTO M. F. Hastings s Co.'s Bank in the Hands of the 8herif-Attachment Salti-Farmers and Speculators Affected by the Disaster. SACRAMENTO, November 1.-At noon to-day, news of the suspension of John Sime & Co.'s bank in San Francisco was received. The bank or B. F. Hastings & Co. opened at the usual hour this morning, and transacted business until the hour above named, when the bank was closed and the following notice placarded on the door: "In consequence of news received from San Francisco, that John Sime & Co., with whom this house is closely connected, could not open to-day, we are compelled to close this office." THE SHERIFF TAKES POSSESSION. Subsequently Sheriff Woods took charge of the bank and contents by virtue of writs of attachment issued from the District Court in favor of the following persons: E. Perkins, $2,000; Odd Fellows' Bank of Savings, $45,600; James McClatchy, W. F. Knox and Thomas Baker, Committee for the Pioneer and Library Association, $2,800; G. S. Watt, $1,110; J. K. Alexander, $703; amounting to about $53,000. Other suits have been commenced, but no writs have been issued, the parties supposing that the bank's affairs will be wound up under the bankruptcy law. Several of the depositors must have obtained early notice of the closing of the principal office in San Francisco, as they drew out their deposits before the information was pending general circulated. of Certain the disaster it is that the resident manager here recelved no information of what was transpiring below until evebody knew of it. FARMERS AND SPECULATORS AFFECTED. Depositors with the bank here were generally farmers and speculators, who needed money at call, and therefore did not use savings banks, and having no place of their own to keep large amounts. Few, if any, of our merchants kept deposits there, and consequently are not affected by the suspension. The event created considerable excitement, but no apparent disposition to cause a run on other banks. They are all sound, and have plenty of coln to meet the demands.

5. November 4, 1871 New-York Tribune New York, NY

Article from New-York Tribune, November 4, 1871

Click image to open full size in new tab

Article Text

An informal meeting of the holders of the preferred stock of the St. Louis, Alton and Terre Haute Railroad Company will be held at the office of O. D. Ashley & Co., on Saturday, Nov. 4, at 1 o'clock p. m. The earnings of the Burlington, Cedar Rapids, and Minnesota Railroad Company for the month of October were $73,002 58. The failures of the banks of John Sime & Co. of San Francisco, and Hestings & Co. of Sacramento, caused a run on the Odd-Fellows' Savinga Bank in Sacramento, to-day, which quickly subsided, however, all the demands being promptly met. The San Francisco Savings Bank continues loaning on real estate at 9 per cent. The following is the movement in dry goods for the week: Entered for consumption. $1,455,443; withdrawals, $410,938; warehoused, $563,392. The Philadelphia stock market was steady to-day. Pennsylvania 63 sold at 1003; Philadelphia and Erie Railroad, 243; Reading Railroad, 54g; and Pennsylvania Railroad, 57g. Golf closed at 1113.

6. November 4, 1871 The Placer Herald Rocklin, Auburn, CA

Article from The Placer Herald, November 4, 1871

Click image to open full size in new tab

Article Text

THE bank of John Sime & Co., of San Fraucisco, and also that of B. F. Hastings & Co., of Sacramento have bursted this week. These houses stood well in monetary and commercial circles, and their sudden and unlooked for failure has created a panic and may lead to other failures.

7. November 4, 1871 The New North-West Deer Lodge, MT

Article from The New North-West, November 4, 1871

Click image to open full size in new tab

Article Text

Telegraphic. Reported for the " New North-West, BY W.U. TELEGRAPH.CO.- A. WILLEY, OPERATOR. Tammany. New York, November 2d.-A statement is made, founded on the warrants paid by the Broadway Bank, that.Ingersoll and Garvey, An depositing, invariably gave 42 per cent. to Woodward, 24 per cent. to Tweed and kept 31 for themselves. Reduction of Debt. Washington. November ..The public debt has been reduced $8.950,490 during October. The coin balance is ninety-nine and half millions. " Is the Cancassian Played Out ?" Washington, November 1st -Gen. George B. Will liams, 2d deputy of the Internal Revenue Bureau, to day concluded an engagement with the Japanese Min later to go to Japan and organize an internal revenue system similar to that of the United States. The engagement is for three years, at large salary. Maj. Thos. Long, connected with the National In telligencer, died to-day. aged 75. Legal Proceedings. Chicago, November to- Palmer. on October 30th, wrote to Attorney-General Bushnell, now in this city, instructing him to take proper steps to have Lieutenant General Sheridan, Col. Frank T. Sherman. Maj. Colston and others, connected with the organiza tion of the regiment of Home Guards, a member of which shot Col. T. W. Grosvenor. a few days after the great fire, presented to the Grand Jury for indictment for their connection with that tragedy. It is said Mayor Mason will also be indicted. It is also reported that Attorney-General Bushnell and Prosecuting At torney Reed were in consultation to-day is reference to the matter. One man was killed and another probably fatally in jured to-day, by falling wall of the Tribune building The men were engaged in tearing down the wall. Utah. Salt Lake, N ovember 1et.-To-day everything is pacific, and there is not the least probability in this city of any outbreak or difficulty. The Mormons alkdis claim the most remote Intention of resieting the law or opposing the U S. officers in the performance of their duties. Judge McKean's course in admitting Mayor Wells to bail is admitted in all quarters to be eminently wise and proper. No fault is found for 10 fusing ball for Stont and Kimball, although its not deemed that the probability of their guilt is greater than Wells. It is understood that Marshal Patrick is organizing an expedition to follow and arrest Brigham Young. Reliable reports are to the effect that Young is etill moving Southward, having 11 wagons and 100 armed men, mounted. The appointment of Mr. Geo. c. Bater, as U. 8. Prosecuting Attorney for Utah is approved by both Mormon and Gentile papers. Business is dull, and money unusually scarce. The weather is delightful New York. At meeting of the Board of Supervisors to-day. Mavor Hall suhmitted resolution, which was adopted, dividing the city into fifteen election districts, and designating certain Tammany officials to receive the election retarns. This is thought to be in the interest of Tammany No account yet of the missing Ingersoll. The non-arrival of the Grand Duke Alexia keeps the reception committee in ferment. It the Duke arriv ves this week themilitary reception which it was proposed to have will be deferred, as the law prohibits any mil itary parades in the city for fire days preceding the election The Civil Service. Weshington, November -The President has appointed Chas. c. Beaman. jr., to examine claims in the Department of State. I The Clvil Service Commission was in session to day on the subject of Postmasters. The difficulty is to fix point where competitive examinations shall com mence, as of 30,000 postmasters, 22,000 receive sal ] aries less than $100 n year. It is thought this clas should not submit to examinations, as the greate port of the offices are held mere, for neighboorhood e Washington. 8.-Information has been receive that 200 Ku Klux bave made voluntary confession e and surrendered to the authorities. They are dis r gusted with the K. K. thirty-seven of them have confessed at this writing. It is estimated three hun dred have fled. One hundred and two are confined in jail Yorkville, The priconers speak well of thei treatment. al Pacific Coast. is San Francisco, November et.--The old bankin 5, house of John Sime & Co., failed this morning. Th supposed cause is unsuccessful stock operations. Sim 0 died ten daysago. The stock market is falling beavil No indications of the fallnre affecting other hanks P, San Francisco, November 9d-The failure of Jno e Sime & Co., bankers, of San Francisco, caused als is failure of Hastings & Co., of Sacramento. Edwd. Kehoe, a restaurant waiter was killed thi : evening by the accidental discharge of pistol, Andrew Wilson was killed, and Jno. Beckley fatall injured by fabling in the Belcher mine, Virginia city . yesterday e San Francisco, -The failure of the bank of Sim it & Co., Sacramento cansed a run on the Odd Fellow in Savings Bank of Sacramento. which quickly subsided All demands promptly met. a Lawrence Taff, hostler. was killed fn Virginia Cit yesterday by kick of horse. a Christate Johnson Dase, was shot dend by Ben e. Reed,a werthlees bummer, at Nevada city yesterday Reed was arrested. Niscellaneons. Ottawa, Out. November -Skead's lumber mi burned this morning Loss. $40,000. New York, November ist.-4 special dispatch from Washington evening, says it is asserted on authority of Senator Poole that General Grant has pressed out determination to declare martial law through the entire South in consequence of the continue w ontrages. The Board of Health to-day declared Charleston ok fever. Key West infected ports, on account of the yello as Baltimore, November mass meeting of tl a Democratic Conservative party of this city was to-night in Monument Square to protest he proceedings in South Carolina under the against t al of the writ of corpas. Reverdy Johnson suspension sided. Several were adopted and p at delivered by Mr. Johnson, Pinkney White, address Josh Van Zandt, Mayor Cleet, and others. th TELEGRANS IN BRIEF be 2000 The Chicago Tribune or 600 masons c #1 to carpenters $5 per day. winter employment there a Chae. O'Connor recover $5,000,000 bv. Bose Tweed obtained by fraud, unless from ed Tweed next so days. corrupt ley his the Legislature and He reta position on the Board of Public Works ew The President issued proclamation recommend

8. November 8, 1871 Eureka Daily Sentinel Eureka, NV

Article from Eureka Daily Sentinel, November 8, 1871

Click image to open full size in new tab

Article Text

PACIFIC COAST DISPATCHES FROM SAN FRANCISCO. SAN FRANCISCO. November 7. - The resignation of J. B. E. Cavallier. as Pres. ident of the Stock Exchange, tendered on account of his suspension through the failure of John Sime & Co., was refused acceptance by the Board. and he will continue as usual. His liabilities are over $60,000. The hat store of J. London, 829 Kearney street, was burned out between 10 or 11 o'clock last night. Loss $2,000; fully insured. The Central Pacific Railroad Company sent out 60 of the officers of the wrecked whalers this morning; having reduced fare to a nominal rate. to enable them to reach their homes in the east. C.H. Bradford, T. H. Rankin and J. Birch were appointed a committee on behalf of the creditors to investigate the condition of the affairs of John Sime & Co.'s bank. Liabilities are stated at $240.000 in round numbers. Nominal assests $186,733 14, including 2,350 shares of Exchequer mining stock; 829 shares ditto, collateral from Tilden; 295 shares ditto. John Sime; 1.518 states ditto, held as collateral : 1.361 shares Almaden Quicksilver mining company 122 shares Alpha mining company, and 155 shares Consolidated Gold Hill mining company. The books appear to have been kept correctly; the cash in the vault tallying exactly with the cashier's report. There were thirty-three vessels in the whaling fleet which was crushed to atoms by iceberge in the Arctic Ocean. The wreck occurred on September 8th The crews. numbering 1,200. reach d vessels outside, and all were saved. Three of the vessels were from this port. Dispatches received to-day announce disasters to two San Francisco bound sugar vessels: the Patsey Dawson, from Batavia, who went ashore on a reef, and put into Manilla to noload: the Mogue. from Manilla. sprung a leak and put into Hong Kong in distress, where she wa unloading. One hundred and seventy three thous. and dollars were received from Meadow Valley mine. for October, and $72.77 from Hale & Norcross Exaggerated rum rs of extent of the fire in Vallejo 10-day caused great un easiness in San Francisco. When it was found that only one block was de stroyed. and that the loss did not exceed $50,000. much relief was telt. Judge Sawyer to-day tried and convicted eight young men, well known to the police as Barbary Coast rounders, on charges of vagrancy: they were sentenced to the County Fail. and request ed to assist in cleaning sewers. and other public amusements (!) in order to keep their systems in healthy condition. In the matter of the mandamus to compel Governor Haight to issue a commis. sion as Captain of the California Guards to Charles O'Donnel. which has. attract. ed much attention. Judge Morrison ren. dered his opinion this afternoon, dis. missing the mandamus.

9. November 9, 1871 The Idaho World Idaho City, ID

Article from The Idaho World, November 9, 1871

Click image to open full size in new tab

Article Text

NEWS SUMMARY. It is rumored that Bismarck offers to give back Metz, after dismantling its fortresses. to the French in exchange for Pondicherry or the French possessions in Cochin China. The London Mansion House and Liverpool 0 subscriptions to the Chicago fund amount to $321,000. Judge Noah Davis, of New York, states that 8 he has ample proof that State Senator Bowen, a Radical member of the New York Legislature, received $30,000 in bribes at the last session of the Legislature for voting for bills in the interest of the Tammany ring. Charles O'Conor has stated that no suits will be brought against Mayor Hall until after the election. Republicans of New York are urging the election of Horatio Seymour to the Legislature from the Nineteenth Senatorial District, on account of his opposition to the Tammany ring. Catacazy, the Russian Minister, appears to be in bad odor with the Administration. He has quarreled with Fish, and is not on good terms with Grant. It is reported that after the visit of the Grand Duke Alexis he will be presented with his passports. The banking firm of John Sime & Co., of San Francisco, has suspended payment, and a petition has been filed, by one of their creditors. in the United States District Court, praying that they be adjudged bankrupts. Sheriff White, of San Francisco, on opening the vaults of the bank found over $30,000 in coin on hand. Brigham Young has left Salt Lake City for Southern Utah, and U. S. Marshal, Patrick, proposes to take a squad of men and bring him back, as it is believed that he is leaving the country, and will endeavor. to make his escape into Mexico. Mayor Wells, of Salt Lake City, and several other prominent Mormons who were under ar. rest on charge of murder, have been admitted to bail. It seems to be a matter of doubt whether the Grand Duke Alexis will visit the United States at all. A Mrs. Oliver was dangerously. if not fataliy, burned a few days ago in San Francisco by a switch of false hair she was wearing catching fire from a candle. The matter of the shooting of Col. Grosvenor in Chicago is before a Grand Jury and efforts are being made to indict General Sheridan for the part he had in the affair of calling out troops. General Geo. B. Williams, second Deputy Commissioner of Internal Revenue, has been engaged by the Japanese Government to go to Japan and there organize an Internal Revenue system similar to that in force in the. United States. It is reported that Grant proposes to declare martial law throughout the entire South. The City Treasurer of Philadelphia appears to be a defaulter as he has been indicted and a warrant issued for his arrest. The Bar association of New York City, adopted a resolution that the nomination of Ledwith for Judge of the Supreme Court, does not deserve the support of the legal profession nor of the people. Ingersoll of the Tammany ring, has not yet turned up, and his whereabouts is unknown.

10. May 3, 1872 Gold Hill Daily News Gold Hill, NV

Article from Gold Hill Daily News, May 3, 1872

Click image to open full size in new tab

Article Text

ARRIVALS AND DEPARTURES. Arrivals. BY WOODRUFF & ENNOR'S LINE. J Cook Mrs Douglas A Devine Mrs McCloud Mr Shaw Mr Himes M Valmers CH Fosgard TD Howard Miss Plum J Gurse Mrs Wilson M Roberts M Sullivan Mr Satterfield R Moore J Winson Becker s Stewart J Borland D McConnell Departures. BY WOODRUFF . ENNOR'S LINE. LW Wood GC Jones T L Bryant Brown Arnold D Shaw J Master Buckley Master Smith Mrs Bennett CAVALLIER.-J B. E. Cavallier, the suspended Virginia broker, was said to have owed his suspension pretty much to the failure of John Sime & Co., bankers, San Francisco. If this was really no humbug, Mr. Cavallier should be now all right in that respect, and feel disposed to do something like a by the numerous who lost their hard nates fair thing earnings unfortuhis failure. The Chronicle of says: through cisco Wednesday San in the Fran- failparties lost heavily John Sime & Co., and fifty cents on ure only Many of paid depositors the estate the the assets was a large of mining dollar. quantity Among stock, share, which and was then valued at only $5 per the same stock a and such an has high now price, commands amount creditors very realized as will pay dollar due them, and every been fortune leave of some the widow of Mr. Sime a or $60,000. The upon has, of course, the $50,000 depositors effect Some been of of the most gratifying nature. them had been driven into bankruptcy by the failure, and now their money has come back to them, dollar for dollar. and again they revel in attluence. truth is stranger than fiction.' let Cavallier follow payleast part of what Verily, ing Now he suit owes, and by and a date as of Virginia and people early honest, Gold to think he is or Flagg. he at as the Sime will begin possible, even Hill like do some sort of shows & Co., disposition But unless and to is right in the matter, be very soon, we with him at dealing honorable what Ploche, advise where those he has started business, to keep a sharp lookout for him, as a man that it won't do to bet much on. HIRSCHMAN, JEWELER-All old residents of Virginia and Gold Hill well remember Adolph Hirschman, formera jeweler on street, Virand subsequently ginia, ly leading the engaged last three in mining operations. For Hirschman 03or in his old at San tablished four years business has been Francisco, where he has a first-class jewelry establishment on the new side of Kearney street, No. 133, between and Post streets. His stock inall the finest and best of cludes Sutter dlamonds, styles silverwatches, jewelry, etc., in fact he offers the finest and ware, most recherche stock of jewelry the on the coast, imported direct from manufacturers in Europe and the East. All residents or dealers of this section who send below for anything in that line, should by all means patronize Hirschman, who will always deal favorably with his old Washoe friends. Read his advertisement in another column to-day. RECOVERING WITH A BULLET IN His Enterprise says: Little Williams, the was Johnny BRAIN.-The boy who and so badly wounded a few by a to shot weeks ago playfellow, Is left able be the streets. His eye is destroyed, and out totally upon still the lodged bullet which passed through it is within the the fellow is apparently very somewhere little skull, and in cheerful yet health and as bright of boys of age as the streets. The good seen the on average his Enterprise to be not state, but we believe Dr. of that city Hopkins does attended the singular little At any rate it is a the probability is the will up to be a man, boy case, follow. and grow his that and head. all his life retain that bullet in with probably no inconvenience at all from it. A sac or cartilage will form around it, and it will do no particular harm, not even making him feel topheavy. MORRIS & NATHAN.-This enterprising dry goods firm, whose store is just south of the Postoffice at Virginia, and nearly opposite the International, continue to do a regular rushing business Experienced judgment selection of goods their army of lady suiting in in their line. the just customers, and exactly them a great advantage enthem to sell rapidly at & Nathan are give fits. able Morris small business promen. Just read their advertisement and in another column, and thea go Inspect their goods and prices.