1102. Market Street Savings Bank (San Francisco, CA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 16, 1877
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
d1b50260

Response Measures

Full suspension

Other: Depositors to be paid in installments (two, five, and eight months).

Description

Multiple newspapers (Oct 16–27, 1877) report heavy withdrawals/a run that led the Market Street Savings Bank to suspend on Oct 16, 1877. Officers claimed assets sufficient to pay depositors in installments (two, five and eight months) and no receiver or permanent closure is reported in these items; ultimate reopening or permanent closure is not stated, so status is unsure. Cause appears linked to withdrawals spurred by other local San Francisco banking failures ('Duncan fiasco', Pioneer Loan, etc.), not a discrete misinformation episode.

Events (2)
1. October 16, 1877 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by recent local bank failures and general uneasiness in San Francisco (references to Duncan/Pioneer Loan failures and runs on other savings banks).
Newspaper Excerpt
The suspension of the Market Street Savings Bank is announced, owing to 2% withdrawal of accounts during the past week.
Source
newspapers
2. October 16, 1877 Suspension
Cause
Local Banks
Cause Details
Bank suspended payments after heavy withdrawals over the prior week; officers cited ability to pay in installments and about $30,000 due.
Newspaper Excerpt
The Market Street Savings Bank suspended to-day. The officers state that the assets of the bank are sufficient to settle all claims of depositors, which they propose to pay in two, five, and eight months.
Source
newspapers

Newspaper Articles (9)
1. October 16, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 16, 1877

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News of the Day. Thirty-six young ladies from Baltimore, Philadelphia, New York, Rochester, Newark, New Orleans, Chicago and a number of other places received the habit of the Order of School Sisters of Notre Dame at St. James' Church, Baltimore, yesterday morning. The interesting ceremony of their reception was witnessed by a large congregation, including a large number of the friends and relatives of the postulants. At 6 o'clock in the morning Mass was celebrat ed in the chapel of the convent which adjoins St. James, during which the novices elect and members of the community received communion. The New York Association for Improving the Condition of the Poor has passed a resolution whereby poverty is to be punished by disfranchisement. Starting with the assumption that spending public money for charitable purposes has a tendency to make pauperism respectable and permanent, the association recommends the passage of a law to deprive of the privilege of suffrage every man receiving relief for himself and family from the public funds. The as sociation expresses the belief that such a law will check the spread of pauperism. The estimates for appropriations for the fis cal year ending June 30, 1878, recommended by the Secretary of the Treasury in a letter addressed to the Speaker of the House, amount to $36,906,306.66, of which $32,436,764 98 is for the War and $2,003,861.27 for the Navy Department. In addition there are estimates from the Secretary of War for forts and for rivers and harbors $13,220,100, and an estimate of $1,031,453.58 for permanent annual appropriations, but these are not recommended. One day last week a boy named Lee Zeliers, eight years old, who lives in Washington county, Maryland, started to walk to Leesburg, Virginia, to which place his mother had gone on a visit, and in nine hours had gotten 29 miles on his way, when he was caught by those who were hunting for him and taken back home. The Miners' Executive Council has called a general mass meeting for to day at Hyde Park, Pa., with the intention to oppose the resump tion of work in the Delaware, Lackawanna and Western Company's mines. If this object is carried out at the meeting the men are expected to break loose from the Union and go to work in spite of its mandates. The president and others concerned in misappropriating the funds of the Clairmont Savings Bank, of New York, are to be prosecuted. Samuel W. Canfield, president of the Rockland Savings Bank, has been committed in default of bail in New York to answer for complicity in embezzling the funds of the bank. A dispatch from General Sheridan communicates one from General Pope announcing the surrender of three chiefs and 187 Apache Indians at Wingate, and for the present they will be sent to their agency at Canada Almosa. All the Warm Spring Indians are expected to surrender soon. The suspension of the Market Street Savings Bank of San Francisco is announced.

2. October 17, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 17, 1877

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San Francisco. ANOTHER SAVINGS BANK SEQUESTERED. SAN FRANCISCO, October 16.-The MarketStreet Savings Bank suspended to-day.

3. October 17, 1877 New-York Tribune New York, NY
Article from New-York Tribune, October 17, 1877

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SUSPENSION OF A SAN FRANCISCO SAVINGS BANK. SAN FRANCISCO, Oct. 16.-The suspension of the Market Street Savings Bank is announced, owing to 2% withdrawal of accounts during the past week. The officers state that the assets of the bank are sufficient to settle all claims of depositors, which they propose to pay in two, five, and eight months. The amount due la about $30,000.

4. October 20, 1877 Arizona Citizen Tucson, Florence, AZ
Article from Arizona Citizen, October 20, 1877

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Late News. The failure of the Pioneer Loan Association in San Francisco, is nothing less than a premeditated robbery by J. C. Duncan of about 6,000 depositors, most of whom are poor, out of a million dollars. The failure of the Fidelity Savings Bank--a new concern--amounts to very little to any body. The Market Street Savings Bank has suspended, but asserts ability to pay depositors. Cross & Co.'s failure surprises everybody. It has stood number one in San Francisco since 1848. The members of the firm are regarded as honest men and may resume business. Ullman & Co., of San Francisco, importers and dealers in ladies' cloaks, cloths, trimmings, have failed. Losses and dull times, assigned as the reason. Liabili ties about $300,000. The Franklin Sav. ings Bank, of Pittsburgh, Pa., has fail. ed. An assistant treasurer of the Grand Trunk railway, Canada, has absconded with a large sum. A London Solicitor has just failed. Liabilities $700,000 over assets. An era of fraud or exposure of it seems prevalent throughout the world. The telegraph and newspapers have got up quite a war feeling bet N een the United States and Mexico, and say the Mexican people do not approve of the peace policy of Diaz, especially in the matter of surrendering fugitives from justice under the extradition treaty. The press is generally discussing the late Ohio election. Hardly any two agree as to what caused the great change or exactly what effect the change will have on the future of parties and public measures. It is believ. ed that silver will surely be remonetized by the next Congress. Chas. Sweeney, absconding Secretary of the Collateral Loan and Savings Bank in San Francisco, is supposed to have come to Arizona with about $7, 000, principally belonging to D. T. Meagher. Secretary of State Evarts made an argument for the defendant, in the Supreme Court October 10, in the case of Edwin A. C. Hatch VS. Thomas B. Coddington. The War Department has just published a section of law which forbids the purchase of coal or wood by any officer until the same shall haye been inspected by an inspector duly appointed by the head of the Department. Congress convened in extra session on 15th; elected Samuel J. Randall, of Pennsylvania, and Speaker of last Congress, Speaker of the House. The Pres. ident's message was short and confined to appropriations for Army, and for deSciencies for the Navy and Department of Justice, and favors provision for the Paris Exposition. Bills relating to other subjects have been introduced

5. October 20, 1877 The Pioche Weekly Record Pioche, NV
Article from The Pioche Weekly Record, October 20, 1877

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LATEST NEWS BY MAIL. WASHINGTON, Oct. 15. Senator Jones expects to present the completed report of the Silver Commission during the present session. There will be no change in its conclusions and recommendations as published last winter, but he has made its historical and argumentative portion much better than it was at first contemplated. Considerable space will be devoted to a contrasted statement of the excellencies and defects of the paper system of currency, and ground will be taken that as compared with the metallic system, or even with the bi-metallic system, the latter is hampered by restrictions on free coinage, etc. The paper system is the most logical, cheapest and best. This is undoubtdly what gave rise to last summer's reports, that Jonos had become a convert to paper money. He says, however, that while assuming the above position, he is not a particle less ardently an advocate of the adoption of a bi-metallic system with free coinage, and unlimited legal tender safeguards for the protection and preservation of the precious metals as the solid currency of our country. The members for all the Pacific Coast Districts, except the Fourth California, were sworn and seated in the House to-day. The contest regarding Pacheco's right to be sworn in, will take place to-morrow, unless similar struggles of the Colorado, South Carolina and Louisiana contestants consume the day, which is not probable. The idea of bringing the present session to a close within the next week or two, seems to be generally abondoned to-night, the judgment of the most experienced members of both Houses being that it will inevitably last until nearly the first Monday in December, when the regular session begins by constitu. tional requirement. There was an extra meeting of the Cabinet today, to consider the nominations to be sent to the Senate. In the Senate, handsome floral tributes were placed on the desks of Blaine, Conkling, Sargent, Ferry and Dawes. The committees will remain unchanged for a few days. SAN FRANCISCO, Oct. 16. The suspension of the Market street Savings Bank was announced to-day, owing to the withdrawal of accounts during the past week. The officers state that the assets of the bank are sufficient to settle all claims of depositors, which they propose to pay in two, five and eight months. The amount due is about thirty thousand dollars. Great uneasiness is occasioned by the recent savings bank failure, which produced a run on the Hibernia Bank that was quite lively for a while, but as the officers assured the crowd that if they wanted their money they could have it at the rate of & million & day for the next two weeks. The depositors soon came to the conclusion that they did not want it and the excite. ment subsided. A run was also made on the Dime Savings Bank on Market street, the officers seeing the danger of a heavy call on the resources of the concern, put up a notice requiring 30 days notice on all deposits exceeding $10 in silver. The bank has been called upon for about forty thousand dollars since the Duncan fiasco. The officers say the bank can meet all demands, but they had acted liberally with depositors for the past week, and there was evident intention to inaugurate & run, they considered it time to put on brakes. LONDON, Oct. 15 A special to the times from Calcutta says it is feared war is imminent between England and Ameer of Afghanistan and the Khan of Kelat, in consequence of the location of a British force at Onetta, in Beloochistan, which the Khan and Ameer construe to mean permanent occupation of that country. Though the force at Onetta is only sent as an escort to the British resident agent, yet the Viceroy declares its maintenance there is & necessary measure of Imperial policy. The Ameer of Afghanistan is negotiating with the Kelat and Beloochee chiefs for a forcible expulsion of the British, for which he offers his help and warns Khan that their continued presence means eventual absorption. A correspondent at Sistova gives a favorable account of the Russian preparations for a winter campaign. Vast stores of corn and forage have been laid in at the depots along the Russian railroads, but the mud is frightful on the roads. Two miles south of Simnitza bridge, it takes eight horses and twenty men pushing behind to get a light wagon through. It is estimated that the famine will cost the Indian Government fifteen million pounds, ex. clusive of the loss of revenue and other indirect effects. PARIS, Oct. 16. Complete returns, except the colonies, show that 314 Republicans and 210 Conservatives have been elected. Fourteen second ballots will be necessary. The Conservatives retain 142 seats out of the 158 held by them in the late Chambers. The Republicans retain 297 seats of the 363 who voted the order of the day censuring the dissolution of the Chambers. On Saturday afternoon. when the

6. October 25, 1877 The Milan Exchange Milan, TN
Article from The Milan Exchange, October 25, 1877

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TELEGRAPHIC NOTES. Joel Collins, who was killed as one of the Union Pacific train robbers, it is claimed by his father was entirely innocent, and the latter has begun a legal investigation into the matter. The elder Collins is said to be a highly respectable citizen of Dallas, Texas, and he says that his son had just been to the Black Hills with a drove of cattle, which he had sold and received the pay therefor in gold, nearly $20,000. sconduct when captured at Buffalo is accounted for on the hypothesis that he supposed he had fallen into the hands of robbers and determined to resist to the end. Advices from El Paso County, Texas, to the 14th, represent that the entire lower portion of the county is in possession of the mob, and that the Americans have all fled for safety to the town of El Paso. Judge Howard, who was at one time a prisoner in the hands of the mob, after being released killed Louis Cardis, the leader of the Mexieans, and fled to Mesilla. Judge Baker, with a posse of troops from Fort Davis, has gone to restore order and reinstate the deposed county officers. A Berlin dispatch of the 13th says that the Ritterschaftlische Bank of Stettin has failed and the Managing Director has committed suicide. The entire business part of Janesville, Onondaga County, N. Y., was burned by an incendiary fire on the morning of the 14th. Loss about $60,000; insurance, $18,000. Frank Nichols, the supposed St. Elmo (III.) murderer, has been tried and found not guilty, having clearly proven an alibi. The Columbia Life Insurance* Company of St. Louis, upon application to the Court by State Insurance Superintendent Relfe, has been enjoined from doing further business and will be placed in the hands of a receiver. The Citizens' Bank of Laporte, Ind., owned by Jacob and Simon Wile, suspended on the 15th. Liabilities about $70,000, which are said to be fully secured by the assets. Berry, the captured Union Pacific train robber, died on the 16th at Mexico Mo., from the effect of his wounds. Previ-, ous to his death he made a full confession, stating that he was one of the six men who robbed the express car at Big Springs. Collins, who was killed, planned the robbery. The names of the others, as known to the Express Company, are said to be correct. After the robbery they all traveled 200' miles together and then separated in squads of two. Berry leaves a wife and six children. He was very respectably connected in Callaway County. The Market Street Savings Bank of San Francisco suspended on the 16th. The bank has only about $30,000 in deposits, which its Directors say will be paid in full inside of eight months. The latest advices from San Domingo state that another revolution against the Baez Government is in progress, and that Puerto Plata was occupied by the revolutionists. Lucy Williamson, a beautiful girl of 16, daughter of a prominent citizen of Covington, Ky., was fatally burned on the 16th while kindling the firewith kerosene. Her father was also badly burned trying to save her. Her mother, who was lying on a sick bed, was SO badly prostrated by the shock that it was thought she could not recover. Fifty disguised men entered the jail at Jefferson, Texas, on the night of the 16th, and took therefrom a negro named Jim Johnson, who was accused of murdering Frank Jennings, a mail-rider. The negro's fate was not known, but is easily conjectured. The centennial anniversary of Burgoyne's surrender was celebrated at Schuylersville, Saratoga County, N. Y., on the 17th. Ex-Gov. Seymour and George W. Curtis were the orators. Mrs. Brendell, of Cieveland, O., was fatally burned on the 16th by the upsetting of a gasoline stove. The Hannibal and St. Joseph Railroad has been placed by the Court in the hands of a receiver, and Mr. Sidney MeWilliams, of Chillicothe, Mo., has been appointed for that purpose. Mayor Linde, of Hot Springs, Ark., has by public proclamation ordered the closing of all gambling-houses in that city under penalty of having their tables and other par-

7. October 26, 1877 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, October 26, 1877

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WEST AND SOUTH. The Market Street Savings Bank, of San Francisco, failed on the 16th. Cause: Depositors wanted their money. The officers assert that all claims against the bank will be paid. Robert M. Cordes was elected, on the 16th, President of the Most High Court of Forest. ers at Louisville, Ky. Buckley and Guild, the fugitive officers of the State Savings Bank, of Chicago, returned to that city on the 16th, and will assist the Receiver in straightening out the accounts of the institution. The Triennial Council of the Congregational Church commenced its session at Detroit on the 17th. The case of the Government against John A. Joyee, in the U. S. District Court at St. Louis, was decided on the 18th in defendant's favor. At the session of the National Temperance Union, at Cleveland on the 18th, Francis Murphy was elected President. The Home Savings Bank of Elgin, III., failed on the 18th. The Kansas City Times of the 20th published an account of a huge land swindle in which it alleges "one of the largest banking houses in Austin, Tex., two Chicago houses, bankers and real estate dealers, and two attorneys in St. Louis, a bank and two real estate dealers in Indianapolis, and others in Cincinnati, Cleveland and Pittsburgh are to be and have been arrested for being connected with the fraud." It says there has been a system of forgery in practice in this country for the past eight or nine years. The mode of working by the gang is this: They have agents in each district, with attorneys in the cities. An old man or woman of wealth falls suddenly sick; the doctors give her or him up as likely to die. In some places this gang have a doctor as one of their agents and he assumes the death of the victim at the proper time. A person having been assumed to die, and the gang having examined the records of the property belonging to the doomed person, the heirs are sought for and duly examined by the gang. The deeds are prepared in due form and a woman or man (each members of the 1 gang) appears before a justice or notary, and the dying man's property is duly deeded 1 away before his death, his name forged and e that of his wife, and the same placed on e record." The National Christian Union ended its t meeting on the 19th. Senator Morton's condition is reported decidedly favorable. 1 The Congregational Council, in session at y Detroit, adjourned sine die on the 22d. Dispatches from the Sitting Bull Commission received on the 22d say the Commis r sioners offered him a free pardon, many presr ents and honorable and just treatment. The chieftain rejected all their offers and the comn mission started on their return home. The effect of the order stopping the coinage of the trade dollar was to cause a 'cor ner" in San Francisco, and raise their price from 96 to 981/@99. B The Bank of Bunker Hill, Ind., suspended payment on the 22d. Depositors will be paid in full"-of course. 1A diabolical attempt was made to wreck e an Ohio & Mississippi train at Noble, Ill. iearly on the morning of the 22d. All the rcars were more or less injured, but no pas. senger was injured. It is believed the act was er performed by six section-men recently dis charged. An editorial in the Indianapolis Journa of the 23d, expressing Senator Morton's views upon the duty of Republican members to of Congress, says: We have seen nothing he which, taken either separately or collective

8. October 26, 1877 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, October 26, 1877

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merous acts of humanity to wounded whites. The fifth annual session of the Woman's Congress of the United States convened at Cleveland, O., on the 10th. Mrs. Bascom, of Wisconsin, presided. Forty lives were lost by a colliery explosion at Pemberton, Lancashire, England, on the 11th. The Spanish Government has just paid the American Minister $570,000 on account of claims for losses incurred by American citizens in Cuba through the revolution. Henry Meiggs, the well known South American railway builder, died at Lima, Peru, on the 29th ult. A Paris telegram of the 12th says that Gambetta has been sentenced to three months' imprisonment and to pay a fine of $800 for placarding his recent address on the election in his arrondissement. The printer of the address has been sentenced to 15 days' imprisonment and to pay a fine of $400. Edwards Pierrepont, Minister to England, has tendered his resignation, to take effect Dec. 1st. A Berlin dispatch of the 13th says that the Rittershaftlische Bank of Stettin has failed and the Managing Director has committed suicide. The elections for Deputies in France took place on Sunday, the 14th. The contest was between the Republicans and a combination of three parties, the Imperialists, the Legitimists and the Orleanists, who temporarily laid aside their mutual antagonisms and joined with President McMahon in an effort to overthrow their common enemy. A Paris dispatch of the 17th gives the result of the elections as follows: The Republicans have elected 314 and the Conservatives 201 members. In 14 arrondissements new elections will be necessary. Gen. Grant was at Birmingham, England, on the 16th, the guest of Mr. Chamberlain, M.P. He was tendered a public reception at the Town Hall. The Market Street Savings Bank of San Francisco suspended on the 16th. The Bank has only about $30,000 in deposits, which its Directors say will be paid in full inside of eight months. The latest advices from San Domingo state that another revolution against the Baez Government is in progress, and that Puerto Plata was occupied by the revolutionists.

9. October 27, 1877 Bradford Opinion Bradford, VT
Article from Bradford Opinion, October 27, 1877

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The Culver House and about a dozen other buildings in Winneconne, Wis., were burned. Loss, $20,000. Alexander Reed, managing proprietor of the Toledo (Ohio) Blade and Commercial, was assaulted in the street by one Dowling, ex-postmaster of the city, but the two were separated by friends before any serious damage was done. Mr. Reed is postmaster of Toledo. The Congregational Association of California, in session at Sacramento, passed strong resolutions against Chinese immigration. The suspension of the Market Street Savings Bank, of San Francisco, took place, owing to a heavy withdrawal of accounts. The yellow fever at Fernandina, Fla., is abating. The third meeting of the triennial Congregational council was held at Detroit, Mich., about 200 delegates, representing all parts of the