1103. Masonic Savings & Loan Bank (San Francisco, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 22, 1878
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
82a8d798

Response Measures

None

Description

Contemporary papers (Aug 22–29, 1878) report the Masonic Savings & Loan Bank of San Francisco 'will retire from business', 'has suspended', 'closed its doors to depositors' because of improvident loans on navy pay certificates. Directors state assets to be converted to cash to pay depositors. This is a voluntary winding-up/suspension that appears permanent (no reopening reported).

Events (1)

1. August 22, 1878 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors announced the bank would 'retire from business' and convert assets to cash because of improvident loans on navy pay certificates.
Newspaper Excerpt
The Masonic Savings and Loan Bank announces that, in consequence of improvident loans ... the bank will retire from business.
Source
newspapers

Newspaper Articles (5)

Article from Morning Appeal, August 23, 1878

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San Francisco, August 22.-Isabella Ancona, a native of Panama, who came here in 1850, and her son, Richard Ramesis, have come forward as claimants to the Reese estate. The lady asserts that the dead millionaire was the father of her boy, but it has not been shown that Michael Reese in any way adopted him, and the publication of the will proves that no provisions were made for the young man, if, indeed, the deceased ever admitted the paternity. It is reported that Hall McAllister declined to take up the case, as he could find no proof of legal rights in the claim. The woman is credited with saying that she lived with Michael Reese from 1853 to 1859. The Masonic Savings and Loan Bank announces that, in consequence of improvident loans heretofore made on navy pay certificates the bank will retire from business. No more deposits will be received or loans made. The assets will be converted into cash as speedy as prudent management will permit and the proceeds be paid to the depositors. The directors are confident of their ability to pay all demands in full, less interest from this date. The Combination Mining Company sold its amalgam on Tuesday, the fruit of eight men's work for eight days, for the sum of $276 40. This amount was not SO large as was expected, but the members of the company will nevertheless continue operations in the hopes of doing better this week. Last Sunday Fred. Brewster, dramatic critic of the Alta, while standing on the wharf of the Bay and Coast Railroad, Alameda, was severely injured by the ferry-boat running foreibly against the wharf, throwing him down, breaking his thigh, and inflicting internal injuries, from the effects of which he died at 5 0 clock yesterday morning. There was rather a larger demand than usual this morning by the depositers of the Clay Street Bank, on account of the withdrawal from business of the Masonic Bank. The Clay Street Bank also held a large amount of United States naval pay certificates, but it appears they have not been borne in the assets of the bank, as was the case with the Masonic Bank, and were provided for long ago. The officers of the bank expressed no fears of a run on the concern in case one should be started. By noon the little ripple of excitement had subsided, and affairs at the bank have resumed their former aspect.


Article from The Silver State, August 24, 1878

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Article Text

THE managers of the Masonic Savings and Loan Bank of San Francisco announce that in consequence of improvident loans made on navy pay cer. titiontes; the bank will retire from busiцess. The assets will be converted into cash as speedily as prudent management will permit, for the payment of depositors. The Directors are confident of their ability to pay all demards in full, less interest from. the date of the bank's suspension.


Article from Bozeman Avant Courier, August 29, 1878

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News of the Week. -The wheat crop of Minnesota is esti mated at 25 to 30 million bushels. -Havre, August 22.-Queen Christina died last night at Sainta Adresse, near this city. -Troy (N. Y.,) August 21.-Richard Shannon, murderer, hanged himself in his cell to-day. -O'Leary's Boston walk of 400 miles in 22 hours was accomplished, with 20 minutes to spare. -General Garibaldi has written a letter denouncing Austria and Germany, and approving socialism. -The Memphis & Charleston Railroad has offered transportation to refugees from the yellow fever districts. -The citizens of Philadelphia, on the 22d inst, subscribed $1,400 for the relief of the yellow fever sufferers. -Baltimore, August 23.-John Schull, editor of the Somerset, Pennsylvania, Herald, was drowned near Cumberland yesterday. -London, Angust 23.-Samuel Wild, a cotton spinner and colliery proprietor, of Rochdale, has failed. Liabilities $620,000. -Up to and including August 16, there had been 975 reported cases of yellow fever in New Orleans, 266 of which proved fatal. -Chas. W. Angell, Secretary of the Pullman Palace Car Company, has absconded with cash and securities estimated at $120,000. -Robert Lincoln, son of President Lincoln, is talked of as the probable Republican nominee for Congress in the First Illinois District. -Miss Sue Claggett, daughter of the late editor of the Keokuk, Iowa, Constitution succeeds her father in the editorship of that paper. -It is reported that Mr. Hill, the Supervising Architect of the Treasury Department. is in trouble, and a statement is confidently made that he will be removed. and Wilson, of Cincinnati, appointed in his place. Owing to the prevalence of yellow fever the approaching session of the Grand Lodge of I. O. o. F. of the United States will be held in Baltimore, Maryland, on the t third Monday proximo, instead of Austin, a Texas, as expected. 8 -President Hayes is recently reported to a have said that he has no prejudices against m Gen. Grant or his friends. On the conth trary, he had provided places for some of Gen. Grant's triends. and le intended to or do so for more of them. or -The Masonic Savings and Loan Bank y co of San Francisco, has suspended. Cause, lu improvident loans made on navy pay certificates. The directors are confident of th tin their ability to pay all demands in full, less the interest, from this date. fo -There has recently been some trouble th among the Sioux Indians of Spotted Tail sa Agency, resulting in the killing of two Inqu dians by their own people. Maj. Pollock lesired to act as peacemaker, but the Inqu too lians indignantly declined to receive any council from him. lov nifi -A dispatch from Malheur Agency via ove Baker City, says that 77 Indians. including ger 0 warriors, surrendered on the 16th. This ing eaves but a very few hostile Snakes unacthe ounted for. The surrendered Indians say low he Bannacks did all the murdering, and he Snakes the stealing. But tha -hoJn J. Moore, late postal clerk on be Union Pacific road, who some months 7 go stole from the mails the $10,000 Canawe an currency, the property of I. G. Baker plac Co., of Fort Benton. was tried at Larabut ie City, Wyoming, on the 16th, and sencher need to a term of ten years in the peniatiary. beer ther -Gen. "Hooker evidently does not agree of ith Gen. Grant when he states there was love battle on Lookout Mountain. Hear and m: "When Grant affirms there was no I lov ttie on Lookout Mountain, or when he bein herwise detracts from successes of my hom ttles, he either must have been deep in the I eup, to which he is addicted, or else good d a desire for a third term; or he must ever ve crazed his brain. notice -Kearney's debut in Chicago was not the I ended with as much enthusiasm or as ple i eat an upheaval as might have been preto ad ted by his strong (physical) admirers. and speech of the 20th inst. was made in ing 1 open air, and listened to by about 3000 er th ious spectators, not one of whom, says naug Tribune, was a thought the wiser for it. beau was like all of Kearney's intemperate 'Ti rangues, full of wrath against the thievThe 1 capitalist and lecberous bondholder, destruction of established forms,


Article from Essex County Herald, September 6, 1878

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NEWS SUMMARY. Eastern and Middle States. The Vermont Greenbackers met in convention at St. Albans, nominated a ticket and adopted & platform in conformity with the principles of the party. Another elevated railroad-the New York Elevated Railroad, running along the East side of the city-has been opened to travel in New York. The jury looking into the murder of Policeman Smith, of Jersey City, N. J., brought in a verdict accusing Mrs. Smith of the crime, assisted by some unknown accomplice. Considerable excitement was caused at Readville, Mass., by the mysterious sickness of several of the operatives in a curled hair factory, two years ago, when three persons are said to have died from & painful disease, thought to be blood poisoning, from the hair of diseased animals, principally Siberian horses, many of which died from a pecular malady. A few days ago another operative died, and one other dangerously sick both evidently cases of the disease of two years ago. The annual meeting of the National Agricultural congress opened at New Haven, Conn., delegates from all parts of the country being present. They were welcomed by Prof. W. H. Brewer, of Yale College, and B. C. Yancey, of Georgia, responded. President P. T. James, of Atlanta, delivered an address on the value of scientific education to the farmers, and several other papers of interest to agriculturists were read. The Connecticut Prohibitionists, in convention at Saybrook, nominated a ticket headed by Jesse G. Baldwin for governor. At an auction sale of 50,000 tons of coal in New York a slight advance in prices over those of a month previous was obtained. About sixty paper makers from all parts of the Union met in Saratoga, N. Y., in response to a call for a convention to take action looking to relief from lower prices and over production. There are 960 milis in the United States, and it is asserted that 400 would be sufficient to supply the demand. The New Jersey Greenback party convened at Elizabeth. Members of the State conmmittee were elected and a platform adopted demanding that the greenback dollar be made a full legal tender for all debts; that all bonds be immediately paid strictly in accordance with the original contract and the issuance of further bonds be prohibited that the resumption act and national banking act be repealed that taxation of property be equal, Chinese labor be prohibited as well as competing prison labor, that eight hours constitute a legal day's work, ctc. Western and Southern States, Four men were killed by an explosion in the powder mills near Negaunee, Mich. The Masonic Savings and Loan bank, of San Francisco has closed its doors to depositors. Judge John A. Ingalls, author of the South Carolina ordinance of secession, died in Baltimore, the other day, aged sixty-five years. At Lower Boulder Valley Mountain. Montana, a man named Jackson shot and killed his wife, from whom he had been separated for some time, after which he blew his own brains out. Secretary Sherman made a speech at Toledo, Ohio, on the financial questions of the day. There were forty five petitions in bankruptcy recently. filed in the Chicago district during two days Portions of Iowa and Dakota have been visie ted by a hurricane which prostrated many buildings, killed a number of horses and did other severe damage to property. During the storm immense hailstones fell, some of th m nearly five inches in circumference. Near r Reinbeck, Iowa, one man was kilied by a falle ing barn and another by lightning. r The Conservatives of the third Virginia congressional district have nominated General n Joseph E. Johnston for Congress. Two coaches of an excursion train jumped the track near Lockwood, Mich., and rolled down an embankment. Thirty persons were d injured, fatally. several seriously injured and three From Washington. A schooner captain who recently arrived in Washington, from Para, Brazil, reports that the workmen employed on the railroad in that country, many of whom went there from the United States, are in a terrible condition for want of food and medical attention. Nearly all the 500 men who left this country to work on the road are sick and disabled. Kearney, the California labor agitator has f had an interview with the President at the White House. e The revenue receipts of late have been de creasing, being much smaller than they were during the same period last year. Foreign News. n Maria Christina, former Queen Dowager of Spain and grandmother to the present king e died near Havre, France, a few days ago, aged P eventy-two. a e The failure of James Virtue & Co., London booksellers is announced. Several failures of y nounced. firms of paper makers and publishers are an d An epidemic of typhoid fever in Bristol England-eleven deaths having occurred in one week-was brought about by the use of impure milk. a The British consul at Adrianople reports that the Bulgarians continue to plunder and out n rage the Mussulmans. The Greek archbishop e has communicated to the consul details of the e most horrible atrocities. O Severe shocks of earthquake have been felt in different parts of Germany. It is announced in an important article in r the London Times, which has been sent by telegraph to the Toronto Globe, that Secretary e Evarts has proposed in & dispatch, which he sent at the instance of Congress, complaining e of the injustice of the Halifax award, that Canada shall form a customs union with the United States. He desires that she shall adopt the American tariff. e Martial law has been declared in Russia tem porarily, on account of the increase of


Article from Salt River Herald, September 14, 1878

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Revolution is threatened in Grenada. A worm is destroying the turnips in Kildare, Ireland, A Greek has attempted to assassinate General Todleben. The silver mine at Ikuno, Japan has petered entirely out. One thousand Philadelphia iron mills men have struck. The San Jose gas company furnish gas at 81 50 per 1,000 feet. Oregon grain this year will average 62 to 63 pounds to the bushel. The Masonic Savings and Loan Bank of Sun Francisco has failed. Extensive canneries of halibut have been established on the Strait of Fuca. The coal production of China has lready reached 3,000,000 tons annually. The Mikado has opened the new buildings of the Tokio Engineering College. Each offense of smoothing, cutting or boring silver dollars will require a $1,000 fine. J. L. Smith, of Louisville, claims to have discovered a new element, "mosandrum." The total product of Mexican mines from 1537 to 1877, is estimated at $4,067,119,321. A new Russian five er cent. loan of 300,000,000 roubles, issue price 93 cents, is announced. A human body ticketed from the planet Mars, has been found in an aerolite from Peru. Glass blowers in Wheeling, W. Va., ha.e struck because a man withdrawing from their Union has not been discharged. A bread-fruit tree has been acclimated in the State Capitol grounds at Sacramento, and is now in healthy bearing. At the University of Oregon free tuition is given one student from each county and one for each member of the Legislature. Austro-Hungary mav export this year : Wheat 13,000,000 quintals; rye 2 500,000; bariey 4,000,000, oats 3,000,000. Deer slaughtering is progressing at such a rate in the northern counties of California as to threaten the extinction of the species. Work has been unexpectedly suspended for a time on the great Brooklyn bridge Cause, failure of the two cities to provide funds. Turkey wants England to accept the Cyprian revenue as security for a loan with which to carry on reform. For a long time the temperature in the Sutro tunnel has been 110°. The stratum is about 1,000 to 1,600 feet deep. During the past year the United States fornia surveyed Land Department 157 miles, of contain- Caliing about 3,240 acres, making 351 maps. The bullion product of the Black Hills for the year 1877, was nearly $4,000,000, and will not fall short of $8,000,000 for the present year. The rec very in trade is generally satisfactory, although several commercial centers, notably Manchester and Glasgow, still complain. At Negauree, Mich., the works of 22, exploded the Miners' Aug. Powder doing Company terrible execution upon buildings, fences, glass and trees, killing five men. 20, 54.976 During pounds the week of sulphur ending and Aug. 36,360 pounds of quicksilver were 0 shipped from Calistoga to San Francisco. n An artesian well on the Norris ranch, Sacramento county, is now down 1,987 feet, and the stratum of e soapstone. which has already been bored through 400 feet, still continues. 1 A Congress of Industry and 5 Commerce met Aug. 20, the Presi5 dent of the Paris Chamber of Com8 merce being chairman. Delegates 5 were 0 from Belgium England, and Russia the United appointed States Presidents. 0 Henry Johnson thinks he has found metworite It maigh