1121. Nevada Bank (San Francisco, CA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 28, 1875
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
15a50894

Response Measures

None

Description

Newspaper cluster describes the Nevada Bank of San Francisco having been closed during the August 1875 money panic and then reopened in early October 1875. There is no clear description of a depositor run specifically on the Nevada Bank in these items — the coverage focuses on a broader panic, coin scarcity, and the reopening of the Nevada Bank on Oct 4, 1875. I therefore classify this as a suspension (during the panic) followed by reopening. Bank type not indicated explicitly by the articles.

Events (3)
1. August 28, 1875 Suspension
Cause
Macro News
Cause Details
Scarcity of coin and a general money panic in San Francisco in late August 1875 forced banks (including National Gold Bank and Bank of California) to close or suspend; Nevada Bank was out of operation during this crisis.
Newspaper Excerpt
In accordance with a desire of the business public the Nevada Bank of San Francisco will be put in operation as soon as possible.
Source
newspapers
2. October 3, 1875 Other
Newspaper Excerpt
To-day the managers of the Nevada bank of San Francisco were actively engaged in preparations to open for business on Monday at 10 o'clock A. M. A supply of coin apparently large enough to resist the pressure of the fiercest run ever made on a banking institution was piled up in the cash receptacles behind the counters.
Source
newspapers
3. October 4, 1875 Reopening
Newspaper Excerpt
The Nevada Bank will be opened on October 4th, with Louis Mc Lane for manager and N. K. Masten, cashier. ... TO-DAY at 10 A. M. the Nevada Bank of San Francisco opened for business.
Source
newspapers

Newspaper Articles (5)
1. August 28, 1875 The Weekly Elko Independent Elko, NV
Article from The Weekly Elko Independent, August 28, 1875

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Article Text

rities for an excess over all liabilities, but, failing to get coin, they deemed it best for all to close the doors, and arrange deliberately for the conversion of assets into money. They re-assure all of a final adjustment. The Savings Banks are paying under the rule of notice given, but no exitement is occasioned thereby. California street is crowded with idle spectators viewing the panic, which exaggerated the appearance of the the run on the London s San Francisco Bank. The Anglo-Californian Bank has received $300,000 and the London and Sau Francisco $50,000 from the United States Sub-Treasury on bonds deposited in New York and more is promised today. The panic has wholly subsided, and general business pursues its accustomed channels. It is said on presumedly good authority that half a dozen stock brokers are likely to go. Latham & Co. say they will be able to stand R run without strain. A squeeze is expected on Monday, it being collection day. The National Gold Bank and Trust Company have sent a statement to the papers saying that owing to the seareity of coin they have suspended until further notice, but have assets amounting to $130,000 in excess of their liabilities. At a meeting of the Board of Brokers last evening it was resolved to present the checks of its members to the Bank of California. Sharon appeared at the close of the meeting, and told them to send in their checks. In accordance with a desire of the business public the Nevada Bank of San Francisco will be put in operation as soon as possible. The Directors of the Bank of California applied to Flood & O'Brien Thursday morning for relief, and offered to present that firm the entire paid-upea ital stock of the Bank, $5,000,000; the balance of the reserve fund, $1,500,000, and $1,000,000 in assurances from the stockholders-in all $7,500,000provided Flood & O'Brien would, for this consideration, assume control of the Bank. The proposition being declined, the Bank had to close. SACRAMENTO, Aug. 28. The banks and business houses of this city are in a sound condition, and are not affected in the least by the suspension of the Bank of California or the National Gold Bank and Trust Co. D. o, Mills & Co. are paying all drafts on demand, and the Savings Banks are requiring 30 days notice.

2. September 17, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 17, 1875

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Article Text

# The Financial Situation. Inquiry among the leading bankers and merchants proves not only that the money crisis is entirely past, but that business is rapidly settling back to its healthy normal condition. Money is becoming more plentiful-although it can hardly be said to be easy as yet. Monday's collections were extraordinary good, considering all the circumstances, and an improvement over those of the preceding steamer day. The leading bankers state that the great bulk of obligations falling due were promptly met, partial payments were made on others, and in a few instances extensions were asked and granted. The Bank of California and the Nevada Bank will open their doors for business on the first Monday in October, when several millions will be added to the coin in circulation. Considerable shipments of coin are now in transitu from the East, and arrangements are pending for still further relief. Very little of the money withdrawn from the banks on the two days of the run has yet found its way back; but with the complete restoration of public confidence it will soon be put into circulation and add materially to the volume of our available financial resources. As the money market becomes easier the demand increases for leading stocks, which the quotations of the California Board show to be constantly advancing in price. Altogether the outlook could not be more encouraging, and it is a matter of wonderment, when all the events of the past few weeks are mentally grouped together, how we could have reached so satisfactory a condition in so short a time.-S. F. Post, Sept. 15.

3. October 2, 1875 The Weekly Argus Port Townsend, WA
Article from The Weekly Argus, October 2, 1875

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Article Text

Financial. The Nevada Bank will be opened on October 4th, with Louis Mc Lane for manager and N. K. Masten, cashier. The affairs of the Bank of California are progressing in a satisfactory manner; $7,500,000 has been subscribed to the guarantee fund. The annual meeting of the stockholders will be held on October 5th. As the majority of all the stock is now in the hands of the Syndicate, the re-election of the present Board of Directors is a foregone conclusion. The National Gold Bank and Trust Company are doing business as before the suspension.-S.F.Alta.

4. October 3, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, October 3, 1875

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Article Text

for the opening gun of artillery salute at the base of Telegraph Hill, on Sansome street, while three cheers from the crowd welcomed the voice of the opening cannon, and before the echoes had died away the window screens of the bank lowered and the ponderous iron doors swung open. The nimble clerk who turned the crank to swing open the doors had only time to jump inside before the full force of the rush came. A little pale-faced man, with a check in his hand, was the first to reach the paying teller's desk, but he hesitated with so much confusion, and seemed so deeply agitated that others gained the advantage of him. Then the jingle of coin began, and while some were demanding others were tendering. The stream of coin pouring out from the California street front was sustained by an incoming stream of equal volume from the Sansome street side. The friends of the bank, and they are legion,came forward to attest their friendship by liberal reinforcements of hard cash. In the great mass of people that crowded into the bank and clambered up to the windows outside, nineteen out of twenty were idle spectators who had come to gratify a natural curiosity. From 10 A. M. until 2 P. M. California street was thronged with citizens who recited to one another all the rumors of the hour, and discussed at length the probable demand on the bank. All were inclined to concede to San Francisco financiers the glory of an achievement that had never been surpassed in the financial history of America. The flags floating from the buildings on Montgomery and California streets gave an air of holiday festivity to the occasion. If any apprehension of disaster was felt it was not expressed, either in the words or actions of the multitude. The brokers were particularly joyous, predicting that the stock market would open with gratifying buoyancy Tuesday morning. It is only a surprise that some over-enthusiastic speculator did not mount a stationary vehicle and offer to buy all the available shares in the crowd. It was expected that the bank would close at 12 M., the usual hour on Saturday for terminating banking business, but to accommodate visitors the tellers continued to pay out and take in coin until 1 o'clock P. M. The bank officers do not state thesum paid out, but they report officially that the sum received was $750,000 in excess of the amount disbursed. To-night Senator Sharon, President of the Bank Syndicate, will receive the compliment of a serenade at his residence on Sutter street. The brokers have organized a syndicate to pay for the music, and the subscriptions were coming in to-day ata promising rate. To-day the managers of the Nevada bank of San Francisco were actively engaged in preparations to open for business on Monday at 10 o'clock A. M. A supply of coin apparently large enough to resist the pressure of the fiercest run ever made on a banking institution was piled up in the cash receptacles behind the counters. The President and subordinate officers were at theft respective stations of duty during the day, while a corps of busy clerks and book-keepers were applying themselves diligently to the task of getting ready the deposit accounts. An officer was stationed at the door to prevent the entrance of idle spectators. The First National Gold Bank, which has secured a stronghold in the Nevada block, has the work of its interior arrangement about completed, and will receive customers in their new and elegant quarters on Monday morning.

5. October 4, 1875 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, October 4, 1875

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Article Text

TO-DAY at 10 A. M. the Nevada Bank of San Francisco opened for business. A supply of coin seemingly large enough to stand the pressure of the hottest run ever made on a banking institution was stacked up behind the counters. With the Bank of California and the Bank of Nevada in full blast coin ought to circulate freely, and we hope the trade winds will waft a lot of it in this direction.