1143. Savings & Loan Society (San Francisco, CA)

Bank Information

Episode Type
Suspension → Run → Closure
Bank Type
state
Start Date
September 14, 1870
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
bdeab425

Response Measures

Full suspension

Other: Embezzlement by cashier Mooney led to suspension and apparent failure; crowd of mainly Irish depositors gathered.

Description

Articles (Sept 1870) report embezzlement by Mooney (~$100,000), the bank suspended payment and several hundred depositors gathered outside. Coverage indicates little hope for creditors, implying permanent closure/insolvency. Dates taken from San Francisco letter dated 1870-09-14 and newspaper publication 1870-09-17/24.

Events (3)

1. September 14, 1870 Other
Newspaper Excerpt
a crowd of several hundred collected on the outside of the building, and the scenes witnessed were very painful. ... Most of the victims are people in the lower walks of life ... little hope that anything more than a few cents on the dollar will be paid to creditors (OCR corrected).
Source
newspapers
2. September 14, 1870 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Embezzlement by Mooney of approximately $100,000 from depositors; trustees discovered large defalcation leading to suspension.
Newspaper Excerpt
When it was announced that the Bank had suspended payment, a crowd of several hundred collected on the outside of the building
Source
newspapers
3. * Receivership
Newspaper Excerpt
There is but little hope that anything more than a few cents on the dollar will be paid to creditors, and litigation may even swallow up that small salvage. (indicates insolvency/likely permanent closure and receiver/creditor actions).
Source
newspapers

Newspaper Articles (2)

Article from Gold Hill Daily News, September 17, 1870

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Article Text

SAN FRANCISCO LETTER. [FROM OUR REGULAR CORRESPONDENT.] MQONEY'S DEFALCATION-LIABILITY OF THE DIRECTORS-HIS CARERR - THE COURSE OF TRUE LOVE-PRAYER MEETINGS AND THEATERS. SAN FRANCISCO, Sept. 14, 1870. Mooney's Defalcation. As surmised in former letters, Mooney, the philanthropical Fenian and elevator of the working classes, had exceeding good cause for his sudden disappearance. It is now known that he embezzled some $100,000 belonging to the depositors of the Savings and Loan Society, and there is not the least doubt but that other similar transactions will be brought to light. When it was announced that the Bank had suspended payment. a crowd of several hundred collected on the outside of the building, and the scenes witnessed were very painful. Most of the victims are people in the lower walks of life, who were tempted by the interest of one per cent. per month to invest their small savings in the institution. There is but little hope that anything more than a few cents on the dollar will be paid to creditors, and litigation may even swallow up that small salvage.


Article from Weekly Trinity Journal, September 24, 1870

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Article Text

O P itary and naval officers. All our hotels have made money this last season, but business just now is rather dull owing to the cessation of the tourist influx from the Atlantic States. MOONEY'S EMBEZZLEMENT. As I surmised in my last letter, Mooney, the philanthropist, Fenian and elevator of the working classes had exceeding good cause for his sudden disappearance. It isnow known that he embezzled nearly $100,000 belonging to the depositors of the Savings and Loan Society, and there is not the least doubt but that other similar transactions will be brought to light. When it was announced that the Bank had suspended payment a crowd of severalhundred-principally Irish-collected on the outside of the building and the scenes witnessed were very painful. The Directors of the Institution have been guilty of criminal neglect in allowing a man of Mooney's character to have sole control of the management, and they are also much to blame for persistently denying that anything was wrong in the accounts. It would be a novel experiment to lynch a Bank Director but it would have an excellent effect on the future conduct of those officers. But the wonder is how people could be such fools as to trust the man Mooney with their dollars. His career has been an uninterrupted course of blatant demagogism and financial dishonesty. Every position he has yet held, either in Ireland, Australia or California, has found him either a secret rogue or an open defaulter but because he announced himself a friend of Ireland, hubnubbed with Savage, blustered about the wrongs of labor, and dubbed himself " workingman's friend," his credulous dupes looked upon him as an incarnation of honesty and patriotism, and would believe nothing said against him. His flight had evidently been long premeditated as he sold all his landed property some months ago and three or four weeks since converted $30,000 worth of coin into United States Bonds. It issupposed he carried off near $150,000, and Central America is now said to have been his destination. ANOTHER VISITATION. Just when we were congratulating ourselves that the Eastern excursion season was over, that clergymen, editors, Bostonians, lecturers and Boards of Trade would bother us no more until next Spring, the announcement is made that a train of ticket agents, representing the various railroads of the United States and Canada, is on its way to this much visited city. The partyone hundred agents strong-is expected here on the 17th, but fortunately will not be able to remain long as Chicago requires them to assemble in Convention on the 26th for the purpose of having a talk about freight and passenger tariffs. If ever a convention needed to be opened with prayer or needed praying for, it will be that one. It will pay for every congregation in the land to remember that crowd in their next Sunday's supplications, and ask that their eyes may be opened to see the error of the high fares that have bitherto governed their permanent ways. SHERMAN'S ARRIVAL. The spontaneous outburst of enthusiasm with which General Sherman has been greeted, has been equally worthy of the State he visited and the hero to whom it was accorded. His progress from Chiengo to San Francisco was a perfect ovation and sufficient to prove that California still recognizes the great debt of gratitude she owes to the Saviors of the Republic. THE GENERAL'S MOVEMENTS. On Thursday, accompanied by Generals Ord inand Schofield and their Staffs, the General spected the forts in the harbor. In the evening, the Governor and our carpet warriors of militia derivation, made official calls upon the distinguished visitor. On Friday he participated with the Pioneer Society in the celebration of California's twentieth birthday, and on Saturday de lighted the German residents by attending their Sanitary Fair. The present week is to be given up to a round of parties, dinners and balls, priVate and public, after which he will leave for Portland, Oregon, and from thence will return East by way of Montana. " MARCHING THROUGH GEORGIA." If there is any drawback to General Sherman's happiness it must be the eternal infliction to which he is subjected of " Marching through band, Georgia." Since his arrival here every melodeon, piano, hand-organ and orchestra has been grinding out that never ending strain, so the air musical seems nearly as air atmospherical. To as that the know all-pervading that him that in tune will stick to him through life, dirge