Wells, Fargo & Co. - San Francisco, CA

Bank Information

Episode Type: Run Only
Bank Type: private
Start Date: August 28, 1875
Location: San Francisco, California (37.780, -122.419)

Metadata

Model: gpt-5-mini
Short Digest: 41fe586d

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (dated around Aug 28, 1875) reports an attempted run on Wells, Fargo & Co. that was quelled when the company displayed several hundred thousand dollars from its vault. The panic appears tied to the collapse of the Bank of California (Ralston affair), so the run was driven by distress of another local bank rather than misinformation or a suspension.

Events (1)

1. August 28, 1875 Run

Cause: Local Banks
Cause Details: Panic/contagion from the collapse/disaffair of the Bank of California (death of W. C. Ralston) triggered attempted withdrawals at other San Francisco banks.
Measures: Displayed several hundred thousand dollars from their vault in plain view of customers to reassure and stop withdrawals.
Newspaper Excerpt: A run was attempted on Wells, Fargo & Co., but they brought several hundred thousand dollars from their vault and placed it in plain view of their customers and the run immeceased.
Source: newspapers

Newspaper Articles (1)

1. September 4, 1875 Arizona Citizen Tucson, Florence, AZ

Article from Arizona Citizen, September 4, 1875

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Article Text

Merchants Exchange banks is only temporary until a supply of coin can be gathered. A run was attempted on Wells, Fargo & Co., but they brought several hundred thousand dollars from their vault and placed it in plain view of their customers and the run immeceased. Since the disaffairs have patches, diately greatly morning quieted down, and the only real question now is: How much will the Bank of California pay the depositors? At two o'clock this p. m. the force of the panic was broken. The London and San Francisco Bank bore the brunt of the fiercest attack, but never for a moment weakened. Between the hours fof ten and twelve to-day, it paid upwards of $800,000. At one o'clock, its New York correspondent telegraphed half a million through the sub-treasury. Altogether the situation looks much better than was anticipated. Work on the New Palace Hotel, in which the Bank of California SO largely figured, has continued to-day as usual. News the crash created a sensation in of stocks New York. Gold went up and down, but both recovered. The telegraph companies are overrun with business, recalling the scenes of the earthquake time in 1868. The Stock Boards have closed indefinitely. SAN FRANCISCO, August 28.-Quiet now reigns throughout city. A feeling of profound sadness everywhere. The funeral of the late W. C. Ralston takes place Monday a. m. Services will be held in Calvary Presbyterian church. There is little doing among the banks. The Merchants Exchange and National Gold and Trust Company will resume early next week-probably Monday. The inquest over the remains of the late W. C. Ralston, is now in progress. Whatever people may think, the majority say they believe his death was accidental, and that he was taken with cramps while bathing and drowned. All flags are at half mast, and the Bank of California and Stock Exchange are draped in mourning. SAN FRANCISCO, August 30.-The folfrom a writtep a lowing is providaent Mississippi cx-Confederate this letter, officer to a gentleman in be interesting: Just now times are exceedingly dull, in fact the only hope for a revival of commerce and infusion of vitality here, is in building the Pacific railroad. This is the only practicable reconstruction measure, and those of southern proclivities among you in California should understand it." An extra force of men have been set at work to hurry forward the completion of the Bank of Nevada building. It is the intention to open the bank at the earliest possible moment. The Merchants Exchange Bank and National Trust Company will probably resume after election. Government of ficials who have examined the books of the National Gold Bank and Trust Company, report every thing correct. The funeral of the late W. C. Ralston took place to-day, and was one of the most imposing ever witnessed in this city. WASHINGTON, August 27.-A few weeks ago it was stated the Secretary of the Treasury had ordered rigid examinations of the distilleries OF the Pacific coast. The reports are received to-day by telegraph from the agents, and are to the effect that for years there has been systematic defrauding of the revenue by brandy manufacturers. The reports also indicate complication on the part of internal revenue officials. Seizures and prosecutions will follow against a number of prominent business firms in San Francisco. VICTORIA, B. C., August 28.-Lieut. Gorham, second officer of the steamship Salvador now at this port, committed suicide by drowning, early this m. It is supposed he had lost $3000 by Bank California's failure, which he deposited.