Crocker Woolworth National Bank (San Francisco, CA)

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Episode Information

Episode UID
355501122
Episode Type
Run Only
Bank Type
national
Bank ID
35550 national
Charter Number
3555
Start Date
June 24, 1893
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
98dc42e892b189c0

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions

Events (2)
1. September 9, 1886 Chartered
Source
historical_nic
2. June 24, 1893 Run
Cause
Macro News
Cause Details
Part of the nationwide financial panic of 1893 producing depositor runs and heavy withdrawals in San Francisco.
Measures
Most institutions met demands and paid out large amounts of coin; many refused to invoke 30/60 days' notice.
Newspaper Excerpt
The Financial Panic ... struck San Francisco last week, when a run was made on the commercial banks and nearly all the savings institutions in the city.
Source
newspapers

Newspaper Articles (4)
1. June 24, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 24, 1893

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Article Text

BANKERS MEET. They Compare Notes and Beam Over the Result. Representatives of the banks met last night and compared notes. The meeting was more than private-it was a lodge meeting-but the various reports 80 gratified some of the bankers that after it was all over they could not help talking about it. "The 'run' yesterday wasn't a run at all," said the representative of one of the savings banks. "My boy," he continued, "you can say in your paper to-morro W that the savings banks of San Francisco can stand just such a pull as yesterday for n solid month and then have money leit. So far as the commercial banks are concerned, we find from the reports that there has not been even the semblance of a run. "Some of them show more than average deposits and only two of them an excess of withdrawal of coin. and in both cases the withdrawal was expected." Our banks are sound as a dollar now. every one of them. I only wish I had $10,000 cash in every bank in town. So far as the savings banks are concerned, the 'run' of yesterday paid them well, and they don't care how long it continues. When July 1 comes, my boy, you will see how much they have made in saving interest, and interest, you know, is the profit in money." Several other bankers were seen and they were all in good spirits, the general expression being, "If the people want their money let them come and get it."

2. June 24, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, June 24, 1893

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Article Text

[San for few in New of Some panic weeks of the York banks As the con- San financial the gold reserves a large extent. perfect security, bankFrancisco to one of to the ers dition here of was this sums city loaned of money and found cash to the be in of banks excess New York to of state a proper this in bank in another New could form, York reserve, or, with the bankers which they them the they left balances loaned to their rethe drawn. and to exist be surplus have credit found here. also It should in San above Francisco in under- New is reserve while a York known stood quirements that of the deposits, cent. Francisco, This is 40 per cent. it is only 25 only per to San superior credit precaution it has been due banks the of this panic city. had and and As to solvency, soon, New however, of the York as it appeared the due from to that be desirable subsided bankers in that the here money should of its return be returned. except There city to was no means coin by express. by which money There send the actual exchange through the ordinary methods for market to was no could available be of bank exchange. at the exchange heavy discount There was no required. and anticipating the circles, In disturbance this emergency in the Secretary of the the bankers some appealed of the United to sums States of for money nvertprivilege Treasury of of transferrinincates. gold This privilege was reby deposits currency or gold. to be a reasonable of the ible It seemed lb-treasury sums refused. because the this city hold large deposited quest. of United money States York and in and if gold transferre-treasurer could the be here in San by in telegraphic New order to the from Sub-treasu be immeNew York money would drawing it from in Francisco the here by Government dissub-treasury available and the of the exchange of coin. the would have expense the of shipment Secretary of the In this refused to without the situation the make any transfer in San Treasury upon the for gold it virtuby Francisco order except being obtainable from being ally and prevented those not the exchange here greenbacks as to have well the The gold or made in deposits as made. gold of certificates, in New York, graphic the transfer order shipSub- Treasury payable on avoiding the in being made Francisco, making thus the money SubTreasury in San coin and United States for comThe the ment of of the available Secretary of in the the commodate Treasury mercial herein uses. refused the set to bankers forth, notwithstanding of Captain the city. N. T. manner the appealstate of of attairs of the Southern to Sen- PaCompany, The vast ness smith, In this the Treasurer presented and the varied case Stan- busiSenator enabled the and ator citic Stanford. experienc him of the to jate comprehende Consonableness the made whole ford well situation, as importance immediately the follows: request teleas by the bankers. to Washington Cal., as President June 20,1893. of the graphed Grover MENLO Washingto Cleveland, PARK, D. C.: ask I have been that ther York Hon. States, bankers here gold in to New equal thus United requested nowed by to deposit and draw here, an may with be the the and San trans- Franamount from the Government New York makes the money the saving portation to between disturbance here in of circulation credit business insuffici- of the cisco. The we have transaction LELAND of the STANFORD. the request of the ent for State. As the of of this of communication Senator States, out Stanford, Treasury of reinstructed at the nnerticle spect Presidential for the Secretary Sub- Treasury at or New gold the to receive gold, to permit Treasury Thus of certificates, York. amounts and in at San the Francisco. York banks the in like United States which the the New city of San in Fran- this had all the borrowed became money payaber from to the banks and any thus possi- forcisco city ble by immediate the banks them. of here of any a against run business that add nature can ressed be made The upon last the letter late Senator Treasurer was of dated the writted by N. T. Smith, Company. and Secretary is Captain Pacific dictated to his death. In to Southern 20th. It was the day of his he e acknowly iowl- has after June dinner to on Captain Smith says that has he telegraphed this letter receipt of his and note, that he and in Captain forth edges noted its contents to Presidensmith Cleveland, the dispatch the letter to fully. day of Senator great Stanford's office in of is on set the last he used his for the benefit practilife, most therefore, signation manner This was useful and fore State and cally the the people the life last of of the act of late the the Senator. people brave, of Even this of city this beand act. judicious are busy his interment are in the enjoyment The bankers the congratulating effect themselves wise throughout and Stanfordacknowledge.com the the State public prompt upon and that wise in to Senator freely strong themwhich +0-day. the action, this of action and banks is due of the this city find

3. July 1, 1893 The White Pine News East Ely, Treasure City, Taylor, Ely, NV
Article from The White Pine News, July 1, 1893

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Article Text

The Financial Panic Which has been spasmodic all over the country for the past two months struck San Francisco last week, when a run was made on the commercial banks and nearly all the savings institutions in the city. The Pacific Bank and the Home Savings Bank had to succumb to the rush and close their doors. The other institutions met all the demands of depositors and paid out large amounts of coin. The Savings Union, Hibernia and other savings depositories had a heavy run on them, but they met all demands on call, refusing to take advantage of the the 30 or 60 days' notice in their by-laws. There is no doubt but most of the banking institutions in San Francisco are solid and people in this section who may have deposits in them need not be alarmed. For the past ten or twelve years, since mining speculations ceased on this coast, the banks of San Francisco have been doing a slow, careful business. In the late flury they have draw millions of money from New York and were prepared to meet all demands promptly, no doubt anticipating the trouble which they saw was coming.

4. August 13, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 13, 1893

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Article Text

TOPICS IN CALIFORNIA. THE FINANCIAL SITUATION EASIER-DRAMATIC-STANFORD UNIVERSITY. (BY TELEGRAPH TO THE TRIBUNE.] San Francisco, Aug. 12.-Bankers and merchants all report a better feeling in commercial circles during the last three days than for three months. The panic among bank depositors is over, and every day sees large amounts drawn from the safe deposit boxes and put into circulation. A fortnight ago it was difficult for a farmer to get money to move his wheat. Now he pays a higher interest than usual, but he can get all the money he needs. In the same way the fruit growers are finding no trouble in selling their crops, and canneries are starting up. With large crops California ought to make an excellent showing this year, and unless there is a repetition of the senseless scare of last month everything will come out all right. The movement of wheat is SO great that the Southern Pacific cannot furnish enough cars, and will be forced to call on other roads for assistance, while the fruit crop promises to be larger than for several years. There has been much discussion over the appointment of a receiver for the broken Pacific Bank. Young Richard McDonald is understood to be working for the place. A list of the depositors reveals a large number whose names are unknown to business men. These people are down for small amounts ranging from $100 to $1,000, and the unfamiliarity of their names leads to the suspicion that many of them are dummies." The more the business of the bank is investigated the larger appears the number of crooked transactions that were conducted by the McDonalds. By means of dummy notes large sums were realized, and the mystery is, what has become of the money? Ground will probably be broken for the Midwinter Fair buildings next Monday. A silver spade has been given for the occasion. The subscriptions continue to come in rapidly, and the solicitors who have Been out among business men report much interest in the project. The total subscriptions now amount to $335,000. The State Board of Equalization in its efforts to force the railroad company to pay back taxes, has caused a loss to the California Treasury of $300,000. An investigation of the accounts for three years shows that the railroad company paid in these years in excess of their equitable taxes the amount mentioned. A cold frost has settled upon Aristocracy" at the Baldwin. The audiences have been very thin all the week. The critics say this is due to the bad acting of Barrymore and Blanche Walsh. But whatever the cause, there is no doubt that one of Howard's best plays cannot draw good houses. All praise the play, but the company has come in for some sharp criticism. Parrhasius" made quite a hit at the California, and Mantell in the closing act was highly praised. Professor George W. Bunnell, head of the Latin Department at the State University, whose resignation was requested last May, will not be restored. W. Irving Hunt has been appointed Assistant Professor of Latin, but Bunnell's chair has not yet been filled. Some sensational stories were spread this week about the financial straits of Stanford University. The salaries of the professors are two months in arrears, but this is owing to the law's delay in settling the Stanford will. All professors' salaries have to go through the same routine as other claims against the estate, and this has caused the delay. There is no question, however, that this big estate has felt the money stringency. One sign is the practical offering for sale of the animals on the Palo Alto stock farm. Only a few stallions and brood mares will be left this fall. The remainder will be sent to the different Eastern cities to be sold at auction. Several professors of Stanford are doing good work during their vacation. Professor James P. Smith has found a large bed of ammonites of new forms and species on Mount Shasta. Professor Charles H. Whitney has made a special study of the effects of climate on anima's at different altitudes on Mount Whitney in the high Sierra, while a number of professors and students have studied low forms of marine life in Monterey Bay. Ex-President Harrison will not come out here till Feburary to deliver his course of law lectures. An extraordinary outburst of lawlessness has occurred in Fresno, which is crowded with idle men. Many incendiary fires have been set, and warnings have been sent out that the whole town would be destroyed. Three fine business blocks were burned and several large raisin-packing