London & San Francisco Bank (San Francisco, CA)

Episode Information

Episode UID
4089202190908
Episode Type
Run Only
Bank Type
trust
Bank ID
408920219 hash
Start Date
August 27, 1875
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
1201579fe926a138

Response Measures

None

Events (1)
1. August 27, 1875 Run
Cause
Local Banks
Cause Details
Run triggered by failure/suspension of the Bank of California and related panic among San Francisco banks.
Measures
Manager asserted ability to meet demands; received telegraphic drafts/sub-Treasury transfers to bolster reserves.
Newspaper Excerpt
There is a run on the London and San Francisco Bank, but the Manager, M. S. Latham, asserts his ability to meet all demands without trouble.
Source
newspapers

Newspaper Articles (12)
1. August 27, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, August 27, 1875

Click image to open full size in new tab

Article Text

Merchants' Exchange Bank ClosedRun on the London and Sam Francisco Bank-Crowds Burround the Closed Banks-Great Excitement, SAN FRANCISCO, August 27-1 P. M.The Merchants' Exchange Bank closed doors this morning. The Directors have prepared the following statement for the afternoon papers: "In consequence of the exeitement and disappointment in getting eoin, the Directors deem it for the best interests of all not to open our doors for the present. The Secretary states the bank has $100,000 in coin on hand. The amount liable on deposits is $800,000; but against that may be offset over $400,000 in notes. The bank is perfectly solvent. The only trouble is lack of coin." There is a run on the London and San Francisco Bank, but the Manager, M. S. Latham, asserts his ability to meet all demands without trouble. Crowds surround the Bank of Cal. ifornia and the suspended National Gold Bank; also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great.

2. August 28, 1875 New-York Tribune New York, NY
Article from New-York Tribune, August 28, 1875

Click image to open full size in new tab

Article Text

NOT AFFECTED-PROSPECTS OF A SQUEEZE MONDAY. SAN FRANCISCO, Aug. 27.-Last night at midnight a meeting of the officers of the National Gold Bank and Trust Company issued the following notice to the public, and it appeared this morning in the morning papers: In consequence of the panic and the impossibility of obtaining coin, the National Gold Bank and Trust Company will close until further notice. The Bank has $1,300,000 over and above all its liabilities. As soon as coin can be obtained it will resume business as usual. In the meantime any creditor SO desiring can have good assets of the Bank to the amount of his claim. By order of the Board of Trustees. HENRY L. DAVIS, President. The Merchants' Exchange Bank also closed its doors this morning. The directors issued the following notice: In consequence of the excitement, and disappointment of getting coin, the directors deem it for the best interests of all concerned not to open our doors for the present. The secretary states that the bank has $100,000 in coin on hand. The amount liable on deposit is $800,000, but against that there may be over $400,000 in notes. The bank is perfectly solvent. The only trouble is the lack of coin. THE OTHER BANKS GO THROUGH THE DAY SPLENDIDLY. There was great excitement on the Street during the morning, but it now appears to be subsiding. This morning. crowds of people surrounded the closed banks and the savings banks, and there was something of a run on the London and San Francisco Bank. It ceased, however, with a large surplus remaining in its vaults. There was also a slight run on the Anglo-California Bank at its opening this morning. The First National Gold Bank reports everything secure, and the same may be said of the Bank of British Columbia, the Pacific, and Commercial Banks. Private banks report no excitement, and everything going on as usual. Generally speaking, all of the city banks are considered sound, except the Bank of California. President Ralston this morning said nothing in addition to his statements of yesterday. Many rumors are current regarding the condition of the Bank of California. One statement, apparently from good authority, is that the bank will pay depositors in full and stockholders 50 cents on the dollar. On the other hand, a prominent stockholder states that the most the bank can do will be to satisfy the demands of depositors, and it will scarcely be able to do that. There has been a slight rush at the Hibernia Bank and Savings Bank, but demands were promptly met, within the rules as expressed In the by-laws of the institution. Little uneasiness is felt as to the affairs of either of the National Gold Bank and Trust Company, or the Merchants' Exchange Bank. They have an abundance of available assets, and are only waiting the reception of coin. The President this morning states that they paid out about a million dollars yesterday, and that they have still a small supply left. The Merchants' Exchange Bank is believed to be sound, and its suspension only temporary. The Savings banks transacted a usual business to-day, deposits in some being larger than disbursements. There is no excitement on that line. EFFECT UPON VARIOUS INTERESTS IN SAN FRANCISCO, It is stated on presumably good authority that some half dozen heavy stock brokers are likely to go down. No names are given. No commercial failures have yet been reported, though a squeeze is expected next Monday, which is collection day. The City Tax Collector has $275,000 of protested tax moneys on deposit in the Bank of California, for which he has certificates of special deposits. The directors assured the Collector this morning that the money would be paid in a day or two. A rumor not yet confirmed says President Ralston has turned over his private means to the bank. Warren Leland announces that the suspension of the Bank of California does not in any way affect the Palace Hotel, his interest in which President Ralston sold some months ago to Senator Sharon. The great caravansary will open at the appointed date, Oct. 1. The Chamber of Commerce held a meeting this afternoon, and decided that it would probably be more injurious than beneficial to take any action looking toward postponement of ordinary accounts ernotes maturing next collection dav. The meeting

3. August 28, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 28, 1875

Click image to open full size in new tab

Article Text

By Telegraph ASSOCIATED PRESS REPORT. TO THE DAILY INTELLIGENCER THE CALIFORNIA FAILURES Result of Bonanza Speculations. Great Excitement Among the People. Heavy Runs on All the Banks. Suicide of Ralston, President of the Bank of California. SAN FRANCISCO, August 26.-The National Gold Bank & Trust Company have sent the following notice for publication in the morning papers: In consequence of the panic and the impossibility of obtaining gold, the National Bank & Trust Co. will close untill further notice. The bank has $1,300,000 over and above the liabilities, and as soon as coin can be obtained will resume business as usual; in the meantime any creditor 80 desiring, can have good assets of the bank to the amount of his claim by order of the Board of Trustees, signed Henry L. Davis, President. SAN FRANCISCO, August 27.-The Merchants Exchange Bank closed doors this morning and issued the following notice: In consequence of the excitement and disappointment in getting coin the directors deem it best not to open our doors for the present. The secretary states that the bank has $100,000 in coin on hand. There is a run on the London and San Francisco Bank, but it is able to meet all demands without trouble. Great excitement prevails.

4. August 28, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, August 28, 1875

Click image to open full size in new tab

Article Text

MORNING DISPATCHES M. Daring Attempt at Train Robbery. Violent Hail Storm in Wyoming. [SPECIAL TO THE HERALD.] PACIFIC COAST. The Banks. SAN FRANCISCO, August 27th.-The run upon the banks was practically over before twelve o'clock. The Merchant's Exchange Bank did not open, posting the reason on the door. The Trust Company did not open, of course, having closed till Monday. The London and San Francisco Bank and the Anglo-California Bank both received to-day telegraphic drafts on the SubTreasury in these sums: Five hundred thousand dollars to the former bank and one hundred and fifty thousand dollars to the latter, which formed a strong reserve, and the intellegence of the transfer served to lift the public confidence very materially. This feeling was strengthened by the fact that no commercial failures were reported, and so far as known no seri-

5. August 28, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, August 28, 1875

Click image to open full size in new tab

Article Text

[SPECIAL TO THE HERALD.] PACIFIC COAST. San Francisco News. SAN FRANCISCO, Aug. 27th.-It is stated, presumably on good authority, that some half doz. heavy stock brokers are likely to go down. No names are given. No commercial failures are yet reported. A squeeze is expected next Monday, as it is collection day. The Savings Banks during the some day ness, have the deposits been doing in the being usual larger busithan the disbursements. No excitement on that line. Aug. 27th, 2:30 P. M.-The excitement has almost subsided, and the banks are going along quietly with their business. The street is not so crowded and everything has a more cheerful and promising outlook. The Merchants' Exchange Bank closed this morning. The Directors have prepared the following notes for the afternoon papers : "In consequence of the excitement and disappointment in getting coin, the Directors deem it best for the interests of all, not to open our doors for the present." The Secretary states that the bank has one hundred thousand dollars in coin on hand. The amount liable on deposits is eight hundred thousand dollars, but against that may be offset about four hundred thousand dollars in notes. The bank is perfectly solvent, the only trouble being the lack of coin. There is a run on the London and San Francisco bank, but the manager, Latham, asserts its abilits to meet all demands without trouble. Crowds surround the Bank of California and the suspended Nation"al Gold Bank, the Trust Company and also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great. The Santa Ana Meeting. SANTA ANA, Aug. 27th.-A large and enthusiastic meeting was held at Santa Ana this, Friday, evening by Frank Ganahl, and other speakers. Excitement intense. For Los Angeles. CALIENTE, Aug. 27th.-The following passengers left on the Telegraph Stage Line for Los Angeles: F. E. Brown, C. Leonard, W. Life, H. Dalton, R. H. Burmester, Mrs. Lanfranco and D. Palmer.

6. August 28, 1875 Carson Daily Appeal Carson City, NV
Article from Carson Daily Appeal, August 28, 1875

Click image to open full size in new tab

Article Text

Closing of the Merchants Exchange Bank-Great Excitement. San Francisco, August 27.-The Merchants Exchange Bank closed its doors this morning. The Directors have prepared the following notice for the afternoon papers: "In consequence of the excitement and disappointment in getting coin, the Directors deem it for the best interests of all not to open our doors for the present." The Secretary states that the bank has $100,000 in coin on hand. The amount liable on deposits is $800,000, but against that may be offset $400,000 in notes. The bank is perfectly solvent, the only trouble being a lack of coin. There is a run on the London & San Francisco Bank, but Manager Latham assertshis ability to meet all demands without trouble. Crowds surround the Bank of California and the suspended National Gold Bank and Trust Company, and also the savings banks.

7. August 28, 1875 The Weekly Elko Independent Elko, NV
Article from The Weekly Elko Independent, August 28, 1875

Click image to open full size in new tab

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.

8. August 28, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, August 28, 1875

Click image to open full size in new tab

Article Text

BY TELEGRAPH. Financial Panic In San Francisco. [Special telegram of the Dispatch.] WASHINGTON. D. C., August 27.-The failure of the Bank of California was the occasion of great interest and much comment in the Treasury and in financial circles generally to-day, and the general opinion among leading Treasury officials is that the failure is solely due to the fancy-stock operations of the bank. Over $2,000,000 in gold were transferred by the United States Treasurer to the Assistant Treasurer in San Francisco to be placed to the credit of California banks, whose agents in New York bad made deposits with the Assistant Treasurer in that TIMON. city. [By Associated Press.] SUSPENSION OF THE NATIONAL GOLD BANK AND TRUST COMPANY. SAN FRANCISCO, August 26, Midnight.The National Gold Bank and Trust Company have sent the following notice for publication in the morning papers: I-n consequence of the panic and the impossibility of obtaining coin the National Gold Bank and Trust Company will close ontil further notice. The bank has assets of $1,800,000 over and above all its liabilities. As soon as coin can be obtained it will resume business as usual. In the mean time any creditor SO desiring can havegood assets of the bank to the amount of his claim. By order of the Board of Trustees. [Signed] HENRY L. DAVIS, President." THE MERCHANTS EXCHANGE BANK CLOSED, &C. SAN FRANCISCO, August The Merchants Exchange Bank has closed. The officers claim that the only trouble is the lack of coin ; of which they have $100.000, the amount liable to draft being $800,000. The managers of the London and San Francisco Bank assert their ability to meet a run. EXCITEMENT IN THE CITY. SAN FRANCISCO, August 27.-The exchanges are all closed and business is generally suspended. Intense excitement prevalls in the city. THE FEDERAL TREASURY TO THE RESCUE. WASHINGTON, August 27-Heavy transfers of gold to California are being made by the Treasury to-day in support of the banks of that section. Upon official notice being received at the Department that the agents of the banks have deposited gold with the Assistant Treasurer at New York, telegraphicinstructions were sent to the Assistant Treasurer at San Francisco placing credits to the respective banks making such deposits in New York. Thus far over a million dollars have been transferred. Later. THE EXCITEMENT SUBSIDING-CONDITION OF OTHER BANKS, ETC. SAN FRANCISCO, August 27.-The excitement consequent upon the failure of the Bank of California seems subsiding. The run on the London and San Francisco Bank has ceased, with a large surplus in values. There was a slight run on the Anglo California Bank this morning. but it soon subsided. The First National Goid Bank reports everything secure, and the same may be said of the Bank of British Columbia, and the Pacific, and Commercial Banks. The private banks report no excitement, and everything going on as usual. Generally speaking all the city banks are considered sound except the Bank of California. On the whole, confidence seems to be returning, and it is believed the worst is over. But little uneasiness is felt as to the condition of the National Gold Bank and Trust Company, or the Merchants Exchange Bank. It is stated on presumably good authority that some half a dozen heavy stock-brokers are likely to go down. No names are given. No commercial failures are reported, though a squeeze is expected Monday-collection day. The Chamber of Com merce held a meeting this afternoon and cided that it would probably be more injurious than beneficial to take any action looking towards the postponement of ordinary accounts or notes maturing next collection day. The city tax-collector has $275,000 of protested tax-moneys on deposit in the Bank of California, for which he has 3 certificate of special deposit. The directors assured the collector that the money would be paid in a day or two. SUICIDE OF PRESIDENT RALSTON. SAN FRANCISCO, August 27.-Mr. Ralston, the president of the Bank of California.

9. August 28, 1875 New-York Tribune New York, NY
Article from New-York Tribune, August 28, 1875

Click image to open full size in new tab

Article Text

The following were the treasure shipments from San Francisco for the week ending Aug. 18: $214,363 11 To New-York 296,747 To China, by steamer 2,070 To Ja] an $513,181 01 Total Intelligence telegraph from Washington is to the effect that the Bank of California held no Government bonds, and further, that the Government has about $3,250,000 coin in San Francisco, which is all that can be placed at the disposal of brokers for telegraphic remittance. A special dispatch from San Francisco to Kiernan & Co.'s News Agency, represents that the feeling is very panicky, and that there is a heavy run on the London and San Francisco Bank; also on the AngloCalifornia Bank, but both institutions, it is believed, will stand the pressure. The National Gold Bank and Trust Company and the Merchants' Exchange Bank closed this morning. The President of the Bank of California claims that the bank will pay all its liabilities, but will not resume business. There isarun on all the savings banks which are paying all deposits, but claim 30 days' notice on term of deposits. All business was paralyzed, and intense excitement prevailed. The Treasury Department has made telegraph transfers of $800,000 in gold coin from New-York to San Francisco to-day. The London market quotations are lower for Consols and United States securities, though advices otherwise were not important. The gold market was strong and higher, and closing at 1131₂ last night, opened at 114 to-day, and, after selling at 11378, advanced to 11414. In afternoon dealings the price declined to 1134. This advance is not entirely due to the California troubles, but bears a close relation to the decline in English securities and the apprehensions of a corner. On gold loans the rates were 7 and 6 per cent per annum, and 164 and ¹₃₂ per diem. The foreign exchange market was dull and nominal at quotations. The Assistant Treasurer paid out $770,000 in coin interest, chiefly September conpons, and $21,000 in called five-twenties. The import entries of foreign dry goods at the port of New-York for the week ending to-day amounted to $2,580,604 coin valuation. The amount thrown upon the market covered $2,527,546. The day's business at the Gold Exchange Bank covered: Gold cleared, $33,672,000 ; gold balances. $1,785,692; currency balances, $2,068,958. We annex the principal quotations of gold: 114112-30 114

10. September 4, 1875 Arizona Citizen Tucson, Florence, AZ
Article from Arizona Citizen, September 4, 1875

Click image to open full size in new tab

Article Text

1crowd on California street was much less than at the opening of business this morning. The run on the London and San Francisco bank ceased with a large surplus remaining in the vaults. Slight run on the Anglo California at the opening, but it soon subsided. The First National Gold Bank reports every thing quiet; the same may be said of the Bank of British Columbia and Pacific and Commercial Banks. Private banks all report no excitement and every thing is going on as usual. Generally all city banks considered sound, except the Bank of California. Ralston this morning says nothing in addition to his statements of yesterday. Many reasons are current as to the condition of Bank of California. One statement appeared from good authority, that the bank will pay depositors in full and sixty cents to stockholders; on the other hand, prominent stockholders state the most the bank can do, will be to satisfy depositors and scarcely that. There has been a little run on the Hibernian Savings Bank, but the demands were promptly met there by loans. Generally speaking, confidence seems to be returning and the panic is believed to be almost over. But little uneasiness is felt as to the affairs with the National Gold Bank and Trust Company, or Merchants Exchange Bank: the former reports a probability of some running, but it has abundance of available assets. The president this a. m. stated they paid out a million yesterday, with a small supply left. The Merchants Exchange is believed to be sound, and its suspension is only temporary. LATER.--Great excitement has been caused by the rumor on the street that W. C. Ralston, president Bank California, committed suicide by drowning himself in the bay. LATER, 6 p. m.-Without doubt the rumor that W. C. Ralston drowned himself in the bay opposite Selby's smelting works is correct. Selby's son brings the news and says he helped to take the body out of the water. There is a most profound sensation throughout the city. STILL LATER, 6:30 p. m.-Ralston's body is at Col. Fry's house. The people are almost wild with excitement. Gen. Coey of the National Guard is prepared to quiet any disturbance that may arise. LATER STILL, 8 p. T-The facts concerning the suicide of the great banker as far as can be ascertained, are these: Ralston went over to North Beach and went in bathing in the bay was seen throw away a paper after going to the water. Boatmen afterwards saw him floating and took him out. They worked upon the body and tried to restore life, but it was no use, he was dead. The story is that he took poison and deliberately went into the water and drowned himself. A few are inclined to believe that it is a case of accidental death. The coroner will hold an inquest to-morrow. It is impossible to convey an idea of the effect this intelligence has upon the peoplenothing like it has been witnessed for years. The National Bank and Trust Company, this morning, announced a temporary suspension on account of scareity of coin, but will give good securities to any depositor who wishes them. At 1:30 p. m. depositors commenced a lively run on the Anglo-California Bank, the London and San Francisco Bank, the Merchants Exchange Bank and the First National Bank. Savings banks require the legal notice before paying anything. LATER.-The Merchants Exchange Bank has closed. The Chamber of Commerce held a meeting this with a large attendance. It was decided that it would probably be more injurious than beneficial to take any ac. tion looking towards the postponement of ordinary settlement of accounts and notes maturing next collection dayMonday. The course of the different banks has caused good feeling. Several closed

11. September 4, 1875 Walla Walla Statesman Walla Walla, WA
Article from Walla Walla Statesman, September 4, 1875

Click image to open full size in new tab

Article Text

AMONG THE CAPITALISTS, When the rumor had spread wide that the Bank of California had suspended, there was naturally a run on the other tanks. That upon the National Gold Bank and Trust Company is elsewhere spoken of There was a triffing abatement in the confidence reposed in the London and San Francisco Bank. Towards three o'elock about twenty or thirty persons were ranged in front of the counter bent upon withdrawing their deposits, and no disposition was manifested to restrain them. As a matter of fact the bank was kept open beyond hours. Mr. Latham was found by a Call reporter in his parlor, and he spoke quietly of the crisis as if it did not concern him. I know nothing about the affairs of the bank below," he remarked. It is enough for me to paddle my own canoe, They have put up their shutters, but I do not know any cause for their failure. The news came upon ne like a clap of thunder. This institution 18 all safe-you may depend upon that. I am ready to pay all who come, and they may come as fast as they like." Meeting Mr. Friedlander on the street, a reporter asked him what was the trouble. He was not at all flurried by the question, and in an assuring tone said that the bank had merely closed its doors to prevent crowding, and was paying on checks presented. Hickox, the banker it is said, after the doors had closed, obtained payment of a large sum on checks, and some $30,000 or $40,000 was sent across the street to the assistance of the National Gold Bank and Trust Company. In portering the money-bags borne away from the bank not a few men displayed a herculean strength truly wonderful.

12. March 9, 1882 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, March 9, 1882

Click image to open full size in new tab

Article Text

DEATH OF M. S. LATHAM. Brief Sketch of the Career of a Distingnished Californian. San Francisco Examiner. Few men have had such an eventful and brilliant career as the distinguished gentleman who played such a prominent part in the history of California. Certainly no man in the political history of the United States ever started out in life with no capital but a commanding intellect, and in less than ten years succeeded in being elected a member of the House of Representatives, Governor of a State and United States Senator before he was 32 years old. Governor Latham was born May 23, 1827, in the State of Ohio, and was not quite 55 years old at the time of his death. He graduated at Jefferson College, Pennsylvania, in 1845, and the same year went to Russell County, Alabama, where he taught school for two years, during which time he studied law, and was admitted to the bar in 1847. Shortly after this the wondrous stories of California, with her gold fields-the promised land for ambitious young men-reached the ears of young Latham, already, by his energy and ambition, giving signs of the distinguished career that awaited him. STARTS FOR CALIFORNIA. He at once started for the promised land and arrived in California April 15, 1850. Times were booming in San Francisco then, and the future Governor drove a dray the day after his arrival, earning $15 for his day's work. Shortly after his advent upon this coast he was appointed Clerk in the Recorder's Court, presided over by Judge Frank Tilford. In August, 1850, Mr. Latham removed to Sacramento and commenced practicing law with John Bigler, but in 1851 turned his attention to politics, and from that time his rise was as rapid as it was extraordinary. At the first general election after his arrival in California he was chosen District Attorney of Sacramento County. He remained in this office seven or eight months, and afterward entered into a law partnership with J. Haggin and A. C. Monson, and practiced law until the Fall of 1852, when he was elected to Congress, being only 25 years old. In 1855 he was appointed Collector of the Port of San Francisco, which position he filled with great ability for two or three years. In 1859 he was nominated by the Democrats for Governor, and carried the State by a large majority. IS ELECTED SENATOR. He had hardly taken his seat when he was elected to the United States Senate as a successor to David C. Broderick. He took his seat in March, 1860, and after the expiration of his term made a prolonged visit to Europe, and while there organized the London and San Francisco Bank, of which he remained in charge until his resignation in 1878, thus carrying out his intention, long declared, of retiring from active business when he reached the age of 50 years. When the Bank of California failed and panic-stricken depositors were rushing with pallid faces into all the banks of the city demanding their money, Governor Latham had the foresight to telegraph to the United States Sub-Treasury for credit, and standing behind the counter of the London and San Francisco Bank, by his smiling demeanor and courageous bearing did much to stay a financial crisis that would have broughtru to thousands of California homes. About the time of his retirement from the management of the bank he became almost the entire owner of the North Pacific Coast Railroad-an enterprise which, although benefiting the section of country through which it passes, besides the State at large, was to Governor Latham a disastrous venture, his large fortune being almost entirely lost. About three years ago he went to New York to reside, and had been bravely endeavoring to retrieve his broken fortunes up to the time of his death. He leaves a wife and one child, a boy about 11 years old.