Hibernia Savings & Loan Society (San Francisco, CA)

Episode Information

Episode UID
5461730590850
Episode Type
Run Only
Bank Type
savings
Bank ID
546173059 hash
Start Date
October 6, 1870
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
0ef33b0e2e5f4656

Response Measures

None

Events (1)
1. October 6, 1870 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered after foreclosure of a loan to Eugene McCarthy and his public attack claiming the concern was 'rotten'; directors also summoned over missing bonds—depositor alarm over bank solvency.
Measures
Officers stated abundant coin to meet demands; refused payments except to the actual needy and required passbooks/notice for withdrawals.
Newspaper Excerpt
A sharp run on the Hibernia Bank to-day.
Source
newspapers

Newspaper Articles (10)
1. October 6, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 6, 1870

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Article Text

SECOND DISPATCH A RUN ON THE HIBERNIA BANK-BOUND OVER FOR ENTERING HOTELS WITH INTENT TO STEAL. SAN FRANCISCO, October 6-3 P. M.Theme is a sharp run on the Hibernia Bank to-day. A more causeless and stupid run probably never was made in the United States. It appears that the Bank had loaned a considerable sum to Eugene McCarthy, who did not pay up his interest promptly, and the Bank was forced to foreclose the mortgage. McCarty made a speech in which he declared that the concern was as rotten as Mooney's. Thereupon a run was started. The Bank has been admirably managed, has an immense reserve fund. and in any event can only be crowded to the extent of calling in its loans. Aportion of the officers state that they have abundant coin to meet all demands, and have not the slightest anxiety concerning the result of the run. Ed Bowen, allas Dr. Bowen, and George Thomas Martin, alias George, who were sent up yesterday for entering the Occidental Hotel with intent to steal, were again sent up to-day for entering the Lick House.

2. October 7, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 7, 1870

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SAN FRANCISCO, October 7-1 P. M.Gold, at 11 A. M., 1131/6. adidas Greenbacks are selling at 89. The excitement at the Hibernia Savings Bank is manifestly on the decline. The run is confined wholly to servant girls and laboring men, who have small amounts in bank. None of the larger depositors are drawing out a dollar. The crowd this morning numbered about 50 women and 150 men. The Pacific Coast Wrecking Co., for the purpose of carrying on the business of wreckers, buying and selling wrecked vessels, was incorporated yesterday. H. B. Platt, Donald Beadle and S. P. Taylor are the Trustees. The Legal Tender, another of the Ochtsk fishing fleet, has arrived with 125,000 codfish, making 590,000 within three days. Nothing as yet has been heard from the Moses Taylor, overdue from Honolulu. Thermometer, at 11 A. M., 83. The steamer Continental, from Mazatlan, is due to-day.

3. October 7, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 7, 1870

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Article Text

FROM SAN FRANCISCO GOLD-GREANBACKS - THE RUN ON THE HIRERNIA BANK-A WRECKING COM. PANY INCORPORATEDMORE CODFISH ARRIVEDTHE MOSES TAYLOR-THE WEATHER-VESNEL DUE.

4. October 7, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 7, 1870

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Article Text

SAN FRANCISCO, October 7-3 P.M.Mooney wrote back, after his flight, that the Directors would find in the vault $22,000 six per cent. U. S. bonds, and $14,000 Oakland 10 per cents. No such bonds can be found, and the Directors have been summoned to appear before the Register in Bankruptcy, on Monday, to testify in the matter. Ah Sam, convicted of the forgery of Bank of India notes, in the Municipal Court. yesterday, will". be sentenced to-morrow. His partner, Ah Tuck, is sick in the hospital and not likely to recover. The Moses Taylor arrived this morning from Honolulu, 11 days on the trip. She was detained awaiting the arrival of the Australian steamer. She has only 23 passengers from Honolulu, and 55 from Australia, most of whom go East Overland. The run on the Hibernia Bank is dying out already. The weather is delightful.

5. October 7, 1870 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 7, 1870

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CALIFORNIA. VARIOUS MATTERS. SAN FRANCISCO, Oct. 6.-Another arrival from Ochostk of the codfish fleet brings 100,000 fish and reports the catch of the remaining vessels to be immense. Late Arizona advices state that a band of friendly Pineo Indians attacked a party of Apaches near Arizona City and killed thirteen of them. Gov. Safford, while scouting on the White Stone mountains discovered the charred remains of two white men who had perished at the stake. An old Indian chief of the Arizona tribe has sued tor peace. FINANCIAL PANIC. The run on the Hibernian banks and Loan Society to-day caused much excitement among its depositors. The officers of the society assert their ability to meet any demand. The Society is the largest of any kind in the city. The July statement shows cash on hand $715,000, and the total loans cover $120,000. THE BUSINESS OF SAN FRANCISCO. The review of the commerce of San Francisco for the past nine months shows the following: Foreign imports exclusive of duties and freight charges, $12,000,000; free goods, 8,515,000. The demand for gold for duties amount to $6,180.000. The internal revenue receipts in San Francisco were $2 007,000; number of marine arrivals from outside ports 2800, with tonnage of 793.000. The exports amounted to $91,518,000, of which 4,473 000 pounds was wheat, 878,000 flour and 1.473.000 wool. The export of treasure was $26,723,000. The coinage of the mint amounted to $14,839,000. Number of passenger arrivals were 14,800 and departures 26,600. The earnings of the Central Pacific railroad, main line, for September were $833,412, the heaviest trafic since the road opened.

6. October 8, 1870 The Carson Daily Appeal Carson City, NV
Article from The Carson Daily Appeal, October 8, 1870

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THE LATEST TELEGRAMS. We gather the following from last evening's News: Many army officers are availing themselves of the new law of Congress and resigning. The law allows those who resign a year's pay. The following shocking account of the atrocities of the Spaniards in Havana comes by way of New York: An account of the shocking treatment of Cuban ladies by the Spaniards in Havana appears in correspondence from that city. On the 23d ultimo, 20 prisoners, all women and children, reached Havana by railway, and were lead from the depot to prison under guard, all of them, even the children only five and six years old, being tightly pinioned by the arms. At the head of the sad procession marched two handsome young ladies of 18 years, both handcuffed. One is the daughter-in-law of President Cespedes; the other is the daughter of General Figuerro, recently garroted in Santiago. The ladies were all members of the best families on the island. As these unfortunate creatures passed through the streets, a Spanish mob jeered and threatened them, and in instances attempted violence. There is nothing particularly interesting from the European war. The Prussians are perfecting their arrangements for the siege of Paris. Greenbacks in San Francisco are quoted at 89, selling. The run on the Hibernia Savings Bank has pretty much subsided.

7. October 8, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 8, 1870

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FROM SAN FRANCISCO GOLD-GREENBACKS-A BOAT RACE-ANOTHER MAN MISSING-HIBERNIA BANK-THE WEATHER. SAN FRANCISCO, October S-1 P. M.Gold, at 11 A. M., 113 /. Greenbacks, 8814 ; selling, 883.4. The race between the cutter of the Kearsarge and the barge of the Saranac, three miles for five hundred dollars, is to come off this afternoon, and is attracting much attention, and heavy bets are being made on the result-the odds being given in favor of the Kearsarge. John Gilbert is missing from the Orleans Hotel, since the evening of September 30. He left all his baggage behind, and suicide or foul play is feared. The run on the Hibernia Bank has wholly ceased. No crowd in attendance to-day. The weather is warm and pleasant. .

8. October 10, 1870 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, October 10, 1870

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SECOND DISPATCH SAN FRANCISCO, October 10-3 P. M.Gold at 3 P. M., 1135. There is every indication of rain setting in. The sales of tickets In the Mercantile Library Lottery. are becoming very large within a few days past, and there is hardly a doubt that all will be disposed of before the day of drawing. There are no signs of a resumption of the ran on the Hibernia Bank. The Synod of the Pacific will conclude its labors to-day.

9. October 15, 1870 The Union Democrat Sonora, CA
Article from The Union Democrat, October 15, 1870

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LETTER FROMS FRANCISCO. SAN FRANCISCO, Oct. 14th, 1870. The run on the Hibernian Saving's Bank has been the event most prominently looming up last week. The rush was a sight and a study. One hundred weary, anxious, men and women, closely packed in a long, staggering sort of line, reached out from the Bank door, well down Market street. They were the "Depositors." No business would be transacted save with those, taking their places in the file. It was for many a long wait, ere they could approach the Bank counter and clutch their welcome cash. The "Depositors" seemed all of the working class. Their money even when saved is to them a great, the greatest of tronbles. It's loss is the greatest of earthly ills. It represents to them long years of toil. If it goes it may only be replaced by similar years of servitude. The speculator, the capitalist, the mai: keen in business, may loose every nenny and more too. but he knows that his brain enterprise and energy will make more. IIe feels that these are powers behind the throne, stronger even than money. But the laboring man or woman knows practically no other method of heaping up cash than by the wearying struggle and exercise of muscle. No wonder then, thev are pallid and panic stricker, when the flying rumor shakes the bank's solvency. MORALIZATION. I suppose the laws of a country's prosperi ty are as fixed as the laws of Nature. If a dollar is rammed down somebody's coal hole it is for the community a useless bit of metal. If it is acting ns the incentive to set a man or woman at some kind of work, it is doing its part in stimulating business. On these two principles hang much of the financial laws and more of the financial profits. Tom, Dick and Harry do not now feel disposed to invest in many California enterprises. They had rather put their money safely away in somebody's coal hole-for sombody else to use and be comforted by. This is natural. We cannot demand that they embark in new enterprises and endesvor to "develop the country." They may lose it. But the law works steadily and mercilessly onward. Nothing venture, nothing gain. If everybody puts their spare earnings in these coal holes, will there not be soon, is there not now a lack of the vitalizing metalic sap. 80 necessary and stimulating to a country's prosperity ? Busness becomes duli. Everybody depends for employment on everybody else. Everybody constitutes one of the individual upright bricks in the row. When one falls, all topple. That's what's in part. the matter now. PRENTICE MULFORD.

10. October 15, 1870 Weekly Trinity Journal Weaverville, CA
Article from Weekly Trinity Journal, October 15, 1870

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A RUN ON THE HIBERNIA. At the hour of opening the Hibernia Savings and Loan Society's office yesterday morning, a crowd of depositors had assembled round the doorway, clamoring for the return of their funds, and soon the news spread through the city, that a run had commenced on the Bank. This instantly caused much excitement, and all those who had money deposited there, rushed off for their pass books, and helped to swell the throng. As several days notice is required before money can be withdrawn, the officers refused to pay anyone except the actual needy; and both the distinction made and the refusal, tended to increase the panic. It will no doubt last for several days and test the bank's stability to the utmost. The Directors say that they are able to stand a continued drain of money, and do not know what has caused the present ill-reports against the institution. The amount in deposit exceeds $11,000,000.