Hibernia Savings & Loan Society (San Francisco, CA)

Episode Information

Episode UID
5461730591122
Episode Type
Run Only
Bank Type
savings
Bank ID
546173059 hash
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
f5e58969a1d79428

Response Measures

None

Description

Bank paid withdrawals and declined to reopen accounts for redepositors.

Events (1)
1. June 24, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
General epidemic of fear and nervousness among depositors (panic from recent banking failures elsewhere), not tied to concrete solvency evidence at Hibernia.
Measures
Paid out withdrawals promptly; refused to reopen accounts of redepositing customers.
Newspaper Excerpt
There was a slight run on the Hibernia Savings and Loan Society's Bank... We are paying them off as fast as they come.
Source
newspapers

Newspaper Articles (10)
1. June 24, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 24, 1893

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Article Text

THE HIBERNIA BANK. It Has Five Millions in Government Bonds Alone. There was a slight run on the Ribernia Savings and Loan Society's Bank, at the corner of Jones and McAllister streets, during the day. A few timid women and excited depositors withdrew their savings during the morning hours. During the afternoon a number presented themselves to withdraw their deposits. The bank officials paid out money promptly, but as all of the deposits at the Hibernia Bank are in sums under $4000. the total amount of money withdrawn did not amount to over $200,000. The depositors were mostly women and a small scattering of workingmen. The crowd was quiet and orderly and stood in line patiently. One poorly dressed woman, who withdrew her savings in the morning, returned in the afternoon feeling more confident to again deposit her money, but the bank officials declined to reopen her account. The fact that those who withdrew their money will lose the current six months' interest appeared to have little or no effect upon the timid depositors. James R. Kelly, president of the bank, was directing his force of paying tellers when a CALL reporter sought an interview yesterday afternoon. "Well, we are paying them off as fast as they come," said Mr. Kelly, with a laugh. "We have not the slightest idea what has caused this run on our bank. We have no term depositors. We do not accept over $4000 from any one person. We have nothing in common with the other savings banks in San Francisco and do business differently. Why, this institution I regard as simply impregnable, and this run on us to-day is a great surprise. I cannot account for it, except that timid people are easily frightened. It is most astorishing that a bank like ours, with our $5,000,000 in hand in Government bonds alone, should have a run. We have no doubtful securities or stocks of any kind. "Our total assets are $31,132,655, and of this amount $3,650,000 is in United States Government bonds, and $1,069,183 in District of Columbia bonds. These bonds of the District of Columbia are issued by the Government and guaranteed by the United States. Then we have nearly two millions in miscellaneous bonds, and one million of this amount is in Market-street bonds, which are absolutely the best and most secure in the market. The other bonds include Sutter - street, San Jose city and other securities of undoubted value. Our balance sheet for January 1, 1893, shows among our assets real estate and lands and buildings owned by our corporation valued at another million of dollars. We have also nearly $600,000 cash in gold and silver coin in our vaults. Our total assets as stated are over thirty-one millions, while the total amount which we owe to depositors is twenty-eight millions. The actual value of our reserve fund is $2,101,905." Colonel Robert J. Tobin, secretary of the society, returned to the bank from downtown shortly before the closing office hour of 3 o'clock. To a reporter he said: "This is simply an epidemic of fear. The San Francisco banks are in just as good a condition as they ever were. Our bank is perfectly sound. We have over $20,000,000 invested in realty right here in San Francisco."

2. June 25, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 25, 1893

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Article Text

A CLOUDLESS SKY. The End of the Financial Flurry. THE PACIFIC BANK'S AFFAIRS. The Attorney=General Obtains an Injunction Against the Sheriff, Which Is Very Materially Modified. There was no uneasiness yesterday among bank depositors. Noon is the customary hour for closing bank business on Saturdays. Long before that time the last trace of Friday's feeble flurry hag gone. Idle fears had vanished. and those who had allowed themselves to become frightened the day previous had in many instances sufficiently recovered to proclaim themselves very foolish for engaging in the run and thus losing the interest on their deposits. All was quiet at the Savings Union Bank. The Hibernia paid out a few thousand dollars and refused to reopen accounts with those of its customers who had joined in the stampede on Friday. Examination of the books showed that the great majority of these people were Italians, who are unusually sensitive in regard to banks, owing to the fact that two or three savings banks in the Italian quarter of New York City had recently collapsed. All was quiet at the People's Home Savings Bank. The management announced that the bank would open for business this week and be amply prepared to stand anv kind of a run which the depositors saw fit to make. The Pacific Bank was the center of interest yesterday on account of the contest between Sheriff McDade and the AttorneyGeneral, who represented the Bank Commissioners. During the morning the Bank Commissioners concluded their examination of the books. This week they will overhaul the assets and ascertain how near they agree with the books. The following statement of the condition of the Pacific Bank is that which the Commissioners have now before them:

3. June 25, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 25, 1893

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Article Text

Confidence Restored in was Francisco. SAN FRANCISCO, June 24.-There was nothing around any of the banks this morning to indicate any excitement. Small groups of men stood on the sidewalks in front of several savings banks, but there was no attempt at a run on any of them. The San Francisco Savings Union reported a greater amount of de. posits than it had received on any one day for a month or more. A number of persons who had withdrawn their accounts from the Hibernia bank yesterday called at that Institution this morning and wanted to redeposit their money, bus they were informed that their deposits were not desired. R. H. McDonald, jr., stated this morning that the Pacific bank would open again soon. There was nothing out of the ordinary at any of the commercial banks.

4. June 25, 1893 The Herald Los Angeles, CA
Article from The Herald, June 25, 1893

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Article Text

SAN FRANCISCO BANKS. Excitement Subsided-People - Redepositing Their Savings. SAN FRANCISCO, June 24.-*There was nothing around any of the banks of the city this morning to indicate any excitement. Small groups of men stood on the sidewalks in front of several savings banks, but there was no attempt at a run on any of them. The San Francisco Savings union reported a greater amount of deposits than it had received on any one day for a month or more. A number of persons who had withdrawn their accounts from the Hibernia bank yeaterday, called at that institution this morning and wanted to redeposit their money, but they were informed that their deposits were not desired. R. H. McDonald jr. stated this morning that the Pacific bank would open again soon. There is nothing out of the ordinary at any of the commercial banks.

5. June 25, 1893 The Morning News Savannah, GA
Article from The Morning News, June 25, 1893

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Article Text

Runs at San Francisco. San Francisco, Cal., June 24.-The run on the Savings Union bank was continued to-day, though with less excitement than yesterday. There was also a run on the Hibernia bank to-day. The situation is quiet.

6. June 25, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 25, 1893

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FINANCIAL CIRCLES ARE EASIER One of the Suspended Banks ill Los Augeles Re-opens. QUIETNESS IN 3AN FRANCISCO Comptroller Eekles In Receipt of Several Application s to Allow Banks to Resame Business. Associated Press. Washington, June 24.-Comptroller Eckles this morning received a telegram from the San Bernardino bank asking permission to reopen. He answered he would consider the request when his examiner made his report. Bank Examiner Clare, of Tacoma, has been directed to go to New Whatcom. An application has been received by the comptroller from all the banks in Spokane requesting him to allow the Washington National Bank of Spokane to re-organize. San Francisco, June 24. There was nothing around any of the banks of the city this morning to indicate any excitement. A number of persons who had withdrawn their accounts from the Hibernian Bank yesterday wanted to re-deposit their money today, but they were refused. R. H. McDonald Jr., stated this morning that the Pacific bank would open again soon. Los Angeles, Cal., June 24.-The East Side Bank opened its doors this morning. This is the first of the closed banks to resume. A feeling of confidence has returned, and the other banks will open Monday-that is, all but the City Bank, which is in the hands of a receiver. Fresno, Cal., June 24.-The Loan and Savings Bank of Fresno announced this morning that owing to the failure to secure expected funds, it would not open its doors today. The announcement created no excitement, as it is well known that the assets of the bank are four to one of the liabilities. Chicago, June 24.-The Columbia Launch Company, an excursion steamboat line, recently organized with a capital of $200,000, has gone into the hands of a receiver.

7. June 25, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 25, 1893

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THE BROKEN PACIFIC COAST BANKS. BAD MANAGEMENT IN SAN FRANCISCO-SIGNS OF IMPROVEMENT VISIBLE. San Francisco, June 24.-The Concrete opinion of the bankers of San Francisco is that the Pacific Bank was compelled to suspend payment because It made unwise Investments In securities from which it could not get out its money. and that the People's Home Savings Bank was compelled to suspend because it had not on hand coin enough to stand the run sure to follow the announcement of the suspension of the Pacific Bank, its business associate. In other words. the failure of the Pacific Bank was not more due to the present financial troubles than to fundamental weakness in Its management. The flurry seems to have passed in this city, and no anxiety is felt that other banks will succumb. Bankers say they have ample funds to meet all demands. The run on the Union Savings Bank continues to-day, though with less excitement than yesterday. There was also a run on the Hibernia Bank to-day. Seattle, Wash., June 24.-A special from New Whateom says: Inability to realize on gilt-edge securities forced the Columbia National Bank to close its doors yesterday morning. Their assets are placed at $226,762. with liabilities not exceeding $100,000. Confidence is felt In the other banks and no further trouble Is expected. The Columbia Bank Is capitalized at $100,000. The Controller of the Currency has been advised and will take charge of the affairs of both the Columbia and the First National, which suspended yesterday. The cashier of the falled First National Bank says the assets are $428,000: liabilities, $110,000. San Bernardino. Cal., June 23.-The First National Bank closed its doors yesterday after undergoing a run for the last five days. Washington, June 24.-Controller Eckels this mornIng received a telegram from the San Bernardino Bank asking permission to reopen. He answered that he would consider the request when his examiner made Bank Examiner Lazaer, who is at Los report. Angeles, has been directed to take charge of the San Bernardino Bank. while Mr. Wightman, the examiner "ii San Francisco. will relleve bim at the first named place. Bank Examiner Clarey, of Tacoma, has been directed to go to New-Whatcom. Application has been received by Controller Eckels from all the banks in Spokane requesting him to allow the Washington National Bank of Spokane to reorganize. The Board of Trade of San Diego, Cal., and the president of the dispended First National Bank of that place, have requested that the bank be allowed to resume busttress. The request will be considered when the exuniner's report Is in. Los Angeles, Cal., June 24.-The East Side Bank opened Its doors this morning. This 13 the first of the closed banks to resume. A feeling of confidence has returned. The other banks will open on Monday, except the City Bank, which is in the hands of a recelver.

8. June 25, 1893 The Times Richmond, VA
Article from The Times, June 25, 1893

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Telegraphic Brevities. WASHINGTON, June 24.-Maurice J. Power has been appointed shipping commissioner at the port of New York, vice James C. Reed, removed. ALBANY, TEX., June 24.-Fire started in A. J. Cente's dry goods store yesterday and destroyed a whole block. The loss is $75,000. Insurance unknown. ROCHESTER, N. Y., June 24.-Two freight trains were wrecked on the Hudson Central railroad by a hind end collision a few miles west of this city early this morning. Seven men were injured. SAN FRANCISCO, CAL., June 24.-The run on the Savings Union Bank continued to-day, though with less excitement than yesterday. There is also a run on the Hibernia Bank to-day. The situation is quiet. YORK, PA., June 24.-The extensive cigar factory of S. S. Cable was gutted by fire this morning. The contents, consisting of cigars and leaf tobacco, were entirely destroyed. The damage will not exceed $2,000; insurance, $32,000. Sheriff Gallatin this morning attached the insurance money to satisfy claims of leaf dealers. PHILADELPHIA, June 24.-Gillinder & Sons, glass manufacturers, of this city, are financially embarrassed, and have made a proposition to their creditors for an extension of time. The assets of the firm amount to $154,301, and the liabilities to $202,438 Stringency in the money market, resulting in inability to collect debts, is given as the cause of the embarrassment. BOSTON, June 24.-Dr. William T. S. Wardwell, thirty-five years of age, of Rock Berry, was shot and almost instantly killed this afternoon at his home by Amos L. Morse. Morse entered the Doctor's house for the probable purpose of robbing, and was discovered by the Doctor, who evidently tried to detain him. Morse then shot the Doctor twice, and he died almost immediately. COLUMBIA, S. C., June 24.-A special to the Register from St. Matthews says: "William Davis, an old negro, was shot and killed here last night about dark by August Jenkins. The two men had a row about a hen which Jenkins' hog had eaten, and after blows Jenkins rushed into his house, seized a gun and fired at Davis, the whole load taking effect in Davis' breast. Davis staggered a few feet and fell dead at Jenkins' door.

9. June 25, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 25, 1893

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The Bank Troubles. SAN FRANCISCO, Cal., June 24 -The run on the Savings Union Bank continues day, though with less excitement than yesterday. There is also a run on the Hibernia Bank to-day. The situation is quiet. ATLANTA, June 24 -Howard Bank of Cartersville, Ga., the largest town between Atlanta and Chattanooga, suspended payment this morning owing to the withdrawal of funds by depositors and the inability of the bank to realize on its assets, and on account of the general hard times. The bank has posted a notice that depositors will be paid in full as soon as collections can be made. It has heretofore been considered one of the strongest banks in the smaller towns of the State.

10. June 25, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, June 25, 1893

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Standing the Storm. (By telegraph to the Dispatch.1 SAN FRANCISCO, CAL., June 24.-The run on the Savings Union Bank continues today, though with less excitement than yesterday. There is also a run on the H1bernia Bank to-day. The situation is quiet.