California Savings & Loan Society (San Francisco, CA)

Episode Information

Episode UID
7272271791137
Episode Type
Suspension β†’ Closure
Bank Type
savings
Bank ID
727227179 hash
Start Date
September 16, 1894
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
12fe00e8a18ef275

Response Measures

None

Description

The institution suspended in Sept 1894 and elected voluntary liquidation rather than resuming operations.

Events (3)

1. September 16, 1894 Other
Newspaper Excerpt
The California Savings and Loan Society Will Close... The retirement from business is voluntary and the institution is solvent. The bank was incorporated June 26, 1873. (Newspaper report of voluntary liquidation/closing.)
Source
newspapers
2. September 17, 1894 Other
Newspaper Excerpt
The California Savings and Loan Society has decided to go into liquidation. The bank's resources are said to be $1,400,000 and its liabilities about the same. Commercial deposits aggregating $30,000 will be paid at once, but the ordinary depositors will have to wait until liquidation is completed.
Source
newspapers
3. September 28, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Decline in value of mortgage-secured land loans after the 1892-93 downturn left the bank unable to meet withdrawal demands; directors set aside withdrawal applications and devoted funds to taxes and pro rata payments.
Newspaper Excerpt
The California Savings and Loan Society suspended September 28, 1894.
Source
newspapers

Newspaper Articles (5)

Article from The Morning Call, September 16, 1894

Click image to open full size in new tab

Article Text

TO QUIT BUSINESS. The California Savings and Loan Society Will Close. The California Savings and Loan Society, one of the oldest savings institutions of the city, has decided to close up its affairs and retire from business. Reasons alleged for this action are the unprofitable character of the business and the inability to meet the demands of commercial depositors. The trouble began during the panic of 1893. The bank has large loans on landed holdings in interior counties, but nothing short of the building of a competing line would raise the value of these properties. The retirement from business is voluntary and the institution is solvent. Its president is David Farqubarson and its secretary Vernon Campbell. One-half of the stock issued is held by the Farquharson family. The bank was incorporated June 26, 1873.


Article from New-York Tribune, September 17, 1894

Click image to open full size in new tab

Article Text

BUSINESS EMBARRASSMENTS. San Francisco, Sept. 16.-The California Savings and Loan Society has decided to go into liquidation. The bank's resources are said to be $1,400,000 and its liabilities about the same. The bank's retirement is voluntary. Commercial deposits aggregating $30,000 will be paid at once, but the ordinary depositors will have to wait until liquidation is completed before they will get all their money. There is little doubt that all the claims against the bank will be paid. Meadville, Penn., Sept. 16.-Colonel S. B. Dick, the only surviving member of the banking firm of A. C. Dick & Co., who closed their doors in July, 1893, announces that a dividend of 20 per cent will be paid to the creditors on Tuesday, September 18. This will make a total of 40 per cent paid since the suspension.


Article from Idaho County Free Press, September 28, 1894

Click image to open full size in new tab

Article Text

мязм HHL 40 SMIN Thunspay uopuon and V erty. night destroyed $1,000,000 worth of prop. The strike of the Scotch miners has sumed collapsed. Ten thousand miners rework Monday. It is now believed that seven fire lost in their lives in the mattress person factory Washington Tuesday. The large placer mining claim situated at Sumpter, near Baker City, has been sold to Nevada parties for $25,000. Negotiations will soon be commenced for the 8 new commercial treaty to govern trade between America and Cuba. A runaway occurred in a funeral party at fifteen Irondale, Mich., Saturday, in which persons were injured, three fatally. Mr. and Mrs. J. C. Fetters were killed at hour Edon, Ohio, by a Wabash train after their wedding Thursday night an Michael Shea, & dry goods clerk, struck by a Geary street cable car in was San death. Francisco Sunday night and crushed to The body of Fred Oliver was fished out of the Willamette river Friday. His death cident. is supposed to be the result of acNelson Woods was killed and Cuby Reddin fatally injured by a premature dynamite Thursday. explosion at Knoxville, Tenn., A shingle mill, dry house and five car. loads of shingles were burned at South Bend, Wash., Saturday night. The loss 000'21$ #1 Mrs. Murphy, who was shot by John Young in Eagle valley, is dead, and Young has been rearrested on a charge of murder. Mrs. Rogers, a sister of the late John A. Logan, committed suicide at Murphysboro, III., Thursday. Despondency was the cause. There was no gold sent abroad last week, while $548,701 in silver was ported. The imports of gold during the week were $189,075. 0 George W. Dunkel shot D. W. Waite through the head at Murray, Idaho. Waite died three hours later. There a woman in the case. F. H. Dennison, grand treasurer of the Select Knights, committed suicide & Olean, N. Y., Thursday. He was $1000 short in his accounts. During a small fire in Chicago Sunday O night, Mrs. Christine Pearson, 80 old, was burned to death while trying years rescue an infant niece. u The large wholesale dry goods house of Turner Bros. & Co., at Chicago, closed by the sheriff Saturday on an tachment suit of $38,680. The Campbell bank of Rossville, Ills., = was robbed of $10,000 Thursday while the cashier was at dinner. No trace the burglar has been found. Ex-Postmaster Pendleton, of Sprague Wash., has been convicted in the United States court at Spokane of embezzling $3500 of the money order fund. Earl Lee, aged 10, living eight miles from Springfield, Ohio, was killed JO having his skull crushed by a heavy cider press falling on him Thursday. SR Surveyor-General Watson has asked the interior department for $1300 to plete the survey of the Yakima reserva tion, 80 that allotments can be made. OF Senator Harris opened the campaign in Tennessee in a speech at Trenton urday night. He defended the sugar ators and favored free coinage of silver The depot, postoffice, general store & sawmill of Wunderlich Bros., together with several million feet of lumber, nesday. consumed by fire at Antigo, Wis., Wed Two men were killed and a score OF jured, half of them fatally, in a cyclone at Charleston, Mo., Wednesday, during which a passenger train was blown the track. The California Savings and Loan ciety, an institution that has been in iness in San Francisco for 21 years, "II about to go into liquidation. The liabil ities are $1,500,000. William Lane and Fred Donahue, vineyard laborers, had a fist fight on vineyard near Selma, Calif., Sunday, OH sulting in the death of Donehue. neck was broken in falling. 'a') The home of Mrs. Firdling at Kewanee Ills was destroyed by fire Saturda night and two children, aged 6 and were burned to death. Mrs. Firdlin was probably fatally burned. Frank Simons, a saloon-keeper, shot and dangerously wounded at F kane Saturday night by John Turner, gambler. Turner was drunk and aske Simons for a loan, which was refused. Leab Burrow, a farm hand, was and fatally wounded by Constabl Rhodes at Woodland, Cal., while resist ing arrest. Burrow was drunk and raise us a disturbance in a disreputable house. During a thunder storm at Philade phia, Thursday, Lewis Schooling, intendent of the morocco works, struck by lightning. He lived 85 hour 1800 ings. before death relieved him of his suffe The campaign in West Virginia opene Saturday and a hot fight is expected election. There are no entangling features and the battle will be


Article from The San Francisco Call, October 23, 1896

Click image to open full size in new tab

Article Text

LAND INVESTMENT BROKE THE BANK California Savings Society Said to Be Insolvent. Decreased Value of Mortgage Securities the Cause of the Fall. LAWYER VAN WYCK'S ADVICE. Recommends That the Management of the Institution Be Changed at Once. The solvency of the California Savings and Loan Society was yesterday questioned by Attorney Sidney M. Van Wyck Jr., who advised that the bank be not permitted to continue the conduct of its business on the present lines. Mr. Van Wyck was recently appointed appraiser of the collateral inheritance tax due on the estate of David Hunter, and in presenting his report to Judge Coffey referred to the finances of the bank, much of the personal property of the estate being money on deposit with that institution. T he California Savings and Loan Society was incorporated in 1873 and carried on an ordinary banking business until September 13, 1894. Most of the money of the institution was invested in loans, secured by mortgages on lands in the lower San Joaquin Valley. In one instance $100 an acre was advanced and in a number of other cases $50 an acre wasloaned. Twenty an acre was about the smallest loan made. In 1892 and 1893 land values depreciated greatly and in 1894 the bank found it difficult to obtain even the interest on its money. Borrowers were unable to float their mortgages elsewhere and the bank was forced to suspend. The directors decided to set aside all applications for withdrawals, and devoted all the money on hand to the payment of taxes on lands foreclosed on and to pro rata payments to depositors. So far 13 per cent has been repaid. Mr. Van Wyck says that he finds that about $100,000 worth of deposit books have been sold to money-brokers, for which books from 60 cents down to 46 cents on the dollar have been realized. The latter figure is now the best that can be obtained, and at that there is no demand for the books. The report further says that there is now due the depositors $827,586 77. To offset this the bank holds real estate of the value of $553,154 and unsettled accounts of the book value of $400,301 58. Of these accounts the appraiser says: "In view of the large amount of real estate held by the bank, of the large amount it is now taking, of its high cost, of the dullness of the real-estate market and of the long time before cash can be realized for the land held, I appraise the accounts owned at 46 per cent of the face value.' In conclusion Mr. Van Wyck says: "I am of the opinion that the society should not be permitted to continue to conduct its business as at present, in view of the fact that its assets at their real present cash values are not, so far as I have been able to ascertain, equal to the amount due depositors."


Article from The San Francisco Call, November 26, 1898

Click image to open full size in new tab

Article Text

# BANK IN LIQUIDATION-M. M., City. The California Savings and Loan Society suspended September 28, 1894.