910. Bank of California (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 1, 1868*
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
17696c9602d9ca23

Response Measures

None

Description

Multiple contemporaneous newspaper reports describe episodes in which the Bank of California faced heavy withdrawals or coin shortages but no suspension or permanent closure is reported. Key events: Jan 1868 out-of-coin liquidity strain due to bullion shipments blocked by storms; Oct 1868 earthquake damaged the bank building (panic in city) but no suspension of the bank is described; Oct 1869 a rumor (Hayward failed) sparked a run in which the agency paid out large sums but the rumor proved unfounded. Classified as run_only because runs occurred but there is no evidence in these articles of a suspension, receivership, or permanent closure. Bank type set to unknown per guideline (name lacks “National/State/Trust”).

Events (4)

1. January 1, 1868* Run
Cause
Correspondent
Cause Details
Blocked bullion/shipment returns from mines due to severe storms cut off communications and bullion shipments, causing the bank to run out of coin and experience heavy withdrawals/strain.
Measures
Not specified in the article beyond reporting the bank 'ran entirely out of coin'; no formal suspension mentioned.
Newspaper Excerpt
Wells, Fargo & Co., and the Bank of California run entirely out of coin, in consequence of being unable to get returns from bullion shipped during the month of December
Source
newspapers
2. October 21, 1868 Other
Newspaper Excerpt
A terrible shock of an earthquake took place here this morning... The Bank of California... greatly damaged. ... People are badly panic stricken and utterly demoralized.
Source
newspapers
3. October 28, 1869 Run
Cause
Rumor Or Misinformation
Cause Details
A circulating rumor that Director Hayward had failed ($3,000,000) triggered depositors to withdraw funds; reports later indicate the rumor had no foundation and the bank/agency paid out demands.
Random Run
Yes
Random Run Snippet
rumor Hayward failed; rumor had no foundation; demands promptly paid
Measures
Agency promptly paid out large withdrawals (report notes over $100,000 paid out by the agency in Carson City; demands 'promptly paid' in other places), calming depositors.
Newspaper Excerpt
a rumor gained credence ... that Hayward one of the Directors of the bank of California, had failed ... and that in consequence a run was being made on the bank in San Francisco.
Source
newspapers
4. August 17, 1899 Other
Newspaper Excerpt
One Sunday morning about thirty years ago news reached Honolulu that the Bank of California had failed. The re-
Source
newspapers

Newspaper Articles (5)

Article from Weekly Calaveras Chronicle, January 18, 1868

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Letter From Nevada, [FROM OUR OWN CORRESPONDENT.] VIRGINIA CITY, NEV. Jan. 5th, 1868. s EDITOR CHRONICLE:-The holidays came and went. And such holidays I don't care to see again-that is to say, the weather. For the balance of the year 1868, I wish you and your readers, and the rest of mankindhealth, wealth and general prosperity. THE LATE STORM. About two weeks ago I wrote you of a storm then prevailing to a fearful extent, and as time has proven, at that time it was but in its infancy. Since that time, this is the first day we have been permitted to see a clear sky. For the past two weeks it has rained, snowed, blowed, and everything usually attending a severe storm was meted out to us. Nothing equal in its severity has ever been witnessed this side of the Sierras by the "oldest inhabitant." Even the Indians can give no account of anything nearing its equal. During the past two weeks all communication with California has been cut off. Last night the telegraph was in working order and to-day a mail got over, but by what route I have not learned. The mail from the East has continued to arrive regular as well as uninterrupted communication by telegraph. On New Year's day the snow took the place of the rain, and up to last night we got enough of it. Many were unable to reach their dwellings in the evenings, after attending to their business during the day in the city, so great a depth did the snow drift in many localities. About 2 o'clock last Friday morning, (my business requiring my being out at that hour of night while wending my way homeward, came in contact with a drift of snow some ten or twelve feet in depth, and within one hundred yards of my domicil, which compelled me to submit to the "Powers that be," and prospect for a new channel or be severed from the comforts of married life. After numerous attempts to reach home, and going through a variety of gymnastic exercises, in the way of of rolling, tumbling, swearing occasionally, etc., I reached the bedside of one who had been during that dismal stormy night watching the faint flickerings of the night lamp, fearing all the while the strong arm of her earthly hopes would be wrecked, and lost in attempting to reach the comforts of a warm bed in readiness for him. It was no fun, I assure you at least I don't care about amusing myself in that way again. A lady and gentleman one night last week, while returning from a ball in Gold Hill, missed the road and wandered off together in the snow, and came near perishing. The iemmnse amount of falling snow and darkness of the night was the cause of their wandering from the main road. Luckily, however, for them, their loud cries for help were heard by the inmates of a house, and they were at once relieved from their perilous situation. Quite a contrast, between the hilarity and mirth abounding in the ball room just previous and the snow drift in which they were so uncomfortably occupying. Such is lifefrom wealth to poverty from unbounded pleasures to sudden unimaginable distress. They were taken to a house near by and restored to full man and womanhood, when they then and there agreed "no more balls for them" during the prevalence of so severe a storm, and rumor has it, that this particular occurrence will undoubtedly be the means of uniting the two "one and the same." Should this rumor become a fact, they will very likely choose a different kind of a downy bed to "bill and coo" upon than the one they occupied at the time they were discovered on the eventful night above referred to. The storm thus far has destroyed 80 large an amount of property that it is utterly impossible for me to give you an idea of the extent. It will take millions of dollars to replace the damages sustained from the storm in this State. Nearly all the mines ceased operations, in consequence of the teams being unable to haul the quartz to the mines. Wells, Fargo & Co., and the Bank of California run entirely out of coin, in consequence of being unable to get returns from bullion shipped during the month of December, 80 Iam informed. SUFFERING MUST COME IF STORM CONTINUES. Hundreds of miners have been suddenly thrown out of employment, and in many instances without food and wood, and it is feared much suffering will follow. A public meeting is called to take measures to alleviate the necessities of those in want of help. Provisions have advanced nearly a hundred per cent., although the stock on hand is quite sufficient to last until spring opens. Turkeys brought during the holidays, 621 cents per pound flour is selling at $18 per barrel and wood all the way from $30 to $45 per cord. Good healthy prices for poor folks, and not at all agreeable for rich ones. THE OLD TERRITORIAL Enterprise has been compelled to reduce to a quarter sheet, in consequence of their supply of paper becoming exhausted. Their winter's supply was caught some where in the mountains, in its transit over. POLITICS have frozen over-gone dead-defunct to be resumed in the Spring. The all absorbing topic now, among those fortunate enough to have a little coin left, is-sleighing, skating, attending balls, courting and drinking whisky. Sleighing is tip-top, just now, and the young folks and fast folks are using up horse flesh at a fearful rate. I received the CHRONICLE, this morning, of


Article from Idaho Semi-Weekly World, October 28, 1868

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EARTHQUAKE IN SAN FRANCISCO. Below we give the dispatches contained in the Silver City Aralanche Extra of Oct. 24th, from Winnemucca, Oct. 21st, in relation to the terrific earthquake which shook Ban Francisco and contiguous points on the morning and afternoon of the latter named day. Nothing like it has been known on the California coast: SAN FRANCISCO, Oct. 21.-A terrible shock of un earthquake took place here this morning. A great many persons killed and wound. ed by falling walls. The City Hall is in an unsafe condition and no business will be trans. acted to day. City wild with excitement. The Bank of California, Merchants' Exchange and Hayward's new building greatly damaged. SAN LEANDRO.-Our Courthouse 3d down and Deputy Sheriff Josselyn.killed. SAN FRANCISCO. Oct. .21.-Latest-Bank of California, Merchant's Exchange, Hayward's new building and Masonic Hall all badly damaged. Loss apwards of a million dollars and 25 or 30 lives lost as far as heard from. Large numbers seriously wounded. Livingston block on California street totally destroyed ; also Heyneman's building, corner of Battery and California. completely demolished. People are badly panic stricken and utterly demoralized. Courthouse at San Leandro down and Dep. uty Sheriff Josselyn killed. Prisoners still in the cells and no way of extricating their except by tearing away debris of building. Considerable damage to property at Petaluma and Oakland. About three o'elock P. M. another shock occurred, but not so hard as first. At San Lorenzo the ground opened and the water came up. For the last two hours the lines were 80 busy with messages that not much has been heard of the condition of things. THE LATEST.-Latest dispatches up to the night of Oct. 21st. by mail and express last evening. report more fully the effects of the earthquake. We collate the following most important items: There were twelve shocks during the day, chiefly northerly and southerly. Through a belt several hundred yards wide the greatest damage was done, and this was on the made ground in the lower part of the city Those known to be killed are Wm Strong. aged 26 years, of Connectient: Wm. Best, aged 46, of Ireland: and J. B. Mansfield, of Massachusetts. In some places the ground opened and a sulphurous scent arose Besides buildings mentioned in dispatches above, the following are in the list of destroyed or damaged: Destroyed-City Hall, Coffee & Riadon's foundry. Ladies' Relief Society building. Ro. senbaum & Co.'s store. Badly Damaged. - Custom House, What Cheer House, Pacific Woolen Mills, U.S. Ma rine Hospital, Gas House, Mint, Bank of Cal ifornia, Sugar Refinery, and several others of less note. The shocks were severely felt'at Sonoma, Grass Valley. Stockton, San Jose, Petaluma, Santa Rosa, Oakland, and Healdsburg. Build. ings were thrown down in Centerville and Petaluma. Marysville and Sonora received slight shocks. The great shock lasted half a minute in San Francisco. The pauic still prevailed at last accounts.


Article from The Carson Daily Appeal, October 29, 1869

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A Res ON THE BANK OF CALIFORNIA. At about 10 o'clock yesterday morning a rumor gained credence in this city and Treasure to the effect that Hayward one of the Directors of the bank of California, had failed for $3,000,000, and that in consequence a run was being made on the bank in San Franciso. With the rememberance of the failure of the Frst National Bank still fresh in the minds of depositors, it is not surprising that an anxious throng were soon to be seen pressing toward the bank in this city, with the view of withdrawing their money. All seemed in the greatest possible haste, evidently imbued with the idea that the matter was one that admitted of no delay. The tide flowed on until about 2 o'clock p. m . when there came a lull, everybody having had their demands cashed as fast as they were presented. We did not inquire at the bank, but learn from a reliable source that over $100,000 were paid out by the agency in this city yesterday. In Treasure City, the excitement was also great. The news reached the mines about noon, when a general stampede of miners for their checks and then for the bank ensued. But, as in this city, all demands were promptly paid, and soon the excitement had pretty generally abated and con. fidence was again restored. The rumor of the failure below, so far as we have been able to learn, had its origin in private letters, or rather a letter, received in this city on Sunday. Up to a late hour last night nothing had been received at the telegraph office in this place concerning the reported failure and run below, but, on the contrary, matters generally were reported to be going on as usual. The whole affair seems to have had no foundation in -Inland - Empire, 20th.


Article from Chicago Tribune, October 14, 1870

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without foundation, and, so far ss the was Bank the to be is concerned, the reverse mustatep of California It 18 evident that the government relieved of the care. the market is to be The sale of in if of these disarrangements prepayment o po-Eibility by the Treasury or the will more November gold interest without rebate, The large the course is expected shortiv. af. The latter gold from the market seriously withdrawal the ease of of the money market, the and full borrow. legal !eeted were compelled to pay collarers 10-day for accommodations on railway rate to bank rate per cent being the more general there is eral, government eix dealers. In discounts commerthe important to note, prime sy per cent. ranged cial nothing acceptances moving at : from to 113% Gold The closing quotation after the Board was 1.$1.11% $1.14. The regular session at the board wide and was full of excitement, and the nuctuations inquent GOVERNMENT BONDS fraction lower on the Large offerings for the at par- the were a which received proposals total ofTreasury, $2,000,000 dve-twenties. Tne from fered enase of was $7,908,500, at prices ranging $:09.49 $103.50. FOREIGN EXCHANGE MARKET A demoralized THE by the scarcity of cash gold. was prime banking firm sold a round for amount gold leading at $1.09%-le one-sixteenth The sales of sterling their asking rate was $1.06% low for of exchange ben were ut irregular rates, and gold down THE STOCK MARKET feveribe and unsettled. In the afternoon that the the as heavy. owing to the report renewed mulket was of the gold pool will be to-morrow masspulations and money again made stringent. THE MARKETS to in dry goods There were CO new steady. features The wheat market was day. Prices Holders, were in view of stronger small receipts private unsettled. from abroad, and probable to ask more services days to come, were disposed owing to !or some which shippers could not pay, depression in maney. freights and great thus higher occan exchange: unyers and sellers, being the sales sterling greatly restricted buswead, The and breadstuffs apart. only about 30,000 busbels. the common were showed increased unmuse in still grades market of State and Western flour, as they continue scarce. (To the Associated Press) WALL ETHERT EXCITED. to a YORK, Oct. Wall street eventy has been 13 th: NEW excitement all day over CAST gold lever of the scheme to make the marGold Hu.m. or =carre and high The noating controlled gold in by a few ket is limited in amount, and the borrowing rates Suit turnselves, in. parties, who can and bcesaw regularly wilk suorts nearly To-day, until the government gold. was steps called in: but the borrow. bulk of $4,000,000 in to circulation at the high were run it was returtied Atone time borrowing rates gold to 1144 ing upto & rates. per cent. and the price of that the Bank of At this juncture it was permission reported from the Trease gold Cauternia Department received to transit $1,000,000 York, and in also my Fraticisco to New to-mor. and San would bell $5,000,000 di-ap 1.1 the Secretary all borrowing rates to was W. This caused the afternoon 3 per cent down and later In zold. while the price ran fonnoaend 113th for carrying These reports profed has without obtained perte 21. be Bank of California million 111 gold from New per has ssious ik to to San transfer Francisco at of a million of : The first installment here to be paid out cert. even paid into the Treasury This operation, of course. in San Francisco cash gold out of the up:ll market, all the and talk h takes the the Treasury After only one unition locks it up squeeze tu of cash gold, to-lay market and about this was actually taken out of the 401 returned. THE FENIAN FUNDS known suit of John O'Mahoney of as Fentate unst The well for the recovery of Be:August Belmont, finally decided timily in favor lunds, was default of the plaintiff. mouth through CAPITAL REMOVAL to Hoffacan, in is letter to Senator appoint J. auy- B. at Governor of MIR-OUTI, declines to York in the on Henderson, the State of New to by one to represent National Convention at Cincinnati, of the s by proposed the question of the removal authority has the donal consider Capital, on the ground that 10 no make such an es ever been conferred upon he should him be at a great loss ch Inappointment, w find the right and wall that who would be willing to go, If be had the authority. or even THE LATE GENERAL LEE lehandsom 14Nearly all the moraling of papers General DAY 3 Lcc. The the route to the memory NOW that ne is gone let us Md Tribunesenarks: forget his tolly and his great wholly crime bad of cadeator to only that be was not false morch False ememberius political principles rather wrought than nis ruin. Tothe To forget 13 er1s perverte d his greatest mind, and charity we could now 10Ind grams from Virginia campaign ascribe Lee and tduniter death Special BERTOW to the hard-hips over the defeat of the of the Southert cause. of THE ELECTION. the nd am Marshal sharpe is preparing to mouth. carry out 1 pum tea election law nexi inspe of United States have volunteered as a fund nty use of R putilicans the Repu ans are raising The Dem t 1 have c UTA impensate and them for their not ret service. been appointed, 3288 ted Mareh to cratic have any inspectors names been furnished. utrache The should leav to oncered, yes.enday, that this DO t.me and e ection d. tellthe office between It is understood that are without his permition. held in readiness on electle 11 to day cut, military are the to Federal IN authorities in enforcing law, If his Unite states re'y necessary Marshal Dillen. of Brook inten-14 rn.on the toward stated that he depotic inginterview summent special dip voting. from election among day to the appoint citizens, to prevent frauduler and CHURCH SCHISM be echism has occurred in the E'm of Place which LO Re day gregational A Church, of Brooklyn. Chicago was former audi pdeWn. Alvin aL Rattle attempt of is being made to dismi the pastair, and minister, Rev. Henry Powers ir. DAN. FENERAL the present OF THE LATE SUPERINTENDENT JOC of the late Superintendent of pagean Polle Journan, Funeral was one of the most imposing ever witnessed in the city. the VICTIMIZED them g in a & Co. were vietinized in swindler $20,000, ands Stedmen torged gold check to-cay. The 36 of not been discovered. NEWSPAPER SALE Pemero and Gideon J. Tucker James na visit disposed Brick of the Daily Democrat to Lainbert. the


Article from The Pacific Commercial Advertiser, August 17, 1899

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and industrial progress of the Hawaiian Islands. Its operations began with the encouragement of the whaling business, the leading industry of the Islands in those early years of its civilization. When the sugar industry was in its inception, as well as when largely developed, Messrs. Bishop & Co. again and again proved its strong right arm. Once the firm borrowed $500,000 at the abnormally high rate of interest of 1 per cent per month from a San Francisco syndicate, which amount was devoted to tiding the planting interests over a perilous crisis. The bank made absolutely nothing out of this transaction, but had the satisfaction of saving the country by preserving, at a perilous financial crisis, its mainstay from falling. The able management of Charles R. Bishop created general confidence in the bank from its earliest period, a confidence that the public has never had cause to regret and which soon placed the bank on the high road to prosperity. Since Mr. Bishop retired from active participation in the management, some six years since, Hon. Samuel M. Damon, the present Minister of Finance of the Hawaiian Republic, assumed that responsibility, and under his conservative and wise direction the bank has become more prosperous than ever. Once and once only has the bank been threatened with even a partial withdrawal of public confidence on the part of its depositors and a run on its financial resources threatened. One Sunday morning about thirty years ago news reached Honolulu that the Bank of California had failed. The re-