913. Bank of California (San Francisco, CA)

Bank Information

Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
state
Start Date
August 1, 1875*
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
7fccfa38ef8ba89f

Response Measures

None

Description

Multiple articles refer to the Bank of California's failure/suspension in August (circa 1875) after a run; depositors panicked, Ralston (cashier) perished in the collapse, and the bank was resuscitated/reopened about forty days later with funds from Pacific Railroad/big financiers (Crocker, Huntington, etc.). Dates inferred from publication dates and text (OCR contains missing digits).

Events (3)

1. August 1, 1875* Run
Cause
Bank Specific Adverse Info
Cause Details
Failure/collapse of the Bank of California (cashier Ralston's collapse and related insolvency/community panic) triggered heavy withdrawals
Measures
Prominent financiers (Crocker, Huntington, etc.) and others raised funds; Governor Latham telegraphed the U.S. Sub-Treasury for credit; after ~40 days the bank's doors were reopened following recapitalization.
Newspaper Excerpt
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
Source
newspapers
2. August 1, 1875* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failure/suspension following the run and internal collapse under cashier Ralston and loss of confidence; led to closure of the bank's doors for an extended period (~40 days).
Newspaper Excerpt
The Bank of California, which suspended five years ago... The failure of the Bank of California, in August, 187... interfered greatly...
Source
newspapers
3. October 1, 1875* Reopening
Newspaper Excerpt
after forty days of incessant labor the door of the bank, which had closed apparently forever, were swung open amid the cheers of thousands. He has ever since been closely associated with the California Bank. (referring to resuscitation by financiers including Mr. Sharon and others.)
Source
newspapers

Newspaper Articles (5)

Article from Public Ledger, July 22, 1880

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COMMERCIAL. PUBLIC LEDGER OFFICE, MEMPHIS. TENN., July 22. 1880 } No material variation is observed in the financial market. Capital is in liberal supply, and discount rates are easy at 6 per cent, with prime commercial paper in demand. Properly endorsed borrowers experience no difficulty in securing loans, provided they are backed by solvent collaterals. Exchange rules quiet and exhibits no deviation, the light offerings being taken by the banks at par to to discount on the east, and to off on New Orleans. Drafts on New York sell at Ic premium, and on New Orleans at par. / The Bank of California, which suspended five years ago, and whose cashier, Ralston, died from the effeets thereof, has fully regained its former financial strength, and is one of the prospering monetary corporations of tho Pacific coast. Its recently pub. lished statement, through the state bank commissioner, shows cash on hand amounting to $6,942,723, and its total assets .each $12,835,808. The loan account an real and personal property amounts to $3,933,381, and on various stock and bond collaterals, $1,553,747. The bank has withdrawn almost wholly from mining investments, and also its loans on mining and milling securities. On the 11th of last month the national banks of this country, something over two thousand in number, held $99,506,510 in coin, $6,557,410 being in silver and the remainder in gold. Of this the banks of New York held $57,829,426 less than a million of the amount being silver and the balance gold. The national banks are now in possession of coin nearly equal to the total amount of cash reserve required by law. This statement is shown by the recent report of the comptroller of the currency. A circular has been issued to the national banks throughout the country by the comptroller of the national currency, requesting information as to the amount of taxes paid by each bank, including state, county, city, town or other municipal authorities, during the year 1879, also taxes assessed on bank stock, paid by the share-hoiders, as upon personal property. The information is to be summarized for future publication.


Article from Sacramento Daily Record-Union, January 3, 1881

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Failure of a Watsonville Firm. WATSONVILLE, January 1st.-The - largest attachment ever served in this county was one for $30,000 served on A. Lewis & Co., of this city, yesterday. Levi Strause, of San Francisco, is the attaching creditor. Lewis' failure grows out of the panic that attended the suspension of the Bank of California. Lewis had a brother who would have been crippled by that failure, and he lifted $120,000 of his brother's liabilities. It is this load which has at last proven too much for him. It is hoped that by Monday or Tuesday a compromise may be effected, and he be enabled to continue in business.


Article from Eureka Daily Sentinel, March 9, 1882

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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.


Article from The Donaldsonville Chief, September 23, 1882

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DONALDSONVELLE, LOUISIANA, SATURDAY, SEPTEMBER 23, OUR NEW YORK LETT the CHIEF. are placidly enjoying themselves at temWELCOMING DEATH. perance sociables and mite meetings. The Palace of the Croesns-Kidnap BY GALUS. The younger folks quite a gay time Work Again-A Religious Sen Come, welcome Death, thou king, Johnny Mitchell's Church-The last week-three parties and a sociable. o. King of Terrors," come; -Stocks, etc. Just imagine what an excitement, after By grace thou now has lost thy sting NEW YORK, September 9, we had been stagnating for a month. Through God's atoning Son. EDITOR CHIEF : Quite a number of our young ladies are Though long thou'st been my foe, On Broad street, opposite the aspiring to literaty fame. Poetesses, And made me start and fear Exchange, stands a colossal b Down in thy charnels deep to go essay and prose writers have suddenly which has no equal in New York Where there's no voice to hear, blazed upon the literary world of Baton United States. It is not simply Rouge and are deighting ns all with Yet dread I not the tomb, mense size, though it overtops by Since Jesus hath lain there; their efforts, and to use a homely phrase, stories most of its pigmy neighbo He's 'left a long and sweet perfume," we have more newspaper correspondent its costly elegance in every depa He'll keep my dust with care. " than you can slake a stick at.' This marks it as the abiding place of And when the trump is blown is not elegant language, I know, but it less wealth, the home of capit By the archangel loud, conveys the idea; and to say that we are I shall come forth as Christ I've known palace of luxury and power; rich proud of them, is to say the least. Much To meet him in the cloud. ers, money lenders, brokers and si of our local talent has heretofore been tors in stocks and bonds abide A holy song I'll raise bidden under a bushel," and the owners Inside the splendid gate and ab AsJesus bids me come, of it could not be prevailed upon at first In hallelujahs sing God's praise dazzling court-yard poverty is to display it; but after one has seen her For what His grace hath done. notice that its presence is not e first production in print, and felt the exand for fear that the notice migh BRAMBLE. quisite thrill of delight jun over her, and The corn is reaped, the bare brown land bly be overlooked a policeman, whispered to herself, Oh! could I have Is sleeping in the sunshine bland specially detailed for the purpose Of late September time: written that?" then her fate is sealed. Now after harvest toil and mirth ly asks you to move on. The gat In restful calmness lies the earth. Many of these aspirants frantically grasp palace of Cross is a marvel of Like good lives past their prime. air ink-bottle and exclaim with Patrick exceeding in massiveness and 8 Red tints of antumn touch the trees Henry ardor, Give pen, paper and a That rustle the freshening breeze anything that has ever been seen And wave their branches strong: nom de plume, or give r death." From meadows loud and clear Jand before. It is the herald of t All hearts are delighting at present in Comes clarion-like, note of cheer era, the age of steam, electric tel The thrush's thrilling song. the Stuttz's Star Company. It has been and telephones, electric lights, o The busy wild bee flitteth by so long since we have had a theatrical high Where honeysuckle waves oh aristocracy, of grand and colos troupe here that we can not fail to appreAnd late elematis grows; A fair brown butterfly floats round tunes. It represents a special E ciate it. The performance is very good A bramble branch that on the ground the elite, and marks the line of de Its dainty tangle throws. indeed. I failed to attend last night on tion between poverty and wealt The lowly bramble, taking root account of the rain, and it looks a it In common hedgerows, bearing fruit owner of this costly pile was not might shower again to-day. If this comFor common hands pull; rich; thirty years ago he lived A boon to travelers on the road. pany visits your town, Hope, don't fail It shows its gracious purple load, banks of the Sacramento river, i With blossoms beautiful. to fall in love with the 'star." It must fornia-and the banking house o White flowers, like pearly-tinted snow, be so satisfactory for you young gentleMills & Co. was a little 7x9 aff Fair foliage red with autumn's glow, men to visit the theatre every night, Ripe fruit-on one fair spray; quite as respectable as the coa Ah mel my heart, what beauty lives wander about in a sort of a dream next In lowliest things that nature gives his present establishment; his cre To blossom on our way. day, thinking of some actress, striking limited, and people had very lit attitndes before your nirror, wondering Ah me! my heart, what beauty shows fidence in bis bank. This was ex In lowly lives that to their close if you weren't born be an actor, and Bloom sweetly out of sight: ly fortunate for Mr. D. O. Mills Meck hearts that seek not worldly praise, if you didn't miss your vocation when That find in life's secluded ways 1855 Adams & Co. failed, and t you took to the dry goods business inDear love and deep delight. astrous failure produced a run on stead of the stage Fair lives that have a humble root. banks in the State, aud a large Sweet lives that bear a gracious fruit, Many improvements are being made; Yet keep their springtime flowers of them went under, never to o Upon the bough where fruit hangs ripe, our people yet find some thing to live for And where the fading leaf is type again. Fortunately for Mr. Mills even if the Legislatue has adjourned. Of life's decaying hours. no deposits of any consequence, The jail has been newly wlntewashed, We meet them in our daily path, there was no run on his bank, an These humble souls, and each one hath and looks too cheerfa), altogether, for A beauty of its own: the financial burricane had pa A such a resort. It looks so cool and clean beauty born of duty done, stood almost alone amid the ruin Of silent victories dumbly won, that I can easily see why some folks who Of sorrow borne alone. fact hislimited credit made his could not afford to go to a watering And when the frosts of death fall chill people supposed that he must h On these fair lives that blossom still place for the summer, spend it there; of Though summer time is past. considerable financial backboue We,sighing wish for quiet ways, course it may be a little restraining and ther such a storm, and for want Wherein. like theirs, our shortening days embarrassing to be "locked up," but I Might blossom to the last! other safe place to put their the Year Round, dare say one becomes accustomed to it, depositors began to roll in up and as I passed along the opposite side VIVIAN'S VAGARIES. The years that followed were of the street and saw one of its temporary financial prosperity, and at last ebony residents at an upper window, :th and Fiction-Prophetic Vennorwas conceived by Mr. Ralston of singing I Conventions and Polltics-Pastimes of a great bank in San Frauolooo, th he People-Red Stick's Budding Genius learned a lesson on the beauty and grandTheatricals-Good Wishes, etc. of which was to wipe out all the eur of being contented and cheerful under BATON ROUGE, Sept. 2, 1832. banks of John Davidson, John any and all circumstances. AR HOPE: Donohue, Kelly & Co., B. F. H I have ever so much more to tell you, Don't let any gleam of surprise illuminand several others. In the new Hope, but have just time to get ready D. O. Mills was selected as Pr your speaking countenance; don't ask for the matinΓ©e (doesn't that sound grand th mournful accents " why and wherethough it was well understood t -Crescent City-like, you know 1), but e," only grasp the idea that I am again Ralston was not only the cashier will write again soon. Ob, but I must iting to yon, not for any reason except manager de facto. The bank was tell you that I hope the entertainment t I am in the humor of 80 doing. The as the Bank of California, a for the Phanix Fire Company No. 1 will t of the matter is that I've confined backed up by the great Pacific be a success, as I am sure it will be if we scribbling so essentially to the Truth, ring, Stanford, Crocker, Huntin have nice weather. I regret so mnch t I find it depressing. One cau't-in Hopkins, Alvinzi Bob there is no one going down from here to newspaper business-bestrictly truthHead and a number of others. attend it. I'd like to be present myself, ever so much. Well, bye-bye. or else, as in my case, your spiritse continued in absolute command VIVIAN. Yours, as ever, ay, you grow indescribably sad and bank till his unfortunate encount e for something that does not smatter Flood and O'Brien of the Bank e Don't Waste Money the truth. I wild longings to go On trashy extracts when you can buy a lasting da, when the collapse came, a perfume so delightfully fragrant and refreshing ck" on the teachings of my youth and Ralston perished amid the ruins as Floreston Cologne. right straight along through this entime it was doubtful if the 1 In the Shetland Islands recently a e letter. The reaction is taking place, California could survive the disgr stroke of lightning detached a mass of d as a safety valve, or to give vent to shock of its failure; but Gov. S 400 tons of rock from the side of a hill, feelings I fear I'll have to tell some Charles Crocker, Huntington, cansing it to fall into a road below. The ful-stories, of course, to get even and the rest raised ten millions o lightning cut a deep rut down the face th myself. and tided_over the evil time. M of the hill. Generally, Hope, I believe I begin my began to tire of California after t ters to you with the weather, though, soon after the reorganization e FLESH TO BONES.- Any lady. who from disin scientific observations, I'm conease has lost her flesh. becoming lean and lank New York. Luck seemed to foll -who has lost her beautiful form and synimeced you are having just about the here; he went to Jay Gould i try. and wishes to regain these grand and attractive blessinga, has only to use few bottles ne down there as here; the same in celebrated Western Union deal of Dr. Dromgoole's English Female Bitters. ality and in quantity. I guess you that and a few other successful low Vennor has said: "One more hot Crystals sometimes attain an immense tions he made enough to put size, one of quartz at Milan being three ve, latter portion of the mouth, and colossal and costly private buil straw hat season is over," and I feel and a quarter feet in length and five and the continent of America. a half feet in circumference, and estimat that wave is upon MS now. I think We are just now enjoying ted to weigh over 890 pounds while a . Vennor a very considerate man to Charley Ross sensation. On great beryl at Grafton, N. H, is more ange the weather so conveniently, for afternoou a beautiful little g than four feet long and thirty-two inches is much pleasanter to have a hot wave spirited away from the front of 1 in diameter and weighs not less than August than it would be in December, door, in one of the most aris d then it does not upset the seasons5000 pounds. streets in Brooklyn. A genera leaves them exactly as they were beA Beneficent Action. was sent out all over the cities I e he took charge of the weather. The miserable looks and feelings of those York and Brooklyn. The child confined desks r work tables, are caused by ve unbounded confidence in that man, weak stomach, kidneys or bowels. Parker' man were found on Thursday, Ginger Tonic without intoxicating has such a a if be had predicted a snow-storm for beneficent these organs and so child was restored, unbarmed, morrow, I'd air my last winter clothes the poisonous matters from the system. that parents. The Italian methods o rosy cheeks and good health are soon brought day, SO as to be prepared for it. back again.-Express. ing away children for the pur I suppose you are like every body else, obtaining a reward must be stc According to John Rogers, F. R. M. S., 1 spend most of your time in reading this country, even if we have to it is claimed that modern microscopes out congressional conventions. My summary methods to do it. Ws are made to magnify as much as 32,500 nd has become so deeply imbedded in to be horrified at the whipping diameters, while some regard 100,000 diat groove that I'm real disappointed if Delaware, but if we had a little ameters as possible. Such excessive amhance upon a newspaper without an the whipping-post and a little count of one or several conventions. I plification, however, gives too imperfect this humanitarian rot, it woul results, and is attended by too many difgin to look upon these meetings or orgreat deal better for the peace a ficulties to be of any permanent value. nizations, whichever you would call of the community. The greatest living microscopists are of em, as something almost sacred, or at One of the most absurd and ri the opinion that a power of 3000 or 4000 ist, some thing to venerate, because controversies is now being carrie ev create such a stir and excite such a diameters represents the highest useful


Article from Sacramento Daily Record-Union, November 14, 1885

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some outstanding claims of that institu tion. He suggested to the California Ban managers to establish an agency in Vi ginia City, Nev. Theidea was taken hold and Mr. Sharon was made Unlimite powers were given him, and after a servi of many years he left the bank at his OW desire, and was succeeded by R J. Ralstor Mr. Sharon then turned his attention a most exclusively to the mines of the Con stock lode, from which he gained a larg part of his vast fortune. In 1852 Mr. Sh: ron married Miss Maria Malloy, a native i Canada, and whose father was a Captain the merchant marine. By her he had fiv children, two of whom now only surviveFred. W Sharon and Lady Hesketh, wi of Sir Thomas G. F. Hesketh, an Englis Baronet. In politics Mr. Sharon was Republican. He was actively interested organizing the Republican party in th State in 1856, and supported the Unio cause at the breaking out of the r bellion. In 1874 he was elected Unite States Senator from Nevada for a term six years from March 4, 1875. The failur of the Bank of California, in August, 187 interfered greatly with his Senatorial use fulness, and he bent all his energies to th task of resuscitating the bank. His vas fortune, his strength, his personal wil brought every creditor and stockholder the bank into harmony with his plans, an after forty days of incessant labor the door of the bank, which had closed apparentl forever, were swung open amid th cheers of thousands. He has eve since been closely associated wit the California Bank. He owns rea estate in this city valued at $1,800,000 He also owns the Palace Hotel and ove 500 dwellings, most of which are smal but yielding good rents. Besides these, h has 20,000 acres of land in Fresno county and the Burlinghame and Belmont ranches in San Mateo county. He is the princips shareholder in the Bank of California holds a controlling interest in th Carson and Colorado Railroad. and is th principal owner in the Spring Valley Wate Company. He was worth, all together, ove $15,000,000-all accumulated within th last twenty years. Attorney-General Marshall and the Cas of Ex-Judge Clough. SAN FRANCISCO, November 13th.-A lette was sent to Governor Stoneman to-day b: Attorney-GeneralMarshall,requesting hin to rescind the order to push the quo war ranto proceedings in the Clough-Levy mat ter. The contents of the letter will not b made public until the Governor has ha time to consider the reasons presented wh proceedings should not be taken, but it understood that the Attorney-General take the ground that ex-Judge Clough is no now in a fit mental state to fill the duties the office, and that his reinstatement would render Department Ten practically useles for some time to come, if not for the re mainder of the term for which Judg Clough was elected. The California Fruit Union. SAN FRANCISCO, November 13th.-Ar ticles of incorporation of the California Fruit Union were filed to-day. The capita stock is $250,000. divided into 250,00 shares. The Directors are H. P. Livermore L. W. Buck, A. Block, C. W. Reed, Wm Baxter, S. Runyon, L. J. Rose, A. T Hatch and John Markley. Cashier of the Custom-house. SAN RANCISCO. November 13th.-It IS announced to-day that Collector Hager has elected T. J. Shackleford as Cashier of the Custom-house in this city, to succeed H Clay Miller, recently resigned. Suicide by Hanging. SAN FRANCISCO, November 13th.-Car J. H. Frosch, a native of Germany, 13 years old, committed suicide to-day by hanging himself to a beam in his barn at 1628 Fol som street. He had been in ill-health for some time, and was out of employment. Signal Service Indications. SAN FRANCISCO, November 13th.-Indi cations for the succeeding 32 hours North Pacific, fair weather, except in th northern portion, where light rain, with variable winds, will prevail. Middle Pa cific, fair weather, with variable winds South Pacific, fair weather. with variabl winds, generally northerly. Anti-Chinese Meeting. SANTA CRUZ, November 13th.-An anti Chinese meeting was held last evening il Lorenzo. It was unanimously resolved tha members of the club march in a body to al wash-houses in Bowlder Creek and Lorenzo and notify the Chinese to leave within 2 hours. If they do not comply with the re quest, they will be forced to go. Bowlde Creek is one of the strongest Prohibitio towns in the State. A Simple Assault. NEVADA. November 13th.-The jury i the case of Patrick Ryan, tried for assau to murder, returned a verdict this evening finding the defendant guilty of simple as sault. Ryan assaulted an old man name Dennis Carroll at Grass Valley, beatin him on the head with a stone. Bells to be Baptized. MONTEREY, November 13th.-The recas bells of Carmelo will be baptized at Mor terey on Sunday afternoon. Rev. Fathe Casanova will conduct the impressive cere mony, and Monsignor Capel will preach sermon. Races at Vallejo. VALLEJO, November 13th.-The fir day's meeting of the Vallejo Jockey Clu was held here yesterday. Owing to tl uncertainty as to whether the races woul begin as announced, the attendance W: light. The trot. mile heats, three in fiv was between William McGill's Pat, McLee's Fannie Clark and Joseph Edge Jennie. Fannie won. A dash of between Denio's Sailor Boy and Ferg son's mare, was won by the former. Seriously Wounded by a Powder Expl sion. MERCED, November 13th.-A serior accident occurred here this morning Mrs. Kibbe, wife of James Kibbe, by explosion of a large can of powder. M Kibbe is a hunter, and was preparir to start out on the plains. H wife was preparing the powd for the day's shooting, the powd being in a large can, failing to open which