920. Bank of San Francisco (San Francisco, CA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 27, 1875
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
9786a6c716829eae

Response Measures

None

Description

Multiple dispatches from Aug 27–29, 1875 report that the Bank of San Francisco was experiencing slight runs or light runs during a short-lived financial panic following the failure/trouble at the Bank of California and a scarcity of coin. The coverage describes runs but does not say the Bank of San Francisco suspended or closed; other institutions (e.g., Merchants' Exchange Bank, National Gold Bank) are said to have suspended. Cause is contagion from local bank panic/coin shortage rather than a rumor specifically about this bank.

Events (1)
1. August 27, 1875 Run
Cause
Local Banks
Cause Details
Runs occurred in the wake of a sharp short-lived financial panic triggered by the failure/trouble at the Bank of California and a general scarcity of coin; depositor withdrawals affected several San Francisco banks including Bank of San Francisco.
Measures
Paying out small sums over the counter; savings banks claiming notice on large deposits; banks reserving by-law privileges.
Newspaper Excerpt
the London and the bank of San Francisco, are paying light runs
Source
newspapers

Newspaper Articles (5)
1. August 27, 1875 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, August 27, 1875

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Article Text

WESTERN DISPATCHES [SPECIAL TO THE SILVER STATE.] THE VERY LATEST. SAN FRANCISCO, August 27 10 A. M. We are experiencing a real sharp but probably short-lived financial panic. There is less excitement this morning among the crowds on California and Montgomery streets, owing to the fact that banking and stock business is at a stand still. The Stock Exchange remains closed to prevent further depression in values of stocks, and the officers of the National Gold Bank and Trust Company gives formal notice that their business will be discontinudd temporarily owing to the panic and a scarcity of coin, offering at the same time assets to all of their depositors who desire them. The Savings Banks are open but reserve to themselves the by-law privilege. The depositors are being paid over the counter at the Hiberma-the largest of them. Some of the banks determined to remain closed to-Gay. Among those now with doors shut is Merchant's Exchange, Bank of London & San Francisco, and Bank of San Francisco are having slight runs. The Savings Banks are paying out deposits of less than one hundred dollars. Following observations are gleaned from a mass of floating rumors in print and otherwise, and will be found near the facts: The Bank of California has during two years past been in collision with one or more of the stock combinations, and prejudicial reports relative to its condition have been circulated from time to time, which, however, have been generally discredited as outgivings of speculators and desperate politicians. It is admitted on the other hand that the bank has been advancing sums of money on mining and manufacturing enterprises a little aside from legitimate banking. There has been a steady draia of coin to the East and Europe for some months, to which has recently been added an unusually heavy demand for payments on the wheat and wool crops. This of itself could have been gotten along with but for the manipulations of the stock brokers, who in their frantic efforts to depress prices began to hoard money. The Bank of California paid two millions at 2:20 yesterday. Some large checks were presented, one of them said to be for $300,000. On representations being made that it was impossible to count out so large a sum that night, payment was insisted on, and after hasty deliberation it was concluded to stop business. Flood & O'Brien, the great holders and manipulators of the Consolidated Virginia, Ophir, California, and all the Comstock mines with whom the bank has heretofore been in collision, deny that the run on the bank was in any way promoted by them and the latter emphasised his denials by stating that he had forborne to draw $200,000 of deposits in order not to cripple the bank.

2. August 28, 1875 The Morning Herald Wilmington, DE
Article from The Morning Herald, August 28, 1875

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Article Text

Californian's Bank Excitement. SAN FRANCISCO Aug. 27.-The Depositors in the Bank of California, are amply assured. All the directors are men of wealth. The suspension of payment was only for the lack of coin. There is plenty of Bullion in the Bank. There was a run on some of the Banks to-day. A sharp, but probably a short financial panic is being experienced: There is less excitement to-day among the crowds on California and Montgomery streets, owing to the fact that the banking and stock business is at a stand still. The Exchange remains closed to any further depreciating in value of stock. The officers of the gold, note and Trust Company, and National Bank, give formal notice that their business will be discontinued temporally; owing to the panic, and at the same time asserts to those of their creditors who desire. The Savings Banks are claiming three days notice on large deposits, but are paying small sums over the counter. The largest of the Savings Banks is paying small sums. Among the Banks who have suited creditors is the Merchants Exchange Bank. The London and the Bank of San Francisco, are paying light runs, and the Savings Banks are paying deposits.

3. August 28, 1875 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, August 28, 1875

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Article Text

The Financial Excitement. SAN FRANCISCO, August 28.-Wm. C. Ralston, President of the Bank of California, was drowned last evening in the bay-whether accidentally or otherwise is not known, but it is generally admitted that he committed suicide. The depositors in the Bank of California are amply secured. All the directors are men of wealth. A sharp but probably short-lived financial panic is being experienced here. There is less excitement to-day among crowds on California and Montgomery streets, owing to the fact that the banking and stock business is on aa standstill. The Stock. Exchange remains closed to prevent further depreciating in the values of stock. The officers of the Gold, Note and Trust Company National Bank give formal notice that the business will be discontinued temporarily, owing to the panic and a scarcity of coin, offering at the same time assets to their depositors who desire them. The Savings Banks are claiming thirty days' notice on large deposits, but are paying small sums over the counter. The Hibernia, the largest of the Savings banks, is sparing small sums. The London and the bank of San Francisco are having slight runs.

4. September 8, 1875 The Grange Advance Red Wing, MN
Article from The Grange Advance, September 8, 1875

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Article Text

Miscellaneous. The Government has appealed from the decision of the Court of Claims awarding the son of the late Stephen Douglas for cotton destroyed in the late war. The National Gold Bank and the Merchants Exchange. Bank of San Francisco suspended on the day following the failure of the Bank of Calitornia. The liabilities of the Bank of California are about $19,000,000 and the assets not far from $7,000,000. Before committing suicide Mr. Ralston transferred all his property to Senator Sharon, of Colorado, for the benefit of his creditors. Edwin B. Smith is the New England lawyer to be appointed First Assistant AttorneX General of the United States. His commission was sent to Long Branch Friday for the signature of the President. The Commissioner of Internal Revenue has awarded the contract for printing check stamps to the Graphic Company of New York. The Atlantic Mills, of Lawrence, have resumed operations, after being idle for seven weeks. The stock on hand has been sold to good advantage and there is a chance now for steady work for a thousand hands. It is reported that some heavy stock brokers and others who have borrowed large sums, in one case amounting to half a million dollars, for the benefit of the Bank of California, securing their own bills payable with stock of the bank, are likely to become heavily involved. Stock of the Bank of California could not be given away at present. About fifty suicides are reported for the first week in August, caused by insanity, domestic trouble and financial embarrassment. A prominent banker of San Francisco reports that the immediate cause of the demand by the directors of the Bank of California for Ralston's resignation was a discovery by the directors during their investigation of a lot of bills receivable from irresponsible individuals, aggregating in the neighborhood of $1,000,000, with no collaterals. He also said it was the intention of the directors to have subsequently called Ralston into their counsel to avail themselves of his intimate knowledge of the business of the bank. At a soldier's re-union in Cadwell, Ohio, Senator Cockerill, of Missouri, an ex-Coniederate general, declared that it was passion and notipatriotism which prompted him to take up arms against the government. The Merchants Exchange bank of San Francisco has resumed payments, and the 1 anic was. on the 1st inst., declared over. Geo. A. Smith, Brigham Young's next best man among the Mormon's, died on the 1st. There is a total of one hundred and forty millions of dollars in the United States Treasury. The public aebt was reduced $1,585,049 in the month of A. gust. The California election resulted in the election of the Democratic ticket by a large majority, together with at least three Congressmen. The Independents, heretofore affiliating with the Republicans voted with the Domocrats. Assurance is given that the Bank of California will resume payments, and the effect on business prospects is improving. Hon. M. J. Fletcher, commissioner of pensions, has resigned. Goldsmith Maid trotted a mile in 2:14 1/2 at Hartford, Conn., on the 3d. The colored leader of the reported Georgia insurrection has been found not guilty.

5. September 29, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 29, 1875

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Article Text

SAN FRANCISCO, Sept. 29- 2:30 Π³. ΠΌ.β€” In the Municipal Court to-day the indictments against Helleigel and Wiemier, former deputies of Buckley, License Collector, were dismissed on motion of the prosecuting attorney. They testified against Buckley, theroby implicating themselves, and the case against them was dismissed on the showing that their testimony was in the nature of State's evidence. Payments are still being made on assesstnents levied on the guarantee fund of the Bank Syndidate. It is expected that the whole amount will be paid to-day. The Board of Directors at their meeting yesterday took no action with regard to fixing a day for opening, though it is understood that Saturday will be decided upon. It is rumored that at the meeting of stockholders on Tuesday next Sharon will be elected President of the Bank, but nothing authoritatively is known to that effect. As the Syndicate now controls a majority of the stock the election will undoubtedly be in its hands, and perhaps the choice of Sharon, as President of the Syndicate, may be indicative of some ground for the present rumor, though inquiry fails to confirm it. The Alla, this morning, states that the liabilities of the Bank are only $10,000,000 instead of 13 or 14 as heretofore generally mentioned, but on application to a member of the Board, the statement does not meet with confirmation. Chas. Clayton & Co., grain merchants, corner Front and Clay streets, suspended yesterday. There is no doubt that their embarrassment is merely temporary in its nature. The firm have assets in excess of their liabilities, the suspension being caused merely by lack of coin on hand to settle accounts coming due. It is probable they will soon be going on as usual.