940. Capital Savings Bank (Sacramento, CA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 2, 1880
Location
Sacramento, California (38.582, -121.494)

Metadata

Model
gpt-5-mini
Short Digest
3b2b61e9

Response Measures

None

Description

Multiple contemporary newspapers (Jan 2–17, 1880) report Capital Savings Bank of Sacramento suspended operations to go into voluntary liquidation under the new state constitution. Reports state the bank was solvent and would pay depositors by installments; this is a voluntary winding up, not a run. Closure appears permanent (liquidation).

Events (1)

1. January 2, 1880 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors resolved to wind up and go into liquidation, citing the new state constitution and inability to continue a savings bank profitably; bank stated solvent and would pay depositors by installments.
Newspaper Excerpt
The Capital Savings Bank suspended this morning. The bank is said to be solvent, but proposes going out of business.
Source
newspapers

Newspaper Articles (11)

Article from New-York Tribune, January 3, 1880

Click image to open full size in new tab

Article Text

TELEGRAPHIC NOTES. A MILD VIRGINIAN WINTER. RICHMOND, Va., Jau. 2.-The season here thus far has been 80 remarkably mild that strawber ry plants are in bloom in the gardens around the city. SAVINGS BANK SUSPENSION. SACRAMENTO, Cal., Jan. -The Capital Savings Bank suspended this morning. The bank 18 said to be solvent, but purposes going out of business. A CLERICAL SECESSION. ST. JOHN, N. B. Jan. 2.-The Rev. Dr. Baird, who for many years labored as rector of the Carleton Presbyterian Church, has gone over to the Episcopal Church in New. York. ICE BREAKING UP. PITTSTON, Peno., Jan. 2.-The ice in the Susquehanna River commenced breaking up at 6 o'clock this evening, and 18 now moving rapidly. No damage to property 18 apprehended. NEWSBOYS ENTERTAINED. PITTSBURG, Penn., Jan. 2.-A principal feature of New- Year's Day in this city was the annual dinner given to the newsboys by John W. Pittock, late of The Fittsburg Leader. About 500 were present. MASONIC OFFICERS CHOSEN. BORDEN TOWN, N. J., Jan. 2.-At the annual communication of the United States Grand Lodge of Free Masons (colored) of the State of New Jersey. held recently at Camden. N. J., William F. Powell, of Bordentown, N.J., was chosen Grand Master. MINING TOPICS. SAN FRANCISCO, Jan. 2.-The rise in Belcher is attributed to the good appearance of the 2.760-foot level The north lateral drift of the Butro Tunnel advanced 392 feet and the south drift 184 feet during December. The prospecting drifts at Stations Nos. 116 and 117 are in low grade ore. THE LOUISVILLE AND NASHVILLE ROAD. LOUISVILLE, Ky., Jan. 2.-A meeting of the Louisville and Nashville Railroad Directory took place to-day. After paying the charges-Interest and sinking fund 10. oladed-for the six months ended Decerabor 81, a surplus of $134, 780 remained. a part of which was devoted to the payment of a dividend of 8 per cent, and the rest, $165,000, carried to the reserve fund.


Article from Eureka Daily Sentinel, January 3, 1880

Click image to open full size in new tab

Article Text

Suspended. SACRAMENTO, January 2. The Capital Savings Bank suspended this morning. The bank is said to be solvent, but proposes going out of business. It promises to pay the first dividend of 10 per cent. on the principal to depositors on the 10th instant, and on the same day to render an account for the last six months. Other payments will be made as assets are realized.


Article from Sacramento Daily Record-Union, January 3, 1880

Click image to open full size in new tab

Article Text

A BANK CLOSES. The Capital Savings Bank Goes into Liquidation and Shuts up Shop. It Does so Because Under the New Constitution the Bank Can't be Made to Pay. The Bank Officers Declare the Bank to be Solvent and that Every One will be Paid Dollar for Dollar. No inconsiderable excitement was occasioned yesterday by the announcement at the doors of the Capital Savings Bank that it had ceased to transact business. The matter became at once the prominent theme of the street, and while the rumors flew thick and fast regarding the supposed failure, to the credit of our citizens be it said, no noticeable panic resulted, for inquiry soon revealed the true state of affairs, and this was followed by a determination to wait and see and avoid fret and worry. It was early known that the bank had not failed in the sense in which that term is generally understood, but that it had gone into voluntary liquidation, had received a rap from the new Constitution which was premonitory of others to follow, and which had impressed the Directors of that institution with the wisdom of being discreet before valorous. A crowd, not large, but inquisitive, gathered at the bank and sauntered about on the walks nearly all day, but showed far less interest in the event than was to be expected. The officers of the bank were found to be at the office, to be communicative and frank, and very soon what little "scare" had been manifest vanished and was supplanted by a very quiet expression of disappointment and chagrin, now and then touched up with a scintillating oath concerning banks in general and the Capital Bank in particular. On Monday the State Bank Commissioners examined into the affairs of the Capital Bank and reported to the Attorney-General a statement of its assets and liabilities, as follows: ASSETS.


Article from Evening Star, January 3, 1880

Click image to open full size in new tab

Article Text

Strawberry plants are in bloom in gardens around Richmond, Va. 17" A man who caught malaria while imprisoned in a jail at North Adams, Mass., has sued the town for damages. BEA joker at Brazil Ind., exploded some powder among a party of sleeping tramps, destroying the sight of two of them. The Capital Savings Bank of Sacramento, Cal., has suspended. The bank expects to pay in full by installments. IF Virginia's newly elected officers began their duties yesterday. B To pass him "as they would a tree" were the instructions given to the laborers and tenants on the late Duke of Portland's estate if they should at any time meet the Duke.


Article from Daily Globe, January 3, 1880

Click image to open full size in new tab

Article Text

ALL AROUND THE GLOBE. The Capital savings bank of Sacramento, Cal., has suspended. Strawberry. plants are in bloom in the gardens around Richmond, Va. The new State officials of Virginia took possession of their respective offices yesterday. Of twenty charitable hospitals in New York city, maintained by voluntrry contributions. fifteen have applied for a share of the fund collected for hospitals Saturday and Sunday. A petition to Congress has been generally signed by the railroad men of Chicago for a reduction of the tariff on imported steel rails from $28 to $10 per ton. Lewis B. Peach, a leading Republican politician of St. Louis, and for some years circuit attorney of the city, died yesterday of cancer of the stomach. The composer, Wagner, is reported seriously ill at Bagreuth.


Article from Chicago Daily Tribune, January 3, 1880

Click image to open full size in new tab

Article Text

BANK FAILURE. SAN FRANCISCO, Cal., Jan. 2-A Sucramento disputch says the Capital Savings Bank suspended this morning. The bank is said to be solvent, but purposes going out of business, and promises to pay n first dividend of 10 per cent on principal to the depositors on the 10th Inst., and on the same day 4 per cent on the Inforest account for the last six months. Other payments will be made as the assets are roalized.


Article from Evening Star, January 5, 1880

Click image to open full size in new tab

Article Text

SAVINGS BANK SUSPENSION IN CALIFORNIA.President Carey, of the Capital Savings Bank of Sacramento, Cal., says that the real cause of the suspension of the bank is that a savings bank cannot be successfully carried on under the new state constitution, and because the directors are tired of working for dividends for depositors only.


Article from Daily Globe, January 5, 1880

Click image to open full size in new tab

Article Text

THE BURSTED BANKS. Excitement in New York Overthe Failure of the Grocers' Bank--A Large Amount of Forged Paper Discounted-The Stockholders the Principal Losers--The Sacramento Savings Bank. NEW YORK, Jan. 3.-There is excitement among the creditors and depositors of the broken Grocers' bank. Mr. Stephen V. White, receiver, and counsel are present since early morning collecting assets. White says he had already deposited $170,000, and that the remaining assets would more than cover the claims of creditors and depositors. The only losers will be the stockholders, he believed. The bank was suffering largely from forged paper in connection with Lloyd Haigh's indebtedness. The Evening Post says: Reports that the bank held a large quantity of forged paper as security for loans were repeated this morning with greater emphasis, and were not denied by persons who naturally would deny them if unfounded. It is alleged the bank not only lent nearly $100,000 upon acceptances which prove to have been forged by one of its principal customers, but that it has obtained money from other banks by rediscounting this paper. The recei ver has had all the cash in the bank removed to the vaults of the Bank of North America for greater safety. Counsel for the receiver said there had been some talk of the shareholders reorganizing the bank and assuming the liabilities. In case this movement should take definite shape the receiver would gladly relinquish his responsibilities. THE SACRAMENTO SAVINGS BANK. SAN FRANCISCO, Jan. 3.-President Cary, of the Capital Savings bank, of Sacram ento speaking on behalf of the directors, says that the real cause of the closing of the bank was the belief of the directors that a savings bank cannot be successfully carried on under the new constitution, and the directors are tired of working for dividends for depositors. The only assets of the bank, they state, are fully equal to all liabilities; and the bank is perfectly solvent, but this being the close of the dividend term, was a good time to wind up, and they resolved to do so. They say they will pay cit dollar for dollar, and can realize quickly on their securities, as most of them are out at a high rate of interest, and the parties are ready to change to new loans at a less rate. The bank commissioner examined the bank on Monday and found it solvent, and the directors thought they could clese their banking business in the face of that report, without discredit.


Article from Essex County Herald, January 16, 1880

Click image to open full size in new tab

Article Text

Western and Southern States. At New Haven, Ky., Albert Lucas, with three ladies, drove off the bridge across Brust creek. Allthe ladies were injured more or less, but Lucas' young daughter broke her back, and died in a few minutes. Another lady had her collar bone broken, and Lucas was crushed by the wagon bed falling on him. It has been discovered that about forty bodies have been stolen from Oakwood cemetery, in Richmond, Va., during the past few weeks, and it is supposed the corpses have been shipped to medical institutions in various parts of the country. The Capital Savings bank at Sacramento, Cal., has closed its doors. It is said that the suspension will involve a loss of over $1,000,000. While the sheriff of Amherst county, Va., was conveying Columbus Miles, a colored man, to jail on the charge of having outraged a white woman, his prisoner was taken from him by an armed force of about forty men and hanged to a tree. A dispatch from Kansas City, Mo., asserts positively that Jesse James, the most notorious outlaw of the West, has died from the effects of a shot received at the hands of a tormer companion. The steamer Fisher, the mail boat between Pensacola, Fla., and Freeport, burst her boiler, killing Captain Watson and one other person and fatally scalding the engineer. Governor Cobb, of Alabama, has appointed Luke Prior, of Athens, to fill the vacancy in the United States Senate caused by the death of Senator Houston. Mr. Prior was the law partner of the late Senator Houston, and has never before held office. At the caucus of Republican members of the Ohio Legislature Congressman Garfield was unanimously nominated as the party's candidate for United States Senator, to succeed Senator Thurman, whose term expires in 1881. The Republicans have a majority in both branches of the legislature. A dispatch from Alamosa, Col., confirms the horrible rumor that the Meeker women were outraged while in the custody of the Ute Indians. This fact was given with details to the commission of investigation, but the women begged that it be not made public. Mrs. Meeker now publishes a letter telling the whole story, from which it appears that the choice was given them of submitting to the designs of their captors or of suffering death. The examination further disclosed that the three women were permitted, as a last alternative, with the exception of Mrs. Meeker, to choose from among the chiefs who should live with them during their captivity following the massacre at the agency. Twelve Ute Indians, on their way to Washington under escort of a small body of troops, were pelted with stones at Pueblo, Col., and an organized movement to lynch them was set on foot by indignant miners, but cooler counsels eventually prevailed. At San Francisco, Cal., the two-story frame dwelling occupied by Daniel Hoskins, his wife and five children, caught fire during the absence of Mr. Hoskins, and before the flames could be subdued Mrs. Hoskins, Annie, aged elghteen, Eddie, aged tour, and an infant daughter were burned to death. From Washington. During December the various United States mints coined 590,860 gold pieces, worth $6,487,000; 2,384,200 silver pieces, worth $2,358,032 50, and 3,103,250 minor coins, worth $31,433.50. Total coinage-6,078,310 pieces, worth $8,876,466.


Article from Sacramento Daily Record-Union, January 17, 1880

Click image to open full size in new tab

Article Text

CITY RAILWAY SUIT. Complaint of Stockholders Domanded. Yesterday L. S. Taylor and Grove L. Johnson, attorneys on behalf of Geo. O. Bates, M. M. Odell and the stockholders of the City Railway Company, plaintiffs, filed a complaint against the Sacramento City Railway Company, the Capital Savings Bank, W. L. Pritchard, J. H. Miller, George Cowles, C. Zimmerman, A. J. Painter, T. J. Clunie, E. K. Alsip, Peter McGraw, J. H. Downer, John Doe and Richard Roe, defendants. COMPLAINTS AND CHARGES. The following is a synopsis of the charges and complaints made: The Sacramento City Railway Company was incorporated in 1870, with a capital stock of $250,000, divided into shares of the value of $100 each, some of which became the property of plaintiffs. In 1877 the company owned 14.65 acres of land near East Park, and block of land between F. G. Twenty eighth and Twenty. streets, and tracts 3. and 5 of Watson's addition also, lot 3 in the square bounded by K,L, Tenth and Eleventh streets. It also owned the street railways throughout the city, 20 ears, 60 head of horses and other property. In 1876 W. L. Pritchard became the owner of a controlling interest in the company, and has ever since defrauded the defendants and the company. In pursuance of a system of fraud he PRETENDED TO TRANSFER CERTAIN SHARES OF STOCK To J. H. Miller, C. Zimmerman, George Cowles, A. J. Painter, Peter McGraw, E. K. Alsip, and Levi Wilson, now deceased, in order that they might be eligible to the position of Directors, and then caused them and himself to be elected when neither of them held any stock. They failed to exercise their powers as Directors and allowed Mr. Pritchard to use their names. Messrs. Pritchard & Miller have together colluded and cheated the company. They caused to be conveyed to T. J. Clunie by the company certain pieces of the real estate above described, for the sum of $11,800. The transfer was unauthorized by the defendants and was fraudulently executed. The MONEY WAS NEVER ACCOUNTED FOR To the defendants, and was converted to the use of the said Pritchard, with the assistance of the said Miller and Clunie. W. L. Pritchard, in November, 1877. caused to be transferred to himself lot 3, in the block between Tenth, Eleventh, K and L streets, for 000. and, being at that time a Director, had no right to do 80, nor was any order made from the Directors for the transfer, neither was the sum paid to the company. He also sold, delivered and charged to the company about 50 horses at $400 each, when their value was only $100 each, thus making $15,000, in which transaction he was assisted by J. H. Miller. They also sold and charged to the company grain and feed at AN EXTRAVAGANT PRICE. Between June 1, 1876. and December 1, 1879, the company did business to the amount of at least $30,000, but Miller and Pritchard have refused to render any accounts or make any dividends. In January, 1878, they executed to J. H. Downer a mortgage signed The Sacramento City Railway Company, by Edwin K. Alsip, President, and J. H. Miller, Secretary, by which it was intended to convey all the street railway in the city, also the personal property, knowing that Downer was irresponsible. This was done to enable Pritchard, by foreclosure of transfer of the pretended mortgage to get the absolute OWNERSHIP OF THE PROPERTY. He did then procure the Capital Bank's assistance, and Downer assigned the mortgage to the bank. The bank then falsely pretended to own the mortgage and began a pretended suit against the company for a foreclosure. All of the negotiations were made without the knowledge or direction of the Directors. A sham defense was begun, but judgment was allowed without an objection from the defense, and the mortgage was foreclosed. No notice of the judgment was given to stockholders, nor was any meeting of Directors called, or effort made to relieve the company from the judgment. A BOGUS SALE. In pursuance of the decree the property was sold December 1, 1879, by the Commissioner, Charles N. Post, a clerk in the office of Haymond & Allen, the attorneys hired by Pritchard to make the sham defense, for a merely nominal sum, and a bill of sale was given to J. L. Orcutt, through the Capital Savings Bank, who now pretends to be the owner of the property. The sale, however, was not genuine, as Orcutt never intended and did not pay any price, and all receipts of the transaction are false. It was the method adopted by Pritchard to get possession of the property, and he and Miller have continued to manage and use the property, levoting the proceeds to the benefit of Pritchard. They have made no reports to the Directors, who have not attempted to exercise any control over the business. HEAVY ASSESSMENTS Were levied upon the stock, so as to cause stockholders to sell their shares, and such assessments were not legally made. The proceeds were not used for the benefit of the company, nor did he pay assessments on his own stock. The plaintiffs in the case requested the Directors to begin suit for the recovery of the said sums of money, but met with a refusal. Messrs. Clunie, Pritchard and Orcutt were also requested to reconvey the property, but refused to do 80. Messrs. Pritchard and Miller are injuring the property by tearing up the roads and making the company liable for damages. JUDGMENT DEMANDED. The plaintiffs demand that an account be had of all receipts, disbursements and transfers that have been made that the defendants, Clunie, Pritchard and Orcutt, be compelled to reconvey the property; that the present Directors be removed and J. H. Miller, the Secretary, discharged; that the mortgage and all proceedings in connection with it be declared void. They also demand that the defendants be restrained from managing or interfering with the property: that a receiver be appointed to conduct the business, pending a decision in the case that the said Pritchard and Miller be ordered to pay the receiver any money due the company, and that defendants also be ordered to pay the costs of the suit. INSTALLATION.-Te following officers of Red Jacket Tribe, No. 28, Imp. O. R. M., were raised up last evening by D. D. G. Sachem Chas. E. Spencer, assisted by P. Sachems Payne, Phillips and Sullivan: Sachem, James McCaw Senior Sagamore, C. Russell Junior Sagamore, George J. Soully First Sannap, Fred. Sauze Second Sannap, James M. Malone First Warrior, Frank Anthony; Second Warrior, J. W Willem Third Warrior, Geo. Black Fourth Warrior, G. Nazerina: First Brave, M. Brine Second Brave, W. I. Wallace Third Brave, Fred. Shepherd; Fourth Brave, P Bannon; Guard of Wigwam, W. M. Smith Guard of Forest, H. Morris. After


Article from The Abbeville Press and Banner, January 21, 1880

Click image to open full size in new tab

Article Text

Western and Southern States. At Massilon, Ohio, two boys of seventeen have been sentenced to be hanged for murdering n man last August. During 1879 there were 289 fires in Baltimore, resulting in damages aggregating $196,584.61. Wells, Fargo & Co.'s annual circular giving the product of the precious metals west of the Missouri river, including British Columbia, and the receipts in San Francisco by express from the west coast of Mexico, during 1879, places the aggregate products at: Gold, $32539,920; silver, $38,623,812; lead, $4,185,769 At New Haven, Ky., Albert Lucas, with three ladies, drove off the bridge across Brust creek. All the ladies were injured more or less, but Lucas' young daughter broke her back, and died in a few minutes. Another lady had her collar bone broken, and Lucas was crushed by the wagon bed falling on him. It has been discovered that about forty bodies have been stolen from Oakwood cemetery, in Richmond, Ve., during the past few weeks, and it is supposed the corpses have been shipped to medical institutions in various parts of the country. The Capital Savings bank at Sacramento, Cal., has closed its doors. It is said that the suspension will involve a loss of over $1,000,000. While the sherift of Amherst county, Va., was conveying Columbus Miles, a colored man, to jail on the charge of having outraged a white woman, his prisoner was taken from him by an armed force of about forty men and hanged to a tree. A dispatch from Kansas City, Mo., asserts positively that Jesse James, the most notorious outlaw of the West, has died from the effects of a shot received at the hands of a former companion. The steamer Fisher, the mail boat between Pensacola, Fla., and Freeport, burst her boiler, killing Captain Watson and one other person and fatally scalding the engineer. At the caucus of Republican members of the Ohio Legislature Congressman Garfield was unanimously nominated as the party's candidate for United States Senator, to succeed Senator Thurman, whose term expires in 1881. The Republicans have a majority in both branches of the legislature. Governor Cobb, of Alabama, has appointed Luke Prior, of Athens, to fill the vacancy in the United States Senate caused by the death of Senator Houston. Mr. Prior was the law partner of the late Senator Houston, and has never before held office. A dispatch from Alamosa, Col., confirms the horrible rumor that the Meeker women were outraged while in the custody of the Ute Indians. This fact was given with details to the commission of investigation, but the women begged that it be not made public. Mrs. Meeker now publishes a letter telling the whole story, from which it appears that the choice was given them of submitting to the designs of their captors or of suffering death. The examination further disclosed that the three women were permitted, as a instalternative, with the exception of Mrs. Meeker, to choose from among the chiefs who should live with them during their captivity following the massacre at the agency. Twelve Ute Indians, on their way to Washington under escort of a small body of troops, were pelted with stones at Pueblo, Col., and au organized movement to lynch them was set on foot by indignant miners, but cooler counsels eventually prevailed. At San Francisco, Cal., the two-story frame dwelling occupied by Daniel Hoskins, his wife and five children, caught fire during the absence of Mr. Hoskins, and before the flames could be subdued Mrs. Hoskins, Annie, aged elghteen, Eddie, aged four, and an infant daughter were burned to death.