Article Text
CALIPORNIA. SAN FRANCISCO, May 18.-The Dime Savings Bank of Sacramento has suspend ed. It proves to have been a shaw affair, Deposits about forty-five thousand; assets stock at nominal value about ten thousand, but worth much less.
942. Dime Savings Bank (Sacramento, CA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- savings bank
- Start Date
- May 18, 1878
- Location
- Sacramento, California (38.582, -121.494)
Metadata
- Model
- gpt-5-mini
- Short Digest
294ef566
Response Measures
None
Description
Multiple contemporaneous newspaper dispatches (May 18–20, 1878) report the Dime Savings Bank of Sacramento suspended as a sham/fraudulent concern (never incorporated), with arrests of operators. No reopening is reported; context indicates permanent failure/closure due to fraud.
Events (1)
1.
May 18, 1878
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank was a fraudulent/sham concern run by Joseph Davis & Co., never incorporated; assets far short of deposits; arrests of operators reported for obtaining money under false pretences; suspension due to fraud/insolvency discovery.
- Newspaper Excerpt
- The Dime Savings Bank of Sacramento has suspended. It proves to have been a sham concern, never having been incorporated.
- Source
- newspapers
Newspaper Articles (10)
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Swindling Savings Institution. SAN FRANCISCO, May 18.-The Dime Savings bank, of Sacramento, has suspended. It proves to have been a sham affair, never incorporated, as supposed to be, but run by the firm of Joseph Davis & Co., in connection with the pawnbroking business. Deposits about $45,000; assets, stocks to the nominal value of about $10,000, but worth much less. A great portion of the depositors are children, and much indignation is manifested.
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The Dime savings bank of Sacramento, reported suspended yesterday, turns out to be a fraudulent concern, without a charter, and but a mere pawn-broker's shop. A great proportion of its depositors are children, and much indignation is manifested in consequence of the glaring swindle.
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SAVINGS BANK SUSPENSION. SAN FRANCISCO, May 18, 1878. The Dime Savings Bank of Sacramento City has suspended. It proves to have been a sham concern, never having been incorporated as the public supposed. It was conducted by the firm of Joseph Davis & Co., in connection with a pawnbroking business. The deposits amounted to about $45,000. The assets consist of stocks of the nominal value of $10,000, but worth much less. The greater portion of the depositors were children. Much indignation 18 manifested against the swindlers.
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A SAVINGS BANK SWINDLE. SAN FRANCISCO, May 19.-The Dime Savings Bank of Sacramento City has suspended. It proves to have been a sham concern, never having been incorporated. It was conducted by the firm of Joseph Davis & Co., in connection with a pawn-broking business. The deposits amounted to about $45,000. The assets consist of stocks of the nominal value of $10,000, but worth much less. The greater portion of the depositors were children. Much indignation is manifested against the swindlers.
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THE MEANEST BANK SWINDLE YET.-The Dime Savings Bank of Sacramento, Cal., has suspended. It proves to have been a sham concern, never incorporated, and conducted in connection with a pawnbroking business. The deposits amounted to $45,000, the assets less than $10,000. Most of the depositors were children, and much indignation is manifested against the swindlers.
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North Star, Seattle. Sailed, schooner Western Home, Victoria. SAN FRANCISCO, May 18. - Flour dull; extra 6f@6%. Wheat inactive; good to choice milling 2@205. Three ships chartered, and inquiring for export. Barley dull and unchanged; feed 95 @100, brewing 112}@115. Oats steady; light 1324@1374 heavy 1423@1474. strictly choice 155@160. Corn inactive; large yellow 1f. small 175, white 11. Hay unchanged. Potatoes, old choice 3@31, new 3}@ 41/4. Weol unchanged, SAN FRANCISCO, May 18-At Charter Oak Hall this evening the Kearneyites appointed Kearney as President of the Executive Committee; Wellock, VicePresident; H. M. Moore, Secretary, and Thos. Donnelly, Treasurer. Wellock was also appointed State Lecturer and General Organizer. Harry George appeared before the convention and urged his claims to nomination as delegate to the State Convention. He refused, however, to endorse Kearney or any party which was not received in good part by the convention, and no action was taken in his case. The committee on the platform appointed a committee on constitution, consisting of C. T. Botts, and George Thorn, of Alameda; L. J. Morrow, of San Joaquin, nominee for the Constitutional Convention from the Second Congressional District; and O. T. Chubb, Isaac Bicknell, D. A. Devilen, B. Pilkington and James T. Breen, for the Fourth Congressional District. The obligation pledging the candidates to sustain the principles of the party and resign when requested, was adopted. The convention adjourned till 9 A. M. to-morrow. SAN FRANCISCO, May 18- Jasper McDonald, a prominent operator in stocks and one of the officers of the Day Silver Mining Company, has sued J. J. Jackson and the Evening Post for libel, laying the damages at fifty thousand dollars. The suit is based on an article published in the Post of the 15th, relative to a meeting of dissatisfied stock holders of the Day mine. The Diem Savings Bank, of Sacramento, has suspended. It proves to have been a sham affair, never incorporated as supposed, but run by the firm of Joseph Davis & Co., in connection with a pawn broking business. Deposits amount to about forty-five thousand dollars. The assets are stock to the nominal value of about ten thousand dollars, but worth much less. A great portion of the depositors are children. Much indignation is manifested. SACRAMENTO, May 18.-Davis and Marcus, of the Dime Savings Bank, have been arrested on a charge of oi). taining money under false pretences. SAN FRANCISCO, May 18-Alpha, 8f; B and B 133; Belcher, 210; Bullion, 345; Consolidated Virginia, 12%; Chollar, 251; Julia, 61; Mexican, 8%; Ophir, 33}; Overman, 8; Imperial, 70; Point, 315; California, 21/4; Caledonia, 165; Exchequer, 220; Hon. 5%; Justice, 435; Kentuck, 21; Savage. 95; South Nevada, 305; Utah, 71/2; Union, 325; Jacket, 7t. SAN FRANCISCO, May 18.-Arrived -ship Coquimbe, Port Madison; bark Dublin, Seabeck; bark Penang, Departure Bay.
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SUMMARY OF NEWS. Eastern and Middle States John D. Payne, bookkeeper for Alvin J. Johnson & Son, New York publishers, was found to have stolen over $12,000 of funds belonging to his employers and was arrested. In Johnston, R. I., Martin Head, aged sixteen years, fell dead while playing base ball, having burst a blood vessel. At Pittsfield, Mass., the jury in the case of John Ten Eyck, indicted for the murder of Mr. Stillman, brought in & verdict of murder in the first degree, and he was sentenced to be hanged on August 16. The grand jury of New York city has brought twenty-nine indictments against the proprietors of as many establishments -fertilizers, fat renderers, etc.-from which foul odors emanate. At Myersburg, Pa., John Stoever, a respected and trusted citizen, confessed on his death bed that during the past twenty-five years he had been concerned in four murders, giving details and naming his accomplices in crime. A party of young men visited Daniel O'Brien's house in Lowell, Mass., to get liquor, and, upon his refusing them admission, kicked at his door. O'Brien fired upon them, fatally wounding Edward Allen. The daughter of Patrick O'Neal, aged nine years, was fatally burned in the woods in Cumberland, R. I. She was walking with her father, and he threw away a lighted match, which set fire to the dry furze, and the flames caught the child's clothing. The nominees of the National party of Pennsylvania for supreme court judge and lieutenant-governor having declined to run, the executive commitee met in Harrisburg and unanimously nominated Judge Daniel Agnew for supreme court judge and Daniel M. Steck for lieutenant-governor. Edward McKenna, engineer, was fatally injured and two other workmen were seriously hurt by the fall of a huge iron girder which was being hoisted into position on the Elevated railroad in the Bowery, New York. Western and Southern States. Brown Bowen, a noted desperado, was hanged at Gonzales, Texes, for the murder of Thomas Holderman in 1872. A fire at Massillon, Ohio, destroyed a portion of Russell & Co's agricultural works, damaging the property to an amount exceeding $75,000. Over one hundred houses in St. Louis were more or less seriously injured by a heavy wind and rain storm, and a number of persons were injured. The pecuniary damage done reaches $50 000. The Dime Savings Bank, of Sacramento, Cal., suspended, owing $45,000, mainly to children. It proved to have been a sham concern, never having been incorporated. The other day Wheeling, W. Va., was visited by the most disastrous storm of wind and hail known in that section since 1869. Hailstones as large as a hen's egg fell in great masses, breaking thousands of panes of glass and almost totally ruining the fruits and other crops in the vicinity. During two days extremely severe storms also prevailed in various parts of Illinois, in many instances, proving very disastrous. At Petersburg four persons were killed by lightning and many buildings shattered. At Fairbury growing crops were considerably damaged and live stock killed by lightning. Near Quincy bridges were washed away, fruit injured, and wheat beaten down. Near Lincoln two women and a girl were killed, and great damage done by hail. At Odell a hotel was struck by lightning, and the earth SO drenched that planting will be retarded many days. Dispatches from Chatsworth, Springfield. Urbana, Streaton, Cairo, Jacksonville, and other towns in Illinois, represent the storm to be one of unusual severity. Dr. H. Louis, of Fremont, Neb., has been sentenced to be hanged, September 20, for poisoning his wife.
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NEWS SUMMARY. Elastern and Middle States The convention of the Pennsylvania Republicans for the nomination of State ticket was held in Harrisburg. Mayor Stokely, of Philadelphia, was chosen chairman. The ticket nominated was For governor, General Henry M. Hoyt; for supreme judge, James P. Sterrett for lieutenant-governor, Charles W. Stone for secretary of internal affairs, Aaron K. Dunkel. The platform adopted does not allude to the Administration, but opposes free trade and the tariff bill declares that labor and American commerce should be fostered by the national government asserts that the public lands should be reserved for actual settlers opposes the payment of Southern claims and unjust freight discrimination sympathizes with Southern Republicans, and endorses the State administration. The New York Legislature has adjourned. Mrs. Lydia Sherman, who was serving a life imprisonment in the Connecticut State prison for poisoning her husband, and whose escape and recapture some months ago will be remembered, is dead. After her sentence for killing her husband she confessed to having poisoned three husbands and four children. Twenty thousand barrels of oil were lost at Bradford, Pa., by the bursting of R. W. Evans & Co's oil tank. John D. Payne, bookkeper for Alvin J. Johnson & Son, New York publishers, was found to have stolen over $12,000 of funds belonging to his employers and was arrested. In Johnston, R. I., Martin Head, aged sixteen years, fell dead while playing base ball, havi burst a blood vessel. At Pittsfield, Mass., the jury in the case of John Ten Eyck, indicted for the murder of Mr. Stillman, brought in a verdict of murder in the first degree, and he was sentenced to be hanged on August 16. The grand jury of New York city has brought twenty indictments against the proprietors of as many establishments-fertilizers, fat renderers, etc.-from which foul odors emanate. At Myersburg, Pa., John Stoever, a respected and trusted citizen, confessed on his death bed that during the past twenty-five years he had been concerned in four murders, giving details and naming his accomplices in crime. A party of young men visited Daniel 0 Brien's house in Lowell, Mass., to get liquor, and, upon his refusing them admission, kicked at his door. O'Brien fired upon them, fatally wounding Edward Allen. The daughter of Patrick O'Neal, aged nine years, was fatally burned in the woods in Cumberland, R. I. She was walking with her father, and he threw away & lighted match, which set fire to the dry furze, and the flames caught the child's clothing. Western and Southern States. The Ohio Legislature has adjourned. The Ohio Democratic State convention will be held at Columbus June 26. St. Agnes' Female Academy at Memphis Tenn., caught fire and was entirly destroyed Loss estimated at $50,000; insurance $25,000 Mrs. Anne Barbara Kors arrived in Baltimore from Dayton, Ohio, intending to leave on the following day for Germany. As she did not come down to breakfast on the next morning at the hote. where she was stopping, her room was broken open and she was found suffocated. She had blown out the gas instead of turning it off when retiring Brown Bower. a noted desperado, was hanged at Gonzales TOXAS. for the murder of Thomas Holderman in 1872. A fire at Massillon, Ohio, destro ed a portion of Russell & Co's agricultural works, damaging the property to an amount exceeding $75,000. Over one hundred houses in St. Louis were more or less seriously injured by a heavy wind and rain storm, and a number of persons W are injured. The pecuniary damage done reach 08 $50,000. The Dime Savings Bank, of Sacramento, Cal., suspended, owing $45 000, mainly to children. It proved to have been a ham concern, never having been incorporated. The other day Wheeling, W. Va., was visited by the most disasterous storm of wind and hail known in that section since 1869. Hailstones as large at a hen' egg fell in great masses, breaking thousands of panes of glass and almost totally ruining the fruit and other crops in the vicinity. During two days extremely severe storms also prevailed in various portions of Illinois, in many instances proving very disastrous. At Petersburg four persons were killed by lightning and many buildings shattered. At Fairbury growing crops were considerably damaged and live stock killed by lightning. Near Quincy bridges were washed away. fruit injured, and wheat beaten down. Near Lincoln two women and a girl were killed, and great damage done by hail. At Odell hotel was struck by lightning, and the earth 80 drenched that planting will be retarded many days. Dispatches from Chatsworth, Springfield, Urbana, Streaton, Cairo, Jacksonville, and other towns in Illinois, represent the storm to have been one of unusual severity. From Washington. The Senate has confirmed the nomination of George F. Cutter to be paymaster-general of the navy and of William H. Hunt, to be judge of the court of claims. It has also ratified treaty with France, providing for a convention at Paris next summer, with a view to the adoption of a metrical system of weights and measures. It is expected that all the principal European nations will participate in the convention. The President and Vice-President of the United States, representatives of the executive departments, members of Congress, the supreme court of the United States, the judiciary of the District of Columbia, the court of claims, Sir Edward Thornton, the Japanese minister and others of the diplomatic corps, the Academy of National Sciences, the Philosophical Society of Washington, the Alumni Associa tion of Princeton College, officers of the army and navy, the Washington Monument Society and a large concourse of citizens attended the funeral of Professor Henry, late secretary of the Smithsonian Institute. The Senate committee on pensions has agreed to report a bill to increase the pensions of all soldiers who lost both legs, both arms, or both eyes, from $50 to $72 & month. There are only sixty-five of these cases. In thirty three of them the soldiers have lost both legs in thirty-one of them both hands and one soldier lost both hands and both legs. The Senate postal committee has decided to report as amendment to the annual post roads bill several measures heretofore agreed upon as separate bills. Among them are the bills provide ing for a new classification of mail matter and theregistrationofnewspaperadmited to pound rates of postage, and regulating the compensation for railway transportation on the basis of both car space and speed of trains. The President has sent 8 brief message to Congress, inclosing a long letter from Secretary Evarts in regard to the payment of the Halifax fishery award. Mr. Evarts reviews the whole matter of that award, and the manner in which it was rendered. He states that the American commissioner protested against the verdict, and that the opinion in Canada and England had been previous to the declaration of the award, that the verdict should be unanimous. He states further that the award exceeded the statement of damages set forth in the case, and that it was therefore excessive. He recommends that this government confer with the government of Great Britain in reference to the principles involved in the matter, iu order that there may be permanent settlement of the questions in dispute. An appropriation for
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twenty-three Democrats, comprising all present except Senator Eustis, who withheld his vote. The senate also confirmed Lucius Fairchild, of Wisconsin, now consul at Liverpool, to be United States consul-general at Paris, vice Alfred T. R. Torbert, recalled; Theo. Wagner, surveyor-general of California. BREVET MAJ. GEN. EDWARD HATCH, Wm. Stickney, of Washington, and N. C. McFarland, of Topeka, Kansas, have been appointed commissioners to treat with the Ute Indians. An effort will be made to consolidate the southern and northern Utes on the reservation of the latter, on or near White river. A BILL introduced in the house by Wilson, on the 20th, provides for an election in West Virginia in October, 1878, for representatives in the 46th congress. THE treasury department has had some difficulty in the purchase of silver bullion for coining. Parties owning bullion wanting gold for it, as bullion contains on an average of about sixty per cent. of silver to forty per cent. of gold. The treasury would however pay only in the standard silver dollar. ROBERT PETTIT, pay director, U. S. N died at Washington on the 18th, after a long illness. He entered the navy in 1837. THE WEST. IT now transpires that the man shot by Lyman B. Andrews, at Norris, Michigan, supposing him to be a burglar, was John O'Donnell, a man 70 years of age, living in the suburbs ot Detroit, who mysteriously disappeared recently, while temporarily insane. THE demonstration at Springfield, Ill., on the 23d, on the occasion of the removal of the regimental battle flags of the Illinois regiments from the old arsenal to their new depository in the state house, was quite imposing in numbers and appearance. Representatives of nearly all the regiments were present, as wellas veteransof the Mexican and Black Hawk wars. The attendance was estimated at 20,000. A SEVERE snow storm, followed by warm weather and rains, caused Deadwood and Whitewood creeks to overflow their banks. Several buildings were carried away, with damages amounting to $50,000. THE fortieth session of the Missouri grand lodge of Odd Fellows was held at St. Louis. Reports show a membership of 13,050; revenue, $92,580; assets, $371,393. THE first new wheat of the season arrived at St. Louis, Mo., on the 20th, from near Dallas, Tex. It graded No. 4 and sold at auction at $1.25. THE San Francisco chamber of commerce has appointed a committee to aid in securing a commercial treaty with France. THE Dime Savings Bank of Sacramento has suspended. It proves to have been a sham affair, never incorporated as supposed, but run by the firm of Joseph Davis & Co. in connection with a pawn-broking business. The deposits are about $45,000; assets, stocks to the nominal value of about $10,000, but worth much less. A great portion of the depositors are children. Much indignation is manifested. DANIEL WILCOX, Esq., proprietor of the Quincy (III.) Whig, and at one time connected with the Milwaukee Sentinel and Janesville Gazette, died at Quincy on the 19th inst. BOTH workingmen's conventions continued their sessions at San Francisco on the 17th. Nine of the country delegates have joined the county committee party, twenty-three have joined Kearney, and the remainder have refused to affiliate with either wing, and left the city. Both conventions adopted platforms to-day, of the same anti-Chinese and monopoly and capital and reform tone. Each faction will