Sacramento Savings Bank - Sacramento, CA

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: October 14, 1871
Location: Sacramento, California (38.582, -121.494)

Metadata

Model: gpt-5-mini
Short Digest: 8e47109a

Response Measures

Accommodated withdrawals

Description

Multiple articles (Oct 1871) describe an unfounded rumor that the bank had lost heavily in the Chicago fire, which triggered a run. The bank met all demands promptly and the run ended quickly; there is no mention of suspension or closure.

Events (1)

1. October 14, 1871 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumor that the bank had lost large sums due to the Chicago fire, prompting depositors to withdraw.
Random Run: Yes
Random Run Snippet: Unfounded rumor bank lost heavily by the Chicago fire; false
Measures: All demands were cashed promptly; bank met withdrawals and reassured depositors.
Newspaper Excerpt: The unfounded rumor that the Sacramento savings bank lost, heavily by the Chicago fire caused a run, but all demands were met promptly.
Source: newspapers

Newspaper Articles (4)

1. October 14, 1871 Gold Hill Daily News Gold Hill, NV

Article from Gold Hill Daily News, October 14, 1871

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Article Text

END OF THE "RUN.' - The ridiculous run on the Saeramento Savings Bauk ended with Wednesday evening. A little sober thought, a peaceful night's rest, and a perusal of the morning papers, doubtless convinced those excited persons who did not get a chance to draw their deposits on Wednesday afternoon, that the bank was still safe. As a consequence, there were but a few demands made yesterday for deposits, in the bank, and the "run" is over. Those who drew out their amounts were the only losers. We hear, indeed, that several of these very persons appeared at the bank yesterday, desiring to again place their funds in its hands. but were respectfully and firmly informed that the bank could exist without them, and they might seek another and a safer institution. - Sac. Record.

2. October 14, 1871 The Daily State Register Carson City, NV

Article from The Daily State Register, October 14, 1871

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Article Text

to rumor having been spread Tuesday that the Sacramento Savings Bank had lost 2 very large sum by the Chicago fire, a run commenced on that institution, which assumed large proportions. All demands made were cashed immediately.

3. October 16, 1871 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 16, 1871

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Article Text

Various Items. The unfounded rumor that the Sacramento savings bank lost, heavily by the Chicago fire caused a run, but all demands were met promptly. Many Americans are leaving London for home, on account of the calamity at Chicago. General Burnside will sail on Tuesday. The secretary of the treasury has authorized the United States treasurer to issue $1,500,000 United States notes, to replace the notes and national bank notes burned in the government vault at Chicago. Geo. H. Stuart, of Philadelphia, has received a telegram from Dr. Robert Patterson, Chicago, entreating him to organize a work similar to the Christain commission, in aid of the suffering thousands left homeless and penniless there. The rates of fire insurance in New York have been very heavily advanced this week, and a very extensive business has been transacted by those companies which seemed sound and unshaken by the recent train upon their capital. Many of them are obliged to keep extra clerks on duty very late every night to write up policies applied for during the day.

4. October 16, 1871 The New York Herald New York, NY

Article from The New York Herald, October 16, 1871

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Article Text

The Putnam Fire Insurance Company. HARPFORD, Conn., Oct. 15, 1871. The Putnam Fire Insurance Company of this city have just received information from their general agent at Chicago. and announce that the company must suspend business. The officers are attempting to organize another company, with a new capital, to take its place immediately, with good prospects of success. The Insurance Company's Losses. SAN FRANCISCO, Oct. 12, 1871. The Pacific Insurance Company has been the heaviestlosers by the Cincago fire among the California companies. The company have made arrangements to pay all their losses immediately and continue their business. Their original capital of $1,000,000 1a gold is unimpaired. Rum on a Sarramento Savings Bank. SAN FRANCISCO, Oct. 14, 1871. Over $100,000 have been already raised for the benefit of Chicago in San Francisco, and probably $25,000 more will be collected. Some Chinese merchants gave $1,300 unsolicited. Au unfounded rumor that the Sacramento Savings Bank had lost heavily by the Chicago nre caused a run on the bank, but all demands were met promptly. The National Insurance Company of Boston. RUFFALO, Oct. 15, 1871. An annoucement was made here last night that the National Insurance Company of Boston yesterday subscribed to the guarantee fund sufficient 10 cover all their Cateago and other losses.