gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cb083de7b128500b
Response Measures
None
Description
Suspension followed by appointment of a receiver and evidence of fraud/insolvency; permanent closure implied by receiver and worthless vault contents.
Events (2)
1.October 8, 1877Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals combined with mismanagement, speculative real-estate investments and alleged fraud/forgery left bank insolvent and forced suspension.
Newspaper Excerpt
J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this morning that the heavy payments required to-day and the withholding of aid ... forces the bank into liquidation.
Source
newspapers
2.October 10, 1877Receivership
Newspaper Excerpt
P. J. White has been appointed receiver of the bank. The vault of the Pioneer bank was opened to-day by P. J. White, the receiver. In it were found $966 in silver ... and many worthless items.
Source
newspapers
Newspaper Articles (22)
1.October 8, 1877The Rock Island ArgusRock Island, IL
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Gone Into Liquidation. SAN FRANCISCO, Oct., 8.-J. C. Duncan, manager of the pioneer land and loan bank, announces this morning that the heavy payments required to-day and withholding of aid depended upon. forces the bank into liquidation. Assets, con sisting of real estate at cost price, $1,254, 000; liabilities, $1,213,000. The manager stated that every bing possible has been done to sustain the bank, including the sacrifice of his OWD means to the last dollar. He reccommends the appointment of a receiver and restraining by law of all holders of securities from sacrificing same. Another dispatch says: The failure of the Pioneer bank has DO significance, as regards the status of other sayings and loan banks of the city. The business of the bank was conducted on a basis peculiar to itself. The assets, instead of being loaned out on usual securities, were in main, directly invested in real estate, rents. and the increase in value of which were looked to for profits of the institution. It is rumored on the street that the present complications arise in part, from the bank backing up parties engaged in shortening in stocks, the recent rise in the market exercising a disastrous effect on speculation.
2.October 8, 1877Public LedgerMemphis, TN
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Failure of a California Bank. SAN FRANCISCO, October 8.-J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this morning that the heavy payments required to-day and the withholding of aid depended upon forces the bank into liquidation. Assets, consisting of real estate at cost price, amount to $1,254,000. Liabilities, $1,213,000. The manager states that everything possible has been done to sustain the bank, including the sacrifice of his own private means to the last dollar. He recommends the appointment of a receiver, restraining by law all holders of securities from sacrificing the same.
3.October 9, 1877Daily Kennebec JournalAugusta, ME
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CALIFORNIA. Suspension. SAN FRANCISCO, October 8. The Pioneer Land and Loan Bank in this city, has suspended. The liabilities are reported to be two million dollars, with assets of one million dollars. A receiver will probably be appointed. Tha failure of the Phoneer Land & Loan Bank has no significance as regards the status of other savings and loan banks of the city. It is rumored on the street that the present complication arise in part from the bank backing up parties en gaged 10 shorting stocks, the recent rise in the market exercising a disastrous effect on that spec ulation.
4.October 9, 1877Evening StarWashington, DC
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ANOTHER BANK GONE-The manager of the Pioneer Land and Loan Bank of San Francisco announces its suspension and asks for the appointmentof a receiver. The assets of real estate at cost price are $1,251,000, and the liabilities $1,213,000.
5.October 9, 1877The New York HeraldNew York, NY
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A CALIFORNIA BANK SUSPENDED. SAN FRANCISCO, Cal., Oct. 8, 1877. J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this morning that heavy payments required to-day and the withholding of aid depended upon forces the bank into liquidation. The assets, consisting of real estate, at cost price, are stated to be $1,254,000 and the liabilities $1,213,000. The manager states that everything possible has been done to sustain the bank, including the sacrifice of his own means to the last dollar. He recommends the appointment of a receiver and the restraining by law of all holders of securities from sacrificing the same. The failure has no significance as regards the status of other savings and loan banks of this city. The business of the bank was conducted on a basis peculiar to itself. The assets, instead of being loaned out on the usual securities, were in the main directly in vested in real estate, the rents and increase in value of which were looked to for the profits of the institution. It is rumored on the street that the present complicaLIONS arise in part from the bank backing up parties engaged in sporting stocks, the recent rise in the market exercising a disastrous effect on that speculation. A RESULT OF STOCK SPECULATION. The failure of W. T. Duncan, a member of the Pacific Stock Exchange, which has been announced, resulted from the failure or the Pioneer Bank, of which Mr. Duncan's father was manager. Young Duncan has been shorting Bouanza stock. backed by the bank. At a meeting of the creditors of the bank this afternoon a committee of five was appointed to take possession of the bank and report to the adjourned meeting of creditors. Bankers of this city say the failure was not unexpected by them, and the impression seems general that the affairs of the bank were badly managed and that the failure will prove disastrous to depositors.
6.October 9, 1877New-York TribuneNew York, NY
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ANOTHER BANK FAILURE. THE SAN FRANCISCO LAND AND LOAN BANK SUSPENDED. SAN FRANCISCO, Cal.. Oct. 8.-J. C. Duncan, manager of the Ploneer Land and Loan Bank, announces this morning that heavy payments required to-day, and the withholding of aid depended upon, forces the bank into liquidation. The assets, consisting of real estate, at cost price are stated to be $1,254,000, and the liabilities, $1,213,000. The manager states that everything possible has been done to sustain the bank, including the sacrifice of his own means to the last dollar. He recommends the appointment of & receiver, and the restrainmg, by law, of all holders of securities from sucrificing the same. The failure of this bank has no significance as regards the status of other savings and loan banks of this city. The business of tue bank was conducted on a basis ΡΠ΅ΡΠΈliar to itself. The assets instead of being loaned out on the usual securi ies, were in the mana directly invested in real estate, the rents and increase in value of which were looked to for the profits of the institution. It IS rumored on the street that the present complications arise in part from the bank backing up parties engaged in snorting stocks, the recent rise in the market exereising a disastrous effect on that speculation.
7.October 10, 1877Ottumwa Weekly CourierOttumwa, IA
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California Bank Busted. SAN FRANCISCO, Oct. 8.-J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this mornthat the heavy payments required today and the withholding of aid depended upon, forces the bank into liquidation. Assets, consisting of real estate, cost price one million two hundred and fifty-four thousand, liabilities one million two hundred and thirteen thousand. The manager states that everything possible has been done to sustain the Bank, including the sacrifice of his own means to the last dollar. He recommended the appointment of a receiver, and restraining by law of all holders of securities from sacrificing the same.
The Pioneer Bank Failure. SAN FRANCISCO, Oc ober 9-A committee of stockholders to-day began an investigation of the affairs of the Pioneer Bank. The cashier, who aided, stated that Duocan was practically the sole stockholder. It is believed that very little will be left for the depositors, as the real estate included in the assets is heavily mortgaged, and the stock of the Safe Deposit Company, which con tituted the balance of the assets, has been hypothe. cated by Duncan. P. White has been appointed receiver of the bank. An examination of the certificates of the stock of the Safe Deposit Company, handed in by the holders, show an over issue of about 4,000 shares has been made, on which Duncan realized in the neighborhood of one hundred thousand dollars. The belief is that most of this has been swallowed up by the floating debt of the bank and that Durean has taken & comparatively small amount with him in the flight. W. T. Duncan, of the Pacific Exchange, and son of the absconding banker, denies that the bank has been affected by his stock speculations, and attributes the failure to unsuccessful real estate speculations. The police have not yet succeeded in finding any trace of either Duncan or Leraine. It has become evident that Dunkan has within the past week premeditated flight and has made preparations for it. Cappers have been employed by him to induce deposits of funds, 12 which they have been successful to a considerable extent. Every effort has been made to hinder the withdrawal of deposits from the bank. It seems to have been strictly a family concern. Thos. Gray, the father of Duncan, was the figure-head president, knowing nothing of the affairs of the bank; Lenwarne, the secretary, is Duncan's son-inlaw; Joseph Smedberg, trustee, bears 8 similar relation. The whole affair evinces the most reckless mismanagement and flagrant dishonesty in the conduct of the bank.
9.October 10, 1877Mineral Point TribuneMineral Point, WI
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SAN FRANCISCO is the scene of the last great bank failure. The Pioneer Land and Loan Bank, of that city, suspended payments Monday. Its liabilities are $1,113,000, and its nominal assets $1,254,000 mostly in real estate.
10.October 10, 1877Chicago Daily TribuneChicago, IL
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CRIME. CALIFORNIA'S SPENCER. SAN FRANCISCO, Oct. 0.-A committee of stockholders to-day commenced an investigation of the affairs of the Pioncer Bank. The Cashier, who assisted, stated that Duncan was practically the sole stockholder. It is believed that very little will be left for depositors, as the real estate included in the assets is beavily mortgaged, and the stock of the Safe Deposit Company, which constituted the balance of the assets, has been hypothecated by Duncan. P. J. White has been appointed Receiver of the bank. The examination of the certificates of stock of the Safe Deposit Company banded In by the holders, show that an overlasue of about 4,000 shares has been made, on which Duncan has realized in the neighborhood of $100,000. The belief is that most of this has been swallowed up in floating the bank, and that Duncan has taken a comparatively small amount with him in his flight. W.T. Duncan, of the Pacific Stock Exchange, and son of the absconding banker. denies that the bank has been affected by his stock operations, and attributes the failure to unsuccessful real-estate speculations. The police have not yet succeeded in finding any trace of either Duncan or Lewarne. 11 has become evident that Duman has within the past week premeditated flight. and insule due preparation for it. Cappers have been employed by him to Induce the deposit of funds. In which they have been successful to a considerable extent. Every effort has also been made to hinder the withdrawal of deposits. The bank seems to have been strictly a family concern. Thomas Gray, father of Duncan, was the figurehead Prestdent, knowing nothing of the affairs of the bank. Lenwarne, the Secretary, is Duncan's son-in-law. J. R. Smedberg, the Trustee, bears a similar relation. The whole aflair evinces the most reckless misinapagement and flagiant dishonesty In the conduct of the bank.
11.October 11, 1877Evening StarWashington, DC
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THE 'FRISCO DEFAULTERS. Rich Find in the Pioneer Bank Vault SANFRANCISCO, Oct. 10 -The vault of the Pioneer Bank was opened to-day by P. J. White, the receiver. In it were found $966 in silver, a $10-gold note, $1,300 in checks, believed to be of no value, a lot of old empty envelopes that had apparently contained securities, and some few miscellaneous bonds of doubtful value. The examination of the accountsof thedepositors will not be finished before to-morrow night. The committee examining the stock of the safe deposit com pany find 4,149 bogus shares in all. From what is known of the condition of the real estate included in the assets of the Pioneer Bank and the stock of the Safe Deposit company in the same schedule, it seems doubtful whether the depositors of the bank can re alize five per cent. No tidings have been obtained yet of either Duncan or Lewarne. SAN FRANCISCO, Oct. 11.-An examination of the affairs of the Pioneer Bank shows that the date drafts on E. D. Brown & Co., the New York agency of the bank, aggregated about $33,000. These will of course come back dishonored and make further demand against the assets of the concern.
CALIFORNIA. The Busted Bank. San Francisco, Oct. 18.-The vault of the Pioneer bank was opened to-day by P. J. White, receiver. In it were fouLd $966 in silver, a $10 gold note, and $1300 in checks, believed to be of no value, a lot of envelopes, empty, that had apparently contained securities, and some few miscellaneous bonds, aminaetc., of doubtful value, The
The Pioneer Bank Failure. SAN FRANCISCO, October 10-The vault of the Pioneer bank was opened to-day by C.J. White, the receiver In it were found nine hundred and sixtyFIX dollars in silver, a ten dollar gold note, thirteen hundred dollars in checks, which are believed to be of no value, is lot of empty envelopes that had apparently contained securities, and some few miscellaneous bond of doubtful value. The examination of the depositors account will not be ended before to morrow evening. The committee examining the stock of the safe deposit find 4,149 bogus shares ID all From what is known of the condi tion of the real estate included in the noBELLS of the Pioneer Bank stock and of the toposits of the company in the same schedule, it seems doubtful if the depoitors of the bank can realize 5 per cent There are no tidings yet of either Dunan or Leworne
14.October 11, 1877The Manitowoc PilotManitowoc, WI
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MISCELLANEOUS. THE Pioneer Land and Loan Bank, San Francisco, suspended on the 8th inst., Liabilities, $1,213,000. Assets, consisting of real estate, at cost price, amount to $1,254,000. ThEnextconvention of the Conductor's Brotherhood of the United States will be held in Chicago, in October next. THERE were twenty-seven cases of yellow fever at Port Royal, N. C., on the 5th inst., twenty-one whites and six blacks. The poplation is ninety-four whites and 137
15.October 11, 1877The Daily IntelligencerSeattle, WA
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TELEGRAPHIC. Exclusively to the DAILY LNTELLIGENCER. I THE ONLY NEWSPAPER Receiving Dispatches IN WASHINGTON TERRITORY. CALIFORNIA. SAN FRANCISCO, Oct. 10-J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this morning that heavy payments required to-day and the the withholding of and depended upon, forces the Bank into liquidation. The naents consist of real estate at cost price of $125,400; liabilities, $1,213,000. The manager states that overything pessible has been done to sustain the Hank, including the sacrifice of bis own means to the last dollar. He recommends the appointment of a receiver and the restraining by law of all holdors of securities from sacrificing the same. The principal item in the assets is the stock of the Safe Deposit build. ing. of which 13,200 shares are entered in the schedule at s cost price of $65 per share. The stock is now worth $20 San FRANCISCO, Oct. 9-Quite a crowd assembled about the bank building to-day and expressions anything but complimentary to Duncan are freely bandied about by swindled de-
Raid on the Deposit Company's SafeVault of the Pioneer Bank. SAN FRANCISCO, October 11.-The vault of the Pioneer bank was opened to-day by the receiver. Contents worthless. The committee examining the safe of the Deposit company found that it contained 4,189 bogus shares.
17.October 12, 1877The Daily DispatchRichmond, VA
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California. CONTENTS OF THE SAFE OF THE PIONEER BANK FOUND TO BE WORTHLESS. SAN FRANCISCO, October 11.-The vault of the Pioneer Bank was opened to-day by the receiver. The contents were found to be worthless. The committee, in examining the stock of the Safe-Deposit Company, find 4,149 bogus shares.
18.October 13, 1877Arizona CitizenTucson, Florence, AZ
19.October 19, 1877The New North-WestDeer Lodge, MT
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Woodbined. SAN FRANCISCO, Oct., 8.-J. C. Duncan, manager of the Pioneer Land and Loan Bank, announces this morning that the heavy payments required to-day and the withholding of aid depended upon, forces the bank into liquidation, The assets consisting of real estate at cort price, $1,254,000, and liabilities of $1,213,000. The manager states everything possible has been done to sustain the bank, including the sacrifice of his owu means to the last dollar. He recommends the appointment of a receiver and the restraining by law of all holders of securities from sacrificing the same.
20.January 14, 1878The Daily IntelligencerSeattle, WA
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TELEGRAPHIC. Exclusively to the DAILY INTELLIGENCER. THE ONLY NEWSPAPER Receiving Dispatches IN WASHINGTON TERRITORY. CALIFORNIA. SAN FRANCISCO, Jan. 10. - Mrs. White, in whose house Duncan and Levarne were concealed, in an interview with a Bulletin reporter, confirms all previously published reports on the subject, and says further that she consented to her share of the business at the earnest solicitation of Duncan's daughters, Mrs. Lavarne, and Mrs. Smedberg, and that Mrs. Duncan and her daughters visited the house frequently during the concealment of the fugitives. The latter took refuge there on Sunday night, when they disappeared after the suspension of the bank, and remained until Saturday afternoon, December 10th. SAN FRANCISCO, Jan. 11.-W. T. Duncan, son of Joseph C. Duncan, the absconding President of the Pioneer Bank, and W. L. Duvall, broker, were arrested this evening on a charge of felony, for having assisted in the concealment and subsequent flight of Duncan and Lavarne, Secretary of the Safe Deposit Company. Bail fixed at $10,000 each, which they have not yet succeeded in obtaining. SAN FRANCISCO, Jan. 11-ArrivedSchr Enterprise, Shoalwater Bay; schr Venus, Honolulu; schr Bonanza, Honolulu; bk D C Murray, Honolulu; bk Fresno, Philadelphia; Br ship, British Envoy, Liverpool; brig Orient. Columriver; schr C H Merchant, Coos Bay; Br ship Amana, Newcastle, N S W. Sailed-ship Ellen Munree, Manilla; Br bk Chacma, Burrard Inlet; bk M Glover, Pt Townsend; bk Marmion, Nanaimo; bk Harvest Home, Pt Townsend; bk Martha Rideout, Pt Townsend; bk Amethyst, Bellingham Bay.
21.February 26, 1878Evening StarWashington, DC
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Trance. A trud was heard, and the woman was found on the sidewalk horribly mangled. Her suicide was a very determined one, as she had to crawl out of the nursery window and upon a ledge above the windows of the fifth story, an appalling height from the street, and such to some throw clear herself railings forward below. with Falling impetus as she as did, into the paved street. she was of course killed instantly. The police, having to the fication, brought sidewalk received a common notistretcher, upon which she was placed. The body was carelessly covered over, and with the feet dangling was carried up Broadway three blocks and down 13th street to the station-house by four policemen, followed by a crowd of bootblacks and newsboys.-(N.) Y. World, th. A FUGITIVE BANK PRESIDENT'S PLAUSIBLE Excuses.-Joseph C. Duncan, the San Francisco bank officer whose mysterious disappearance and reappearance have been an. nounced. denies having been guilty of crime, says are as and his hands clean regards any misappropriation of funds. He accounts for the failure of the Pioneer Bank by the decline in business since the suspension of the Bank of California, and the usurious rates of interest he was compelled to pay on loans in order to keep the bank afloat. He saddles the charge of raising the figures on certificates of safe deposit stock upon Lawrence, his son-inlaw. He believes he can yet save the deposit. ors much from the ruins of the bank. INVESTIGATING THE COAL COMBINATION.The New York assembly committee on railroads, investigating the coal combination, met in New York yesterday and examined Presj. dent Dickson, of the Delaware and Hudson coal company. He testified that the first meeting of the combination was in March, 1877. Trade had been demoralized by excessive production, and it was proposed to limit the production to the demand. In May another meeting was held to advance prices fifty cents a ton, as prices then did not pay expenses. The meeting in December last was to regulate and make the trade uniform and central: hence the board of control. The organization has had but little effect. The result of the organization would be to advance the price and regulate trade. In reply to a question whether the combination could not advance the price $1 as readily as fifty cents he replied in the negative, and said there were other interests to subserve besides raising the price of coal. The blotting out of iron manufactures is the chief cause of the reduction of consumption, and the reduction is nearly fifty per cent. By the present arrangement the combination has proved satis. factory to consumers as well as producers. It would not be to the interest of the combination to advance the price unless the demand should require it. Coal had been sold in New York as low as $2.25 per ton, and as high as $13 and $14 per ton. He thought $2.75 would now cover all expenses of putting coal into the hands of consumers in New York. THE EXODUS OF FREEDMEN.-The Rev. Dr. Henry M. Turner, who has been traveling through the southern states, says that the Liberian colonization scheme has taken a firm hold upon some of the betterelass of freedmen. Several hundred colored persons are now awaiting the arrival at Charleston of the bark Azor (purchased with money raised entirely by freedmen), which is to take them to Libe ria. The South Carolina Conference of the A. M. Church has appointed a minister to go with the expedition as the representative of the church.
22.March 5, 1878The SunNew York, NY
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San Francisco is happy over the capture of JOSEPH C. DUNCAN, the absconding manager of the Pioneer Bank. DUNCAN was 1 meon. regular in his attendance at church. and of high standing in what is known as San Francisco's best society. His bank attracted I 'ponttors. by paying one per cent interesta month. While times were flush DUNCAN and his bank floated along smoothly on the tide of fletitious prosperity. But when times became hard. DUNCAN was unable to stand the pressure, and he resorted to forgery. false ontries. and other eriminal methods of maintaining a deceptive appearance of solvency. Finally, in October last, the bank suspended, and it was found that 2,468 people. mostly workingmen, had been victimized, the defl it being $1,235.401. The police took measures to arrest DUNCAN, who hid himself in a house in the city, Information of his place of concealment was given to the Mayor. but the fugitive was warned of his danger. and escaped." The detectives continued the search day and night. Vehicles passing out of the city were inspected. vessels were overhauled. and a special watch was kept on the coast from San Pedro to Monterey bay. Nothing further was learned until the 18th of February. when it was discovered that arrangements had been made for the escape of DUNCAN to Central America on a schooner. A detective discovered and dofeated the plan. and DUNCAN then took refuge in a house on Kearney street. There he was caught.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
