National Gold Bank & Trust Company (San Francisco, CA)

Episode Information

Episode UID
199400910
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
national
Bank ID
19940 national
Charter Number
1994
Start Date
October 30, 1875
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
04c6fee72bc92763

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Bank officers attempted to call in loans before closing; bank announced/redemed notes at the U.S. Treasury to reassure depositors and planned immediate redemption of notes in gold.

Description

Bank went into voluntary liquidation in Nov 1875 but later paid debts and announced resumption in July 1876.

Events (7)

1. June 3, 1872 Chartered
Source
historical_nic
2. October 30, 1875 Run
Cause
Rumor Or Misinformation
Cause Details
Holder circulated news that the bank couldn't pay a check, provoking withdrawals and panic.
Measures
Bank continued business until closing hour and announced it would reopen Monday.
Newspaper Excerpt
There was a run on the National Gold Bank and Trust Company yesterday.
Source
newspapers
3. October 31, 1875 Run
Cause
Rumor Or Misinformation
Cause Details
Circulated reports/malice about inability to pay checks and shortness of coin led to additional withdrawals.
Measures
Bank announced it would resume paying out on Monday if people called for their money.
Newspaper Excerpt
Yesterday, without cause or provocation, a run on the National Gold Bank and Trust Company was inaugurated
Source
newspapers
4. November 1, 1875 Suspension
Cause
Rumor Or Misinformation
Cause Details
Repeated runs in late October compelled the bank to close its doors and suspend payments.
Newspaper Excerpt
there was a run on the National Gold Bank and Trust Company... the bank continued business till the usual hour of closing. The officers state that they know of no cause for the run. The bank will open as usual on Monday.
Source
newspapers
5. November 2, 1875 Other
Newspaper Excerpt
officially informing him that it has gone into voluntary liquidation under the provisions of the National Bank act.
Source
newspapers
6. July 8, 1876 Other
Newspaper Excerpt
has paid its debts in full, and will soon resume business.
Source
newspapers
7. September 1, 1879 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)

Article from Eureka Daily Sentinel, September 1, 1875

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private telegram received from Boston this morning gives the liabilities of the senior firm at $1,000,000, but Mills, and other prominent publishers, who are well informed in regard to the business of the house, say the sum involved will not exceed $330,000, and that they will probably be able to pay 50 cents on the dollar. The World, editorially, is very severe on the Directors of the Bank of California in the absence of specific facts, and condemns their summary dismissal of Ralston as harsh and impolitic. It holds the directors more responsible than the manager to private depositors, and that they owe to themselves a prompt and full statement before the tide of adverse opinion strengthens. The Treasury has transferred to San Francisco by telegraph $1,401,000 in gold, since the failure of the Bank of California, for the benefit of nine of ten different bankers, who have deposited with the Sub-Treasury at New York. The Treasury declines to make further transfers at present. Judge Brady, of the Suprme Court, to day, at the suit of Nathaniel B. Hoyt, issued an attachment against the property in this State of the Bank of California, to recover $15,000 deposited with said bank. It is thought that at least forty thousand pounds, and Ξ“oport says sixty thousand pounds, of bills of the bank of California were sold here the week before the failure, and could not have reached London for presentation for acceptance before the failure was known by cable. Thr Gold Bank and Trast Company. WASHINGTON, Aug. 30. The National Bank Examiner for the Pacific Coast has been directed by the Controller of Currency to examine into the affairs of the National Gold Bank and Trust Company, of San Francisco. Sad Accident. BOSTON, Aug. 30. Yesterday, at Hopkinston, a boy named Morris Ryan, aged 16, started down stairs with a loaded gun, intending to shoot a cat, when his sister Mary, aged 15, who desired to save the cat's life, caught her brother by the shoulder to pull him back; at thesame time two other sisters, younger than Mary, came to the head of the stairs, In the scuffle between Morris and Mary the gun went off, killing Mary and one of the other sisters. The third sister was wounded in the leg. The Direct Cable Repaired - The San Domingo Rebellion Overrated-Honors to Distinguished Taagedians in New York. NEW YORK, Aug. 30. It was reported yesterday that a dispatch had been received stating that the direct cable was repaired and communication between this country and Ireland was completed. From the statement of the captain and passengers of the steamer vester-


Article from Wilmington Daily Commercial, September 9, 1875

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Resumption of the suspended Banks. -Advices from San Francisco say the banks are progressing steadily toward resumption. The President of the National Gold Bank and Trust Company announces that the notes of the bank, to the amount of $800,000, will be redeemed at the United States Treasury, and that they have thus far paid off about one-half of their indebteducas to depositors.


Article from New-York Tribune, September 10, 1875

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AFFAIRS IN SAN FRANCISCO. MEETING AT UNION HALL-BALSTON EULOGIZEDTHE STATE UNIVERSITY SAVED FROM LOSS-THE NATIONAL GOLD BANK PAYING ITS DEBTS. San FRANCISCO, Sept. 9.-The meeting last night at Union Hall was largely attended, the ball being filled and the crowd filling the street to listen to openair addresses. In the hall the addresses delivered were devoted mainly to attacks on The Bulletin and Call for their course during the recent campaign and since the failure of the Bank of California and the death of Ralston. Resolutions were adopted condeming these papers for their attacks upon Ralston, and calling upon the people to withdraw their support from them. In the open-air meeting resolutions were read censuring the Associated Press for telegraphing so-called false reports the reading of which was greeted with many cries of "No, no as was the case with other resolutions read. The business of the National Gold Bank and Trust Company is going on favorably. Since the panic the bank has liquidated claims deposited to the amount of over $1,000,000, and a statement of its condition shows a surplus as regards deposits of over $1,400,000. There is no perceptible run on the United States Treasury to-day for the redemption of the gold notes of the National Bank and Trust Company. The Regents of the State University have elected D. O. Mills as Treasurer, vice Ralston. The Finance Committee of the Board has reported that the University will lose nothing by the failure of the Bank of California, being protected by the late Treasurer's bond for $150,000.


Article from The Cheyenne Daily Leader, September 10, 1875

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San Francisco, Sept. 9.-The affairs of the National Bank & Trust Company are proceeding favorably since the panic. The bank has liquidated its claims to depositors to the amount of over one million dollars and the statement of its condition shows a


Article from Chicago Daily Tribune, September 10, 1875

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FINANCIAL. SAN FRANCISCO. SAN FRANCISCO, Sept. 9.-The affairs of the National Gold Bank and Trust Company are proceeding favorably. Since the panic the bank has liquidated claims of depositors to the amount of over $1,000,000, and a statement of its condition shows a surplus, as regards depositore, of over $1,400,000. There was no perceptible run on the United States Treasury to-day for the redemption of gold notes of the National Gold Bank and Trust Company. The Regents of the State University have elected D. 0. Mills Treasurer, vice Ralston. The Finance Committee of the Board have reported that the University will loso nothing by the failure of the Bank of California, being protested by. the late Treasurer's bond for $150,000.


Article from Gold Hill Daily News, October 30, 1875

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IMPORTANT. . As we go to press-4 P. M.-a private telegram informs us that in consequence of a great run on the National Gold Bank and Trust Company, San Francisco, it has been obliged to close.


Article from Los Angeles Daily Herald, October 31, 1875

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THE people of San Francisco are liable to panic. They catch it as easy as a boy catches the measles. Yesterday, without cause or provocation, a run on the National Gold Bank and Trust Company was inaugurated, and for a few hours things were lively in that vicinity. At the hour of closing the bank announced that it would resume the work of paying out on Monday if people called for their money.


Article from New-York Tribune, November 1, 1875

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RUN ON A SAN FRANCISCO BANK. SAN FRANCISCO, Oct. 31.-There was a run on the National Gold Bank and Trust Company yesterday. The bank continued business till the usual hour of closing. The officers state that they know of no cause for the run. The bank will open as usual on Monday.


Article from The Wheeling Daily Register, November 1, 1875

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Run on a California Bank SAN FRANCISCO, October 30 There was a run on the National Gold Bank and Trust Companythis afternoon. The bank continued business till the usual hour for closing. The officers know no cause for the run. The bank will open Monday. The run was started to gratity private malice. It is also said that the bank has been buying real estate heavily and is short of coin. The acid factory of Duff, Waitz & Co., Carson, Nevada, burned this morning. Loss $45,000.


Article from The Rutland Daily Globe, November 1, 1875

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Running a Bank. SAN FRANCISCO, Oct. 31. There was a run on the National Gold Band and Trust Co. yesterday afternoon. The bank continued business till the usual hour of closing. The officers know no cause for the run. They will open Monday. The run may have been started to gratify private malice. It is also said the bank has been buying real estate heavily, and is short of coin. withed


Article from Eureka Daily Sentinel, November 2, 1875

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SUSPENDED AGAIN.-On last Saturday another run was made on the Na. tional Gold Bank and Trust Company at San Francisco, compelling it to close its doors. This establishment, it will be remembered, had trouble during the panic, caused by the suspension of the Bank of California.


Article from Pioche Daily Record, November 2, 1875

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and has been raining in California all day. It is reported that the National Gold & Trust Bank of San Francisco has suspended to-day. There was a run on it Saturday and to-day. (Signed): Telegraph Operator.]


Article from The Silver State, November 3, 1875

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THE National Gold and Trust Compan's bank, in San Francisco, which suspended last Monday, is said to be abundantly able to pay all its liabilities. The bank made every effort to call int loans before closing is doors, but was unable to meet demands, bence the temporary suspension.


Article from New-York Tribune, November 3, 1875

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THE MONEY MARKET. TUESDAY, Nov. 2-P.M. This being a legal holiday, no business has been transacted at any of our exchanges. London advices report consols at 94916; old 65 U.S. bonds at 1035g, and Erie 1513. The rate of discount in the open market at London is reported at 27g per cent for three months' bills, which is 1 1g per cent below the bank rate, and it is thought not improbable that the bank rate may be reduced on Thursday next. The bank, however, is reported to have lost Β£534,000 on balance to-day, mostly for shipment to Germany, French Rentes are quoted at 65.45. The steamship Parthia, which sailed from (Liverpool for Boston to-day. fetches Β£15,000 sterling. A Liverpool dispatch announces the failure of Messrs. Daca, Paleologo & Sons, with liabilities of about $500,000. A London dispatch of this day's date states that "the steamship Faraday recovered both ends of the direct United States cable, and buoyed them close together last night. If the weather continues favorable the splice will be attempted to-day. The cable may. therefore, be working at any moment." A Washington dispatch says: "The Controller of the Currency is to-day in receipt of a telegram from the President of the National Gold Bank and Trust Company of San Francisco, officially informing him that it has gone into voluntary liquidation under the provisions of the National Bank act." A St. Louis dispatch of this day's date says: "Calvin Littlefield of New-York has filed a bill in equity in the United States Circuit Court against the Atlantic and Pacific Railroad Company, asking that a receiver for the road be appointed. The petition will not be resisted, and Jadge Treat will probably to-day appoint some gentleman of New-York to act in conjunction with some thoroughly competent man of St. Louis, The following statement of the total coinage for the month of October has been prepared at the office of the Director of the Mint: Gold-Number of pieces, 216,251 double eagles; value, $4,305,020. Trade dollars-Number of pieces, 860,000; value, $860,020. Subsidiary silver-Number of pieces, 532,000 half-dollars ; value, $266,000; 992,000 quarter-dollars; value, $248,000; 900,000 dimes: value, $90,000; total, $604,000. Minor coins, 1.620,000 pieces one cent bronze; value, $16,200. Total number of pieces, 5,119,251. Total values, $5,785,240.


Article from Knoxville Journal, November 4, 1875

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The National Gold Bank at San Francisco had another heavy run last Saturday.


Article from Eureka Daily Sentinel, November 5, 1875

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PACIFIC COAST DISPATCHES FROM CALIFORNIA. Indian Matters in the Nouth-Fire The Affairs of the Gold Bank Company. SAN FRANCISCO, Nov. 4. A petition is being circulated in San Barnardino, San Diego and Los Angeles counties, addressed to Senator Sar. gent, asking the adjustment of the l'emecula Indian question and purchase of reservation lands. D. A. Dryden. Indian agent. has returned to Los Angeles, from the Indiau country. He reports no eligible Government lands on which the Indians can be placed, and recommends the purchase of a ranch for them. On his return from the south he received a disparch from Smith, Commissioner ot Indian Affairs, granting bis request for authority to expend five hundred dol lars for the imm diate necessities of the Indians. The Commissioners hope shortly to make arrangements for leasing a ranch subject to purchase when the funds are appr priated. A fire broke out on the ground floor of the Pioneer flouring mills at 10:30 last night and burned to the top of the building. The fire was SOOD mas ered. The salvage corps saved a great deal or property from being damaged by water. From the nature of the contents the principal loss was from water and smoke, and will reach to $5,000 or $6,000, which was covered by insurance. The affairs of the National Gold Bank and Trust Company are still the subject of general interest. President Davis said yesterday that it has not vet been determined to go into liquidation. Thompson, cashier. states this morning that while no official action has been taken to put the bank in liquidation, nevertheless that will be the result of this movement. The officers have no doubt but the depositors and stockholders will be paid in full. Provisions will be made for immed a e redemption of the notes of the bank at their par value in gold. The directors will hold another meeting in a few days. Terrible Storm nt Ranta Barbora. SANTA Bardara, Nov. 4. A heavy rain fell yesterday, Jumost as severe as the storm of last January. 11 commenced raining at 10:30 in the morning and continued all day with increasing severity, until six o'etock P. M. Considerable damage has been done to erops that were still standing. Towards 10 o'clock P. M. a perfect hurricane blew from the northwest, carryinz everything before it. Trees were torn up by the roots or broken short off, and barns and outhouses overturned on several ranches in the valley. One or two schooners lying in the barbo


Article from Pioche Daily Record, November 5, 1875

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Pacific Coast. SAN FRANCISCO, Nov. 4.-A petition is being circulated in San Bernardino, San Diego and Los Angeles counties addressed to Senator Sargent, asking an adjustment of the Temecula Indian acquisition and the purchase of reservation lands. D. A. Drydan, Indian Agent, has returned to Los Angeles from the Indian country and reports no eligible Government lands on which the Indians can be placed. He recommends the purchase of a ranch for them. On his return from the south he received a dispatch from Smith, Commissioner of Indian Affairs, granting his request for authority to expend $5,000 for immediate necessities of the Indians. The Commissioners hope shortly to make arrangements for leasing a ranch subject to purchase, when the funds are appropriated. A fire broke out on the ground floor of the Pioneer flouring mills at ten thirty last evening and burned to the top of the building. The fire was soon mastered by the salvage, corps who saved a great deal of property from damage by water. From the nature of the contents the principal loss was from water and smoke, and will reach five or six thousand dollars, COVered by insurance. The affairs of the National Gold Bank and Trust Co. are still a subject of general interest. President Davis said yesterday it has not yet been determined to go into liquidation. Thompson, the cashier, states this morning that while $ no official action has been taken to put the Bank into liquidation nevertheless 8 that will be the result of the movement. The officers have no doubt depositors and t stockholders will be paid in full. Proposals will be made for the immediate redemption of the notes of the Bank at their par value in gold. The directors a will hold another meeting in a few days. r SANTA Barbara, Nov. 3.-There was a e heavy rain fell yesterday, almost as ser vere as the storm of last January. It commenced to rain at 10:30 in the morn0 ing, continued all day with severity until V 6 o'clock p. m. Considerable damage has a been done to crops that were standing. Towards 10 p. m. a perfect hurricane blew from the north-west, carrying everything before it. Trees were torn up by 8 the roots or broken short off barns and out-houses were overthrown on several r ranches in the valley. One or two schooners lying in the harbor dragged their anchors and had to run out to sea a for safety.


Article from The Spirit of Democracy, November 9, 1875

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The National Gold Bank and Trust Company of San Francisco has broken through its "solid basis," and now finds itself suspended. Gold seems to have turned State's evidence against its overzealous advocates, and is trying to see how many of their false predictions it can expose.


Article from Chicago Daily Tribune, November 17, 1875

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The history of the run that brought about the suspension & few days since of the National Gold Bank and Trust Company, of San Francisco, is significant as illustrating how earily a panio in excited. The bank had a circulation of $900,000, socured by a deposit of $1,000,000 United States bonds in the Treasury Department. It temporarily susponded upon the collapse of the Bank of California, but a fow days after rosumed business, and on investigation of its sifaire by the official examiner it was found to have samets to the amount of 81,300,000 in ex0088 of all its liabilities, and its solvency was unquestioned. But a chock for $4,000 was proscoted, about which there was some irregularity, until the correction of which the bank refused payment. Thereon the holder industriously circulated the nows on California street that the bank couldn't pay a $4,000 check, and the run began. Tuo bank stood it until two minutes of the closing hour, having paid out $160,000 la gold, and having still a small balauce left, when & check for $17,000 was presented, and the doors were closed. The official examiner thon found that the assets were $1,320,003 in excess of all liabilities, but such was the extent of the panio that It was impossible to get a day's time in which to realize on & portion at least of this amount, and the concern went into liquidation.


Article from The Saline County Journal, December 2, 1875

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How a Bank Busted. The history of the run that brought about the suspension a lew days since of the National Gold Bank and Trust Company, of San Francisco, is significant as illustrating how easily a panie is excited. The bink had a circulation of $800,000, secured by a deposit of $1,000. 000 United States bonds in the Treasury Department. It temporarly suspended upon the collapse of the Bank of Calitornia, but a few days after resumed business, and on investigation of its affairs by the official examiner it was found to have assets to the amount of $1,300,000, in excess of all its liabilties, and its solveney was unquestioned. But a check for $4,000 was presented, about which there was some irregularity, until the correction of which the bank refused payment. Thereon the holder industriously circulated the news on California street that the bank couldn't pay a $4,000 check, and the run began. The bank stood it until two minutes of the closing hour. having paid out $460,000 in gold, and having still a small balance left, when a check for $17,000 was presented, and the doors were closed. The official examination then found that the assets were $1,329,903 in excess of all liabilities, but such was the extent of the panic that it was impossible to get a day's time in which to realize on a portion at least of this amount, and the concern went mio liquidation.


Article from Grant County Herald, December 2, 1875

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How Easy it is to Break A Bank. The following little paragraph, relative to the recent stoppage of the National Gold Bank and Trust Company of San Francisco shows how sensitive is confidence, and how easy it is to get up a run upon a bank when its deposits are large and its depositors are numerous. A rumor, ingeniously circulated, that a bank has refused to pay a single check would precipitate a ravenous and excited crowd into its banking house. The bistory of the run that brought about the suspension a few days since of the National Gold Bank and Trust Company of San Francisco, is significant as illustrating how easily a panic is excited. The bank had a circulation of $800,000, secured by a deposit of $1,000,000 United States bonds in the Treasury Department. It temporarily suspended upon the collapse of the Bank of California, but a few days after resumed business, and on investigation of its affairs by the official examiner it was found to have assets to the amount of $1,300,000 in excess of all its liabilities, and its solvency was unquestioned. But & check of $4,000 was presented about which there was some irregularity, until the correction of which the bank refused payment. Thereon the holder industriously circulated the news on California street that the bank couldn't pay a $4,000 check, and the ruo began. The bank stood it until two minutes of the closing hour, having paid out $460,000 in gold, and having still a smali balance left, when a check for $17,000 was presented, and the doors were closed. The official examination then found that the assets were $1,329,903 in excess of all liabilities, butsuch was the extent of the panie that it as impossible to get a day's time in which to realize on a portion at least of this amount, and the concern went into liquidation.


Article from Watertown Republican, December 8, 1875

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How Easy it is to Break a Bank. The following little paragraph, relative to the recent stoppage of the National Gold Bank and Trust Company of San Francisco shows how sensitive is confidence, and how easy it is to get up a run upon a bank when its deposits are large and its depositors are numerous. A rumor, ingeniously circulated, that a bank has refused to pay a single check would precipitate a ravenous and excited crowd into its banking house. The history of the run that brought about the suspension a few days since of the National Gold Bank and Trust Company. of San Francisco, is significant as illustrating how easily a panic is excited. The bank had a a circulation of $800,000, secured by a deposit of $1,000,000 United States bonds in the Treasury Department. It temporarily suspended upon the collapse of the Bank of Catifornia, but a few days after resumed business, and on investigation of its affairs by the official examiner it was found to have assets to the amount"of $1,300,000 in excess of all its liabilities, and its solvency was unquestioned. But a check of $4,000 was presented about which there was some irregularity, until the correction of which the bank refused payment. Thereon the holder industriously circulated the news on California street that the bank couldn't pay a $4,000 check, and the run began. The bank stood it until two minutes of the closing hour, having paid out $460,000 in gold, and having still a small balance left, when a check for $17,000 was presented, and the doors were closed. The official examination then found that the assets were $1,329,903 in excess of all liabilities, but such was the extent of the panic that it as impossible to get a day's time in which to realize on a portion at least of this amount, and the concern went into liquidation.


Article from Puget Sound Dispatch, July 8, 1876

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- The National Gold Bank and Trust Company of San Francisco, which was forced to succumb during the panic of last year, has paid its debts in full, and will soon resume business. 1250 -- The bill empowering Paris to borrow 24,000,000 francs to complete the public works, has pussed the Deputies.