First National Bank (Oakland, CA)

Episode Information

Episode UID
224801276
Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
22480 national
Charter Number
2248
Start Date
April 18, 1906
Location
Oakland, California (37.804, -122.271)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
95b3119e17939ca1

Response Measures

None

Events (4)

1. April 10, 1875 Chartered
Source
historical_nic
2. April 18, 1906 Suspension
Cause
Government Action
Cause Details
State-wide suspension of banking after the San Francisco earthquake and fire; banks in San Francisco destroyed and a general suspension contemplated to readjust monetary conditions.
Newspaper Excerpt
general suspension of banking business throughout the State until the monetary condition is readjusted
Source
newspapers
3. April 25, 1906 Reopening
Newspaper Excerpt
All the banks of the city opened today, by direction of the State Bank Commissioners. Savings bank depositors were permitted to withdraw small amounts.
Source
newspapers
4. October 11, 1924 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)

Article from The Sun, April 22, 1906

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Article Text

holidays "in the interest of public welfare, and in consequence no legal business can be transacted and all banks will remain closed. Another important meeting in Oakland to-day was that of the San Francisco Clearing House, which discussed the financial question and prepared plans which will be submitted to the State Clearing Association in Oakland Tuesday. While the State bank report shows all the banks throughout the State in good condition yet a large majority of the smaller institutions had large deposits with the San Francisco banks and the situation is very grave. A general suspension of banking business throughout the State until the monetary condition is readjusted was the general idea of the bankers attending the meeting. WASHINGTON, April 21.-The Treasury Department to-day received several telegrams relating to the condition of banking property and the financial outlook in San Francisco. Supt. Leach of the San Francisco Mint reported that every bank in the devastated city was buried in ruins, but banks in Oakland, Berkeley and Ala= meda were able to resume business. The telegrams to Secretary Shaw follow: "Thanks for your complimentary despatch. Every bank in San Francisco buried in ruins. All banks in Oakland, Berkeley and Alameda able to resume business, including First National, Oakland; Union National, Oakland; First National, Berkeley, and Berkeley National, Berkeley. "It looks as if Oakland must be temporarily the banking centre for California north of Tehachapi. State Banking Commissioners have located office in Oakland to meet this condition. "The suburban banks ought to have free and prompt telegraphic transfer of funds. In view of the ruined condition of SubTreasury, advise making the transfers direct through the Mint. "The Sub-Treasury went down in the fire early, and is now surrounded by blocks of ruins. "The fire is still burning, but it is thought to be confined to a few blocks of residences somewhat isolated. No foundation for published statement of attack on Mint. "Will do what I can about bureau of information of refugees. Have received to-day Meline's order for transfer of funds to Bank of California, San Francisco. "LEACH, Superintendent U.S. Mint." "My temporary address is 3147 Clay street, San Francisco. All San Francisco banking houses destroyed. None destroyed in Oakland. Cannot report at present as to condition of suburban banks. "Sub-Treasury roof caved in. Vaults apparently intact, but blocked with dΓ©bris. After consultation with leading bankers, will report as to best plan of procedure. "JULIUSJACOBS, 'Assistant Treasurer, U.S." "Plenty water at Unalaska wharf. All business portion of San Francisco burned except Appraiser's building. Crew of Thetis and Bear have done guard duty since the earthquake Can'tsay when they can resume ships' duty. City burning. HUMMEL, "Official Treasury Department. OMAHA, Neb., April 21.-Joseph Tobin, president of the Hibernia National Bank, San Francisco, en route from New York, received a telegram in Omaha to-day reading: "Bank destroyed; every dollar in vaults gone." After reading the telegram President Tobin said: "Our deposits were up in the millions of dollars. We will pay dollar for dollar to all depositors."


Article from The San Francisco Call, April 26, 1906

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Article Text

OAKLAND BANKS RESUME AND DEPOSITS ARE LARGE Funds Received Reported to Exceed Those That Are Paid Out to Creditors. OAKLAND, April 25.-All the banks of the city opened today, by direction of the State Bank Commissioners. Savings bank depositors were permitted to withdraw small amounts. Commercial business is receiving attention in the usual manner. A committee of bankers is formulating a plan for reopening all the interior banks at the earliest possible moment. The limit put upon savings bank patrons who desired to withdraw money today was set at $30. No limit was put upon commercial bank business, although the understanding prevailed that no large sums should be taken out except in cases of great necessity. The money will be released in larger amounts from day to day. Despite the supposed scarcity of cash in circulation, a large amount of money was brought in for deposit It is estimated that ten times the amount of money taken out was brought in for deposit. W. W. Garthwaite of the Oakland Bank of Savings said: "Up to last night the local banks had received from the U. S. Mint about $2,000,000. Today about $2,000,000 more came from the mint. If deposits continue to be made as they were today we shall not require much more money from the mint. Each bank has received a share of the gold from the city. The banks will hold meetings daily at 4 o'clock to insure harmony of action."


Article from The Barre Daily Times, April 27, 1906

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Article Text

PARDEE TO CALL EXTRA SESSION. To Pass Laws Demanded by the San Francisco Situation. Oakland. Cal., April 27.-It was said yesterday on the best of authority that a special session of the Legislatura would be called at once to provide for laws demanded by the situation. A conference of insurance men will be held here today to decide on a policy of paying losses. The bank vaults in San Francisco will not be opened for at least thirty days. The Oakland banks opened today and are paying off savings deposits and commercial accounts. There was no run and no excitement, and the strange part of it all was that customers put in more money than was withdrawn. Complete communication has been restored be. tween Oakland and San Francisco. Local trains are running again on their regular schedule The refugees that have come to this city have been placed in reconcentrado camps so that the relief work may be systematized. San Francisco firms are scrambling to obtain permanent locations on this side of the bay. In the meantime building operations in the stricken city are being pressed forward with great energy.