London & San Francisco Bank (San Francisco, CA)

Episode Information

Episode UID
4089202190908
Episode Type
Run Only
Bank Type
trust
Bank ID
408920219 hash
Start Date
August 27, 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
a8d63a49fa1cdddc

Response Measures

None

Events (1)
1. August 27, 1875 Run
Cause
Local Banks
Cause Details
Panic and runs triggered by the failure/suspension of the Bank of California and related coin shortage; contagion to other local banks.
Measures
Manager M. S. Latham publicly asserted ability to meet demands; bank received a $500,000 telegraphic draft on the Sub-Treasury boosting reserves.
Newspaper Excerpt
There is a run on the London and San Francisco Bank, but the Manager, M. S. Latham, asserts his ability to meet all demands without trouble.
Source
newspapers

Newspaper Articles (11)
1. August 27, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, August 27, 1875

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Merchants' Exchange Bank ClosedRun on the London and Sam Francisco Bank-Crowds Burround the Closed Banks-Great Excitement, SAN FRANCISCO, August 27-1 P. M.The Merchants' Exchange Bank closed doors this morning. The Directors have prepared the following statement for the afternoon papers: "In consequence of the exeitement and disappointment in getting eoin, the Directors deem it for the best interests of all not to open our doors for the present. The Secretary states the bank has $100,000 in coin on hand. The amount liable on deposits is $800,000; but against that may be offset over $400,000 in notes. The bank is perfectly solvent. The only trouble is lack of coin." There is a run on the London and San Francisco Bank, but the Manager, M. S. Latham, asserts his ability to meet all demands without trouble. Crowds surround the Bank of Cal. ifornia and the suspended National Gold Bank; also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great.

2. August 28, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 28, 1875

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By Telegraph ASSOCIATED PRESS REPORT. TO THE DAILY INTELLIGENCER THE CALIFORNIA FAILURES Result of Bonanza Speculations. Great Excitement Among the People. Heavy Runs on All the Banks. Suicide of Ralston, President of the Bank of California. SAN FRANCISCO, August 26.-The National Gold Bank & Trust Company have sent the following notice for publication in the morning papers: In consequence of the panic and the impossibility of obtaining gold, the National Bank & Trust Co. will close untill further notice. The bank has $1,300,000 over and above the liabilities, and as soon as coin can be obtained will resume business as usual; in the meantime any creditor 80 desiring, can have good assets of the bank to the amount of his claim by order of the Board of Trustees, signed Henry L. Davis, President. SAN FRANCISCO, August 27.-The Merchants Exchange Bank closed doors this morning and issued the following notice: In consequence of the excitement and disappointment in getting coin the directors deem it best not to open our doors for the present. The secretary states that the bank has $100,000 in coin on hand. There is a run on the London and San Francisco Bank, but it is able to meet all demands without trouble. Great excitement prevails.

3. August 28, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, August 28, 1875

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MORNING DISPATCHES M. Daring Attempt at Train Robbery. Violent Hail Storm in Wyoming. [SPECIAL TO THE HERALD.] PACIFIC COAST. The Banks. SAN FRANCISCO, August 27th.-The run upon the banks was practically over before twelve o'clock. The Merchant's Exchange Bank did not open, posting the reason on the door. The Trust Company did not open, of course, having closed till Monday. The London and San Francisco Bank and the Anglo-California Bank both received to-day telegraphic drafts on the SubTreasury in these sums: Five hundred thousand dollars to the former bank and one hundred and fifty thousand dollars to the latter, which formed a strong reserve, and the intellegence of the transfer served to lift the public confidence very materially. This feeling was strengthened by the fact that no commercial failures were reported, and so far as known no seri-

4. August 28, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, August 28, 1875

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[SPECIAL TO THE HERALD.] PACIFIC COAST. San Francisco News. SAN FRANCISCO, Aug. 27th.-It is stated, presumably on good authority, that some half doz. heavy stock brokers are likely to go down. No names are given. No commercial failures are yet reported. A squeeze is expected next Monday, as it is collection day. The Savings Banks during the some day ness, have the deposits been doing in the being usual larger busithan the disbursements. No excitement on that line. Aug. 27th, 2:30 P. M.-The excitement has almost subsided, and the banks are going along quietly with their business. The street is not so crowded and everything has a more cheerful and promising outlook. The Merchants' Exchange Bank closed this morning. The Directors have prepared the following notes for the afternoon papers : "In consequence of the excitement and disappointment in getting coin, the Directors deem it best for the interests of all, not to open our doors for the present." The Secretary states that the bank has one hundred thousand dollars in coin on hand. The amount liable on deposits is eight hundred thousand dollars, but against that may be offset about four hundred thousand dollars in notes. The bank is perfectly solvent, the only trouble being the lack of coin. There is a run on the London and San Francisco bank, but the manager, Latham, asserts its abilits to meet all demands without trouble. Crowds surround the Bank of California and the suspended Nation"al Gold Bank, the Trust Company and also the Savings Banks, but the action of the officers of the latter institutions last night effectually prevents a run on them. The excitement is great. The Santa Ana Meeting. SANTA ANA, Aug. 27th.-A large and enthusiastic meeting was held at Santa Ana this, Friday, evening by Frank Ganahl, and other speakers. Excitement intense. For Los Angeles. CALIENTE, Aug. 27th.-The following passengers left on the Telegraph Stage Line for Los Angeles: F. E. Brown, C. Leonard, W. Life, H. Dalton, R. H. Burmester, Mrs. Lanfranco and D. Palmer.

5. August 28, 1875 Carson Daily Appeal Carson City, NV
Article from Carson Daily Appeal, August 28, 1875

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Closing of the Merchants Exchange Bank-Great Excitement. San Francisco, August 27.-The Merchants Exchange Bank closed its doors this morning. The Directors have prepared the following notice for the afternoon papers: "In consequence of the excitement and disappointment in getting coin, the Directors deem it for the best interests of all not to open our doors for the present." The Secretary states that the bank has $100,000 in coin on hand. The amount liable on deposits is $800,000, but against that may be offset $400,000 in notes. The bank is perfectly solvent, the only trouble being a lack of coin. There is a run on the London & San Francisco Bank, but Manager Latham assertshis ability to meet all demands without trouble. Crowds surround the Bank of California and the suspended National Gold Bank and Trust Company, and also the savings banks.

6. August 29, 1875 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, August 29, 1875

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UNDAVASIA NOONHILAY THE CALIFORNIA PANIC. Excitement Subsiding-Confidence turning-Worst Over No Commercial Failures Reported, a Dozen Heavy Brokers and Man ufacturies Shakey. President Rolston, of the Bank Callfornia, Commits Suicide. 841-88 protory NVS citement in consequence of the failu of the Bank of California seems to subsiding. The crowd on the bank much less than at the opening of "shoq SSOU The run on the London and Francisco Bank closed with a large plus in the vault. A slight run on the Anglo Californ this morning soon subsided The First National Gold Bank ourus on pur be said of the Bank of Brit/sh Columb and the Pacific and Commerciaj ban! Private banks report no exciteme Tensuse 110 Sujor PHB erally speaking all the city banks considered sound, except the Batrk California. President Ralston has nothing in addition to his statement yesterday. Many rumors are current regardi the condition of the Californ mo.y suomers ano authority, is that the bank will depositors in full and stockholders ty cents on the dollar. Another that the stockholders state that most the bank can do is to satisfy positors. There has been a slight run on Hibernian Savings Bank, but the mand was promptly met. Confidence seems to be returni ΠΌΠ΅Π»ΠΎ s! WORDS the believed st 11 pur Little uneasiness is felt, as the aftai of either the National Gold Bank Trust or Merchants' Exchange The former reports the probability an early resumption, though unable fix the time. The National Gold Bank has abundance of available assets. which

7. September 2, 1875 The Indiana State Sentinel Indianapolis, IN
Article from The Indiana State Sentinel, September 2, 1875

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TWO MORE CLOSED DOORS. EFFECT OF THE FALL OF THE BANK OF CALIFORNIA-SUSPENSION OF THE NATIONAL GOLD BANK AND TRUST COMPANY, AND THE MERCHANTS' EXCHANGE BANK-RUNS ON OTHFR BANKS-EXCITEMENT SAN FRANCISCO, Cal., Aug. 27.-The National Gold Bank and Trust Co. sent in the following notice for publication in the morning papers: In consequence of the panic and the impossibility of obtaining coin, the National Gold Bank and Trust Co. will close until further notice. The bank has $1,300,000 over and above all its liabilities, and as soon as the coin can be obtained will resume business as usual. In the meantime, any creditor desiring can have good assets of the bank to the amount of his claim. HENRY L. DAVIS, [Signed] President. The Merchants' Exchange Bank closed its doors this morning. The directors have prepared the following notice for the afternoon papers: "In consequence of the excitement and disappointment in getting coin, the directors deem it for the best interests of all not to open our doors for the present." The secretary states that the bank has one hundred thousand in coin on hand. The amount liable on deposits is $800,000, but against that there may be over four hundred thousand dollarsin notes. The bank is perfectly solvent, and the only trouble is a lack of coin. There is a run on the London and San Francisco Bank, but Manager Latham asserts an ability to meet all demands without trouble. Crowds surround the Bank of California and the suspended Na. tional Gold Bank and Trust Co., and also the savings banks, but the action of the officers of the latter institution last night effectually prevents a run on them.

8. September 2, 1875 Puget Sound Dispatch Seattle, WA
Article from Puget Sound Dispatch, September 2, 1875

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SAN FRANCISCO, Aug. 27.-The excitement seems to be subsiding, the crowd on California street is much less now than at the opening of business morning. The run on the London and San Francisco bank ceased with a large surplus remaining in the vaults. There was a slight run on the Anglo-California bank at the opening but it soon subsided. The first National Gold bank reports everything quiet. The bank of British Columbia and the Pacific and Commercial banks report no excitement. There has been little rush at the Hibernian Savings Bank and the demands were promptly met within the by-laws. G erally speaking, confidence is returning and it is believed the worst is over. But little uneasiness is felt as to the affairs of either the National Gold and Trust Co. or Merchants Exchang Bank. SAN FRANCISCO, Aug. 27.- In an interview with Ralston this morning, the Cashier stated in answer to many questions, that the Bank of California would never again resume business. The losses of the Bank are too great to admit of this being done. While the bank will nct resume business, it has sufficient funds on hand and at its control and disposal, to enable it to meet all its liabilities. In reply to the question: "Will interior agencies of the bank suffer from the suspension." Ralston stated they were included in the liabilities and not one would suffer the slightest loss.

9. September 3, 1875 The Emporia News Emporia, KS
Article from The Emporia News, September 3, 1875

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friday, AUG. 29. The Merchants Exchange bank of San Francisco, suspended specie payment. Also, the National Gold Bank and Trust Company. The London & San Francisco bank stood the run. There were slight runs on other banks, but the excitement soon subsided. The cause of the panic is not stated. Mr. Ralston, President of the bank of California, drowned himself in the bay. A year ago he gave Senator Sharon, his son-in-law, $1,000,000 as a present. It is said he suicided because the directors asked him to resign.Two men were arrested at Troy, Mo., for brutally murdering & farmer named Thomas B. Walker, but while the coroner was certifying his papers, the constable released them.-The express car on a Union Pacific train was robbed in Utah, while in motion, by two men who

10. September 3, 1875 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, September 3, 1875

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PACIFIC COAST INTELLIGENCE. THE FINANCIAL EXCITEMENT IN SAN FRANCISCO. SAN FRANCISCO, Cal., Aug. 27.-The Merchants Exchange Bank closed its doors this morning. The directors have prepared the following notice for the afternoon papers : .. In consequence ot the excitement and th disappointment in getting coin, the direct| ors deem it for the best interests of all concerned not open our doors for the present. The secretary states that the bank has $100.000 in coin on hand. The amount liable on deposits is $800,000. but against that there may be over $400,000 in notes. The bank is perfectly solvent, the only trouble is in the lack of coin. There is a run on the London and San Francisco Bank, but manager Latham asserts his ability to meet all demands without trouble. Crowds of persons surround the bank of California, and the suspended national gold bank and trust company, also the savings banks, but the action of the officers of the latter institutions last night effectually prevent a run on them. The excitement is great.

11. September 4, 1875 Walla Walla Statesman Walla Walla, WA
Article from Walla Walla Statesman, September 4, 1875

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AMONG THE CAPITALISTS, When the rumor had spread wide that the Bank of California had suspended, there was naturally a run on the other tanks. That upon the National Gold Bank and Trust Company is elsewhere spoken of There was a triffing abatement in the confidence reposed in the London and San Francisco Bank. Towards three o'elock about twenty or thirty persons were ranged in front of the counter bent upon withdrawing their deposits, and no disposition was manifested to restrain them. As a matter of fact the bank was kept open beyond hours. Mr. Latham was found by a Call reporter in his parlor, and he spoke quietly of the crisis as if it did not concern him. I know nothing about the affairs of the bank below," he remarked. It is enough for me to paddle my own canoe, They have put up their shutters, but I do not know any cause for their failure. The news came upon ne like a clap of thunder. This institution 18 all safe-you may depend upon that. I am ready to pay all who come, and they may come as fast as they like." Meeting Mr. Friedlander on the street, a reporter asked him what was the trouble. He was not at all flurried by the question, and in an assuring tone said that the bank had merely closed its doors to prevent crowding, and was paying on checks presented. Hickox, the banker it is said, after the doors had closed, obtained payment of a large sum on checks, and some $30,000 or $40,000 was sent across the street to the assistance of the National Gold Bank and Trust Company. In portering the money-bags borne away from the bank not a few men displayed a herculean strength truly wonderful.