Wells Fargo Nevada National Bank (San Francisco, CA)

Episode Information

Episode UID
510501295
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
51050 national
Charter Number
5105
Start Date
November 2, 1907
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
e7780a5f7f4f6edf

Response Measures

None

Description

Event was a state-declared legal holiday/suspension that was later lifted.

Events (4)

1. December 27, 1897 Chartered
Source
historical_nic
2. November 2, 1907 Suspension
Cause
Government Action
Cause Details
Governor-declared legal banking holiday in California during the 1907 financial stringency.
Newspaper Excerpt
the legal holiday will be continued from day to day until it is certain that no danger from a money panic exists in this state.
Source
newspapers
3. December 23, 1907 Reopening
Newspaper Excerpt
the period of legal holidays declared by Governor Gillett ... having expired the lead midnight last Saturday all leading banks transacted business as usual today.
Source
newspapers
4. December 31, 1923 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Evening Star, November 3, 1907

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Article Text

BANKS AND BANKERS. SAN FRANCISCO, Cal., November 2.—All the banks of San Francisco opened their doors as usual today. Gov. Gillette called a conference of members of the clearing house association and leading financiers. He says that for the present the legal holiday will be continued from day to day until it is certain that no danger from a money panic exists in this state. LINCOLN, Neb., November 2.—Secretary E. Royse of the banking board stated today that the Commercial State Bank of Grand Island is solvent and should not have closed. He believed the bank would open next Tuesday. He has been informed that $25,000 is now on the way from Chariton, Iowa, to cover half of the loan to the First National Bank of that place. B. F. Clayton of Chariton, Iowa, is president of the Grand Island bank. ST. LOUIS, Mo., November 2.—Little blue, yellow and green slips of paper in denominations of $1, $5 and $10 were put into circulation as money today by the National Bank of Commerce, the Third National Bank and the Mechanics' American National Bank. These differed from the cashiers' checks which have been in circulation for a week in that they were made "payable to bearer," and that no indorsement or identification was required to cash them. KANSAS CITY, Mo., November 2.—Half a dozen local banks today began issuing cashiers' checks in amounts of one, two, five and ten dollars, to be used in place of currency and payable to bearer. Clearing house certificates also are being used as formerly. The question of issuing cashiers' currency was considered at a meeting of the principal bankers, and it was decided to leave it to the discretion of the individual banks.


Article from Los Angeles Herald, December 24, 1907

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Article Text

HOLIDAYS END; BANKS ARE IN GOOD CONDITION By Associated Press. SAN FRANCISCO, Dec. 23.-The period of legal holidays declared by Governor Gillett to meet the recent at financial stringency having of expired the leadmidnight last Saturday all ing banks transacted business as usual today. Normal conditions prevailed, and there was no run nor crush of peopl anywhere. Many deposits were made, and the withdrawal of funds did not exceed the ar unt customary during a day's business. Clearing house certificates continued in circulation, but when coin was required it was readily obtainable. The principal bankers unite in declaring that the financial trouble, which for a time caused some inconvenience, is a thing of the past. "The public seems perfectly quiet the and calms" said R. M. Tobin of Hibernia Savings bank, the largest savings institution in the city. "We are doing the usual Christmas business to enable the depositors to make their holiday purchases. Beyond that there are practically no requests for withdrawals. Any withdrawals made at present mean the loss of six months' interest. The situation so far as the savings banks are concerned is excellent. We are not even enforcing the rule of requiring notices of thirty to ninety days and such notices as were given during the holidays have practically all been cancelled." Certificates were generally accepted and in only a few instances was coin demanded and insisted upon. The savings banks have the protection of from thirty to ninety days' notice required for withdrawals. Beyond the drawing of small sums with which to make Christmas purchases there were few requests for withdrawals from the savings banks. Irving S. Moulton, cashier of the Bank of California, said: "Business today is normal. I have not noticed any differences between today and any Monday during the past three weeks. "So far as this bank is concerned it has met all demands made upon it for several weeks." Little Demand for Coin "There has been little or no demand from country banks for shipments of coin, which indicates that they are in good shape to take care of their business," said Cashier King of the WellsFargo Nevada National bank. I. W. Hellman, jr., vice president and manager of the Union Trust company. declared that today was the quietest Monday his Institution had experienced for several weeks. E. W. Wilson, vice president of the American National bank. said: 'Business today is about the same with us as on any Monday during the past month, with a possible improvement. As a matter of fact the balances of the clients of nearly all the banks have been growing smaller since the holidays were declared because of the inability of merchants and others to make collections. I think the financial situation in this city would have been he'ter had the holidays been declared off three weeks ago." At the First Nationau bank it was stated that owing to the scarcity of gold certificates would continue in circulation for some weeks yet, but that the smaller denominations were being rapidly retired. Demands for money were met with half coin and half in certificates. President Homer S. King of the Clearing House association in an interview said: "There is no excitement and no uneasiness. Business is going along just as it has been going on for the past month. Patrons who need gold are getting it and have been gretting it for three weeks. If we think the applicants want to hoard it they do not get it. Whenever there is a need for gold we supply it." When asked as to what action would be taken in regard to the, retirement of clearing house certificates President King said: "We are retiring the certificates gradually, but it will take some time. Just how long I can't say. No more certificates are being issued. The total amount in circulation is about $5.000,000. Everybody realizes that they are as good as gold and they find ready acceptance." "The clearances today." he said,