gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5bff295d218a31de
Response Measures
Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1904-03-23
Date receivership terminated
1905-01-31
OCC cause of failure
Fraud
Share of assets assessed as good
95.0%
Share of assets assessed as doubtful
2.8%
Share of assets assessed as worthless
2.2%
Events (5)
1.June 13, 1903Chartered
Source
historical_nic
2.March 22, 1904Run
Cause
Bank Specific Adverse Info
Cause Details
Run precipitated by issuance of a warrant charging former cashier H. T. Hays with embezzlement of ~ $100,000
Measures
Depositors who applied were paid in full; directors reportedly covered shortages from private funds
Newspaper Excerpt
A report of defalcations and issuance of a warrant ... started a heavy run on that institution
Source
newspapers
3.March 22, 1904Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended after discovery/announcement of cashier H. T. Hays's defalcations and resulting run
Newspaper Excerpt
The Orange Growers' National bank suspended business today. The closing of the bank was preceded by a run
Source
newspapers
4.March 23, 1904Receivership
Source
historical_nic
5.March 23, 1904Receivership
Newspaper Excerpt
The comptroller of the currency has appointed John W. Wilson receiver of the Orange Growers' National bank at Riverside, Cal.
Source
newspapers
Newspaper Articles (16)
1.March 22, 1904The Evening StatesmanWalla Walla, WA
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Article Text
Bank President Absconds. RIVERSIDE, Cal., March 22.Thomas Hayes, ex-president of the Grange Growers National bank for whom a warrant was issued charging him with the embezzlement of a large sum of money from the institution, is not yet in custody. His alleged shortage is now placed at $160,000. There is no run on the bank but the heavy have withdrawn their depositors funds. The bank closed its doors at 1:15. It says it will make full payment. Dr. A. Stanley Dolan, a personal friend of Hayes was found dead this morning and it is believed he suicided. President Hayes escaped in an automobile while the bank directors were swearing out a warrant. All claims made on the bank this morning were paid. At 11 o'clock 50 of the 1400 depositors had withdrawn their funds. The wife of Hayes is in ignorance of his whereabouts. It is believed he is headed for Mexico.
2.March 23, 1904The Daily Morning Journal and CourierNew Haven, CT
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Article Text
Run on California Bank. Riverside, Cal., March 22.-A run on the Orange Growers' National bank of Riverside and its suspension followed the issuance of a warrant to-day charging H. T. Hayes, its former cashier, with the embezzlement of amounts said to aggregate over $100,000. Hayes has not been apprehended. President Rouse said that the bank is perfectly solvent, with assets largely in excess of liabilities and will re-open.
3.March 23, 1904Arizona RepublicanPhoenix, AZ
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Article Text
RIVERSIDES BANK STOPS A Consec uence of the Defalcation of the Late Cashier. Riverside, March 22.-A report (f defalcations and issuance of a warrant for the arrest of H. T. Hays, former cashier of the Orange Growers' National bank, on a charge of embezzlement, started a heavy run on that institution which has been in progress since an early hour this morning. A long line of people stood before the paying teller's window until 12 o'clock, when the run was apparently checked. All depositors who applied for their money were paid in full. President Gaylor of the bank issued a statement saying: "The bank is perfectly solvent with assets largely in excess of liabilities, Hay's defalcations having been made good by the directors out of their private funds SO that the depositors will not lose a single dollar." The warrant for the arrest of Cashier Hays is in the hands of the sheriff, but the officers have been unable to locate him. The amount of his defal.. cations is estimated in the neighborhood of $100,000. The bank suspended at 1 o'clock this afternoon.
4.March 23, 1904Weekly Arizona Journal-MinerPrescott, AZ
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Article Text
Hayes a High Roller. Riverside, Cal., March 22.-As a result of the reported defalcations and the issuance of a warrant for the arrest of T. H. Hays, former cashier of the Orange Growers national bank, on a charge of emblezzement, a heavy run has been in progress on that institution since the hour of its opening this morning. A long line of peope stood in line before the paying teller's window until twelve o'clock, when the run was apparently checked. All the depositors who applied for their money were paid in full. President Gaylor of the bank issued a statement this afternoon, saying: "The bank is perfectly solvent, with assets largely in excess of its liabilities, Hays' defalcations having been made good by the directors out of their own private funds, so that the depositors will not lose a single dollors." A warrant for the arrest of Cashier Hays is in the sheriff's hands but the officers have been unable to locate him. The amount of his defalcations is estimated in the neighborhood of $100,000. The bank suspended at one o'clock this afternoon.
5.March 23, 1904The Morning AstorianAstoria, OR
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Article Text
RIVERSIDE BANK SUSPENDS. Warrant for Arrest of Former Cashier Causes Run by Depositors. Riverside, Cal., March 22.-The Orange Growers' National bank suspended business today. The closing of the bank was preceded by a run, precipitated by the issuance last night of a warrant for the arrest of H. T. Hays, former cashier of the bank, who is accused of having embezzled about $100,000. Hays left the city last night in a buggy, going, it is said, in the direction of the Mexican border. Gaylor Rouse, president of the bank, announces that the bank is perfectly solvent and that the depositors will receive every dollar due them.
6.March 23, 1904The Evening StatesmanWalla Walla, WA
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Article Text
Receivers for Broken Banks. WASHINGTON, March 23. -The comptroller of the currency has appointed Bank Examiner Wilson receiver of the Orange Growers' National bank at Riverside, Cal., owing to a defalcation of $94,000 by H. T. Hayes, former cashier. The comptroller has also announced the closing of the Healdenville, I. T., National bank and the appointment of a receiver. RIVERSIDE, Cal., March 23.-11 is charged that public officials fear the arrest of Hayes before the grand jury adjourns as Hayes knows much of political grafts. High officials are accused of attempting to block the investigation by Attorney North into the doings of Hayes' crowd. The bank is now in the hands of Government Examiner Wilson. The re-opening depends on the action of the government. The bank offers no reward for Hayes' capture.
7.March 23, 1904New-York TribuneNew York, NY
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Article Text
THEFTS CLOSE BANK. Ex-Cashier Charged with Taking $100,000 from California Concern. [BY TELEGRAPH TO THE TRIBUNE.) ] Riverside, Cal., March 22.-A warrant charging the embezzlement of more than $100,000 from the Orange Growers' National Bank, of this place, has been issued for the arrest of H. T. Hays, formerly cashier of the bank, and one of the most influential men in this county. The warrant was sworn to late last night by the directors, but Hays has not been apprehended. Hays was formerly purchasing agent here of the Salt Lake Railroad, but lost his place several months ago, when sensational exposures were made, in which it was shown that the road had been swindled out of many thousands of dollars in land purchases in this county. At the same time Hays resigned as cashier of the Orange Growers' National Bank. The bank examiner then began an investigation, and shortages were soon discovered. Hays covered several of these, but more were found. and finally it was decided to arrest him. He learned of this, however, and fled to-day. There was a heavy run on the bank to-day, due to the publication of Hays's defalcation. and the institution closed its doors this afternoon. About $80,000 was paid out to depositors. As the bank directors are wealthy, all the depositors will probably be paid in full.
ARREST OF CASHIER. | Caused a Run on the Bank, Which Was Closed. Riverside, Cal., March 22.-The Orange Growers' National bank, one of the principal financial institutions of Riverside county. suspended business today. The closing of the bank was preceded by a run of depositors, who withdrew about $80,000 of deposits. The run on the bank was precipitated by the issuance last night of a/warrant for the arrest of H. T. Hays, a former cashier of the bank, who is accused of having embezzied about $100,000 of the bank's funds. Hays left the city last night in a huggy, going, it is said, in the direction of the Mexican border. Gaylor Rouse, president of the bank, announces that the bank is perfectly solvent and that the depositors will receive every dollar that is due them. but that in order to prepare for a liquidation of all the liabilities of the institution the directors decided to close the doors and take an inventory of the assets,
9.March 23, 1904The Savannah Morning NewsSavannah, GA
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Article Text
BANK CASHIER CHARGED WITH TAKING $100,000. Riverside, Cal., March 22.-A warrant charging embezzlement of an amount said to aggregate over $100,000 from the Orange Growers' National Bank of Riverside has been issued for the arrest of H. T. Hays, former cashier of the bank, but he has not been apprehended. A run on the bank occurred to-day, and it was closed. It was stated that depositors would be paid in full.
10.March 24, 1904New-York TribuneNew York, NY
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Article Text
BANKS IN RECEIVERS' HANDS. Washington, March 23.-The National Bank, of Holdenville, Ind. T., has been closed by order of the Controller of the Currency, and Myron R. Sturtevant has been appointed receiver. The Controller has appointed John W. Wilson receiver of the Orange Growers' National Bank, of Riverside, Cal., which closed its doors yesterday.
11.March 24, 1904The Washington TimesWashington, DC
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Article Text
RECEIVER APPOINTED. The Comptroller of the Currency has appointed John W. Wilson receiver of the Orange Growers' National Bank of Riverside, Cal., which closed Tuesday.
12.March 24, 1904Arizona RepublicanPhoenix, AZ
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Article Text
P THE RIVERSIDE BANK. Comptroller of the Currency Appoints a Receiver. Washington, March 23.-The comptroller of currency appointed John W. Wilson receiver of the Orange Growers National bank at Riverside, which was closed yesterday.
13.March 25, 1904The San Francisco CallSan Francisco, CA
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Article Text
Hays Enters a Plea of Not Guilty to Theft, Prisoner Is Sent Back to Jail, Being Unable to Give Bonds. Experts Who Are Working on Books of Bank Will Not Be Able to Report for Another Week. RIVERSIDE, March 24.-H. T. Hays was arraigned before Superior Judge Noyes at 5 o'clock this evening on three of the charges against him. The information alleges thefts in the following sums: Five thousand dollars on October 10, 1902; $3000 on October 9, 1902. and $5000 on August 4, 1903. The informations are practically identical in language on all the warrants. Hays pleaded "not guilty" to each charge and then, upon being informed by the court that he could have time to plead, withdrew his plea, and the time was set for next Monday at 2 D. m. Hays was remanded to jail, being unable to furnish a $40,000 bond. Hays was arrested this afternoon by United States Marshal H. Z. Osborne of Los Angeles. The specific charge is the embezzlement of $5000 from the Orange Growers' National Bank on August 4, 1903. This will have the effect of taking the case into the Federal court. Receiver J. W. Wilson, in charge of the affairs of the defunct Orange Growers' National Bank. gave out the following statement this morning: "It will be impossible to gain any exact knowledge of the affairs of the Orange Growers' National Bank until every detail of its business has been gone into. We are at work on the books now, and it will be at least a week or ten days before we are finished. My report will be made to the Comptroller of the Currency at Washington, and I am not allowed to make anything public as to my findings. All statements so far published have been without basis of authoritative information, and are merely rumor."
14.March 27, 1904The San Francisco CallSan Francisco, CA
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Article Text
DEPOSITORS OF SUSPENDED BANK MAY GET THEIR MONEY Another Financial Institution Makes Proposition to Straighten Out Affairs of Orange Growers. RIVERSIDE, March 26.-A paper was circulated to-day among the depositors of the suspended Orange Growers National Bank, asking them to give their assent to the transfer of the business of the suspended bank to the Citizens Bank of Riverside. The document is signed by the officers of the Orange Growers National Bank and is said to have the sanction of National Bank Examiner J. W. Wilson. who has been appointed receiver of the suspended institution by the Comptroller of the Currency. The proposition is to have the Citizens Bank take over all business, straighten out the affairs of the National Bank and pay dollar for dollar of its liabilities. It is said here that the Citizens Bank is backed by a strong national bank of Los Angeles.
15.March 31, 1904Iron County RegisterIronton, MO
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Article Text
The comptroller of the currency has appointed John W. Wilson receiver of the Orange Growers' national bank at Riverside, Cal., which closed its doors on the 23d. -
16.April 1, 1904The Tupelo JournalTupelo, MS
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Article Text
The comptroller of the currency has appointed John W. Wilson receiver of the Orange Growers' national bank at Riverside, Cal., which closed its doors on the 23d.
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.
