gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3d46e641fed7963d
Response Measures
None
Description
Historic panic of 1907 precipitated heavy withdrawals; later embezzlement charges and insolvency led to receivership.
Events (3)
1.October 30, 1907Run
Cause
Macro News
Cause Details
Heavy withdrawals driven by wider unsettled financial conditions and inability to use clearing house certificates during the 1907 panic.
Measures
Closed at end of business day; other clearing house banks used clearing certificates to limit cash payouts.
Newspaper Excerpt
The closing of the bank was caused by heavy withdrawals of deposits during the past few days.
Source
newspapers
2.October 30, 1907Suspension
Cause
Macro News
Cause Details
Bank suspended operations because it was not a member of the Clearing House and could not obtain cash to meet heavy withdrawal demands.
Newspaper Excerpt
The California Safe Deposit and Trust Company bank closed its doors this afternoon. A notice was posted...it would close for a few days.
Source
newspapers
3.January 14, 1908Receivership
Newspaper Excerpt
E. J. Leebreton has been appointed receiver of the California Safe Deposit and Trust Company.
Source
newspapers
Newspaper Articles (24)
1.May 18, 1906Deseret Evening NewsSalt Lake City, UT
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OPENING BANK VAULTS. Boxes Containing Valuables Were Found to be Intact. San Francisco, May 18.-Over 1,000 persons, each wearing an anxious and worried look, and impatient to examine papers and valuables deposited in the vaults of the California Safe Deposit & Trust company, stood in line yesterday awaiting the opening of the vaults when the brick and debris had been cleared away. The contents of the boxes were found intact and most of the depositors left their valuables In the compartments. The Anglo-Califor. nia bank also opened its vaults. and found books, papers, currency and coin in perfect condition. At a meeting of the clearing house committee yesterday It was decided that the commercial banks of this city will open for regular business next Wednesday. It is believed that the extended delay has insured the banks from any panic, that the confidence of depositors has been restored and that the banks have had ample time to prepare for any run on them.
2.May 19, 1906The Morning AstorianAstoria, OR
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SAVED FROM FIRE. / SAN FRANCISCO, May 18.-Over one thousand persons, each wearing an anxious and worried look, and impatient to examine papers and valuables deposited in the vaults of the California Safe Deposit & Trust Company, stood in line yesterday, awaiting the opening of the vaults when the brick and debris had been cleared away. The contents of the boxes were found intact and most of the depositors left their valuables in the compartments. The Anglo-California also opened its vaults, and found books, papers, currney and coin in perfect condition. At a meeting of the clearing house committee yesterday it was decided that the commercial bank of this city will open for regular business next Wednesday. It is believed that the extended delay has insured the banks from any panic, that the confidence of depositors has been restored and that the banks have had ample time to pepare for any run on them.
3.October 31, 1907New-York TribuneNew York, NY
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'FRISCO BANK CLOSES. Suspension of California Safe Deposit and Trust Company. San Francisco, Oct. 30.-The California Safe Deposit and Trust Company bank closed its doors this afternoon. A notice was posted on the door stating that "owing to the fact that the bank was not a member of the Clearing House Association and was unable to take advantage of Clearing House certificates it would close for a few days." The California Safe Deposit and Trust Company has been regarded as one of the strong financial institutions of San Francisco. Its president is D. F. Walker and J. D. Brown is manager. The bank is understood to be the financial agent on the coast for the Western Pacific Railway now being built. The closing of the bank was caused by heavy withdrawals of deposits in the last few days. The bank could not protect itself as did the members of the Clearing House Association, and found it impossible to get the cash to meet demands made upon it. It is the opinion of local bankers that the California Safe Deposit and Trust Company is solvent, and that the embarrassment Is merely temporary. The news of the closing of the bank was not made public until just before 3 o'clock, the closing hour, so that none of the other banks was affected. The banks that are members of the Clearing House Association are all using clearing certificates and are paying out only small amounts of cash that are necessary to meet payrolls. The heads of these banks manifest no alarm over the situation. Governor Gillette telegraphed from Eureka to-night that he would declare to-morrow a legal holiday by a formal proclamation, to be issued before banking hours Thursday forenoon, and that like proclamations would followe each day until confidence be restored.
4.October 31, 1907Daily PressNewport News, VA
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BIG CALIFORNIA BANK HAS TO CLOSE DOORS Safe Deposit and Trust Company Could Not Stand Withdrawal of Large Sums of Money. (By Associated Press.) SAN FRANCISCO. Oct. 30.-The California Safe Deposit and Trust Company Bank closed its doors this afternoon. The company has been regarden as one of the strong financial insttutions of San Francisco. The bank was understood to be financial agent of the coast for the Western Pacific railway. now being built. The closing of the bank was caused by heavy withdrawals of de, posits during the past few days. The bank could not protect itself as did the members of the Clearing House Association and found it impossible to secure the cash to meet demands made upon it.
5.October 31, 1907Arizona RepublicanPhoenix, AZ
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A CALIFORNIAN HOLIDAY. Sacramento, Oct. 30.-Governor Gillett this evening telegraphed from Eureka to Secretary Cooper that tomorrow will be declared a legal holiday by proclamation and that like proclamations will follow each day indefinitely until confidence, in case it be shaken by the failure of the California Safe Deposit and Trust company bank of San Francisco shall be restored. The proclamation will be formally issued in the morning before banking hours. In the proclamation the following reasons are given for its issuance: "Whereas, the unsettled financial conditions which prevail in many states of the union have extended to California: and "Whereas, it appears that balances due from the banks of eastern states are not being paid to banks in this state: and "Whereas, it further appears that this condition has resulted in a temporary lessening of the sources of supply of money to meet ordinary current payments due from California banks and that coupled thereto, there has arisen an extraordinary condition due to the withdrawal of deposits from such banks: and Whereas, it appears such withdrawal is not based on the financial weakness of our local banks but is induced through uneasiness caused by unsetileri financial conditions elsexacter and "Whereas, It appears that such e.n. ditions have already resulted in the temporary embarrassment of one of our largest financial institutions and unless restrained will the followed by the retirement from business of other banks and will most seriously affect the financial integrity of our state and entail enormous losses upon depositors in such banks: "Now, therefore, in order that our
6.October 31, 1907The Morning AstorianAstoria, OR
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BANK CLOSES DOORS. California Safe Deposit & Trust Company Suspends. 1 SAN FRANCISCO, Oct. 30.-With the exception of a flurry caused by the closing of the California Safe Deposit &
SUSPENDED BANK ASKS FOR TIME (By Associated Press.) SAN FRANCISCO, Dec. 4.-A representative of the suspended California Safe Deposit and Trust company called upon the state bank commission today and requested more time in which to adjust the affairs of the company and resume business. The commission decided to wait until tomorrow to decide whether to grant the bank more time or place the matter in the hands of the attorney general.
Bunch of Trust Officers Jailed in Frisco for Crooked Work President of Concern Nabbed as He Was Skipping From State San Francisco, Cal., Dec. 9-James Brown, vice president and general manager of the California Safe Deposit and Trust company, has been joined in jail by W. J. Bartnett, director of the suspended bank. The two men are now prisoners at the city prison. At the same time President David F. Walker of the wrecked bank, is under arrest at Santa Barbara and will be brought back to San FrancisCO under guard. All three men are charged with embezzling stock and bonds of the Colton estate. A meeting of the depositors of the California Safe Deposit and Trust Co. will be held this evening. Attorney General U. S. Webb announced this morning that all stockholders of the defunct bank would be joined as defendants in the suit for the appointment of a receiver and that they will be held by the debts of the bank. Lost His All Santa Barbara, Cal., Dec. 9--At the police station, where President Walker was taken, he made the following statement: "I am innocent of any wrongdoing in this matter and came to Santa Barbara some days ago upon advice of physicians and attorneys because the affairs of the bank were wearing heavily upon me. "To show the confidence I had in the institution I will say that I continued to make private deposits up to two days before. the crash and I am left without a dollar, except what is now on deposit in the bank. I have $43,000 there and besides am a heavy stockholder in the institution. I will return to San Francisco, as soon as possible and may arrange to go tonight.
9.December 10, 1907The Morning AstorianAstoria, OR
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SAN FRANCISCO, Dec. 9.-AttorneyGeneral U. S. Webb late today commeneed proceedings for the appointment of a receiver for the suspended California Safe Deposit & Trust Co., whose president, vice-president and general manager are under arrest for embezzlement. The stpckholders, officers and directors are made defendants in the suits filed by the Attorney-General. Judge Frank Dunne reduced the bail of J. Dalzell Brown, general manager of the suspended institution from $200,000 to $75,000. A similar action was taken in the case of W. J. Bartnett, the vicepresident. The report that the safety deposit boxes were looted caused a run on that department of the bank today. President Walker is under arrest at Santa Barbara and will be brought to this city tomorrow. Brown claims the bank is solvent and that reports of the condition of that institution are unfair. Bartnett secured bonds this evening, but Brown is still in jail. A mass meeting of the stockholders this afternoon decided to fight the appointment of a receiver, it being the impression the bank could be rehabilitated if time were granted. The resignation of the directors was demanded.
BANK'S LIABILITIES FAR ABOVE ASSETS. [By Assóciated Press.] SA FRACISCO, Dec. 10.-A statement of the assets and liabilities of the suspended California Safe Deposit & Trust Company shows possible assets of seven million dollars againt liabilities amounting to nine million dollars.
11.December 11, 1907The Yakima HeraldYakima, WA
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No Bonds. SAN FRANCISCO, Dec. 10.-James Dalzell Brown, general manager of the suspended California Safe Deposit and Trust company, is unable to obtain bonds of $75,000 tonight and occupies a cell in the city prison
12.December 11, 1907The Yakima HeraldYakima, WA
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No Bonds. SAN FRANCISCO, Dec. 10.-James Dalzell Brown, general manager of the suspended California Safe Deposit and Trust company, is unable to obtain bonds of $75,000 tonight and occupies a cell in the city prison
13.December 12, 1907River Falls JournalRiver Falls, WI
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Ask a Receiver. San Francisco.-The state bank commissioner recommended to the attorney general that a receiver be appointed for the California Safe Deposit and Trust company.
14.December 13, 1907Twice-A-Week Plain DealerCresco, IA
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Ask a Receiver. San Francisco, Dec. 9.-The state bank commissioner recommended to the attorney general that a receiver be appointed for the California Safe Deposit and Trust company which closed its doors a few weeks ago.
15.December 22, 1907The Salt Lake HeraldSalt Lake City, UT
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GIVEN SEARCH WARRANT. Prosecuting Attorney Will Go Through Brown's Desk. San Francisco, Dec. 21.-Assistant District Attorney William Hoff Cook today obtained from Police Judge Cabanass a search warrant permitting him to search the private desk of 3. Dalzell Brown in the California Safe Deposit building for books, papers and correspondence bearing on the bank's failure. On Monday the grand jury will commence an investigation of the loans alleged to have been made by directors of the bank to themselves and corporations with which they are connected. Hugo D. Newhouse failed in an attempt today to get a receiver appointed by Judge Seawell for the California Safe Deposit & Trust company, which he sought in order to protect himself in a suit which he had joined the bank. The judge denied Newhouse's motion, and he decided against him in his suit to compel the specific performance of a lease which he claims to have had on the premises of the Fillmore street branch of the trust company.
16.January 4, 1908Los Angeles HeraldLos Angeles, CA
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BROWN ALLOWED TIME IN WHICH TO ENTER PLEA Disgraced Banker Must Answer to Grand Jury Indictments in Judge Dunne's Court on January 8 By Associated Press. SAN FRANCISCO, Jan. 3.-J. Dalzell Brown was today given until January 8 to plead to the indictment charging him with embezzlement in connection with the disappearance of the Colton estate securities from the California Safe Deposit and Trust company, of which he was formerly general manager. Judge Dunne made an order allowing Brown to visit the vaults of the insolvent bank today for the purpose of getting some private papers. Yesterday was dividend and interest day with the banks, and large sums of money, approximating $6,000,000, were paid over the counters of the savings and trust banks. The panicky feeling which existed some weeks ago has wholly disappeared and conditions in the various banks are practically normal. The savings banks alone paid out in excess of $2,500,000, or were prepared to do SO. It had been thought by some that savings depositors would wait until dividend day and make that an opportunity to draw considerable sums out of the banks. But this prediction failed of fulfillment. Nothing of an unexpected or unusual character occurred at any of the banks. The Union National bank of Oakland reopened its doors yesterday, after seven weeks of inoperation.
17.January 14, 1908The Hawaiian StarHonolulu, HI
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RECEIVER NAMED. SAN FRANCISCO, January 14.-E. J. Leebreton has been appointed receiver of the California Safe Deposit and Trust Company.
18.January 15, 1908The Pacific Commercial AdvertiserHonolulu, HI
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RECEIVER FOR LOOTED BANK. SAN FRANCISCO, January 14.-E. J. Leebreton has been appointed receiver of the California Safe Deposit and Trust Company.
19.January 30, 1908The Salt Lake HeraldSalt Lake City, UT
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INDICTMENTS HELD VALID Brown and Bartnett Will Have to Answer for Wreck of Safe Deposit Company. San Francisco, Jan. 29.-Judge Frank H. Dunne this morning overruled the demurrers to the indictments against J. Daizell Brown, former general manager, and Walter J. Bartnett, former vice president of the California Safe Deposit & Trust company, which is now In the hands of a receiver. The institution failed last November, owing depositors about $9,000,000. The two bank officials and James Treadwell, a director, were indicted on the charge of embezzlement in connection with loans made to themselves from the funds of the bank. Counsel for both Brown and Bartnett attacked the legality of the action of the grand jury in returning the indictments, on the ground that many members of the inquisitorial body had been depositors in the bank and that it was illegal for creditors to sit in judgment upon debtors. Judge Dunne, however held that the indictments were properly returned and valid, and on Saturday morning will set the date of trial of the two men. Bartnett was formerly vice president and general counsel for the Western Pacific railroad. Both the former bank officials have been confined in the county jail since their arrest, being unable to secure the necessary ball for their release.
20.January 16, 1909Hot Springs PostHot Springs, Manley Hot Springs, AK
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Famous Alaskan Now a Bankrupt San Francisco, Jan. 15.-James Treadwell, once owner of the famous Treadwell mines in Alaska, has been adjudged a bankrupt by the court in this city. Treadwell was an officer in the California Safe Deposit and Trust Company of San Francisco, which was wrecked during the panic last year by the officers of the concern who used the money of the institution for their own purposes without giving proper security. The cashier of the bank committed suicide during the investigation of the officers. and the president, F. Barnett, was sentenced to serve a term in the penitentiary. Treadwell escaped conviction, but lost all his money in his defense.
21.November 23, 1909Los Angeles HeraldLos Angeles, CA
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LAST LEASE OF LIFE IS GIVEN TO TRUST COMPANY SAN FRANCISCO, Nov. 22.-The rehabilitating committee of the California Safe Deposit and Trust company was given today a continuance of thirty days to complete the rehabilitation of the defunct bank. Judge Seawell stipulated that it would be the last delay the court would permit, and unless the bank were ready to be reopened at the end of the time stated, the depositors' assignments would be declared void and invalid. Receiver Le Breton of the bank asked that the motion of the committee be denied and an imediate dividend of 10 per cent declared. He said he has procured $900,000 with which to pay the dividend. Before the bank can be reopened by the rehabilitation committee the depositors must be paid 25 per cent of their total deposits.
22.March 20, 1910New-York TribuneNew York, NY
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# EDWARD J. LE BRETON
EDWARD J. LE BRETON, receiver of the California Safe Deposit and Trust Company and widely known in financial and charitable circles, died in San Francisco from apoplexy yesterday.
23.May 19, 1910Los Angeles HeraldLos Angeles, CA
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CALIFORNIA DEPOSITORS WILL BE PAID DIVIDENDS Judge Seawell Discharges Order Restraining Payment SAN FRANCISCO, May 8.-With the consent of the rehabilitation committee of the California Safe Deposit and Trust company, Judge Seawell today discharged the order restraining Receiver Frank J. Symmes from paying a 10 per cent dividend to the depositors of the- wrecked bank. At the suggestion of the court the receiver promised to pay the dividend on May 27 on which date the attorneys for the rehabilitators stated that they would be ready to reopen the bank with a payment to the depositors of 65 : cents on the dollar. It was announced in court that depositors representing $3,000,000 had consented to the rehabilitation plan, and that before May 27 it is hoped to secure the signatures of 75 per cent of the people who had funds in the bank.
24.December 22, 1911The Salt Lake TribuneSalt Lake City, UT
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JUDGMENT AGAINST D.F. WALKER ESTATE A. C. Ellis, Jr., Receives $42,129.73 Under Decision of California Court. Special to The Tribung SAN FRANCISCO, Cal. Dec. 21.-Superior Judge Buck of Redwood City returned a judgment yesterday of $42,129.73 against the David Walker estate in favor of A. C. Ellis, Jr., of Salt Lake City. The claim was assigned to Ellis by Isaac Kohn of this city and the rendering of a decision in favor of its legality came as a severe blow to the heirs under the Walker will. who have heretofore harbored the belief that It would not be allowed. or at least would be cut down considerably The amount represents a portion of an unpaid judgment which Kohn received from the superior court of San Fran cisco some time ago. The suit was in connection with the failure of the California Safe Deposit & Trust company. of which the late David Walker was president. One-quarter of a million shares of stock of the Walker estate were sold yesterday by Special Administrator Walter Linforth being vended at public auction and bringing only $3600. There were 110 parcels of stock in local and foreign corporations, mostly those engaged in the mining business. The sale was made on the order of Judge Buck in order to raise funds for the administration of the estate. Although worth in the neighborhood of $1,000,000. the estate is without funds at the present moment.
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.
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California Safe Deposit & Trust Company · UID 9673987891294
