gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fb4eddae2f8ca922
Response Measures
None
Description
State bank commissioners examined the institution; disputes among creditors led to a receiver and permanent closure.
Events (3)
1.June 1, 1893*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended amid failure concerns and disclosure of questionable investments and liabilities; directors had decided upon suspension before final closing.
Newspaper Excerpt
The Pacific bank... has failed, and the excitement in San Francisco yesterday was even greater than witnessed when the Bank of California went under.
Source
newspapers
2.June 24, 1893Run
Cause
Bank Specific Adverse Info
Cause Details
Public alarm over the bank's speculative investments (notably alleged large investments in Los Angeles electric railway) and its reputation as a speculative institution triggered heavy withdrawals.
Measures
Requested permission from Comptroller to reopen; submitted to examiner review.
Newspaper Excerpt
There was nothing around any of the banks this morning to indicate any excitement... R. H. McDonald, jr., stated this morning that the Pacific bank would open again soon.
Source
newspapers
3.August 15, 1893Receivership
Newspaper Excerpt
Sheriff McDade has been appointed Receiver for the Pacific bank by Judge Levy. His bond was fixed at $100,000.
Source
newspapers
Newspaper Articles (25)
1.June 25, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
Confidence Restored in was Francisco. SAN FRANCISCO, June 24.-There was nothing around any of the banks this morning to indicate any excitement. Small groups of men stood on the sidewalks in front of several savings banks, but there was no attempt at a run on any of them. The San Francisco Savings Union reported a greater amount of de. posits than it had received on any one day for a month or more. A number of persons who had withdrawn their accounts from the Hibernia bank yesterday called at that Institution this morning and wanted to redeposit their money, bus they were informed that their deposits were not desired. R. H. McDonald, jr., stated this morning that the Pacific bank would open again soon. There was nothing out of the ordinary at any of the commercial banks.
2.June 25, 1893The HeraldLos Angeles, CA
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Article Text
PACIFIC COAST BANKS. Nearly All of Them Have Asked Permission to Reopen. WASHINGTON. June 4.-Comptroller Eckele this morning received a telegram from the Pacific bank of San Francisco, asking permission to reopen. He answered that he would consider the request when his examiner made a report. Bank Examiner Lazar, who is at Los Angeles, has been detailed to take charge of the San Bernardino bank, while Wightman, examiner at San Francieco, will relieve him at the first named place. Bank Examiner Clare of Tacoma has been detailed to go to New Whatcom. An application has been received by the comptroller from all the banks in Spokane, requesting him to allow the Washington National bank of Spokane to reorganize. The board of trade of San Diego, Cal., and the president of the suspended First National bank of that place request that that bank be allowed to resume business. The request will be considered when the examiner's report is in.
3.June 25, 1893Morning AppealCarson City, NV
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Article Text
A San Francisco Bank Goes. The Pacific Bank, of San Francisco, run by McDonald, the vinegar bitters man, has failed, and the excitement in San Francisco yesterday was even greater than witnessed when the Bank of California went under.
4.June 29, 1893The HeraldLos Angeles, CA
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Article Text
THE LATE MADNESS AND THE TRUTH. It gives us great pleasure to be able to assure our readers that the national banking commissioner, Mr. Wightman, takes the most encouraging view of the reopening of certain Los Angeles national banks that were closed under a wild and unreasoning clamor, which fortunately subsided last week. Certain banks were closed that absolutely fulfilled every condition of wholesome financial institutions. They all had the resreve, and more than the reserve exacted by the law in the case of national banks in cities of the size of Los Angeles. One of the national banks which was closed had more than twice the reserve exacted by the carefully framed laws of the United States. It had twice the cash on hand exacted in the case of the Bank of England. Facts like these emphasize the wanton character of the runs that were made on our local banks. In the case of the run on the Pacific bank of San Francisco, which has been for some years regarded as a speculative institution, the people who started out to wreck that bank talked about its having $580,000 invested in the electric railway system of Los Angeles, as if that were of itself an appalling thing. If the woret financial indiacretion committed by the Pacific bank of San Francisco shall prove to be the money inveated in the Los Angeles electric system it will turn out to be able to pay all its depositors, and will make its stockholders feel very cheerful as a result of its liquidation. The Los Angeles electric railway is & gilt-edged proposition. It paye now and will pay heavily in the future. The Los Angeles banks have gone through a fiery ordeal and will come out as the thrice refined gold.
5.June 30, 1893The Hawaiian StarHonolulu, HI
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Article Text
THE financial crisis in California has become very acute. The failure of the Pacific Bank at San Francisco and of banks in Los Angeles, San Diego, Riverside and San Bernardino must create widespread distress. There is little in the Eastern financial outlook to warrant the belief that help can be had for the suspended institutions from trans-Mississippi capital.
6.July 7, 1893The Record-UnionSacramento, CA
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Article Text
PACIFIC BANK, The Bank Commissioners Consider It Solvent. SAN FRANCISCO, July 6.-The State Bank Commissioners this afternoon completed an examination into the financial condition of the Pacific Bank, which recently suspended. They find that the total resources of the bank, estimated at a fair marketable value, are $2,100,000. The total liabilities are $1,868,000. No account is taken of the capital stock or surplus. The Commissioners regard the bank as solvent SO far as its ability to pay depositors is concerned. The bank will probably be reorganized and resume business.
7.July 7, 1893The Daily Morning AstorianAstoria, OR
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Article Text
A SATISFACTORY STATEMENT. San Francisco, July 6.-The state bank commissioners this afternoon completed the examination into the Pacific Bank, which recently suspended. They find that the total resources of the bank, estimated at a fair marketable value, are $1,868,000. The bank will probably be reorganized and resume business.
8.July 7, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
THE PACIFIC BANK. It Will Be Reorganized and Resume Business. SAN FRANCISCO, July 6.- The state bank commissioners this afternoon completed an examination of the financial condition of the Pacific bank which recently suspended. They find that the total resources of the bank estimated at a fair marketable value are $2,100,000; total liabilities $1,868,000. No account was taken of the capital stock or surplus. The commissioners regard the bank as solvent so far as ability to pay depositors is concerned. The bank will practically be reorganized and resume business.
9.August 5, 1893The Morning CallSan Francisco, CA
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Article Text
BANK OF RIVERSIDE. Its Connection With the Defunct Pacific Bank. RIVERSIDE, Aug. 4.-The recent expose of the financial status of the Pacific Bank of San Francisco by a paper of that city created quite a sensation in this city to-day from the fact that the affairs of that bank and the suspended Riverside Bank are so closely Identified. It was not known that the bank here was so heavily indebted to the Pacific Bank, and when it became known many depositors of the local concern were startled, to say the least. The work of securing names to the contract agreed upon by a meeting of the depositors of the local concern progresses, but it is found slow work to secure the last few names, as their owners are nonresidents. It is rumored that the bank has made collections sufficient 80 far to pay depositors thirty-five cents on the dollar. This figure will be very materially increased.
10.August 16, 1893The HeraldLos Angeles, CA
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Article Text
Pacific Bank Receivership. SAN FRANCISCO, Aug. 15.-Sheriff McDade has been appointed Receiver for the Pacific bank by Judge Levy. His bond was fixed at $100,000.
11.August 16, 1893The Salt Lake HeraldSalt Lake City, UT
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Article Text
Receiver for a Bank Appointed. SAN FRANCISCO, Aug, 15.-Sheriff McDade was today appointed receiver of the wrecked Pacific bank, which suspended a few weeks ago, and though the attorney general recommended that it be allowed to resume business, disputes among creditors have resulted in the appointment of a receiver by the court.
12.August 16, 1893Omaha Daily BeeOmaha, NE
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Article Text
In the Hands of a Receiver. SAN FRANCISCO, Aug. 15.-Sheriff McDade today was appointed receiver of the wrecked Pacific bank. The bank suspended a few weeks ago and though the attorney general recommended that it be allowed to resume business, disputes among the creditors resulted in the appointment of a receiver.
13.August 22, 1893The Morning CallSan Francisco, CA
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Article Text
Dundon's Application. The hearing of the motion of Supervisor Dundon to set aside the adjudication of the Pacific Bank as an insolvent debtor and remove Sheriff McDade from the receivership was continued by Judge Levy yesterday until this morning.
14.August 25, 1893Hot Springs Weekly StarHot Springs, SD
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Article Text
A RECEIVER has been appointed for the Pacific Bank of San Francisco.
15.August 28, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Decides to Resume. SAN FRANCISCO, Aug. 27. - Judge Sanderson yesterday ruled that he had no authority to appoint a receiver for the People's Home Savings bank as asked by petitioners. The bank has decided to resume business next Tuesday. R. H. McDonald Jr. declared very positively last night that It had been determined by his father and other members of the McDonald family to reopen the Pacific bank four months hence on a small scale.
16.October 17, 1893The HeraldLos Angeles, CA
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Article Text
Pacific Bank Receiver. SAN FRANCISCO, Oct. 16.-H. I. Willey was today appointed receiver of the Pacific bank, as the representative of the state bank commissioners.
17.October 26, 1893Aberdeen HeraldAberdeen, WA
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Article Text
Sheriff McDade has turned over the Pacific Bank of San Francisco to receiver Willey, who will probe the failure to the bottom.
18.May 12, 1894Deseret Evening NewsSalt Lake City, UT
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Bank Wreckers Indicted. SAN FRANCISCO, May 11.-The grand jury this amernoon presented indictment for grand larceny against Direc. tore H. T. Graves, Charles Montgomery and R. H. McDonald Jr., of the People's Home Bavings bank. The specific charges has not been made public, but 16 18 well understood that it is based upon the abstraction of certain securities from the bank deposited by C.O. Swanberg. The securities, valued at $40,000, disappeared alter the bank had been placed in the hands of a receiver. The assets of the bank were therefore deficient in that amount. An indictment for grand larceny was also found against Frank V. McDonald, late assistant cashier of the Pacific bank. On the eve of its failure McD inald withdrew $14,000 from the Pacific bank and started for New York, He reported to the bank authorities that some robber broke open his trunk and stole the $14,000. McDonald is in Japan. The bail for each person indieted was placed at $50,000. R. H. McDonald Jr. is still in jmil, In default of $100,000 bail on his previous indictment.
19.September 5, 1894The Morning CallSan Francisco, CA
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Article Text
AN IMPORTANT DECISION. Pacific Bank Officials Held Responsible for Deposits. A decision was rendered by Judge Troutt yesterday in the case of Mathew McGowan against R. H. McDonald and the other members of the board of directors of the defunct Pacific Bank. The plaintiff is the assignee of the firm of McGowan & Butler and George Richardson, who at the time of the failure of the ba nk had on deposit there considerable money. McGowan and Butter bad $32,518 17 to their credit, Thomas Butler $5886 28, and George Richardson $14,055. When the bank failed the firm and Richardson assigned their claims to their deposits to McGowan, and he began suit in the Superior Court to hold the bank directors personally responsible for the amount of the funds on deposit. In the findings and decision Judge Troutt holds that the directors are responsible as follows: Frank V. McDonald liable in the sum of $4966 05; James McDonald, $9114: Sinion Meyer, $2705 89; H. G. Meyer, $1819 65; C. W. Breyfogle, $540; J. J. Baven, $487; C. F. Lott, $545; Paul R. Mabury, $1709, and Uriah Wood, $1111. The sums mentioned are the pro rata liability of the defendants,
20.February 6, 1895The Record-UnionSacramento, CA
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Special to the RECORD-UNION. SAN FRANCISCO, Feb. 5.-In the trial to-day of R. H. McDonald, Jr., of the late Pacific Bank, for perjury, Columbus Waterhouse, a former director, admitted on the witness-stand that on the night before the bank closed its doors, but after the directorate had decided upon its suspension, he (Waterhouse) withdrew $2,000 which he had upon deposit, removing the coin at a late hour, and despite the fact that the bank held much of his paper. Emil Bellerman, formerly accountant of the Pacific Bank, testified that he had made out three deposit tags, each for $100,000, in favor of Columbus Waterhouse, D. S. Dorn and Dr. R. H. McDonald, respectively, but he could not remember whether the defendant or his brother had ordered the tags.
21.February 6, 1895The HeraldLos Angeles, CA
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M'DONALD'S TRIAL. A Witness Tells About Withdrawing Money After Dark. SAN FRANCISCO, Feb. 5.-In the trial today of R. H. McDonald, jr., of the late Pacific bank, for perjury, Columbus Waterhouse, a former director, admitted on the witness stand that on the night before the bank closed its doors, but after the directorate had decided upon its suspension, he (Waterhouse) withdrew $2000 which he had on deposit, removing the coin at & late hour, and despite the fact that the bank held much of his paper. Emil Bellerman, formerly accountant of the Pacific bank, testified that he had made out three deposit tags, each for $100,000, in favor of Columbus Waterhouse, D. S. Dorn and Dr. R. H. McDonald, respectively, but he could not remember whether the defendant or his brother had ordered the tags.
22.February 6, 1895The Salt Lake HeraldSalt Lake City, UT
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THE M'DONALD CASE. Some Damaging Testimony Elicited Yesterday. San Francisco, Feb. 5.-In the trial tc, day of R. H. McDonald, jr., of the Pacific bank, for perjury, Columbus terhouse, a former director, admitted on the witness stand that on the night before the bank closed its doors, but after the directorate had decided upon its suspension, he (Waterhouse), withdrew $2,000 which he had on deposit, removing the coin at a late hour, and despite the fact that the bank held much of his paper. Emil Bellerman, formerly accountant of the Pacific bank, testified that he had made out three deposit tags, each for one hundred thousand dollars, in favor of Columbus Waterhouse, D. S. Dorn and Dr. R. H. McDonald, respectively, but he could not remember whether the defendant or his brother had ordered the tags.
23.February 15, 1895Cottonwood ReportCottonwood, ID
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M'DONALD'S TRIAL. Admissions on the Witness Stand by a Former Director. SAN FRANCISCO, February 7.-In the trial of R. H. McDonald, jr., of the late Pacific bank, for perjury, Columbus Waterhouse, a former director, admitted on the witness stand that the night before the bank closed its doors, but after the directorate had decided upon its suspension, he (Waterhouse) withdrew $2,000 which he had on deposit, removing the coin at a late hour, despite the fact that the bank held much of his papers Emil Bellerman, formerly an accountant of the bank, testified that he had made out three deposit tags, each for $100,000, in favor of Columbus Waterhouse, D. S. Dorn and Dr. R. H. McDonald, respectively, but he could not remember whether the defendant or his brother had ordered the tags.
24.April 19, 1895Cottonwood ReportCottonwood, ID
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The Bank After the Money. San Francisco, April 12.-The Pacific bank has sued Columbus Waterhouse for $1,700 which, at Dick McDonald's trial, Waterhouse admitted grabbing from the vaults the night before the bank suspended. Waterhouse was a director.
25.April 20, 1895Pullman HeraldPullman, WA
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The Bank After the Money. San Francisco, April 12.-The Pacific bank has sued Columbus Waterhouse for $1,700 which, at Dick McDonald's trial, Waterhouse admitted grabbing from the vaults the night before the bank suspended. Waterhouse was a director.
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.
