Bank of California (San Francisco, CA)

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THE PANIC IN SAN FRANCISCO-THE GOVERNMENT TRANSFERRING GOLD BY TELEGRAPH -In anticipation of a run on the banks in San Francisco, arising out of the failure of the Bank of California, bank officials there this morning made arrangements for the transfer of gold from New York to San Francisco by telegraph. The representatives of the California banks in New York make a adeposit with the Assistant Treasurer in thatcity, whereupon the Secretary ofthe Treasury orders the payment of an equal amount by the Assistant Treasurer in San Francisco. Over two million dollars have been thus transterred to-day. The general opinion among Treasury officials regarding the failure of the Bank of California, is that It is attributable to its carrying large interests in fancy mining and other stocks.

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THE Bank of California at San Francisco, which failed yesterday evening at five o'clock, was one of the largest banking institutions in the country, and for a long term of years enjoyed unexampled confidence and prosperity. The officers frankly say they never expect to resume, but hope to meet all their obligations. The cause of the failure is not assigned.

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Heavy Failures

The Bank of California, at San Francisco, failed yesterday, shortly before the close of business hours.after having paid out $1,400,000 during the day. Its president states that it will not resume business. It officers say that its assets will be sufficient to pay all its liabilities. Stirling, Ahrens & Co., Baltimore, said to be the largest sugar importing house in the United States suspended payments yesterday. Liabilities estimated at $2,500,000.

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The Financial e Fearful

NEW YORK, August 27.-A private dispatch from prominent gentlemen in San Francisco says that matters look better so far as the best interests of the city and State are concerned. The financial panic is fearful. and the losses by the failure of the Bank of California will be heavy

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A Report

New York, August 27. A report is current here that the losses of Ralston and his clique in California, on mining stocks and other speculations, will reach $6,000,000. Private despatches from gentlemen in San Francisco, say that matters look better so far as the best interests of the city and State are concerned. The financial panic is tearful; the losses by the failure of the Bank of California will be heavy.

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THE Memphis Appeal says that the panic which prevails in San Francisco, caused by the failure of the Bank of California, is the result of speculation, induced by an insatiable desire to lead. Mr. Ralston, the ill-fated President, was a native of Tennessee, born and educated in Davidson county. The architect of

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The Bank of California, the leading banking house on the Pacific slope, doing business on an entirely gold basis, suspended payments last Thursday, after enduring a "run and paying out $1,400,000. Other banks at San Francisco and throughout the Pacific States were threatened with serious trouble in consequence.

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THE SUSPENDED BANK

- - Rumors are still rife concerning the resumption of the Bank of California. One account asserts positively that everything has been perfected and that the bank will resume business at once. We also have by telegraph a statement taken from the Chronicle, which purports to give the total assets and liabilities of the old concern. If this showing be correct it would appear that there is no lack of resources to meet every obligation.

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THERE has been a small financial flurry in San Francisco. A run was made on the Bank of California, and after paying out $1,400,000, it was compelled to stop payment. This produced great excitement, and a run was made on the other banks, two of which were driven to syspend temporarily. The cause of these suspensions is attributed to disastrous stock gambling. There was too much inflation. One of the most serious results of these suspensions is the suicide of Ralston, President of the California Bank. He could not stand the dis grace of the thing and SQ drowned himself.

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ON the 27th of September there was great excitement in San Francisco over the failure of the Bank of California, the immediate cause of which was a run made by depositors. Depositors also drew heavily upon other banks, but none of them euspended. At a meeting of the officers of the bank immediately after the doors had been closed the president, Mr. Ralston, was requested to resign, which the did. In the afternoon Mr. Balston rode to the beach and while bathing was drowned, whether he intended to commit suicide or his death resulted from appeplexy is unknown.

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CALIFORNIA NOTES

SAN FRANCISCO, Sept. 9:-There is no perceptible run on the United States Treasury to-day for the redemption of the gold notes of the National Bank and Trust Company. The regents of the State University have elected D. O. Mills as treasurer, vice Ralston. The Finance Commlttee of the board report that the University will lose nothing by the failure of the Bank of California, being protected by the late treasurer's bond for $150,000.

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FINANCIAL

SAN FRANCISCO. SAN FRANCISCO, Sept. 9.-The affairs of the National Gold Bank and Trust Company are proceeding favorably. Since the panic the bank has liquidated claims of depositors to the amount of over $1,000,000, and a statement of its condition shows a surplus, as regards depositore, of over $1,400,000. There was no perceptible run on the United States Treasury to-day for the redemption of gold notes of the National Gold Bank and Trust Company. The Regents of the State University have elected D. 0. Mills Treasurer, vice Ralston. The Finance Committee of the Board have reported that the University will loso nothing by the failure of the Bank of California, being protested by. the late Treasurer's bond for $150,000.

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ThePablic Spirit and Enterprise of 11. C. Raiston-His Estimation in California. NEW YORK, September 10.-The Sun publishes a letter from San Francisco about the suspension of the Bank ot California and the death ofits President, Mr. Ralston, in which appears the following: Mr. Ralston assigned all his property, in the amount variously estimated at from $2,000,000 to $4,000,000, in trust to Mr. Sharon for the benefit of the creditors of the bank, an act that abundantly proved him

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LET THE DEAD REST.

The action of the San Francisco Bulletin and Call in throwing odium on the grave of Ralston, is a groveling phase of journalism to which we thought none but ghouls could descend. Ralston was not a perfect man, nor were the works of his hands perfect. He had his faults — "let him who is without sin cast the first stone." He is dead, let the mantle of oblivion fall over him. Manly antagonism ceases when the adversary falls; fiendish malignity throws clods of muck on the coffin-lid. By a perversion of facts the Bulletin now attempts to show that some great villainy was on foot at the time of the Bank's suspension, and still continues its devilish attack on the memory of the dead. The plain facts of the matter are that Ralston was indebted to the Bank to the amount of $3,000,000, and turned over his private fortune in trust to Mr. Sharon to make up the deficiency. This is the Bulletin's capital and it makes the most of it. We enter on no defense of Ralston, but right is right, and once more we say let the dead rest.

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of that State Gen

Ruggles and clerks, arrested on of John Gordon complaint for surrendered assault were Gordon his and tried to escape parole discharged. that and the clerks detained him and on the suit was based. The insurrection in Georgia proves to have been gotten up for political effect, and canards to fire the Democratic heart were manufactured to order. But all is quiet now and the persons arrested have been discharged. Judge Parker is announced as editor H. Foster, manager of the conDuluth The to new name and solidated Ed. only objection Minnesotian-Herald. the is the hyphen. In all other respects the combination is good. Setting Bull declares his intention to remain in the Sioux country as long is in the country. He he dont want to but dont want to get as there says if they any game fight the hurt whites they must keep out of his country. The Bank of California will resume business. Its stock holders being liable for all loss will save. what they can of the wreck and supply any deficiency which may exist. The Merchants Exchange reopened some days ago. The new owners of the Northern Pacific meet for organization on the 30th inst. will then be prowhether Mr. Mead's bably, It Dakota determined, recomenda- Division tion to operate the during the coming winter will be adopted. Ralston's widow will have two million dollars after all his debts are paid. The Bank of California will resume on the 20th inst., the capitalists of California having subscribed and deposited gold enough to tide it over present difficulties. Six murderers were hung at Little Rock Arkansas on the 2d inst. Is it not time that judicial murder was checked? Wheatly the Montana conhis last. was vict'died He protesting probably innocence the victim Franz to the of Shaffer and Stears as much as Warl. Superior Times has adopted the the BISMARCK TRIBUNE now as a five column, appears form The of entirely and home Douglas has a sensible This patent made change. paper. made inside to be business is a nuisance that ought rejceted in all well regulated printing offices. Prof. Hayden's party kept up 8 running fight with the Utes four days, duwhich time they passed miles of country hundred ring ravines. terribly over four The cut deep cannons and were in the saddle 85 of their baggage lost party up by all and hours instru- and ments, but no lives. Wash outs occurred through the reon nearly all excepting the cent the northwest storms the Northern Southern roads in The Root River in was on the rampage destroyed Minn. Pacific. fearfully extensive and some of the most of and expensive bridges on the line the S. M. R. R. and miles of embankment. Welsh is repudiated by Bishop Hare all the rest of the Indian commiswho declares the of Commissioner sioners) (and integrity confidences What Smith in and Delano. if Hare does Bishop Secretary repudiate his matter him. side Behold he has Tom Murrey on and has he not declared Tom thoroughly reliable? A Dubuque ruffian claims to have heen so hard up at Sioux City recently offered to kill a man for five A offered to man dollars. that he pal find the search divide but after a long not find a man with more could for a ruffian than no three dollars. As the was three dollar man he jumped the place. Minnesota was visited by, a two flood just as the were their grain; and as a consestacking weeks farmers of that much of the wheat crop was seriously injured. quence state fifteen The inwill probably reach per The injury to grain on of Northern Pocific is jury cent. the reported the line trifling, however, owing to cool weather during the time the storms prevailed. Sheridan and have in a recommendation joined Generals Ord charge that the of Department resume Negroes, and Indian the Seminole running return them wild They are now and being destitute are outlaws. Col. Hatch says to in to become Texas, Florida. distinct liable from of them "they are entirely like the Seminole Indians. They are and derina ennerior all negroes, except they are accustomed

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The Fallure of the Bank of California. SCENES AT THE BANKING HOUSES. The San Francisco Chronicle of August 27 has a graphic account of the excitement occasioned in that city by the breaking of the Bank of California. It appears that the more wary customers, who had early got wind of the condition of affairs, had for two or three days been withdrawing their coin from the bank, but it was not until the morning of the 26th that the "run" fairly set in. We quote

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THE SAN FRANCISCO NEWSPAPER FIGHT.

Libel Suits and Extraordinary Developments Expected.

SAN FRANCISCO, Sept. 21.-A new point of interest is about to be made in the journalistic war, which has been going on here since the failure of the Bank of California. The Alta this morning printed an editorial charging the proprietors of the Bulletin and Call newspapers with having pursued the cause they have followed during and since the late panic with the object of affecting the stock market and creating a financial panic. In consequence the Bulletin and Call proprietors through their Attorney, John F. Swift, have commenced proceedings against the Alta for libel. They are also preparing the papers for a similar suit against the San Francisco Chronicle, which has charged them with conspiracy, &c. It is expected that owing to the intimate connection between the newspaper fight and the recent financial complication some very interesting developments will be made on the trial.

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From San Francisco.

SAN FRANCISCO, Sept. 21.—A new point of interest is about to be made in the journalistic war which has been going on here since the failure of the Bank of California. The Alta this morning printed an editorial charging the proprietors of the Bulletin and Call newspapers with having pursued the course they have followed during and since the late panic, with the object of affecting the stock market and creating a financial panic. In consequence the Bulletin and Call proprietors, through their attorney, John F. Swift, have commenced proceedings against the Alta for libel. They are also preparing the papers for a similar suit against the San Francisco Chronicle, which has charged them with conspiracy, &c. It is expected that owing to the intimate connection between the newspaper fight and the recent financial complications, some very interesting developments will be made on the trial.

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SAN FRANCISCO

The "Bulletin" and "Call" to Bring Action for Liberal Against the "Alta." SAN FRANCISCO, September 22. -A new point of interest is about to be made in the journalistic war which has been going on here since the failure of the Bank of California. The Alta yesterday morning printed an editorial charging the proprietors of the Bulletin and Call with having pursued the course they have followed during and since the late panic, with the object of affecting the stock market and creating a financial panic. As a consequence, the Bulletin and Call proprietors, through their Attorney John F. Swift, are now preparing and in a few days will file complaints for libel against the Aita. It is expec ted that owing to the intimate connections between this newspaper fight and financial complications, some very interesting developments will be made. Gold and Greenbacks. Gold in New York, 117. Greenbacks in San Francisco, 86@86.

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NEWS OF THE DAY.

"To show the very age and body of the Times."

The annual reunion of the Society of the Army of the Tennessee commenced at Des Moines yesterday. President Grant, General Sherman, the Secretary of War and other distinguished personages were present. General Sherman was re-elected President. It was resolved to hold the next reunion on the 21st, 22d and 23d of July-at Philadelphia on the two first days, and at Washington on the last, when the statue of General McPherson will be unveiled.

The court-martial on the officers of the English iron-clad Vanguard, which was sunk off Wicklow Head, in a collision with the Iron Duke, has resulted in a severe reprimand to Captain Dawkins, the first and second officers and the engineer, and the dismissal of the former from his command. Another court martial will probably be held on the officers of the Iron Duke.

A dispatch from Albany, N. Y., says that the Jaggar Iron Company, whose blast works, &c., cost $561,000, is in such a condition as to produce fears that the stockholders haye lost nearly the entire amount of their investment. The heaviest creditors are the Pennsylvania coal companies, and they are secured by mortgages on the property.

The New York holders of the ten per cent. bonds of the city of Houston have agreed to accept the offer of that city's agent to give them seven per cent. thirty-year bonds in place of the bonds they hold, the understanding being that the State of Texas and city of Houston shall guarantee the payment of the new bonds.

The Court of Commissioners of Alabama Claims reassembled yesterday, all the Judges being present. Several awards were made in the case of the "Golconda," after which the Court adjourned, the counsel for the Government being unable to proceed on account of an affection of the eyes.

The Indians seem to have something besides dark flour to complain of. Special United States Commissioner Shanks reports 1,800 horses stolen from the Indians while on their reservations near Fort Sill, and only 40 recovered and returned to them.

Jay Cooke's superb residence of Ogontz, near Philadelphia, is now being sold. There is the tomb of his father, removed from old Ogontz (Sandusky) and reinterred under an $18,000 mausoleum. The tomb goes with the estate.

Sixty Indians attacked the hay train of John Phillips, between forts Fetterman and Laramie, and after a fight of two hours and a half killed and got off thirty head of cattle aud four horses and wounded one man.

Since June forty members of an organized band of criminals, composed mostly of outlaws from the States, have been captured in Indian Territory, and with those previously arrested make nearly one hundred now awaiting trial at the next term of the court at Muskogee.

The observers of the solar eclipse at Manchester, N. H., Albany, N. Y., Cambridge University and other points in the North were not rewarded with satisfactory results, on account of cloudiness at the time of the eclipse.

At a meeting of the bondholders of the Northern Pacific railroad, at New York, yesterday, the report of the purchasing committee, and the receiver, G. W. Cass, were read and approved.

The notorious Jack Corbett, a desperate criminal who was arrested on suspicion of being the murderer of Mr. Noe, in New York, has been sentenced by Recorder Hackett to ten years' imprisonment on a charge of burglary.

Judge Miller, of the U. S. Circuit Court of St. Louis, has held the parties charged with conspiracy to defraud the revenue by whiskey frauds in $8,000 bail each.

Mrs. E. Barrett, of Elizabeth, N. J., widow of the late Lieutenant Barrett, U. S. navy, committed suicide on Tuesday by taking morphia.

Theodore Tilton lectured at Cooper Institute, New York, last evening on "The Problem of Life." There were 2,000 people present.

Richard Robinson, the murderer of Mrs. Dixon, at Norwichtown, Coon., died in jail yesterday from the effects of poison, taken after his arrest on Monday.

One hundred and eight thousand pounds sterling were withdrawn from the Bank of England yesterday.

The foot and mouth disease continues in England. In the county of Gloucester over 12,000 beasts are affected.

The Canadian defaulter, Nicholls, and his father, have been arrested in St. Augustine, Fla., by New York detectives.

The Ultramontanes have elected the President, Vice President and other officers of the Bavarian Diet.

The Bank of California will reopen Saturday next.

Turkey admits the necessity of reforms, and will introduce them throughout the Empire.

Savings Bank Failure.

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Suspension of Clayton & Co

SAN FRANCISCO, Oct. 1.-The suspension of Clayton & Co. will probably only last a few days. The creditors are disposed to grant an extension. The Bank of California opens for business at 11 o'clock a. m., tomorrow.

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BANK OF CALIFORNIA.

The bank of California re-opened its doors, Saturday, and the result of the day's business was most encouraging for the future prospect of the ins itution. Preparations had been made for an expected large demand upon the bank, made not from any want of confidence, but simply from the need of the coin which has been so long locked up. When the doors were opened at ten o'clock, $3,500,000 in gold were in sigh, and the tellers and counters ready to pay it all out if need be The demand was large, and during the forenoon large amounts were withdrawn, but it came back in equal and even larger deposits, and when at one o'clock, an hour later than the usual closing hour, Saturday, the bank doors were swung to, it was found that the day's receipts exceeded the disbursements by $750,000. The re-opening of the bank, and still more the unexpected results of the day's business, were, of course, the signal for rejoicing, which was manifested by the flying of flags, booming of cannon, and in the evening, a serenade to Senator Sharon, who has taken the late Mr. Ralston's place-in the feeling of the street-as has Mr. Mills at the bank. The total amount of the subscription fund of the trustees, syndicate and stockholders is now announced as $7,930,000.

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THE men who took hold of the collapsed Bank of California, and'so managed its affairs that it is now reopened and doing business again, have put the whole Pacific Coast under infinite obligations. It was inevitable that there should be a run, not only because many were anxious to get their money out of the concern, on account of a want of confidence, but also because many were in. great need of the money that had been locked up for so long a time. And there was a run, but the revivified institution stood it bravely, and the permanence of its restoration can not be questioned.

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It is a remarkable fact, and very creditable to the San Francisco savings banks, that the failure of the Bank of California was not accompanied nor followed by anything in the shape of a run on them. They have 56,377 depositors, and are the depositories of large amounts of money, and yet only 713 persons demanded their money on the day the great bank failed.

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Bank of California, SAN FRANCISCO, Dec. 2.-The eighth and last assessment of ten per cent on the capital stock of the Bank of California has been paid in full. This repairs the capital to its original figure of $5,000,000. The syndicate organized shortly after the suspension of the bank to assist in the work of rehabilitation has wound up its affairs and dissolved.