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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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Financial. NEW YORK, August 27.-The Post's financial article says: Business opened in Wall street with it knowing that the Bank of California had failed. The effect on the markets was a decline of tag in stocks, or t to 4 per cent, in. cluding Pabama, and au advance of 1 in gold. The decline in stock has been recovered, or nearly so, and there has been no excitement. The rise in gold has been maintained. There is no reason why our stock exchange should be directly affected by troubles in California. The foreign exchange market was even less affected than the stock market. The Bank of California has sold only Β£50,000 unendorsed sterling bills in this market in the past three weeks. This includes Β£30,000 on the Oriental Bank of London, one of the best banks there. The rise in gold is not wholly caused by the Bank of California failure, although that had the effect of causing other San Francisco houses to remit gold from here to San Francisco by telegraphic transfers through the medium of the U. S. Sub-Treasuries. The other reason for the rise in gold is the decline of securities in London, British consols being down 1, while the San Francisco failure has uu. doubtedly had an influence in London. The main reason for the decline in consols is the news from China. Money here is as yesterday, call loans being 1}a2 per cent and mercantile paper as last quoted. The suspension in Baltimore of the large sugar house of Stirling, Ahrens & Co. of course is much commented on. The paper of the firm is mostly held in Baltimore and had 00 market here.
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AUGUST 28, 1875. SATURDAY, NEWS OF THE MORNING. William C. Ralston, President of the Bank of California, went in bathing yesterday afternoon on North Beach, and when out in deep water was seized with what appeared to be a fit. A boat hastened out and brought him ashore. Every effort was made to resuscitate him, but without effect. It is supposed that he took poison and swam out to deep water to make suicide certain. Yesterday was a black day in San Francisco, but our latest dispatches say that the banks will survive the run and that the excitement is abating. The panic in San Francisco does not and will not affect the banks of Los Angeles. They are all on a sound basis and have an abundance of funds to meet any demand made upon them. The excitement in San Francisco over the death of Ralston was intense at 10 o'clock last night. The streets were thronged with people; the Bulletin and Call were denounced by all, and the military was held in readiness to preserve order. It was feared in San Francisco last night that the death of Ralston would start anew the panic and that to-day many of the banks will be compelled to close. An lquest will be held on the body of Mr Raiston to-day to determine whether he died of polson or accidental drowning. The British Minister to China has been insulted in Pekin and has telegraphed home for troops for protection. A daring attempt at train robbery was made on Thursday night on the Eastern-bound express car near Bitter Creek, Wyoming. A violent hail-storm took place yesterday near Cheyenne. An attempt to steal the English crown jewels has been frustrated. Admiral Worden gave a farewell ball at Southampton, England, last night on board his Flagship.
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IN CHICAGO. For the purpose of ascertaining the opinions of baukers and commercial men of Chicago as to the influence which the failure of the Bank of California would have upon the interests of the Pacific Stope, and Its possible offect in Chicago, and also to learn the causes which led to the failure, & reporter yesterday visited the gentlemen whose names are given below, and obtained from them full expressions of opinion concerning the subjects in question. JOHN c. HAINES. The reporter first called at the Fidelity Bank, and was cordially received by Mr. John C. Haines, who responded to his questions as follows : Reporter-Can you give me a reason for the failure of the Bank of California ? Mr. Haines-In my judgment the cause of this failure may be attributed to the speculating in all sorts of mining, manufacturing, and transportstion compaules instead of doing a legitimate banking business. R.-Do you know any thing about the mining, hotel, and general speculations in which the bank was engaged ? Mr. It.-1 only know indirectly. It has been reported to me for nearly two years that Baiston, Jones, and Sharon were building & large hotel in San Francisco which was to cnst % large amount of money i that they had established & furniture manufactory to make the necessary furniture for the Lotel, out of which was to grow regular furniture manufactory; and that they were engaged In railroad works and speculating in mining stocks 6 of all kinds and descriptions. My inference was that the bank was more or less implicated in these things, because I know the managers and 0 Directors could not be doing all this on their n own responsibility. I have also board that for a good many years, the bank has appropriated from $25,000 to $100,000 for the entertainment of everybody who might visit San Francisco from the East and Europe. When I heard that 1 could not understand it, and thought it was an irregular proceeding; in other words, it t looked to the as it the California Bank was run a very much on the B. F. Allen style. 1 never y took much stock in Allen, and it occurred to the D o that Raiston and bis colleagues run matters g very much as be did. R.-What effect would such transactions have 0 on the bank ? Y Mr. II.-It was not logitimate business, and the bauk must inevitably go under. It was only T & question of time, and it supears the limit was o reached yesterday. If.-What effect will the failure' have on the d mining interests of the West Coast ? X Mr. H.-1 think it must effect them very ma10 terially. The failure must unsolting things in till a California, and of course the mining interests
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THE SAN FRANCISCO FAILURES.-The latest dispatches from San Francisco show that the failure of the Bank of California has not produced the serious effect that was feared, and that there is already a reaction. The city was quiet on Friday night, Saturday and yesterday, and the excitement has almost entirely abated. It is admitted that President Ralston's ventures had been both rash and immense, and that startling developments are yet to come. He did not wish to resign his position, but the directors refused his appeal to be allowed to continue in office. The liabilities of the bank are $14,000,000, and the assets between $7,000000 and $8,000,000. A call on the stockholders for additional subscriptions is talked of, af ter which eighty cents on the dollar may be paid to creditors. Beyond the suspension of the Merchants' Baok and the National Gold Bank financial institutions have not suffered. The former will open this morning and the latter in a few days, and both will pay up in full. This is settlement day in San Francisco, and if there are to be any further failures they will probably occur DOW.
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SAN FRANCISCO. of Deed President Ralston's Trust, Bank Exchange Merchants' after the Revenue Department Distillers. The Funeral of Ralston. the city Memorial Sermons. 29.-In SAN FRANCISCO, Aug. attendance was sermons delivered churches to-day the by memorial death of general usually large, in many drawn of them tenor on the of the able disMr. Ralston. eulogistic The of the of the popular, deceased, with due errors As of his course. has of courses and gender was character in regard to the what the insaid been regards the by and Call fluence extended Bulletin in in their upon Ralston strictures causing it the was the also that facts crash, admitted well been strictures no had have bad effect on grounded, prove these and the that bank they had could it not been inAug. imically Raiston's weak. Deed of 30.-The Trust. deed all his absolute SAN Franciscosharon to Wm. personal, conveys wherever for right found, to on Ralston property, real ownership, and with such the terms and the prices apply and same proceeds to such as dispose and as of he the deems same thereof, best, and and purposes to of property and uses in his judgfor best deem ment, our hereby said conveyed, Wm. Sharon joint may, and several His Memory. met Board It interests. Refuse to of Honor Supervisors transpires yesterday that policy with The closed doors. arose and the to the resoluof Ralson A heated discussion no action with regard was adopted majority taking tion in memory one dissenting vote. intention capacities. of atwith only board signified in private be susof tending the the tuneral to great extent, to-day. Business will, the funeral Bank pended Merchants' during Exchange Bank does not the Merchants Exchange accordance with almost Secretary given yesterday. the on day. during depend open The this positive morning assurance in may possibly the thesue- do so of cess now Officers negotiatic pending. are of less confident apparently but sterday, immediate resumption is say any delay merely The Gold and Bank Trust National is the say outlook Company Among Flutter is a There flutter among distillers in the here, agents revenue of Special Clark, Agent Revenue on the the affairs coast. at evening Saturday collector Coote Contra county, Antioch, and presence who is examing the deputy seized Jost's gallons thousand twenty-six fifty dollars, thousand on of of charge whisky A half million dollars the by the distillery of spirits, valued illicit at manufacture transferred addibanks, to-day Treasury to the tional amount previously reported, but not what stated banks. The Suspended A the that imbanker prominent of the the cause by direcmediate demand of of tion for the Bank Ealston's California was the that during investigaresignation a of lot tion bills from irresponsible in the parties, aggregating a of no with neighborbood milion dollars, collaterals, It were was also reported discovered. it the the of intention directors have into called Ralston to subsequently of his avail council, intimate the of the bank. business knowledge are of an this afloat Rumors morning of the Bank Caliissued against tachment but the show fornia, records reference of the is kind nothing reported that and some stock heavy others brokers who in have one case borrowed to the half million, benefit amounting of of the Bank their securing California, the own of the bills with stock payable to are bank, likely heavily become involved of of the Stock cannot California at given away present. is far day Collection progressing of with mutual production feeling be inen, among difficult business to how ascertain ing. of Funeral The are funeral Ralston at held being Calvary Church, and corner Geary Powell Obituary are by Rev. being John services conducted The are largely National Hemphille and be also civic many and emofficers nevolent associations, of bloyees entervarious and prises, busieducational ess of and pat bodies, concourse immense at the rec are half-mast closed. many
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EDITORIAL NOTES. The Menasha, Wis., Press speaks of the harvesting of a plentiful crop of prairie chickens in that section. Even editors, we take it, must live well up there. It'is expected that Senator Sherman will visit this county in the course of the campaign, and give our citizens an opportunity. to hear him on his favorite theme-the finances. The great failure in San Francisco the other day, was not a bank failure, exactly, but a collapse of an inflated gambling house, and that in New York was something of the same persuasion. Jason Welch, of Iowa, was S0 disappointed at his inability to kill a newspaper by stopping his subscription, that he went out and robbed the State Insane Asylum of a patient with a yard and a half of clothes line. There is nothing shows the true inwardness of a woman as her opinion of a man. Kate Field said of Disraeli that he drank Grace Greenwood announces that he looks care-worn and melancholy ; jaded and Judaical. That's the difference between women. It takes a spinster to find out a man's real habits, and usually an old one. If Tripoli should persist in her refusal to render satisfaction for the insult offered to the U.S. consul and his wife, the two American war vessels now at that port will be immediately reinforced by Admiral Worden's European squadron, and then, if there 18 no weakening on the part of the offending Government, there will be a good chance for music in the waters of Northern Africa. A dispatch from San Francisco, announces the suspension on Thursday last, of the Bank of California, an institution which has been popularly supposed to own and control fabulous amounts of cash coin and convertible assets. The fact that this bank has permanently suspended will therefore occasion general surprise and astomshment. Confidence in a similar degree in the immense capital and perfect reliability of the bank does not seem to have been entertained in SanFrancisco. This bank issued no notes, and a run, amounting to a drain of 1,300,000 in gold from its vaults, was made by depositors. The institution has been an immense power on the Pacific Coast, its capital being invested in mining stocks, railways, steamboat lines, lands, hotels and other improvements. President Ralston gave assurance that no losses to depositors or to interior banks would result, and. confidence to this effect is expressed in San Francisco. The effects of the suspension will be almost wholly confined to the Pacific Coast. Ralston has since committed suicide by drowning. The "ragged edge" was too much for him, and he "stepped down and out." Could he have borne his sufferings with a little more philosophy for a while, he might have been able to assert that be was "the happiest man in the world,' and then he could have calmiy contemplated the situation, and the adoption of the best means for meeting an emergency and perhaps risen superior to it.
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CALIFORNIA AND THE CURRENCY. California has been a terrible eyesore to the believers in "an American system of "finance." The apparent prosperity of that State, the marvelous progress of its industry, the comparative freedom of its commerce from disasters which have 80 prostrated the business of Eastern States, have supplied very effective arguments to advocates of a sound currency. They have pointed to the fact that in California business and banking have been conducted wholly on a gold basis, and a prosperity unequaled by that of any other State has resulted, as proof that honest currency promotes healthy trade and profitable industry. But now California also has its great disaster. The rag-money theorists are in high glee. The event is to them a proof that commercial disasters are as frequent and severe in hardmoney lands as where a currency not redeemable in coin is in use; that the prosperity of California has not been due to its sound eurrency, and that a credit system based upon redemption in coin is even more likely to run into reckless speculation and consequent disaster than one based wholly on "the faith and "resources of the nation." Absurd as those arguments are, we shall hear them, and others even more absurd, urged by every advocate of an irredeemable currency. Yet any man who has sense enough to attend to bis own affairs ought to see that no form of currency prevents him from throwing away his money if he chooses. The best and soundest currency cannot prevent wanton and ruinous risks by reckless men. It will not stop gambling any more than it will stop theft. A sound currency, it is true, does not promote gambling as an irredeemable currency does. It does not educate men to a life of constant venture and excitement. It does not force people to become gamblers in spite of themselves. But neither does it eliminate from human nature the fondness for hazard or the hunger for great wealth gained without long years of patient toil, economy, and prudence. Be the form of currency what it may, there will always be gamblers in every community, just as there will always be thieves. The failure of the Bank of California was caused by reckless speculation, and by nothing else. No disorder of industry in the Pacific States contributed to produce it. The solid prosperity of those States is untouched. Neither was this extraordinary failure precipitated by diminution in the productiveness of mines-a cause of disorder to which all mining countries are liable. It does not appear that there has been any decrease in the yield of precious metals. The Central Pacific Railroad, in which the Bank party had interests, has been doing a large and increasing business. It seems impossible to conceive of a failure which would more forcibly illustrate the truth that, with the best possible currency, with the soundest condition of trade, and the utmost general prosperity, men can gamble away their wealth if they
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FINANCIAL. SAN FRANCISCO. SAN FRANCISCO, Cal., Sept. 7.-There is nothing now concerning the affairs of the Bank of Callformia. Arrangements are proceeding quietly and prosporously towards settlements. The President of the National Gold Bank and Trust Company stated this morning that are rangements have been made for the redomption of all thoir gold notes, to the amount of $800,000, at the United States Treasury. The bank is gradually working toward resumption, and bas alroady liquidated over one-tialf of its deposits, and is collecting, paying out, and settling with customers au rapidly. as possible. It is in constant receipt of remittances from the country correspondents and pays its drafts, and is receiving deposits from city customers, and paying checks against Π²ΠΎΡΠΎ, intending thus gradually to resumo and retain its business. The President states that it is supported In this of action, creditors, almost without exception, decining it better for the general interest than to hoard coin for formal resumption. NEW YORK, Sept. 7.-The Herald's San Francisco special states that the meeting of the friends of Mr. Balston, which is set for Wodnesday evening, is developing a formidable organization. Arrangements are being made for addresses in Union Hall and on the street in front to 50,000 people. The gathering will exceed in magnitude and Interest anything over known in San Francisco. There will be given a full statement of the affairs of Balston in his relations to the Bank of California at the moments of its failure. Col. William 11. Barnes, an ominent lawyor, who is now of the bank syndicate, who was a personal friend of Mr. Halston, will make that address. Important sesolutions will be submitted at the mooting : First, an expression of condolence with the bereaved widowed and children, and following that & resolution asking the pledge of the people assembled to withdraw all patronage from the Bulletin and the Call. not to subscribe for them, and not to advertise in them. After the resolutions have been submitted and action taken on them, all ex-member of Congress will deliver a eulogy on the life and services to California and the Pacific coast of the deceased banker. Eminout clorgymen will open the meetIng with prayer, and the proceedings will be condocted solemnly, in order that the country may know that it 18 not & gathering of an excited rate bio, but the expression of the calm and doliberate judgment of the friends of Ralaton. The Itev. Dr. Stone, in his sermon Sunday night, spoke BO highly of Mr. Ralaton that the congrogation burst into applause, The papers from every quarter are teeming with editorials and correspondence in his praise, and already a dimo subscription for & monument to his memory is proposed. WASHINGTON, D. C., Nept. 7,-Thero are now applications to the United States Treasury for transfers of $1,500,000 In gold to California. Arrangements are boing made for the transfer of $600,000 of that amount to-day. THE BUFFALO SUSPENSION. Apecial Dienatch to The Chicago Fribune
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and 112411 during one past month. " CAME to his death by accidental drowning," is the verdict of the San Francisco jury in the case of Ralston. THE Freedmen's bank commissioners think that n dividend car be declared for the unfortunate depositors by Christmas. PHILADELPHIA this year heads the list of United States ports in the molasses trade. The bulk of the importations for the year are usually made in the first half year. RECENT reports say that the colony of Liberia is prospering. New plantations are developing, commodious dwellings are going up, and the schools and churches are well attended. NEXT Tuesday will be a black-letter day in the annals of Arkansas. No less than six murderers are then to be executed at Fort Smith. Arkansas can claim pre-eminence in one respect at least. THE wheat belt " is enlarging its area. Arkansae, for instance, will ex port small grains this year for the first time in its history. The same general tendency to raise more and buy less is observable throughout the south. THE Atlantic Mills, at Lawrence, Mass., started on Monday, after being idle seven weeks. The stock on hand has been sold to good advantage. There is a prospect now for steady employment for one thousand hands. THE eminent composer, Gounod, has declined the directorshop of the proposed American College of Music, gently hinting at the same time that an American institute of the kind should have an American director. IN an agrieultural convention at Dalton, Ga., a few days ago, a gentle man called on all present who owned sheep and no dogs to rise, and thirteen rose. He then called upon all who owned dogs and no sheep to rise, and sixty or seventy responded. THE great suspension bridge between New York and Brooklyn is assuming shape. The towers on both sides will be completed next spring, and the Roe. across blings, bridge who constructed the Ohio the at Cincinnati, suspension will perform the feat of spanning the sixteen-hundred feet chasm with wire. VALMASEDA has called on the loyal merchants and planters of Cuba for $800,000 in gold to pay for the transHe portation gives each of the person fresh troops twenty from four Spain. hours to respond favorably. If they do not not ce his circular they are declared rebels. Valmaseda will squeeze the gold out of these unfortunates. THERE is evidence that the French government will put stop to the German Catholic pilgrimage to the shrine of Our Lady of Lourdes in the south of Frauce, if it can do so. The pope has given his blessing to the movement, however, and he will hardly interdict it now. The French fear complications with Germany. THE liabilities of the late bank of California are estimated at $14,000,000 and its assets at $7,000,000. The stock holders will lose not only their investment in stock, but will be heavily assessed to pay the claims of depositors, the entire assets of the bank only footing up about eighty per cent. of such claims. DESPITE the laws governing the im portation of cattle in England, which are 80 strict that if only one animal is found diseased the whole cargo is slaughtered, the distemper has broken out are spreading. in Dorsetshire, Happily, and few cattle is rapidly to the but the brought warrant Europe, every precaution present United circamstances States being from employed at American ports to guard our herds from this fearful plague. THE government is reported to have more silver on hands than it can stow away. An effort has been made to get space in the Boston custom-house, but the blundering Mullett put the vault in the supand can ports, second only story $3,000,000 without mill sufficient the be placed there. government is out the and as the of the treasury secretary contemplated coin the for of the Pa oide lines has at come to and the almost of of America of a is now into vast The Union millions pass, THE the fractional speedy Western telegraph owns monopoly. entire Every gathered much-mooted of dollars, substitution continent rattling Union telegraph rags. money and consolidation the it Western system Atlantic North of silver looks control last silver by & if absorbs the rival corporation, the terms of the transfer being a guarantee of an annual dividend of 7 per cent. upon
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It was not until one p. m. that the fficials of the institution became mucl About that hour several check $100,000 or $200,000, or simila mounts, came to be cashed from deposi not usually disturbed by rumors o nancial trouble. All these were paid a murmur, but they kept on in reasing. The scattering drops became patter, and the patter became aheav hower. By two o'clock the steady with of funds had quickened into run," which attracted attention and drev crowd of spectators aboutt the doors. The ran along the street like a prairi causing the greatest commotion brokers and operators, who rushed ward the center of interest, some with ank-books in their hands, others simply nspired with a desire to join in the ex itement. As the news spread to the djoining streets, and into the quarter o city devoted to heavy business aroused everywhere the same attention and workshops were emptied their occupants, either to see the excite or to enable a withdrawal of deposits the hour for closing the bank was now at hand. The people thus by curiosity or interest streamed from quarters toward the corner of California Sansome streets, filling the space in locality for a square in every direc At half-past two the excitement cul inated in a scene of extraordinary inter which could be taken in at a glance an elevated position. The streets thronged as far as the eye could each, the crowd being quiet in certain in others alive with motion. The of all banks and offices were packed spectators. A pale face was seen a pane of every window. Wild mer rushing in all directions, papers flut in their hands, andamong them the evitable bank-book. Pale women, with isordered hair and dresses, began to ap giving the scene a little variety o and striving vainly to reach the nar entrance at the door of the Bank o alifornia, besieged with crowding, strug obstreperous, white-faced men. The scene at the bank-door was SO wild confused and tumultuous that i be but imperfectly described. Po cemen, in uniforms and without, were cattered about in all available places to the crowd in the best order possible the circumstances. The great iror was closed, and through the little door in the center, like the en to a prison cell, the panic-stricker epositors crowded, pressing their way etween serried ranks of ragged, moneyless bectators, to whom the failure of all the in the world would not have been 8 of the slightest consequence. An was made to keep out those having business inside, but it was only par successful. Those who came for eposits were largely brokers' clerks and representatives of business men in the part of the city. The scene inside the bank was ever intensely exciting than that outside crowd lined the counters from end to nervously shoving checks under the of tellers, who glanced at them and their only answer, shoved over to the men who brought them little piles gold or great piles and boxes of silver teller had a white, scared look, and book-keepers and the faces of clerks at thedistant desks, looked ghastly as ow-drifts in the moonlight. Now and a bank trustee was seen flittingabout a ghastly way, disappearing in the di of the rooms belonging to the The old Chinese clerk, who have been contemporary with Consat on a high stool, gazing wisely hrough his spectacles, which are large watch-crystals, at the half-crazed crowd ressing forward for their money piles of gold and silver coir listened on shelves just beyond the reach those SO vociferously demanding it. The of coin fairly drowned the din tha from the thronged street through the entrance. The crowd increased apidly from two o'clock until half-pas when there was scarcely room for at the counters. Then the manage decided to stop payment, and so tel graphed to their Eastern correspondents 2:35 the little door swung to in the of several anxious depositors. An was made from without to push i but the policemen with strong arms noved it to and drew the heavy iron bolts rbidding further ingress. Then the began beating a fierce tattoo, to the tellers and clerks whostood stil their places listened with a faint smile satisfaction and a deep-drawn sigh o But the mission of the great Bank California was ended. After the bank had closed its doors 8 having evidently crossed the Rubut ghastly with paint and rouge endeavored to climb into the bank rough a closed window, declaring she ould have her money, every cent of it if her John wasn't out to Sister Abi in Amador, he'd see that her hard savings wasn't stolen, you bet your he would. Only desisting after find. that entrance was entirely out of the uestion, the frantic woman departed ringing her hands and protesting amid of tears that never again, no, would she put her money in strange hands to keep for her as long as was snade to die hole in the
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losing Day of the Bank of California. as not until one p. m. that the S of the institution became much d. About that hour several checks .00,000 or $200,000, or similar ts, came to be cashed from deposit usually disturbed by rumors of al trouble. All these were paid t a murmur, but they kept on ing. The scattering drops became a atter, and the patter became a heavy : By two o'clock the steady withof funds had quickened into a : which attracted attention and drew d of spectators about the doors. The an along the street like a prairie ausing the greatest commotion brokers and operators, who rushed the center of interest, some with ooks in their hands, others simply d with a desire to join in the exnt. As the news spread to the ng streets, and into the quarter of ity devoted to heavy business, sed everywhere the same attention. and workshops were emptied - occupants, either to see the exciter to enable a withdrawal of deposits the hour for closing the bank, was now at hand. The people thus curiosity or interest streamed from rters toward the corner of California nsome streets, filling the space in cality for a square in every direcAt half-past two the excitement culd in a scene of extraordinary interich could be taken in at a glance n elevated position. The streets ronged as far as the eye could the crowd being quiet in certain in others alive with motion. The t all banks and offices were packed ectators. A pale face was seen at ane of every window. Wild men ushing in all directions, papers flutin their hands, and among them the ble bank-book. Pale women, with red hair and dresses, began to apiving the scene a little variety of nd striving vainly to reach the nartrance at the door of the Bank of nia, besieged with crowding, strugobstreperous, white-faced men. scene at the bank-door was so wild, confused and tumultuous that it but imperfectly described. Po, in uniforms and without, were d about in all available places to e crowd in the best order possible he circumstances. The great iron as closed, and through the little door in the center, like the en.
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AFFAIRS IN SAN FRANCISCO. MEETING AT UNION HALL-BALSTON EULOGIZEDTHE STATE UNIVERSITY SAVED FROM LOSS-THE NATIONAL GOLD BANK PAYING ITS DEBTS. San FRANCISCO, Sept. 9.-The meeting last night at Union Hall was largely attended, the ball being filled and the crowd filling the street to listen to openair addresses. In the hall the addresses delivered were devoted mainly to attacks on The Bulletin and Call for their course during the recent campaign and since the failure of the Bank of California and the death of Ralston. Resolutions were adopted condeming these papers for their attacks upon Ralston, and calling upon the people to withdraw their support from them. In the open-air meeting resolutions were read censuring the Associated Press for telegraphing so-called false reports the reading of which was greeted with many cries of "No, no as was the case with other resolutions read. The business of the National Gold Bank and Trust Company is going on favorably. Since the panic the bank has liquidated claims deposited to the amount of over $1,000,000, and a statement of its condition shows a surplus as regards deposits of over $1,400,000. 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 Committee of the Board has reported 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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packed with spectators. A pale face was seen at every pane of every window. Wild men were rushing in all directions, papers fluttering in their hands, and among them the inevitable bank-book. Pale women, with disordered hair and dresses, began to appear, giving the scene a little variety of color, and striv- ing vainly to reach the narrow entrance at the door of the Bank of California, besieged with crowding, struggling, obstreperous white-faced men. The scene at the bank door was so wild, eager, confused and tumultuous that it can be but imperfectly described. Policemen, in uniforms and without, were scattered about in all available places to keep the crowd in the best or- der possible under the circumstances. The great iron door was closed, and through the little narrow door in the center, like the entrance to a prison cell, the panic-stricken depositors crowded, pressing their way between serried ranks of ragged, moneyless spectators, to whom the failure of all the banks in the world would not have been a matter of the slightest conse- quence. An effort was made to keep out those having no business inside, but it was only partially successful. Those who came for deposits were largely brokers' clerks and the representatives of business men in the lower part of the city. # THE SCENE INSIDE THE BANK was even more intensely exciting than that outside. A crowd lined the coun- ters from end to end, nervously shoving checks under the noses of tellers who glanced at them, and as their only an- swer shoved over to the excited men who brought them little piles of gold or great piles and boxes of silver. Every teller had a white, scared look, and the book-keepers and the faces of the clerks seen at the distant desks, looked ghast- ly as snow-drifts in the moonlight. Now and then a bank trustee was seen flitting about in a ghostly way, disappearing in the direction of the rooms belonging to the officers. The old Chinese clerk, who must have been cotemporary with Confucius, sat on a high stool gazing wisely through his spectacles, which are large as watch crystals, at the half-crazed crowd press- ing forward for their money. Great piles of gold and silver coin glistened on shelves just beyond the reach of those so vociferously demanding it. The clink of coin fairly drowned the din that came from the thronged street through the narrow entrance. The crowd in- creased rapidly from 2 o'clock until 2:30, when there was scarcely room for them at the counters. Then the man- agement decided to stop payment, and so telegraphed to their Eastern corre- spondents. At 2:30 the little narrow iron door swung to in the faces of sever- al anxious depositors. The handsome face of Billy Duncan's clerk, bearing a look of intense disappointment, was the last seen from within through the aper- ture. An effort was made from without to push it open, but a policeman with strong arms shoved it to and drew the heavy iron bolts, forbidding further ingress. Then the crowd began beat- ing a fierce tattoo, to which the tellers and clerks, who stood still in their places, listened with a faint smile of sat- isfaction and a deep-drawn sigh of re- lief. But the mission of the great Bank of California was ended.
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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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A recent dispatch from Washington says: Applications have been received at the Treasury Department for the transfer of about $7,000,000 in gold from New York to San Francisco for commercial purposes. The applications were from ten persons in the latter city. The Treasurer hopes to be able to transfer about half a million dollars to-morrow, which will be distributed pro rata among the applicants. Since the suspension of the Bank of California, the Supt. of the Mint has been directed to stop the coinage of silver and resume that of gold. Therefore $1,000,000 in coin, intended for the purchase of silver is not needed, and $500,000 of the amount was returned to the Assistant Treasurer last week. The other half million will be returned to-day or to-morrow, when he will comply with the present request for a transfer of $1,000,000. Should such an amount be transferred to San Francisco it would certainly have a most beneficial effect, but such action is rather doubtful. Gold in the East is high, higher even than in the Summer; the drain still continues to Europe. Could but one million be transferred it would be of great benefit, the recovery of the Coast from the present depression is but a question of the near future, the more money we can get the sooner the recovery will take place, and for that reason 'tis to be hoped the effort to produce a temporary transfer of coin will be at least partially successfull.
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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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Capt. Edward Simpson, commanding the United States steamer Omaha, telegraphed the navy department from Panama, Aug. 26, announcing that the State of Panama has declared war against the government of Colombia.Private telegrams from Montevideo state that the dissatisfaction with the President and his ministry is such that no doubt is entertained that another revolution is imminent in Uruguay.Great excitement was occasioned in San Francisco by the failure of the bank of California. The officers claim that the assets will cover all liabilities. The bank will not resume . Sterling, Ahrens & Co., of Baltimore, Md., one of the larges sugar houses in the United States, has suspended with liabilities amounting to $2,500,000.The first shipment of peaches ever made to Europe was forwarded from Philadelphia a few days ago. The Atalanta crew of New York, consisting of ex-members of college crews, won the four-oared race at Saratoga in eighteen minutes and thirty-two and one-half seconds. Courtney and Robinson won the double scull race in twelve minutes and forty-two and one-half seconds. A special from Macon, Miss., reports a riot at New Hope Church, in which eight negroes were killed and several wounded. The riot was caused by a quarrel between a white man and a negro about drum beatingCounterfeit $10 notes of the First National bank of Philadelphia are in circulation.
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Suspension in San Francisco. SAN FRANCISCO, September 29.-Charles Clayton & Co., produce and commission merchants, suspended payment to-day. Their liabilities are $200,000. Their creditors, who are wealthy San Francisco men, will hold a meeting to-morrow and if a long extension is granted to enable the firm to collect accounts for advances made to farmers whose crops this year are short, the firm will be able to contintie business. The produce commission merchants have been obliged to make advances to help farmers, and must wait for the crops for their payment. The Bank of California has heretofore resisted the merchants to carry the farmers over the season of short crops and the failure of the bank crippled the firm. Large accounts with importers for bagging, bought on four months, came due on Monday. Mr. Clayton was a member of the last Congress, and recently the candidate of the Republican and tax-payers' party for Mayor of San Frrncisco. His standing in commercial circles is high.
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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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LATE TELEGRAMS. Closing Exercises of the Army of the Tennessee Reunion. DES MOINES. Iowa, September 30.The reunion of the Army of the Tennessee closed with a banquet to-night. Speech-making did not commence until a late hour. Several toasts were offered and responded to in an appropriate manner by men of note. In response to the toast of "The President of the United States," General Grant responded in a few words, returning thanks for the compliment. Speeches were also made during the evening by Generals Sherman, Pope and Byne. General Sherman, in his speech, alluded to his march to the sea. In speaking of his book, he said he wrote the book believing every word of it to be true. He wanted to write it while the men who could correct its errors, if any there were, could yet do it. In reply to the criticisms that he should have gone from Atlanta by way of Augusta, he declared that no one at the time ever proposed or hinted at such a thing, but now said it was an easy thing to go from Atlanta to the sea, and many men are smart enough and brave enough to do it, but none of them in those days tried it or knew of a better way than was taken. The General's speech was quite lengthy, and was not concluded until aftor midnight. Nearly all the members of the Society leave for home on the morning trains. The President and party leave for Denver at 3 o'clock. Gas Explosion in a Colliery-Two Men Killed and Several Others Neverely Wounded. POTTSVILLE, Pa. Sept. 30.-By an explosion of gas in the anchor colliery. at Heckchersville, this morning, James Adams and Arthur Hunt were killed, and Isaac Wilson probably fatally wounded. Michael Butler and Peter Franks were severely injured about the head and shoulders, and Moses James was slightly burned. These men were on duty last night in the mine, and were ordered to leave by the fire boss this morning, who began to clear it of the gas that had accumulated. The men refused to go out, and during the process of driving out the gas it exploded from the miners' lamps, with the above result. The Affairs of Lee & Sheppard. BOSTON, Sept. 30.-The committee appointed by the creditors of Leo & Sheppard reported to-day. The report showed: Total assets, $153,206; direct liabilities, $489,740; contingent liabililies, $135,537; gross liabilities, $625,277 84; net liabilities-that is, deducting contingent liabilities which will probably not fall upon the firm-$578,230. Lee & Sheppard make a proposition to pay twenty cents on the dollar, secured by notes on short time without interest. The committee report the causes of the disaster as consisting in excess of business expenses, deterioration of stereotype plates, and loan of credit. Bank Defalcation. LOUISVILLE, Ky. Sept. 30.-An examination of the Books of the Planters National Bank reveals a defalcation of $105,000, taken during the last five years by the late teller, Louis Rehm. The loss amounts to thirty per cent. of the capital stock, and will fall on the stockholders. Knocked Down and Robbed. DETROIT, Sept. 30.-F. M. Burson. agent of the Chicago and Lake Huron Railway, at Charlotte, Michigan, was knocked down as ho was about entering his office last night, and robbed of his watch and a considerable sum of money. Burson was seriously injured. Clayton & Co.'s Suspension-Oficial Notice of Bank of California Resumption-Fatal Accident SAN FRANCISCO, September 30.-A meeting of the creditors of Charles Clayton & Co. was held at 2 o'clock this afternoon, at which W. F. Babcock presided, After a brief interchange of opinions the meeting adjourned until 3 o'clock to-morrow afternoon, when some definite proposition will be submitted. There is a disposition to deal liberally with the suspended firm, which has hitherto stood well in the community. The assets are of a nature that cannot be pressed for immediate collection without causing more or less loss loss to all parties. Formal announcement is given this evening-per order of the Directors of the Bank of California-that the bank will open for business at 10 'clock Saturday morning. While some members of the Third Regiment, National Guard, were shooting at a target this afternoon near St. Mary's College, an old man named William Lees, officiating as marker, was killed. As he stepped from the pit to mark the target one of the marksmen fired, and the ball struck Lees in the breast. He was found lying in the pit still breathing, but died in a few moments. The fatal shot is supposed to have been fired by William P. Burns, janitor of Irish-American Hall. It is stated that no danger signal was used at the shooting, as is customary at regular ranges. The shooting was purely accidental, but is, perhaps, attributable to
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Nicholas Luning and E. J. Baldwin. Mr. Baldwin had been previously elected to fill the vacancy left by the death of Mr. Ralston, otherwise the old board members were re-elected, except Messrs. Tallant and Sachs, who are replaced by Keene and Morrow. The Trustees will meet to-morrow for organization, when, it is understood, D. O. Mills will be re-elected President. A statement was made to the stockholders of the present condition of the bank and some review was made of the cause which led to its suspension, but on these points the bank officials keep their own counsels, except that they intimate that the present condition does not vary materially from the latest reports, and that by judicious management the assets will prove sufficient to pay depositors and return to the stockholders from 20 to 40 per cent. of their stock. The stockholders are reported to be well pleased with the manner in which the affairs of the bank have been worked up and passed a vote of thanks to the Trustees and syndicate for their efforts in behalf of the institution. A committee was appointed to revise the constitution and by-laws, consisting of Judge Hagar, H. W. Carpenter, and Messrs. Howard, Sharon, Mayne and Mills, with instructions to report on the 2d of November. The meeting then adjourned. # THE GRAND LODGE OF GOOD TEMPLARS The Grand Lodge of Good Templars met at Saunders' Hall to-day with a full attendance, Rev. Jabese Walker, Grand Chief Templar, presiding. Thursday was fixed for the election of officers. The reports of the Chief Templar and Secretary were presented and the lodge adjourned to 7:30 o'clock P. M. The State Grange met to-day at Dashaway Hall. There is a large attendance, but thus far the proceedings have been conducted with closed doors.
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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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BANK OF CALIFORNIA. MEETING OF THE STOCKHOLDERS-ELECTION OF TRUSTEES-MR. MILLS TO BE PRESIDENT-A GRATIFYING EXHIBIT-A VOTE OF THANKS TO THE SYNDICATE AND TRUSTEES. SAN FRANCISCO, Oct. 5, 1875. The stockholders of the Bank of California met today, at eleven A. M., to hear the report of the directors and elect new trustees. Thirty thousand shares of stock were represented, and out of these Mr. Sharon, as President of the Syndicate, voted 28,000, the balance being in the hands of individual holders. The following gentlemen were elected trustees: -D. O. Mills, Thomas Bell, William Sharon, George H. Howard, William Alvord, William Norris, John O. Earl, James R. Keene, Robert H. Morrow, Nicholas Luning and E. J. Baldwin. The trustees will organize to-morrow. It is understood Mr. Mills will be president. A committee was appointed to revise the constitution and bylaws, consisting of Judge Hager, H. W. Carpentier, Charles Mayne, G. P. Howard, William Sharon and D. O. Mills, to report 9th of November. A second statement was made to the meeting of the present condition of the bank, together with some review of the causes leading to suspension and matters connected therewith, but on these points the officers preserve profound reticence. The intimation, however, is vouchsafed that as regards the present condition of the bank the latest reports that the assets, with good management, would pay the depositors and leave $1,000,000 to $2,000,000 for the stockholders were substantially correct. The stockholders are reported to be pleased with the exhibit of affairs and disposed to congratulate themselves on the successful management. A vote of thanks to the Syndicate and trustees was passed and the meeting adjourned. THE STOCK BOARDS. Both of the big stock boards opened this morning with seats full and a great crowd of enthusiastic spectators. Business opened lively, transactions were large and prices well maintained, shading off a little, however, on the street after the board.
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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.