964. Merchants Exchange Bank (San Francisco, CA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
August 26, 1875
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini
Short Digest
6a2adce0edb0a63f

Response Measures

None

Description

The Merchants' Exchange Bank experienced heavy withdrawals/run related to the failure/suspension of the Bank of California and the ensuing panic (Aug 26–27, 1875), closed its doors on Aug 27 and then reopened on Sept 2, 1875. Cause of the run/suspension is the distress/failure of the Bank of California and general coin scarcity; reopening followed receipt/collection of coin and transfers from the Treasury. OCR errors in some dispatches (e.g., Merchant's vs Merchants' Exchange Bank) were corrected.

Events (3)
1. August 26, 1875 Run
Cause
Local Banks
Cause Details
Run driven by panic following the failure/suspension of the Bank of California and general coin scarcity in San Francisco.
Measures
Directors collected coin and negotiated to obtain coin; later temporarily closed doors (see suspension) and solicited transfers from Treasury and private subscriptions to reassure depositors.
Newspaper Excerpt
A run is expected on the San Francisco and Merchants' Exchange Banks tomorrow.
Source
newspapers
2. August 27, 1875 Suspension
Cause
Local Banks
Cause Details
Temporary suspension due to panic/coin shortage triggered by the failure of the Bank of California and runs elsewhere in the city; directors closed pending arrangements and additional coin supply.
Newspaper Excerpt
The Merchants' Exchange Bank closed its doors this morning. The directors have prepared the following notice: In consequence of the excitement and disappointment of getting coin, the directors deem it for the best interests of all concerned not to open our doors for the present.
Source
newspapers
3. September 2, 1875 Reopening
Newspaper Excerpt
The Merchants' Exchange Bank opened its doors at the usual hour to-day. ... An ample supply having now been obtained the business goes on as usual.
Source
newspapers

Newspaper Articles (25)
1. August 27, 1875 Evening Star Washington, DC
Article from Evening Star, August 27, 1875

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CRIME IN THE INDIAN TERRITORY Financial Breakdown in California. Panic in San Francisco. Everybody Feeling Blue. SAN FRANCISCO, August 26, 10 p. m -The general feeling about town to-night is rather blue. The cashier of the National Gold Bank and Trust Company stated to a gentleman during an interview this evening that his bank would open in the morning, but might have to suspead during the day. This bank paid all its gold in the afternoon and a good deal of silver. If it can make arrangements to-night for coin, It may be able to ride over to-morrow. A run is also expected on the San Francisco and Merchants' Exchange Banks tomorrow. A meeting of bank presidents was called this evening to concert measures for relief. The board of brokers has also called a meeting.

2. August 27, 1875 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, August 27, 1875

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SECOND EDITION. : The California (Panic. BANK SUSPENSIONS IN BAN FRANCISCO-THING8 LOOK BLUE-CLOBING OF THE NATIONAL GOLD BANK AND TRUST CO. I The Bank of California, at San Francisco, failed yesterday, shortly before the close of business houre, after having paid out $1,400,000 during the day. Its president states that it will not resume business. Its officera say that its 88sets will be sufficient to pay all its liabilities. THE SITUATION LAST EVENING. ; SAN FRANCISCO, Aug. 26-10, P. M. The general feeling about town to-night is rather blue. The cashier of the National Gold ) ) Bank stated to a gentleman, during an interview 1 this evening, that the Bank would open in the morning but might have to suspend during the b day. This bank paid out all its gold in the afternoon, and a good deal of eilver. If it can I make arrangements to-night for coin, it may be able to ride over to-morrow. A run is expected on the San Francisco and Merchants Exchange Banks, to-morrow. A meeting of the Bank Presidents was called, this evening to concert measures for relief. The Board of Brokers has also called a meeting. ANNOUNCEMENT OF BANK CLOSING. SAN FRANCISCO, Aug. 26-Midnight. i The National Gold Bank and Trust Company , has sent in the following notice for publication in"morning papers : In consequence of the panic and the impossibility of obtaining coin, the National Gold Bank and Trust Co. will close until further notice. The Bank has $1,300,000 over and above all its liabilities. As soon as coin can be obtained, it will resume business as usual. In the meantime, ) any creditor 80 desiring can have good assets of the Bank to the amount of his claim, By order of the Board of Trustees. (Signed.) HENRY L. DAVIS, President. WHAT Is THOUGHT IN CHICAGO, CHICAGO, Aug. 27. The opinion of the Bankers in this city is that the failure of the Bank of California will produce little if any effect in Chicago.

3. August 27, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, August 27, 1875

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THE SITUATION. At this date, 3 P. M., there is but little to be said of the situation. Contradictory reports come in from all sides. Our press dispatches announce the suspension of the Merchant's Exchange Bank in San Francisco, and a vigorous run on M. S. Latham s Co.'s Bank. The savings banks, by taking advantage of the agreement with depositors to give notice for a certain number of days before withdrawing deposits, have been enabled to prevent a run and consequent suspension. The situation is confused. At noon to-day it was currently rumored that Messrs. Flood s O'Brien had assumed the liabilities of the Bank of California, and would meet all demands against that institution. It was further rumored that the California Bank would be reopened either on Monday or Wednesday next as the Nevada Bank, under control of the parties before mentioned. Upon inquiry and investigation at the points where such information should rest, we find no corroboration of the above, and are forced to believe them merely street rumors. The stock situation is the same as that of several banks, to-wit: in a suspended condition. There are no means of knowing when the Boards will resume business. In fact, in the present confused and disastrous state of affairs, the only salvation of brokers themselves, as well as their customers, is to avoid all official quotations. This was effected by the adjournment of the several Boards, which, in all probability, will not reassemble until some time next week. The situation in,San Francisco is even more uncertain than in Gold Hill and Virginia. No man, whose coin is not in his absolute possession, knows how much he is worth or how utterly bankrupted he may be. All is uncertain, and unless the hoards of coin controlled and still locked up, are soon let loose, wide-spread and almost universal disaster must ensue. In contradiction of our press dispatches from San Francisco, Measrs. Drexler & Co., of Virginia, at 1:40 P. M., were apprised by their correspondents below as follows: "All excitement over. Board will probably not open until Thursday next. Think money will get easier." Messrs. Frankel & Co., of Gold Hill, have also received dispatches to the same effect. Taken all in all such a blow has never fallen upon the business interests of the coast. It is hoped that the worst is over; that confidence will be restored and that in a short time the country will recover from the effects of the dire blow it has received. We have no data from which to form an opinion worthy of credenes, but like our readers can only wait and hope for the best. I

4. August 27, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 27, 1875

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BY TELEGRAPH. The Failure of the Bank of California SAN FRANCISCO, Aug. 26-10 p. m.-The general feeling about town to-night is rather blue. The cashier of the National Gold Bank and Trust Company stated to a gentleman during an interview this evening that that bank would open in the morning, but might have to suspend during the day. This baok paid all its gold in the afternoon, and a good deal of silver. If it can make arrangements to-night for coin it may be able to ride over to-morrow. A run is expected on the San Francisco and Merchants' Exchange Banks to-morrow. A meeting of bank presidents was called this evening to concert measures for relief. The Board of Brokers has also called a meeting. SAN FRANCISCO, Aug. 26 -midaight.-The National Gold Bank and Trust Company have sent the following notice for publication in the morning papers: In conse quence of the panic and the impossibility of obtaining coin, the National Gold Bank and Trust Company will close until further notice. The bank has $1,300,000 over and above all its liabilities. As soon as coin can be obtained it will resume business as usual. In the meantime any creditor SO desiring can have good assets of the bank to the amount of his claim. By order of the Board of Trustees, (Signed) HENRY L DAVIS, President. CHICAGO, Aug. 27.-The opinion of bankers in this city is that the failure of. the Bank of California will produce little, if any effect, in Chicago.

5. August 28, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 28, 1875

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FINANCIAL DISASTERS. The Effects of the Suspension of the Bank of California. SUICIDE OF ITS PRESIDENT The National Gold Bank and Trust Company Closes Its Doors. SAN FRANCISCO Aug. 27,-The National Gold Bank and Trust Company make the following announcement In consequence of the panic and the impossibility of obtaining coin. the National Gol Bank and Trust Company will close until further notice. The bank has $2,500,000 over and above its liabilities. As soon as coin can be ob tained, it will resume business. In the meantime, any creditor SO desiring can have good assets of the bank to the amount of his claim. HENRY L. DAVIS, President. A run is expected on the San Francisco Merchant's Exchange Bank to day. A meeting of bank presidents is called to concert measures for relief. The board of brokers all called the meeting. SAN FRANCISCO, Aug. 27.-The exchanges all are closed and business is in a state of suspense. Intense excitement prevails. Close of the Merchants' Fxchange Bank. SAN FRANCISCO, Aug. 27.-The Merchanrs' Exchange Bank closed its doors this morning. The directors have prepared the following no tice for the papers: "In consequence of the ex citement and disappointment of getting coin. the dir ctors deem it for the best interests of all concerned not to open our doors for the present." Condition of the Defunct Bank-Excitement in Man Francisco. NEW YORK, Aug. 27.-A promi nent banker says the deposits of the Bank of California probably amount to between eight and ten millions of dollars. They usually held $2,000.000 in coin It is believed the amount of bills of exchange out in the name of the bank is about $1,500 000 or £300,000. Fisk & Hatch say the bank had no interest as investors in the Central Pacific railroad. The secretary of the company in this city confirms this statement, but says the railroad had an account with the bank and had made loans from it. Six p. m.-The great event in financial affairs today was the suspension of the Bank of California supplemented by the temporary closing of one or two other San Francisco banks as related in the despatches from that city. Toe effect here was slight as the condition of the Bank of California was pretty well understood, while the other banks will, it is known, be saved further trouble by a treasury transfer of upwards of $800,000 in gold from New York to San Francisco They are all sound and were rendered short of gold only by the fight between the wealthy bankers. Floyd & O' Brien, and others who own the Bank of N-vada and Bank of California. The latter some time ago made overtures to the Bank of Nevada to unite and form an immense concern. After consideration the proposition was declined. Then came a raid upon mining stocks, and particularly against Virginia consolidation, two of which mines is owned by Floyd & O'Brien, which led to a desperate battle. The Bank of California was obliged to spccumb, because it was loaded up with Ophir, Savage, Ca'dona and Virginia consolidated, which had been taken at the top of the market. Moreover the concern was enormously extended. The available coin in California was, it is said, cornered by the Bank or Nevada and the Bankers' and Brokers' Bank, and thus the Bank of California could not meet the demands when the depositors made a run upon it. Messrs. Laidlow & Co., the agents here of the Bank of California have not suspended aud are paying everything except the Bank of California obligations. The Effcet on Wall Street. NEW YORK, Aug. suspension of the Bank of California had a considerable effect on Wall street this morning. The panic was marked by a rise in gold from 1133-8 to 114 4 and a fall in stocks at the opening of 1-4 to 2 per cent., the latter being on Western Union. The share market. which has been more than usually active for the season, is now steady at a partial recoverv from the decline. It is now the general opinion that the California troubles will have no turther effect here. The agents of the Bank of California in this city reluse the payment of their drafts to-day The action of the treasury department in transferring gold to California is approved by business men Heavy Transfers From New York to San Francisco. WASHINGTON, D.C., Aug. 27.-Heavy transfers of gold are being made by the Treasury today, in support of the banks of San Francisco. Upon official notification received at the de partment, that the agents of the banks have deposited gold with the assistant treasurer at San Francisco, giving credits to banks making deposits through their repreventatives in New York, thus far over one million dollars have been transferred Condition of San Franeisco Banks. SAN FRANCISCO, Aug. 27 -The First National Gold Bank reports everything secure and the same may be said of the Bank of British Columbia and the Pacific and Commercial banks. Private banks report no excitement, and everything is going on as usual. Generally speaking, all of the city banks are considered sound. except the Bank of Colifornia, President Ralston this morning said teat there was bothing in ad dition to his statement of yesterday. President Ralston of the Bank of California Commits Suicide. About ten minutes past five o'clock a close carriage drove rapidly to the side of the Bank of California and a gentleman jumped out in a state of excitement and rao into the bank. In response to inquirins, the habkman said he had just left the body of Ralston in charge of an officer on the beach near the smelting works in the north part of the city, drowned-supp sed suicide. Later-Ralston rode to Selig's smelting works wharf and jumped off the dock. The great excitement in this city over the death of Mr Ralston, president of the Bank of California, oversbadows every other topic. It appears be went to a sea bathing establishment at North Beach at 325 p. m., undressed, went toto the water and swam about 200 yards and disap eared behind a vessel. Soon after his body was discovered floating by the Selby lead A works, and was brought ashore still alive. physician was unmoned, but all efforts to resusciate him failed and be died at 4.50 Col. Fry. bis father in law, Mayor Otis and a number of prominent citizens arrived before be expired. Col. Fry and Capt. Lees went to the batning house and obtained Ralston's clothes. in which were found a few dollars and his statement to the bauk, bnt nothing having any tendency to show that he committed sui cide. The body was conveyed to No. 1812 Jackson street, the residence of Col. Fry. A boy named Festus Mazzele states that be saw Ralston before he reached the bouse. Saw him sit on a clay bank near the smelting works. Saw him tear up several papers and throw the scraps into the water Search was made for the pieces, but they were not found It was also reported that he was seen todrink the contents of a phial be fore going into the water The general impression is that he took poison before entering the water.

6. August 28, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 28, 1875

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The failure of the Bank of California, was followed by the suspension of two other banks in San Francisco, the National Gold Bank and Trust Company and the Merchants' Exchange Bank, while there was a run on some other institutions, and it is represented that the exchanges were all closed yesterday, and business was in a state ofsuspension. This was followed yesterday evening by the suicide of Wm. C. Ralston, president of the Bank of California by his throwing himself from a wharf and being drowned. This financial collapse in Califoroia it is said follows as a sequence to the peculiarly wild gambling contests and ambitions of a few rival operators in San Francisco, the one party headed by representatives of the Bank of California and the other by representatives of other institutions, especially the Bank of Nevada.

7. August 28, 1875 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, August 28, 1875

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The confirmation at the Synagogue will take place this morning at ten o'clock, and all are invited. To christians and non-professors, especially, this will be an interesting ceremony and we hope to see the Synagogue crowded. Superintendent Lucky received the Quarterly Examination Papers yesterthe State was a formidable day from quite Superintendent. looking docu- the ment, and is to be opened only by Superintendent in the presence of another member of the Board of Education. Prof. Steen, after finishing up his business in this vicinity, which will take him several months, intends going to Philadelphia, where he will become a partner of Signor Blitz in the Concert Hall performance. He holds a circle to-morrow night in the parlor of the Lafayette Hotel. The Committee of Arrangementsfor the pic-nic of the German Benevolent at Washington Gardens have made Sunday, Society and arrangements 'busses on with wagons to take to the or two street car cents, passengers express hack Garden tickets, stand for each 12 way, starting from the on Main street. They also have taken in steps to have extra street cars run the evening and during the night. Mr. I Lankershim, of San Fernando Ranch, who is at the St. Charles Hotel, is a large stockholder in the suspended Merchants Exchange Bank of San Francisco. He informed us last night that the capital was $5,000,000, and stock had been worth $118 a share before the suspension, the par value being $100. Mr. Lankershim has every confidence in the resumption of the bank at an early day. The poor men were the easiest in mind yesterday in the midst of the financial excitement. A man who is in debt always takes a philosophic matter of banks utmost shattering view of this and with witnesses the the A crisis every the a devil satisfied nonchalance. then poor is great leveler with which his nowa lot makes and look with on are up a makes riches-when him they institution locked contempt like in defunct banking the Bank of California. Mr. I. Goldsmith, of the Identical, No. 38 Main street, is now selling out s gents' furnishing goods, preparatory to making his business exclusively tobacco and cigars. The old stock sold out in will be given to comers. must bargains be sixty all days that and Identical has now a stock all lovers comthe most famous The pleases prising of manufacture the brands weed, which of domestic and foreign are sold at a low figure. We heartily recommend smokers and chewers to give our friend Goldsmith, proprietor of the Identical, a call and test his stock to their satisfection. We find the following notice of our old friend, Judge DeLong, in the Spirit of Kansas, published at Lawrence, Kansas: "Judge James De Long, who was for several years the efficient Mayor of Independence, this State, but who has now made Los Angeles, California, his permanent home,called at our office to-day. We were pleased to see the Judge here, and extend to him a hearty welcome. The Judge is very much delighted with Southern California, and regards that portion of the State as destined to be one of the most delightful places in the world in which to live. In point of climate, agricultural and mineral resources, it has The in the of that and interest no superior. cheerfully section furnish Judge of parties the is here State, who immigrate formation may desire will to they degire with Judge all in has the regard our into the country. The thanks for a bottle of splendid California wine; also a llberal supply of the finest pears and plums that evercame from the Pacific coast. The Judge is stopping with Osbun Shannon, Esq., son of Gov. Shannon. We are sorry to lose Judge De Long as a citizen of our State, and our best wishes go with him in his new home. NEW PATENTS.-Through dispatches to Dewey & Co., Patent Agents, S. F.' we receive the following advance list of patents granted to Racific Coast inventors, viz: D. A. Manuel, Napa, plow: R. W. N. S. wheel- C. V. B. carriage: Cal., gang Reeder, Bell, L. San Ogden, F., Jose, marking S. Cal., F. A. Schrader, la' bed W. bottom: T. Cultivator; Lienthal Walla & Co., WalF., Trademark for whisky.

8. August 28, 1875 New-York Tribune New York, NY
Article from New-York Tribune, August 28, 1875

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The following were the treasure shipments from San Francisco for the week ending Aug. 18: $214,363 11 To New-York 296,747 To China, by steamer 2,070 To Ja] an $513,181 01 Total Intelligence telegraph from Washington is to the effect that the Bank of California held no Government bonds, and further, that the Government has about $3,250,000 coin in San Francisco, which is all that can be placed at the disposal of brokers for telegraphic remittance. A special dispatch from San Francisco to Kiernan & Co.'s News Agency, represents that the feeling is very panicky, and that there is a heavy run on the London and San Francisco Bank; also on the AngloCalifornia Bank, but both institutions, it is believed, will stand the pressure. The National Gold Bank and Trust Company and the Merchants' Exchange Bank closed this morning. The President of the Bank of California claims that the bank will pay all its liabilities, but will not resume business. There isarun on all the savings banks which are paying all deposits, but claim 30 days' notice on term of deposits. All business was paralyzed, and intense excitement prevailed. The Treasury Department has made telegraph transfers of $800,000 in gold coin from New-York to San Francisco to-day. The London market quotations are lower for Consols and United States securities, though advices otherwise were not important. The gold market was strong and higher, and closing at 1131₂ last night, opened at 114 to-day, and, after selling at 11378, advanced to 11414. In afternoon dealings the price declined to 1134. This advance is not entirely due to the California troubles, but bears a close relation to the decline in English securities and the apprehensions of a corner. On gold loans the rates were 7 and 6 per cent per annum, and 164 and ¹₃₂ per diem. The foreign exchange market was dull and nominal at quotations. The Assistant Treasurer paid out $770,000 in coin interest, chiefly September conpons, and $21,000 in called five-twenties. The import entries of foreign dry goods at the port of New-York for the week ending to-day amounted to $2,580,604 coin valuation. The amount thrown upon the market covered $2,527,546. The day's business at the Gold Exchange Bank covered: Gold cleared, $33,672,000 ; gold balances. $1,785,692; currency balances, $2,068,958. We annex the principal quotations of gold: 114112-30 114

9. August 28, 1875 Walla Walla Statesman Walla Walla, WA
Article from Walla Walla Statesman, August 28, 1875

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Suicide ! A dispatch received just as we are going to press, reads as follows : PORTLAND, August 27-P. M. W. C. Ralston, President of the Bank of California, committed suicide this afternoon. The Merchants' Exchange Bank, of San Francisco, has susponded.

10. August 30, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, August 30, 1875

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california. Merchants Exchange Bank and Na. tional Gold Bank and Trust Co. MILLI Closed-They will Shortly Resume-Faverable Outlook. SAN FRANCISCO, August 30-1 P. M.The Merchants Exchange Bank does not open this morning in accordance with the almost positive assurance of the Secretary given yesterday. It may possibly do so during the day. This will depend on the success of negotiations now pending. The officers are apparently somewhat less confident of resumption than yesterday, but say that any delay is merely temporary. The National Gold Bank and Trust Company is still closed. The officers are unable to say when they will resume, but say the outlook is favorable. Terms of Mr. Rainton's Deed to Mr. Mharon-Action of the Board of Supervisors-Cause of the Request for Mr. Ralaton's Resignation-Eumered Heavy Leases of Brokers-Funeral Services of Mr. Raiston-An Immenue Comcourse. The deed of Ralston to Sharon conveys all his property, real and personal, wherever found, in absolute ownership, with the right to dispose of the same on such terms and prices as he deems best, and to apply the same and proceeds thereof and of the property hereby conveyed to such purposes and uses as said William Sharon may, in his judgment, deem best for our joint and several interests. The Board of Supervisors yesterday met with closed doors. It transpires that a heated discussion arose and the policy of taking no action with regard to the resolutions in memory of Ralston was adopted, with only one dissenting vote. A majority of the Board signified their intention of attending the funeral in private capacities. Business will be to a great extent suspended during the funeral to-day. A prominent banker reports that the immediate cause of the demand by the Directors of the Bank of California for Ralston's resignation was, the discovery by the Directors during their investigation of a lot of bills receivable from irresponsible parties, aggregating in the neighborhoad of a million dollars, with no collaterals. It is also reported that it was the intention of the Directors to have subsequently called Ralston into their counsels to avail themselves of his intimate knowledge of the business of the bank. Rumors are afloat this morning of attachments issued against the Bank of California, but reference to the records shows nothingof the kind as yet. It is reported that some heavy stock brokers and others, who have borrowed large sums-in one case amounting to $500,000-for the benefit of the Bank of California, securing their own bills payable with stock of the bank, are likely to become heavily involved. The stock of the bank cannot be given away at present. Collection day thus far is progressing with a mutual faeling of accommodation among business men. It is difficult to ascertain how matters stand before evening. The funeral services of Ralston are now being held at Calvary Presbyterian Church, corner of Geary and Powell streets. The obituary services are conducted by Rev. John Hemphill. The National Guards is largely represented, as also many civic and benevolent nasociations; officers and employees of various manufacturing enterprises; corporative, educational and business bodies, and an immense concourse of citizens. The flags of the city are at halfmast, and many business houses are closed. Selaure of a Distillery-$300,000 More Gold Received from New York. SAN FRANCISCO, August 30-3 M.There is a flutter among distillers and revenue agents here, in consequence of the presence of Special Revenue Agent Clark, who is examining into affairs on this coast. On Saturday evening the Deputy Revenue Collector at Antioch, Contra Costa county, seized Jost's distillery and twenty-six thousand gallons of spirits, valued at $50,000, on a charge of illicit manufacture of whisky. Half a million dollars were transferred by the Treasury to-day to banks, in addition to the amounts previously reported, but it is not stated to what banks it has gone.

11. August 30, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, August 30, 1875

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Not Credited. SAN FRANCISCO, August 29.-The Er. aminer said last evening editorially : "We do not believe the recent assaults of the Bulletin and the Call on Mr. Ralston, and that his contemplated schemes caused the suspension of the Bank of California. That concern was wrongly conducted, and reached the conclusion which inevitably befalls mismanaged institutions of like character, but if the journals named are justly chargeable with the suspension of the bank they deserve credit. The rottenness of the condition could not be exposed too soon. While we sympathize with the losers by its failure, il any shall finally be so, it is better for the public that the crash should come before hundreds of others of our fellow citizens become involved in ruin. QUIET RESTORED. The city to-day has resumed its wonted quietness, the excitement of the last few days has died out, and a general feeling of confidence seems to have followed in banking circles, and no further concern is apparently felt. The Secretary of the Merchant's Exchange Bank in an interview to-day, states that the bank will resume on Monday without doubt. The transfers from the United States Treasury and coin collector for local sources, have placed the institution in n condition to go on as usual, and no run is anticipated in the usual course of business. The National Gold Bank and Trust Company report favorable progress, but will not open for several days yet. To-morrow is collection day, but it is confidently believed that it will pass without suspensions. A large proportion of the merchants are in a condition to satisfy all demands on presentation, and a general disposition is evinced to render an extension to those now in the city. The churches to-day were unusually well attended, and memorial services were delivered in many of them on the death of Mr. Ralston. The general tenor of the discourses was eulogistic of the popular, able and generous character of the deceased, without discrimination as to the errors of his course. The funeral to-morrow will undoubtedly be most imposing. A goodly number of civic and military societies, with other public and corporative bodies, have signified their intention of attending the obsequies, and a large concourse of citizens will unite in paying the last honors to the dead.

12. August 31, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 31, 1875

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NEWS OF THE DAY. "To show the very age and body of the Times." Since the failure of the Bank of California $1,401.000 in gold has been transferred from New York to nine or ten San Francisco banks by means of deposits with the Assistant Treasurer at New York, but the United States Treasury declines to make any further transfers at present, notwithstanding that several applications to that effect have been received from New York. A Georgia grand jury, yesterday, commenced the investigation of the recent Georgia "insurrection." The jury was charged by Judge Herschel V. Johnson to make a fair and im partial investigation, to ignore the fact that the accused had been slaves, and to deal with them as it they were whites. The case of Westervelt, accused of connection with the Charley Ross abduction, was commenced, yesterday, at Philadelphia. The prisoner's wife, also indicted for similar complicity, but who had cluded arrest, presented herself in court and demanded to be tried with her hus. band. The Comptroller of the Treasury has in structed N. B. Longford, National Bank Examiner for the Pacific Coast, to proceed to San Francisco to make an examination of the affairs of the National Gold Bank and trust Company. The pacing race at Boston, yesterday, for $5,000 and the championship of the United States, was won by "Sleepy George,' "Sallie" second, "Copper Buttom, third. Time, 2.271, 2.26, 2.21, 2.27}. "Sallie" took the first heat. The destruction of $509,400 in legal-tender notes has been ordered by the Secretary of the Treasury, being eighty per cent. of the national bank notes issued during the month. The amount of legal tenders outstanding is $374,245,708. A person named C. S. Smith, who has been collecting money at New Alexandria, Pa., ostensibly for the aid of the suffering people of Kansas, is denounced as a fraud by the Governor of that State. James Dunn, Catholic, and Bobert Coulter, Protestant. had a religious discussion Sunday in Columbus, O., resulting in Coulter shooting Dunn in the side and then escaping. The wound will probably prove fatal. A large fruit-drying establishment was burned at Milford, Delaware, yesterday. The loss sustained by the owners in the destruction of the building and the fruit which it contained is estimated at $20,000. At Hopkinton, Mass., yesterday, a fifteen year old boy accidentally killed two of his sisters, wounded a third, likewise himself, by a single discharged of a gun. He intended to kill a cat. The Atlanta Mills at Lawrence, Mass., resumed work yesterday morning after being idle seven weeks. The mills gave employment to one thousand hands. The telegraph reports a better feeling in financial circles in San Francisco, yesterday. The Merchants' Exchange Bank and the National Gold Bank did not open their doors. The publishing house of Lee & Shepard, of Boston, and Lee. Shepard & Dillingham, of New York, have suspended. The liabilities are estimated at half a million. Jost's distillery at Antioch, Cal., containing 26,000 gallons of spirits, valued at $50,000, was seized last Saturday by internal revenue officers on a charge of illicit whisky manufacture. A gun-cotton and chemicals manufactory at Jersey City exploded yesterday, destroying the building. The disaster is believed to have been the result of spontaneous combustion. Hon. Geo. B. Schall, a prominent lawyer of Allentown, Pa., committed suicide yesterday by shooting himself through the head. No cause is assigned for the act. The excitement over the failure of Messrs. Stirling & Ahrens has measurable subsided, and yesterday was comparatively & quiet day in Baltimore business circles. The Maryland, Chesapeake and Merchants' Refineries in Baltimore are "running out" odds and ends of stock, and will probably close in a few days. Two new cases of yellow feuer were reported from Fort Pickens on Saturday and one on Sunday. Pensacola is declared free from yellow fever and perfectly healthy.

13. September 1, 1875 The New Orleans Bulletin New Orleans, LA
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THE SITUATION IN SAN FRANCISCO. SAN FRANCISCO, Aug. 31.-The financial situation developes no new features. This morning the National Gold Bank and Trust Company and and Merchants' Exchange Bank remained closed. The election to-morrow begins to engross public attention, which is heightened by contradictory reports, believed to have political significance, as to the condition of the Bank of California and the prospects of its resuming. SAN FRANCISCO, Aug. 31.-It is stated that there is a reasonable probability of the Bank of California resuming. SAN FRANCISCO, Aug. 31.-In connection with recent rumors concerning the affairs of the Bank of California respecting the over issue of stock, disappearance of securities and other fraudulent proceedings, this much is known positively: That from three to three and a half millions of the assetsof the bank have been very recently abstracted without the knowledge of the directors. How this has been done is not known at present. The directors are still busy examining the state of affairs, but it is not known when the report will be ready. A report has prevailed during the afternoon, which may have gone East, that Burling Bros., one of the most prominent firms of stock brokers, have failed for $2,000,000. Inquiry fails to confirm the report. It is true that the firm is affected to an amount above a half million by the suspension of the Bank of California, but it is believed that they are able to stand it. It is stated on good authority that Mr. Sharon will back them up, if any aid is nee led. SAN FRANCISCO, Aug. 31.-As indicative of the

14. September 2, 1875 The Wheeling Daily Register Wheeling, WV
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Merchants Exchange Bank. SAN FRANCISCO, September 1.-The Merchant's Exchange Bank will open to-morrow morning. The President states positively that a sufficient amount has been collected in the regular way of business to enable the bank to meet all demands. A notification of resumption will appear in the evening papers. There is nothing new in financial affairs. The Directors of the Bank of California will not resume their session till to-morrow morning. The feeling in bank and commercial circles is quiet Business IS mainly suspended on account of the election.

15. September 2, 1875 Eureka Daily Sentinel Eureka, NV
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WILL OPEN.-It is announced from San Francisco that the Merchants' Exchange Bank will this morning throw open its doors for the transaction of general business. Since the panic it has been honoring the drafts of all of its correspondents in the interior, but was a little short of coin for home purposes. An ample supply having now been obtained the business goes on as usual. In fact, we are informed that money in San Francisco is becoming quite easy with the restoration of confidence.

16. September 2, 1875 Gold Hill Daily News Gold Hill, NV
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LATE TELEURAMS. European Demand for Musted States Bonds, NEW YORK, Sept 1.-Tha Evening Post says such is the demand for United States bonds in Europe that the Rothschild-Morgan-Seligman Syndicate, having charge of the sales of the new funding loan of 5 per cents., have been able to request the Secretary to call in anothor $5,000,000 of five-twenties, six per cents. The call will be issued this mlternoon, and will be limited to fivetwenties of 1864. The Central Trust Company opened for business this morning, with offices at the corner of Pine and Nassau streets. This Company organized with a capital of $1,000,000. The promoters and officers of the Company are among the best known merchants of New York. The President is Henry A. Spaulding. Murder is the Collieries. POTTSVILLE, Pa., Sept. 1.-There was much excitement at Shenandoah this afternoon, occasioned by the shooting of Thomas Sanger at Lehigh colliery. Sanger was inside boss for J. M. Heaton & Co., at Raven Run mines. He was shot by five men-all ing six bullets, and expired immediately. Another man, unknown, was also shot. The cause of the assassination is said to be that the miners became dissatisfied with Sanger n year ago and refused to work under him. They resumed labor, however, but since he has received coffins and notices to leave, or he would be killed. A later telegram says two more men have been shot. Tragic End or Clambuke. NEW York, Sept. 1.-The pilots of Hellgate and Long Island Sound gave a y clambake at City Island yesterday to Congressmen and other distinguished persons residing for the Summer on the Sound. Among the company were Signor Vianni, said to be in the suite of Count Carte, the Italian Minister. Atter the clambake the company enjoyed y themselves by making speeches and singing songs. Dr. Doremus announced that Signor Vianni would give a recitation in imitation of Ristori. Vianni took his position in the center of the group, his voice clear and well controlled, and his gesticulations highly dramatic. His limbs seemed to quiver with passion, ty while the expression of his face was startling. He finished with the expression, in Italian, "God, who judges all, E will judge this! He theu took a pishe tol from the pocket of his coat, and, E placing it to his temple, fired. He fell a partly on his face, perfectly motionless. of Applause commenced, when Doremus rushed forward, exclaiming: "He is killed! Many at first thought it part he of the entertainment. but on lifting his y body the horrible truth became manifest. Vianni lived for half an hour, but never spoke. No cause was ascertained ht for the terrible act. The Merchants" Exchange to Open n To-day. d SAN FRANCISCO, Sept. 1.-The Merat chants' Exchange Bank will open tomorrow morning. The President states personally that a sufficient amount of coin has been collected in the regular way of business to enable the bank to ae meet all demands. Notification of resumption will appear in the morning papers. There seems to be A loosening n in the money market, with returning d

17. September 2, 1875 Daily Kennebec Journal Augusta, ME
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The Chronicle this morning publishes a positive statement that the Bank of California has reliable assets to the amount of fourteen million, and nominal assets to the amount of twenty million; indebtedness, $13,000,000; coin in the vaults, $850,000: that a guarantee fund of $5,000,000 to $10,000,000 is nearly all pledged, and that a resumption is assured immediately. Nothing authentic has been learned concerning the resumption of business by the bank of California. During the afternoon and evening yesterday, many reports were heard, that the bank will start in a few days, that seven or eight millions have been subscribed for that purpose, and that the whole matter has been decided; but all such statements must be received with due caution, as they can only be traced to street talk. Messrs Flood & O'Brien have employed an extra force on the Nevada bank building and hurrying it to completion. The rumor that the stomach of Mr. Ralston showed evidence of poison is pronounced unfounded by the coroner. There is nothing new in financial affairs. The directors of the Bank of California will not resume their session till to-morrow. The feeling in bank and commercial circles is quiet. The business was mainly suspended on account of the election. The Merchants' Exchange Bank will open to-morrow morning. The President states personally that a sufficient amount of coin has been collected in the regular way of business to enable the bank to meet all its demands. There seems to be a loosening in the money market, with returning confidence. # The Election. Owing to the number of tickets and the mode of conducting the election, the result cannot even be guessed at present.

18. September 3, 1875 The Sun New York, NY
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THE TROUBLE ENDED San Francisco Banks Preparing to ResumeReturn of Confidence. SAN FRANCISCO, Sept. 2.-The feeling on the street this morning is cheerful and even buoyant. The Merchants' Exchange Bank opened its doors at the usual hour to-day. The National Gold Bank and Trust Company report an improvement in their outlook for resumption, and the officers are evidently in good spirits. The Board of Brokers have a meeting this morning at which some action is expected look. ing toward the reopening of the board: though it is thought that some settlement of the affairs of the Bank of California will be a necessary precursor to the opening of the stock boards. The report of a called meeting of the stockholders of the Bank of California proves to have been unfounded. The directors and friends of the bank are still at work trying to arrange mat. ters. and there 18 a strong feeling among well informed fin neiers that arrangements will be made to secure the depositors against any loss, whether resumption takes place or not. On the whole. affairs seem to be looking up, and the best of feeling prevails in monetary and commercial circles. Mr. D. O. Mills authorizes the statement that capitalists interested in the Bank of California will obtain transfers of stock from the stock. holders, relieving them from liability, and guaranteeing them against loss, and will subscribe the funds necessary to place the bank in a condition to pay all demands and put it on a sound basis. Should any surplus arise in the settlement. it will be credited pro rata to the stockholders. This arrangement will go into effect in a few days. The authoritative assurance of the speedy reopening of the Bank of California has had an excellent effect on business propects. The Executive Committee of the Board of Brokers today appointed a business meeting of the Board for to-morrow to consult on the resumption of business. A feeling of great confidence prevails. It is believed that the Stock Board will reopen next week. All the clerks in the Bank of California were discharged yesterday. There are signs that money will soon be easier. In addition to the disbursements by the United States Treasury, the United States Branch Mint in this city will be ready to issue about $2,000,000 in coin in a few days. The prospect is brightening and the feeling buoyant. WASHINGTON. Sept. 2.-The Treasurer of the United States will to-day transfer $200,000 from New York to San Francisco, on the appl cation of the National Gold Bank of San Francisco. SAN FRANCISCO. Sept. 2.-The latest report in regard to the Bank of California is that an effort is being made by the leading stockholders of the suspended bank to establish a new institution under a syndicate to take possession of the assets and compromise the obligations of the old bank.

19. September 3, 1875 The Portland Daily Press Portland, ME
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From the Maine State Press of Sept. 2, 1875. History of Seven Days. The News for the week ending Wednesday Night, Sept. I. THE NATONAL CAPIT The Attorney General having ven an ad. verse decision on the points presented to him in the Chorpenning case, that persistent claimant has gone to the court of claims for relief on mail contracts amounting to $463,000. The European and North American Railway will get a lift by the payment of the Maine and Massachusetts claim of $678,000, which was made September. The Secretary of the Treasury declines to reverse the recent order relating to ex portation at Portland. There was an unprecedented rain-fall in Washington Sunday, flooding houses and causing a great destruction of property. The Secretary of the Treasury has directed the destruction of $509, of legal tenders,being 80 per cent of the national bank notes issued in August. The Secretary of the Treasury has decided that hewn pine timber, commercially known as square or side, is subject to duty at the rate of cent per cubic foot and not 20 per cent advalorem as heretofore held be the department. J. M. Thatcher Commissioner of Patents has resigned. Ex-Congressman Duell will be appointed to fill the vacancy. Nearly a year ago the jury in the safe bur_ glary case of Harrington and others failed to agree. There will be another trial, important evidence having been discovered during the last three weeks. BUSINESS FAILURES. The failure of three important business houses are noted this week Bank of California, Stirling, Abrens & Co., sugar importers of Baltimore, and the publishing heuse of Lee & Shepard of Boston and the branch house of Lee, Shepard & Dillingham in New York. The Bank of California was bank of deposit simply, not of issue, and was started in 1865 by William C. Ralston, with capital of 000, 000, which was subsequently increased to $5,000.000. It was unusually prosperous, and its President, Mr. Ralston, had made himself one of the wealthiest men in California. His industry was untiring and his bank became intimately connected with many of the industries of the state. With Senator Sharon he undertook to build the Palace Hotel in San Francisco, which will cost $5,000,000 and be the most splendid hotel on the continent. A short time before the failure of his bank he transferred his interest in the hotel to Mr. Sharon, 80 that the latter is now sole owner. The failure of his bank is attributed to various causes, of which bad luck in mining specula tion, and the antagonism of a rival concern, the Bank of Nevada, are the principal ones The liabilities of the institution are estimated at $14,000,000, while the assets will reach $7,000,000. The depositors will probably recieve about 80 per cent. of their deposits, but the stockholders will meet with a heavy loss. The effect of the disaster was felt allover the United States but on the Pacific coast the excitement was intense. A run was commenced on the National Gold Bank and the Merchants Exchange Bank of San Francisco, both of which were compelled to temporarily close their doors, though they are perfectly solvent. Later in the day the excitement was increased by the announcement that President Ralston had committed suicide. He was walking on the sea shore when he suddenly fell back dead, and the inference was that he had taken his own life. Subsequently, however, it was shown that his death was from apoplexy. Later reports from San Francisco show better feeling and a partial restoration of confidence The effect of the failure will probably not be so bad as was at first anticipated, and when the wreck is cleared away and the present excitement subsides the state of California will sail along as prosperously as ever. The failure of the Baltimore sugar importing firm is also a notable one. The concern was the largest house of its kind in the country. its annual business footing up $40,000,000. The liabilities of the firm are estimated at $2,000,000, while its assets, if judiciously managed, may pay the entire indebtedness. De pression in business is assigned as its cause. The failure of Lee & Shepard took the general public by surprise though those intimate with the affairs of the concern were prepared for it. The firm lost very heavily by the great fire in Boston and subsequently by the Sudbury street fire, and have experienced long term of business depression. Their liabilities are estimated at $650,000, while their assets are not known, though it is expected that they will pay 50 cents on a dollar. Lee, Shepard & Dillingham's liabilities are $150,000, and with proper management it is thought they can pay their debts in full. The mercantile agency of Dunn, Barstow & Co., in the preface to the new September book, refers to the business prospect as follows: "Whether the expectations which have been entertained of an improved condition of trade for the present year are to be realized or not, the next 90 days will determine. With the exception of a few important localities the agricultural productions have been unusually large and the favorable prices that prevail for several leading products ought to stimulate an early realization. The mo vement of crops is the old fashioned and legitimate manner by which to get money into circulation and thus increasing the purchasing and debt paying power of the people, especially in agricu tural localities, This will be a vital step towards improvement in trade. and a few weeks will determine whether this will be the effect of an immense increase in the wealth of a vast producing class. There exists now a very uncertain and feverish condition of things. Later.-It is officially announced that the bank of California will pay all liabilities and resume business. A guarantee fund of $5,000,000 has been subscribed by D. E. Mills. James R. Keyne, Michael Rosse, Wm. Sharon and others. HOME MATTERS. Politics are getting lively in this state, and everything promises the usual Republican success. A few weeks since the Democracy was quite hopeful, but in most localities the leaders appear to have retired from the field. The contest on their part has been of quiet char acter. The Republicans began public speaking in this city last week, and since that;time very large and enthusiastic meetings have been held in Bangor, Augusta, Lewiston, Bath and many other places. The great clambake at Old Orchard occurs (to-day) Thursday. Last week was most favorable one fo eamp meetings, which were in progress a Fryeburg, Northport, Poland and at several other points. Unusual interest is reported. Crop reports in Maine are generally favorble. In some localities potatoes are rusting and wheat was hurt by rust week before last, but not generally. The probability is that Maine will harvest its largest grain crop for many years. CRIMES AND CASUALTIES. Henry McLaughlin, a N. Y. ring politician, wasstabbed Wednesday nightand will probably die. He and his companions were drunk as well as those with whom he had the fight. Jaffrey and others, who were arrested, state that McLaughlin made the first attack on them, and they acted seif defence. One of

20. September 4, 1875 Arizona Citizen Tucson, Florence, AZ
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1crowd on California street was much less than at the opening of business this morning. The run on the London and San Francisco bank ceased with a large surplus remaining in the vaults. Slight run on the Anglo California at the opening, but it soon subsided. The First National Gold Bank reports every thing quiet; the same may be said of the Bank of British Columbia and Pacific and Commercial Banks. Private banks all report no excitement and every thing is going on as usual. Generally all city banks considered sound, except the Bank of California. Ralston this morning says nothing in addition to his statements of yesterday. Many reasons are current as to the condition of Bank of California. One statement appeared from good authority, that the bank will pay depositors in full and sixty cents to stockholders; on the other hand, prominent stockholders state the most the bank can do, will be to satisfy depositors and scarcely that. There has been a little run on the Hibernian Savings Bank, but the demands were promptly met there by loans. Generally speaking, confidence seems to be returning and the panic is believed to be almost over. But little uneasiness is felt as to the affairs with the National Gold Bank and Trust Company, or Merchants Exchange Bank: the former reports a probability of some running, but it has abundance of available assets. The president this a. m. stated they paid out a million yesterday, with a small supply left. The Merchants Exchange is believed to be sound, and its suspension is only temporary. LATER.--Great excitement has been caused by the rumor on the street that W. C. Ralston, president Bank California, committed suicide by drowning himself in the bay. LATER, 6 p. m.-Without doubt the rumor that W. C. Ralston drowned himself in the bay opposite Selby's smelting works is correct. Selby's son brings the news and says he helped to take the body out of the water. There is a most profound sensation throughout the city. STILL LATER, 6:30 p. m.-Ralston's body is at Col. Fry's house. The people are almost wild with excitement. Gen. Coey of the National Guard is prepared to quiet any disturbance that may arise. LATER STILL, 8 p. T-The facts concerning the suicide of the great banker as far as can be ascertained, are these: Ralston went over to North Beach and went in bathing in the bay was seen throw away a paper after going to the water. Boatmen afterwards saw him floating and took him out. They worked upon the body and tried to restore life, but it was no use, he was dead. The story is that he took poison and deliberately went into the water and drowned himself. A few are inclined to believe that it is a case of accidental death. The coroner will hold an inquest to-morrow. It is impossible to convey an idea of the effect this intelligence has upon the peoplenothing like it has been witnessed for years. The National Bank and Trust Company, this morning, announced a temporary suspension on account of scareity of coin, but will give good securities to any depositor who wishes them. At 1:30 p. m. depositors commenced a lively run on the Anglo-California Bank, the London and San Francisco Bank, the Merchants Exchange Bank and the First National Bank. Savings banks require the legal notice before paying anything. LATER.-The Merchants Exchange Bank has closed. The Chamber of Commerce held a meeting this with a large attendance. It was decided that it would probably be more injurious than beneficial to take any ac. tion looking towards the postponement of ordinary settlement of accounts and notes maturing next collection dayMonday. The course of the different banks has caused good feeling. Several closed

21. September 4, 1875 New Orleans Republican New Orleans, LA
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SCELLANEOUS A Judge in Trouble. QUINCY, III.. September 3.-Ex-Judge Mitchell. who testified in the Methodist Church regarding the church scandal. was assailed by the lady's friends: The judge received three wounds and inflicted several. A bystander was shot in the leg. Abortionists in Jail. TORONTO, September 3.-Dr. Davis and wife are in jail for causing the death of Miss Gilmour by abortion, and also committed for procuring an abortion on Miss Laing, of Hamilton, and causing her death. Lord Dufferin. OTTAWA, September 3.-Lord Dufferin will sail for Canada October 8. The Negro "Insurrectionist" Acquitted in Judge Herschel v. Johnson's Court. AUGUSTA. September 3.-The jury in the Cordy Harris case returned a verdict of not guilty, and the prisoner was discharged from custody to-dav. The other insurrectionary cases have been continued to the regular term of the court. The prisoners arrested in Johnson county will be tried at a special term on Monday next. Judge Johnson's course is highly commended. The State is represented by Attorney General Hammond and Salem Butcher, and de fendants by ex-Attorney General Akerman. The Harriscas is regarded as a test case. In Washington county theitrial has allayed the ill feeling. There is no danger of the discharged parties being molested. All quiet at Sandersville. It is thought the State will fail to develop evidence sufficient to convict the prisoners in jail in Wrightsville, Johnson county. Judge Johnson will not sentence unless the evidence clearly establishes the guilt of the prisoners. A Bridge Across the Missouri Celebrated by a Railread Accident. ATCHISON, Kansae. September 3.-There was a great celebration over the completion the of the bridge over the Missouri. It is largest known in this section of the country. A train coming to the celebration ran off the track, and two persons were killed. Railroad Track Washed Away. OMAHA, September 3.-Rain washed away the Chicago and Northwestern railroad track near Jefferson, Iowa. A Lawyer Dend. BALTIMORE, September 3.-Walter Whit ney, a prominent criminal lawyer, is dead. The Teller Who Robbed his Bank. LOUISVILLE, September 3.-Louis Rehm, the teller of the Planters' National Bank, who confessed having himself committed the robbery, was arraigned at the city court and held in $50,000 bail. The Riot Over Guibord's Grave. MONTREAL, Canada, September 3.-After the departure of Guibord's remains from the Catholic Cemetery gates yesterday the mob remained in force on the ground until the arrival of the mayor and fifty police, when they abandoned the gates and dispersed. Before this they had filled up the empty grave and torn down the cross over it The Prince of Wales' regiment is held in readiness for any outbreak. The mob numbers several hundred, and are well armed at the cemetery today. It is not known when the funeral will be attempted again. The priests deny that they instigated the riot. The feeling runs very high between Catholics and Protestants. The Orangemen talk of turning out at the funeral. Improved Feeling in San Francisco. SAN FRANCISCO, September 3.-The open ing of the Merchants' Exchange Bank, and the prospect of the immediate resumption of the Bank of California, inspired an improved feeling in business circles. With the exception of the closing. of the stock boards business has practically settled to the usual routine. The financial outlook improves every day. General business has resumed its usual channels, and a much better feeling prevails. The large amount recently thrown upon the market from the treasury and mint, to which will probably be added $200,000 to-morrow by transfer from the treasury to the National Gold Bank and Trust Company, tend to make money much easier. The affairs of the Bank of California are progressing favorably. In an interview with a prominent gentleman of the directory this evening, assurances were given that the best prospects existed for a speedy reopening. A guarantee capital to the amount of several millions has been already subscribed and more is promised. Creditors exhibit disposition to grant a reasonable extension on their demands, and stockholders, without exception 80 far as seen, express their willingness to enter into the proposed arrangements. Further examination into the state of assets warrauts the assertion that their condition is better than at first supposed. The San Francisco Stock Exchange held a meeting, at which $250,000 was subll scribed to the guarantee fund of the bank h and subscriptions were made by individual The g members, amounting to $100,000. board will not probably resume itsressions until the banks begin payment, and in the meantime will discourage any business on 8 the streets. Private transactions were d made, however, to-day at the following figures: Consolidated Virginia 240; Calitornia 52; Ophir 43; Crown Point 26; Gould it to & Curry 16; Yellow Jacket 55; Belcher and Mexican 27. The National Gold Bank and Trust Com

22. September 4, 1875 Gold Hill Daily News Gold Hill, NV
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Financial. We clip the following from the San Francisco Alta of yesterday: The feeling at the Bank of California continues to improve. The assets, under the inspection of those familiar with them, warrant the conviction that the ultimate loss of the bank under the management of proper persons will be comparatively little. The first trepidation caused by the suspension having passed cooler deliberations the fears excited by an unexpected event subside, and the impression obtrudes itself that the late Mr. Ralston would after all have been the most efficient pilot out of the difficulties into which a sudden coin famine precipitated the institution. The offers of new capital exceeded all expectation, and some $15,000,000 is mentioned as what might be obtained. Of course the old or deferred stock looks up. It requires ten days' notice by the bank rule for a meeting of stockholders, and fully that time will be required to meet arrangements. Alvinza Hayward, Esq., appeared on the street with, apparently, all his old vim and activity. As a matter of course, the Merchant's Exchange Bank opened its doors to business, and, having paid out about $20,000, the demand stopped and the coin showed signs of coming back. Confidence there is completely restored. The National Trust Bank will, possibly, require a week, inasmuch as coin must come from New York by rail to re-open, but the institution is very strong. A circumstance arises here, however, which has never before presented itself in this State, but to which we leng since called attention as a possible contingency of the bank note system. It is the refusal to take the notes on account of their instant inconvertibility into coin. This illustrates the distinction between a perfectly good note payable, on presentation, in coin, and the same not payable on presentation. Let us see. The Comptroller of the United States holdsin his possession, belonging to the First National Trust, $1,000, 100 United States five per cent. gold bonds. These are worth to-day. in New York, $1,200,000 currency, or $1, 056,000 gold, which they would realize in half an hour in Wall street. These are security for $800,000, circulating notes of the Bank, outstanding. There can, therefore, be no better security than these notes. They do not bear interest but are, however, payable in coin. No matter how good the ultimate security, the moment that condition of payment fails the notes cease to circulate. They may fall to a discount, governed by the interest on the time which must elapse before the notes are paid. Although, up to this moment, brokers will not take them at a discount, many still receive them on deposit from customers only. The general holder may nell i them and the buyer will look for n profit over the interest. Of these notes about $750,000 are in actual circulation, and would become paralyzed as money if the bank was not about to resume. As it is there will be no delay, and the notes will be paid, probably in a week. If this system has been generally adopted, as was talked of sometime since, the gold of the State would have been sent away to buy bonds, leaving all the money of the State in paper dollars, which would have stopped under the recent drain of gold to New York, and we should have been struggling with an inconvertible and depreciated paper currencv.

23. September 4, 1875 The Sun New York, NY
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THE PANIC ENDED. A Prospect of the Immediate Resumption of the Bank of California. SAN FRANCISCO, Sept. 3-9:20 A. M.-The opening of the Merchants' Exchange Bank and the prospect of the immediate resumption of the Bank of California caused the best possible feeling in business circles, and with the exception of the closing of the Stock Board business has practically settled down to its usual routine. This morning the Board of Brokers will hold a meeting, and it is possible may conclude to resume business by Monday, though more cautious members advise waiting until the resumption of the Bank of California. The time is not yet fixed for opening the bank. as much work remains to be done in the examination of accounts. Mr. Ralston's successor has not yet been decided upon. At present D. O. Mills is at the head of affairs. The amount of new capital subscribed to date is $4,800,000. The bank affairs will be taken in charge and business managed as before the failure until all the assets are collected and all debts paid, and the engagements and obligations of the bank will be regulated quietly and prudently, so as to restore confidence among merchante and relieve the city of any anticipation of injury in any respect. The stockholders are expected. in their own interest, and in that of the city, to give the syndicate a controlling interest in the stock, and when the bank is free from its obligations, and its assets have been realized, any benefit accruing will be distributed among the stockholders pro rata. Assurance is given on indisputable authority that the business of the bank will be closed up, as it affects all creditors and stockholders, in a most advantageous way. Time will be given to debtors who are unable to meet their bills. but an effort will be made to collect the assets as soon as circumstances permit. As fast as cash is available the indebtedness of the bank will be paid off. When the affairs of the bank have been cleared up the syndicate will take into consideration the advisability of continuing the old organization or starting a new one, or some other course will be taken.

24. September 9, 1875 The Pulaski Citizen Pulaski, TN
Article from The Pulaski Citizen, September 9, 1875

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One of the suspended San Francisco banks, the Merchant's Exchange Bank, reopened Wednesday, This in itself is a hopeful sign of returning confidence after the financial crash. It is yet undecided whether the Bank of California will reopen its doors, but the indi eations point that way.

25. September 16, 1875 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, September 16, 1875

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THE National Gold Bank and Trust Co., and the Merchants' Exchange Bank of San Francisco suspended when the Bank of California went under, and are not yet open. It is doubtful whether they will resume business.-Repository And yet Grant and the radical leaders say "specie payments, if it busts us."