Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1875-09-03
Bank Rsss.stloa.

10" -
Iron the Sac Fnnsises Chronicle, Sept. ~
II thsrs has been ~ doubt about the
resumption Of businsss BY the Bank OF
California, q was settled yesterday BY
The Beard q Dirsctors. Il 10 nov an
irrsvoeabls fse4 that the bank viii again
b put in working order. q. the neces-
sary legal documents 10 enable II 70 90
90 we're executed yesterday. when ~.
200, 900 was converted from verbal
promises 70 legal liabilities undsr sign
and seal. The new money 70 b put
into the institution viii exceed Ave mii-
lions Of dollars, thus giving 70 the bank
strength and character beyond that en-
joysd under IL former ehartsr. and M.
b. o. Mills win probably remain It,
permanent President. The difaculty OF
obtaining q SUFFICIENT supply Of ready
coin Is now the only hindrance. and
that will soon be fully provided for Md
the bank enabled TO throw, open III
door In q few days. The United State.
Sub-Trsasury has already aided our gold
market 10 the extent Of TIVE millions Of
dollan, and the Mint will contribute
two millions more from Its bullion
fund. The two Boards OF Brokers
vii. resume operations at the
same time with the bank. and
will probably allow themselves
one day to untangls their checks.
The Merchsnts' Exchange Bank will
open at once, and the Gold Bank and
Trust Company will resume - soon a.
they can get coin. The effect Of this
good news viii. We believe, BE- written
upon the oountsnances Of our bssinsss
men a. they move through California
street this day. The crisis Ii passed. all
danger Of commercial failures has ended.
aud there remains only ono thing for
the commercial community TO do 10
complete the restoration Of the former
credit Of IAN Francisco and her CIT
liens. For q few days business men
must be indulgent. The market Is san.
sitiys, and the Bank OF California will
not BE- In q condition 10 do more than
pay its dspositors for the present; the
line OF accommodations will b neoss.
sarily restricted for q short timo by all
the banks, for ordinary caution will
prompt them to hold strong reserves OF
coin until confidence Is wholly restored
and the memory Of tho black week fully
forgotten.
lFrsm the Ala, Sept. ~
There II mach progress made In the
AFFAIR." Of the Bank OF California and the
prospect continues TO improve. Il Ia
asceftained that the assets being $20.-
600, 900 and the liabilities SIS. 600. 900,
after going carefully over the whole as
sets, and throwing out oil that Is even
doubtful, thus reducing the whole 10 the
'.hard pan," there Will be q large sum
in excess Of all the liabilities. The ar.
nngemsnt for resuming has been con.
cluded upon. The details and position
Of the old stock have not yet. as far a.
We learn, bosn determined. whether the
old stock will be subjected 10 compost
ton or have contingent interest In fu.
turs business n not settled. There have
been some stockholders who offer TO can
eel their stock u the resumption takes
place as proposed. The probability IL
that the old stock will remain deferred
and have an interest In what may be re-
allied from existing assets over the La
bilitiss. This 10 q result far beyond their
expectations In the first moment OF panic.
The fact Of resumption has boon re-
ceived BY the public with the highest
satisfaction. because IL shows that tho
assets after thorough investigation prove
to BE- In the main sound and that the
element OF time is only necessary TO 70.
store vitality. The larger dspositors
will probably turn their Claims into time
instead Of demand obligations on part
Of the bank. while the small liabilities
will be paid As we'll as all commercial
accounts. The best feeling prevails
among the public. and some debtors Of
the bank, without being called upon.
have voluntarily come forward and paid
up the coin. The fact IL generally REQ
ognizsd that the best interests OF the
city and Of all business men In IL are
concerned In the maintenance OF the
institution. which for years has been the
financial representative Of the Coast.
IT. sudden failure has attracted the at.
tention Of the financial world, aud u
within Q few days, sven II tho old capt.
tai IL admitted 70 DO sunk. the repro
sentative eiizens, finding the general
business OF the bank such as to justify
tho subscription OF q new capital. pay II
up In coin and resume with scarcely an
interruption, tho credit Of the State at