New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-30
CALIFORNIA VIEWS OF THE FAILURE.

concourse Of citizens will unite In paying last tribute to
the dead.
CALIFORNIA WEN OF THE FAILURE.
STATEMENTS OF Ex-GOv. STANFORD AND OTHER
PROMINENT RESIDENTS OF THE srATE-sUR-
pRrss THAT THE DIRECTORS DID NOT AID rHE
BANK-DlsBEIIEF IN THE REPORT THAT MR..
RALsTON COMaITTED SUICIDE.
Leland Stanford, Ex-Governor of California
and President of the Central Pacific Railroad Company
II guest Windsor Hotel where he arrived on SAT
urxiay. conversation with reporter Of TIE TRIBUNE
yesterday Mr.. Stanford said tho failure OF the BANK oI
California was event wholly unexpcotsd 10 hnn' anu
he did not believe there In California WHO nu
entertained any doubts about the soFeey Oil '"o
bank unless it had been Ralst"n himself 81 LETT
san Francisco about three weeks ago. sail tr. s''ou'
and it only short time before ny delafuiRa INV
had talk with Mr.. Ralston, when ne exIresseu h'S
anxiety about largo amount Of gold that was coming
East Whenever there is little advance in gold here In
NewYork tns shipments fron California are Increased
and the best rsnes men of state have felt anxious
On this account for several months past have no
doubt immediate cause OF the nature was tne
Inability of the bank to obtain gold, ON account VI
recent shipments to New-York. Wo arc 80 completely
under the influence OF Walsst- tha people will even
borrow gold send here upon slight advance in the
price.
California" continued Mr.. Stanford has undoubt-
edy with great loss by the sudden death OF MT
Ralson He OF the leading men in everything
looked toward the further development OF the state
Much has been said about his extravaganza, but insst
| that be was not extravasant man. He was very
LIBERAL generous and open and 1t is true that
nc entertained largely, having at times many IA 100
guests But his early life had taught Lin to BIC
economical, and no knew how to entertain We'll ut com
fayatIvaly small outlay. Then, 1t was tho pe1cy OF the
directors of the bank to entertain strangers with an I'M
usual degree OF municence, and during tho time thai
Of Is,
when he was elected It's Prcs!denhe received an allow
ance Of $50 COO per anuu for expenses RI h0s lhcir
:oa was bud Up the country as rapidly as possible
and they awaited themselves Of every means they conid
nk of create good impression upon the minds on
visitors Every enterprise that lo0aed 10
yard improying the State, had Mr. RastOn's sympathy
,rd often when he felt that the bank cOd not lend its
id, he supplied the desired assistance ont OF his own
pocket Tie ho would take in this way was the
niy thing that led his friends to doubt his perna
uent success. I don't believe there was man in Cali
,ulnia who had any about the penanency of the
| hank.
Ieannot understand to-day why the directors did not
come forward at and make up every deficiency
| which they may have found. Under all the crcum-
| stances it would have certainly been much better
Than to stop as they did Indeed be-
! .ieve il Ia the best thing they do
! yet. They are amply able to make up any
deficiency that may exist. do not know the assets of
the Barron estate, but they understood to be large
| The firm formerly did large banking business ID
Mexco Moses Ellis ia retired merchant, and is worth
al least Fl 100000 d. j. Faant stll doing banking
pusiness and Is probably worth $2O00000. John Pau
mt ia worth several million dollars He is retired
banker having formerly done very successful business
under the firm name of Parrot Co. d. o. Mills Is worth
! at lest 100000. Tho three las named weit
through the panic of 1854 successfully at time when
sch largo number Of best houses were compelled
| to suspend. Mark Livingstone assets must De
| ficl Rfoe ia
a. 600 coo and S1O,900,00O. William SHARON has not
less than S1O,CO0,0OO Capt. J. b. Thoiles who now
resides in Boston, worth not less than lovooVo
ten yesrs ago. and he has not been enges in buSss to
1850 any it OF since then. Nicholas Loring mas been
aoncylender In Francisco for long tiIe and has
mol less than So 100000. John o. Earl formerly
merchant in San Francisco and his property is esti
mated ct ST 100000 to 81 100000 George Howard be
longs to a firm that has Been known 81 wealthy Rouse
f,on the eeriy days OF California Thomas Bell IL very
itch man, and there several others OF the leading
.;ocS holders OF bank who known 81 be wealthy
men, IL Will therefore readily I've that IL they Lad
cit disposed TO do so, they coud nave come to the TO-
lief of the bank ana thus retained reputation and
| influence which it had attained.
Degrading the statement that The Central Pacific Rail
road WAS in any way connected with the Bank Of Cali
forpa except "a depositor and at times borrower.
wish 10 say emph lcy that il is untrue ~ TIC time
Of the failure, company did not owe the bank any
Thing and since NY arrival here have received adyces
| from san Francisco that our deposits at the tine
amounted to about $4,000. AS far as know, none of
the directors OF the railroad were stockholders In Che
rank nor were the directors of the bank stockholders in
Tie railroad 1t is true that hold aeoetnces OF TIC
hank for about which drawn before left
| home about three weeks ago; but the arrangement
thus with The bank not done for its acconno-
cation / simply thought might want to use consider
able money during my trip East, ard preferred suca
IN arrangement as the one made to drawing my check
| Ion Cd no bai A
o. the panic in 1873 cue Central Pacific Railroad Com
many settled with the bank in ful paying t balance OF
about $4,000. Since that time we have never, in
sin Gle instance oyeI account AS 10 the letters
Of credit held ny persons travelling abroad, have no
doubt that large majority Of them were issued by the
Bank OF California. but the people OF our State 90 not
travel as much those living in tie Eastern States and
most of those do travel belong 10 the wealthy c,
Of our citizens, who will not suffer DY the loss T1e bank
was also favOre among the Chinanen having formerly
done large will; China especially in tho way OF
exporting specie TO that country and IN tbs way 1t be-
came well and very favorably known to them TGey had
great confidence In the bank aud most OF their business
| between this and their own country transacted
| through il.
In regard to the effect OF failure upon the people
of California and the mining Interests OF that Sate, there
will, OF COURSE Of individual s;iie4ng but be
yond this the effect have doubt viii ne transient
The financial condition of the people healthy and after
short time business viii ahead again as usual The
wheat crop quite large this year it was last
hut iie farmers are getting better pr.ce Tor what they
have to this year that The money obtained on ac
OF the crop will probably no be less iaan u was
last year TbeTe re between GoOoo0 and 100000 pcS
! ,Ie in the State, one-tlrd OF whom reside
| in San Francisco. Only about 100000 are aged
IN agricultural pursuits, ana Yet enough wheat was pro-
decd in the State last year to feed Ks citizens and tie
PEOPLE OF Nevada. after which We had lett Tor expO'a
lion one ION Of wheat for every man. woman, ANA child
| ia the State. -, 49,,
thought the matter great Gcal, ana fcel strongly
Convinced 10 my own mind that he Nln not commit su
IN h.l1i " lG-