The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-09-02
banks

The banks London correspondents
were the Oriental Bank, a.
strong, unlimited institution, one OF the
best OF London, havinga capital OF 81 ,OOO,-
900, and a reserve OF 100000, so that the
direct losses of the failure here are COM
paratively small. Most of the decline In
the stock market. previously noted, has
been recovered, Psnsma excepted. Inc
weakness in Panama is occasioned Dy an
impression that the stock is largely held In
San Francisco. IIaidlow 81 Co, the agents
here of the Bank of California, nave
not suspended, and are paying everything
except Bank of California obligations.
a special dispatch from San Francisco says
that the exchanges are all closed, and bust
ness is in state OF suspension. Intense eA-
element prevails. Gold dropped to 1881.
The Evening Commercial says that there Is
not much change yet apparent rom lhe IRA "a
cific coast troubles in the bonds of the Cen
trail Pacific road. The first mortgage bonds
receded to 1927, the San JOAQUIN branch 10
lOI, and the bid for land grants was 75H per
cent. There was close intimacy between
MIR. Ralstop, OF the Bank
Of California. and Messrs; Hunting CatItlg;
Pacific road, but nothing is known yet how
far the latter were compromised Dy the eX-
plosion of the bank. II would be well, per
haps, tor buyers OF bonds to hold oil from
the newly introduced land grants by the
more
coast complications. 9here IS large
amount of joint account on partnership
business in merchandise done between this
market and San Francisco which for the
time may DO put to an Inconvenience by the
cuFalment OF banking facilities AZ Sln
Francisco, but
NOTHING SERIOUS,
so far as we are advised, is likely to come OF
the trouble. The former president of the
California Bank is dr. Mills, a wealthy man
aud who is said to bs one of the trustees yet.
The trustees are liable aud must pay, so that
no loss to the public is likely to occur. 1t
Yves stated as probable that the bills of ex-
change will not exceed e2OO, 900. In regard
to the speculations of Mr.. Ralston and his
party in California, story is current
that their recent loss in silver
mines, stocks and other so 1On Dnd Is
amounts to the enormous sum OF 900. 1t
is not belived that other banking houses on
the Pscific will be seriously affected, aside
from the additional suspensions already
noted. The foreign exchange was unaffec-
ted, the amount of bills of the bank of Cali
fornia unindorsed in this market being less
than $500 900. Probably the most of these
bills have been accepted by the Oriental
bank of London, so that the
loss here viii be very light. A num-
Der of bills bearing the endorsement Of
the bank of California have been sold in
this market, but they are good because of
the high standing OF the drawers. Respect
ing the reported transactions with the fed
eral governmt mt in the purchase Of silver,
we hear an emphatic denial. The govern
ment makes it purchases direct from the
Consolidated Virginia Mining company, and
never makes advances until the thing pur-
chased is actually in hand. The sum of
$500, 600, recently purchased, was obtained in
this way, and is now in the assay office IN
Wall street.