Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1875-09-09
Violent EscnuHciatiOn OF san Franci~c"
Newspapers.
Intense Excitement Preceding ana FOL
lowing the Close OF the Bank.

Especial Dispatch 10 the Sacramento Recora-unon.l
SAN Francisco, August 26.--The morning
papers contained in their several reviews OF
the stock market certain sensational stores
concerning violent rupture between the urn
Of Flood & OBrien and the Bank OF Cali
iornia The particulars were given with the
circumstantiality of truth, with the names OF
the actors, dates and places OF action. THESE
accounts stated that on yesterday Flood q
O'Brien had drawn from the Bank OF Cali
fornia the sum of $4,000, 900 coin; that the
Bank of California had during the late de-
cline in stocks bought largely that drafts
upon coin had forced the bank to throw its
stocks upon the market to meet the days
business demands; that Flood s. o Brien had
locked up all the savings banks; that the
Bank of California had let $4, 00O, 600 go to
grain purchases that coin was short, etc.
IT WORKS.
All these stories were enlarged upon, and
business opened with rcstive spirit. Stocks
continued to decline Only California and
Consolidated Virginia stood firm, suffering
but slight decline The rumor of gigan-
tic stock barter between the bank and Flood
IL O'Brien gained currency and crept along
every street, and the illegitinate banking
transactions of the bank were freely COM
mented upon. A visit to the bank at II
o'clock showed unusa activity in withdraw
ing deposits. a second visit at 1890 showed
an increase of activity, with growing ten
doncy to panic.
THE RUN ON THE BANK OF CALIFORNIA.
At o'clock the panic condition was un-
mistakable, and once set up it seemed to draw
the whole city as if by an irresistible impulse
into it's seething current. AT 1:3O the stand
<hn hon "
thronged, and the news of a run on the bank
spread rapidly.
THE BANK CLOSES
At 2:3O the doors of the bank closed on the
outside, while those in the bank were paid
and permitted to depart by the back door
The closing of the bank created the utmost
consternatioa, and within few minutes the
street was thronged by multitude number
ing 5000.
At this time q run began upon the National
Gold Bank and Trust Company, on the oppo-
site M side of the street. This began by depos-
itors of the Bank of California rushing in to
sell certificates, and also rumor that the
Gold Bank had helped the Bank of California
increased it, until at 3 o'clock all the gold
had been paid out The crowd continued to
increase and thronged the door struggling for
the counter.
CURSING TAR BULLETIN AND CALL.
There was no disorder or violent language.
The crowd was orderly, but denunciatory OF
the Bulletin and CAL for their opposition to
the bank, which was supposed to have pre-
cpitatcd the calamity. The crowd was
moderate in expression, and many were hope
ful of an early resumption. rumor got
abroad that the bank would open at 5 o'clock
and pay all demands.
INTERVIEW WITH THE EANK MANAGERS.
At five o'clock reporter of the Record
Union, with other representatives of the
press, had an interview with RalstOn, of
which the following is photographic re-
port:
The representatives Of the press being ad-
mitted, Mr. Ralston said II will make a
few preliminary remarks, which / do not
care to have noted. Of course we are now
in such confusion that we cannot tell the eX-
act condition of our affairs. l will state as
an officer of the bank, however, that the bank
has more assets than liabilities, enough to pay
every dollar and have large surplus. A
resolution has just been prepared by the
Board of Directors, which will be read to you
and given for publication, which tells all that
we have to say on the subject"
OWN you resume in the morning?'
A.-''No, SIR"
Q.--"How soon will you resume!''
H. ~vsM