The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-08-28
The Great financial Panic
in California.
Ralston Requested to Re-
sign.
IT. - - - -
I He Commits Suicide.
Intense Excitement over
the Event.
His Losses Six Millions In
Speculations.
The Reason for the Failure.
The Corruption Of Modern
Banking.
The Reason for the Failure.
Great Distress on the Pa
Cii1c Coast.


SAN FRANCISCO, Aug. 29-The board
of directors of the Bank of California held
a meeting to day. Ralston was requested
to resign as president and director, which
he did.
At an interview last evening at MFR. Raj
ston's residence he said to a reporter:
''The statements | have made as to the
causes of failure are my statements to the
world. AS a matter Of personal and pri-
vate informstion,I tell youthat this failure
is the result Of persistent effort for
months to break this bank. -
A rumor not yet confirmed says Ralston
has turned over his private means to the
bank.
About ten minutes past five close car
Bank of California. A gentleman jumped
out in state of excitement and ran into
the bank. In response to an inquiry the
hackman said he had just left the body
of Ralston in charge of an officer on the
beach, near the smelling works, partially
drowned. Supposed to be suicide.
There is great excitement in the city.
The death of Ralston overshadows every
other topic From best information it ap-
pears that he went to sea bathing estab-
Kshment at North Beach, about 1925 P. NJ,
undressed, went into the water swan about
200 hundred yards and disappeared behind
vessel. Soon after the body was discov-
cred floating by the Selby lead works. 1t
was brought ashore still alive. A physician
was summoned, but the efforts to resusti-
cate him failed. He died at ten minutes
to FIVE o'clock. Col. Fry and Capt Lees
went to the bathing house and obtained
Nh. Ralston's clothes. In these were found
few dollars and his statement to the
bank, but nothing having tendency to
show that he committed suicide, The
body was conveyed to No. IL Jackson
street, the residence of Col. Fry. He is
reported to have been seen to drink the
contents of phial before going into the
water. The general impression is that he
took poison before entering the water.
The many theories advanced as to the
causes of the failure are his sending money
out of the city to buy wheat, the locking up
of coin by other parties, speculations IN
mining stocks, etc. Asregards the finan-
cial prospect, in the best informed circles
it is .belieyed that all banks will 60 on
without further trouble and that the Ma
tional Bank & Trust Company and the
Merchants Exchange banks will resume
Monday. The town is full of rumors.
The street at this hour Is P. is crowded
with people. 1t is understood that owing
to the excited feeling manifested arrange
ments have been made to call out tic
military to preserve order If necessary
The National Gold Bank sent the following
notice for publication in the morning pa
! pers:
I'm conseq lence of the panic and i'm
possibility Of obtaining coin, the Nationa
Gold Bank and Trust Company will clost
until further notice. The bank has 81 300,
900 over and above all its liabilities and al
soon as coin can be obtained will resume
, business as usual. In the meantime every
creditor desiring can have gold assets o
, the bank to the amount Of his claim. B,
order of the board OF trustees. 80
(Signed) HENRY L. DATIs, Prest.
The merchants exchange bank close(
it's doors this morning in consequence o
/ the excitement and disappointment il
getting coin, and will not open its door
3 for the present. The bank is perfect!
t solvent. The only trouble is lack o
E coin.
+ There was run on the London and Sal
t Francisco bank, but Manager Latham
t asserts its ability to meet the demand
e without trouble. Crowds surrounded th
), Bank of California and the SUSPENDED Ma
r tional Gold Bank and Trust Company; ais,
the savings banks, but the action o
: the officers of the latter institu
e tions last night effectually prevents
. run on them. The excitement is great
= The run on the London and San Francisc
a ceased with a large surplus remaining i
s tine vaults. There was slight run O
the Anglo California at the opening, bu
; soon subsided The National Gold Ban
reports everything quiet. The same ma
be said of the Bank of British Columbis
the Pacific aud Commercial banks, Th
private banks all report no excitemeI
, and everything going on as usual. All th
city banks are considered sound exceI
, the Bank of California. Many rumors ar
current as to the condition. of the Califol
MIA. One statement apparently from goo
!. authority, is that the bank will pay cred
IT tors in full, and stockholders fifty cent
On the other hand a prominent stockholt
er states that the utmost the bank can q
j will be to satisfy depositors and scarce
that. There has been little rush at th
Hibernian savings bank, but the demand
were promptly met
Confidence seems to be returning, ar
it is believed that the worst is over. b
little uneasiness is felt as to the affairs
y either the National Gold Bank and Tru
: Company or the Merchants Exchani
Bank. The former reports probabilil
I. of soon resuming, though unable to fix Il
: time. There is an abundance Of asset
> and they are only awaiting the recepti'
.1of coin. The president this morniI
] states that they paid out about 81, ,000,0
yesterday with small supply left.
80 The Merchants Exchange is. believed
b. be sound, and its suspension is only tel
re- porary, :.
cit 1t is stated on presumably good autht
,s- ity that some half dozen heavy sto