The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-04
INTERVIEW WITH RAISTON.

the night of the suspension Of the Bank Of Calfor
MIA Chronicle reporter found President Raston at his
rooms on Commercial street.
The great banker bore the shock Of sudden disaster
manfuly speaking frankly OF the situation its causes
and effects and in all his remarks evlncing socitude
for the welfare Of others involved in the great catas-
trophe and willingness to do all in his power to avert
an extension of IT, At the outset of the conversation
he remarked, at is Of little TO interview me- bo-
cause the affairs Of tho bank being the hands of trus-
tees who have the matter under consideration am not
liberty TO state anything about it officially and there
are many things that IL would not DO proper for
to speak Of even in my individual capacity,
until the trustees have settled them officially" The
reporter remarked that there things aside
from the condition Of the bank. but still connected
with the disaster which he would like 10 inquire about
leaving entirely to the judgment Of the Intercepted
to decline answering whenever he thought proper.
With this understanding Mr.. Ralson readily assented,
and the reporter inquired
CAUSE or THE sTRINGEScY IL THE MONEY MARKET
REroRTER-Whais the cause Of the present stringency
in the money markot1
Mr. RAIsToS-rhe first is the extraordinary move
ment in the grain market In other words the extra
ordinary demand for grain has brought into the market
an unusually large quantity of wheat which has taken
out Of the city large amount OF coin as fast as we
could get IT, II has amounted 70 81 900 IS 900 900
in the last six weeks, constant daily drain For in
stance, received kilograms from san Jose, Sacra-
mento, Marysville Stockton Sonoma, Petaluma, Napa
and other localities asking to send $1,000 BIS 900
or 500 900 for this business Fredander for example
buys a cargo of grain and gives his checks
for it, and that coin is all paid TO the farmers and
for the time being IL depetes tho money supply just
demand for money TO move the pork fall crops
ours There times then when money brings
two per cent per day. but we have not the facri
ties for recuperation In OF such strait that they
have in the East and consequently, whore they would
pick up strength to carry th0m the crisis would
go to the wall for lack OF such facilities Besides the
reason have already given for the stringency in our
money market there ~ some reason, unaCoOunable TO
us for the
bIsApPEARAScE VERY LARGE AMOUNT OF COIN
Wo do not know how why II is-we cannot &C
count for it at all but IS certainly out Of sight some
where 1t is not in circulation, at any rate
RRPORTER--At what amount do you estimate il
Mr.. RALsToS-lt Is from 81 0OO, 900 20 Sc 600 900
That sum has absolutely disappeared somewhere but
where IL Is we do not know anything about
REPoRrER-Has the Bank Of California advanced
much Of ths money that has been used for moving the
wheat cropr
Mr. RALsroS-Yes; advanced great deal
YRhr GREAT DRAIN
REPoRTER-Has the sonding OF money East for spec
ulatng in gold drained % much money from this city
Mr. RALsroS-As near A. that can be estimated 40
lost from ", Oooooo ~ 100000 oo That the FIRST
REroRTER--Has not tn coin grayitated back again
Mr. RALsTON-Ncry little Of H.
RgroRrER-Has the building Of the extensive i'm.
provements, the Palace Hotel, the Safe Deposit Com
pany's building and Flood " OBrien's occasioncd
much Of drain by sending money East for the mate.
rial usedY
Mr. RALsroS--A very small percentage That money
has boon disseminated here and done a vast deal Of
good, going into the hands OF merchants tradesmen
and the labOring c9sses " Is safe say that eighty
per cent Of it has been distributed in this way anng
the people OF this city and coast
INFLUENCE or THE DEMAND MONEY IN TIE STOCK
MARKET.
REPORTER-Has the recent activity Of the stock mar.
ket and the demand for money therefor affected thT
balances in the banks TO any great oxtent2
Mr. RALsToS-It has this effect The larger the
operations In stocks are the money in proportion
il takes 10 Them and consequently larger bal.
ences are transferred from one bank 10 another the