The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-08-28
Rock Island. Illinois. saturday. August 2S. 1875.

ures yet reported. A squeeze is expected
next Monday, collection day.
The savings banks during the day have
been doing an unusual business, the de-
posts 10 some cases being larger than the
disbursements. There is no excitement in
that line.
: The Chamber of Commerce held a
meeting this afternoon aud decided that
1t would probably be more injurious than
beneficial to take any action looking co.
wards the postponement of the ordinary
accounts or notes reaching maturity next
collection day-Monday.1
City Tax Collector Austin has $275, 600
OF protested tax monies on deposit in the
Bank OF California, for which he has GER
tihcates of special deposits. The directors
assured the collector this morning that
the money would be paid in day or two
WASHINGTON, Aug. 27.-Heavy trans
fers of gold to California are being made
BY the treasury to-day in support of the
banks of that state Upon official notifca-
ton being received at that department
that the agents of the banks have deposi-
ted gold with the assistant treasurer at
New Pork, telegrsphic instructions are
sent to the assistant treasurer at San
francisco, placing credits to the respective
banks making such deposits in New York.
Thus far oyer $l,00G,000 has been trans
ferred.
New YoRK, Aug. 27.-There was
great excitement this morning, in financial
and commercial circles. caused by the re-
port Of the failure of the Bank Of Califor.
MIA. There was the utmost confusion in
the Gold and Stock Exchange, gold rising
to l43. Stocks declined l@2 per cent.
At the opening of the Stock Exchange
there was great rush to sell. The amount
OF shares transacted up to the board regis
tered ever $4,000.
The failure of the Bank of California,
while Immediately caused by the deposi.
tors run, was directly the outcome of a
conflict between the two classes of Califor.
MIA spectators One of the Bank of Cali.
fornia party, headed by Mr.. Ralstop and
Mr. shanon, and the other headed By
Messrs. Flood, O'Brien and Heidenfeldt
The latter party have established a'bank
in San Francisco called the Bank of Nevada
with cash capital of $5,OOO.OOO in gold
and the right to increase to $4,000, 600
Incidenta! to this right have been the min
ing properties known as the Savage, the
Caledonia, the California, the Ophir anc
the Consolidated Virginia. The three lat
ter are known as the Big Bonanza mines
and the Bank of California partly obtained
control OF them. 10 getting this oontro
the stock of the California was run III
from 60 to 80. 1t was then multiplied b.
FIVE, which would make the highest pric,
I60.
The trouble has been evident to bank
ers here, who stunned their bills, from
the fact that 10 the past 80 days most o
the bills offered in this market have beel
those of other institutions, indorsed by tn
Bank of California, The inference ha
been that the Bank of California ha,
hypothecated securities with those bills an.
that this borrowed exchange was used t
obtain the funds needed to carry on the lar
operatinDs of the bank. In the borrowet
bills which has so appeared we're those @
the Bank of British North America.
| In regard to the speculations of NJ
Ralsto and his party 10 California stor
is current that their recent losses in silve
mining stocks and other adventure
amount to the enormous sum of $4,000.
, 600.