The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-18
WAITING FOR ASTATEMENT
.yr piRECTORS or THE B5NK OF
gILIFORNTi SILENT
,.A,tI,n4 the Honor ot the Golden stnte ~
u,I.rs from Public view Facts and Fig
.... that Might be Interesting Reading
vyte, Happened after Knlston's Denth.

,h,tIin4 the Honor ot the Golden Sfnte "
uti,rs from Public view Facts and fig-
.... that Might be Interesting Reading
xybe, Happened after Knlston's Death.
e.S FrANcisCo. oct. SIT is the pride or
,no,,ni,n.. whether they came here in 40 or
n ,hs spring OF 70, that they are unlike other
..,ni, IN many respects. and they seek every &C.
',,t, blszcn forth to the wondering outside
.,ld int only C,lifornians could have done
,,,, ,r that. They would have their jealous
,n,cs ia the r. East understand that this IL
i.,1 NJ cold, and that they ask no favors.
NJ, the day came when Californians cried
,l,nd TOR financial assistance and they were
,,,.eJ to let the whole world know that the
n,n " California had cl, sed its doors. and that
wan m c. Raston's dead body was found at
North Beach. In the midst Of the excitement
mat Immediately followed the closing of tho
b,rk. denunciation Of Mr.. Ralston's manage
me,,t and recklcssncss was on the lips OF nearly
ev,ryboly and ii IS a iAct well known to- many
per, IA that the directors aud others interested
In the bank,
sorAnY AMoNG THEM srS,TOn sHAnoN.
,,tributrd the failure to the presidents and
when Mr Ralston's body was discovered floating
In the hay everybody believed that he had COM
pi,,od suicide in consequence of having been re-
moved from his position in the bank, and be
r,nse the directors had discovered the real
cause n the institutions downfall. The direc-
tor. had officially announced that the bank
would not resume business. and that it required
sfsw hours to y epsre public statement. oyer e
Amonth has passed aud vet no statement mas
b,en given to the public. and why
On the evening Of Ralston's death large NUM-
her " the leading men OF the city held a pri.
vate consultation ana decided that u would
never DO to have the story 90 abrosd that Raj,
stnn Wa a defaulter or that he mad committed
su,jde for the reason that Il such admissions
we're made California would forever De uls.
Eraced AZ the same time u wa pr9p9s,sd tha,
intapded resume business. and again the
spirit of pride filled the Callfornian's breast
1hs NEWSPAPERS OF the city and state adopted
the views Of the leading men" ana deter
mined ,o uphold the no nor of the Pacific caast
stall haslfds. Men who denounced the bank
and condemned MIR. RalstOn on the day Of the
fnlure saw nt to close their mouths and remain
TWAS HARD STRUGGLE.
and Il was really not until the syndicate OF the
bank b. "a been formed. aud such n EN- As senate i
shHou. d. q. Mills. James X. keene. heuoen n
Llo,d aud others came to the front with theu
great ttiSs Of coin, that majority OF the peo
pie tound strength enough to he seint-enthusi
Aatlc. - .
DAy after day the newspapers wcro oiled witt
prusus ut the late President soci ties OF al
kinds pa-sed resolutions q respect 10 his mem
ory p. A goa, meeting OF 'he " friends ot VIM. {
Riiston" WAS held al Union Hail. and there, too
the people were warned agains. all who dared q
imo,IvH the integrity "f Tic late President
Or said aueht against the credit Of the bank
Tho merchants OF San Francisco were suretin
~
that the bank would resume its business ye
they were not satisfied, and clamored for som
statement from the directors. The only sat
faction given by these dgntaties was that III
bank would he " all right" feeling OF doub
he ,,Ie.tion. ,Why don't they 1meanine tn
bank directors) make statementi was asked
and not answered: few we're bold enough 1
say that the directors dared not make state
ment. snd the men who had delivered the elo
quent euoeiums On Mr.. Raston trembled In thei
boots lest some one Of the directors might b
rash enc leh to tell to the public the actual con
dition u affairs The leading men nsd ,pu
ston, ana dared not GO back on tnat record. anC
they found themselves forced into the breach
snd tnls the Bank OF California was given
new lie.
HAD MIR. RALsroN LIVED
how different might have been the story. tn
men oi California street would nave pleu o
the INVESTIGATIONS fast and thicS. Well u
bank optned with all tue fuss and fury OF
fouftn II July celebration. Cannon were IRE
from Telegraph Hill. AL the lrincipal buildin!
were decorated with naes. and men Giaspe
ga h other by the hand and rejoieed. VINE
cr,wd urged In and was dazzled ~ the -cei
Of gold. senator Shaton and ID q. Mills, Jam
Keenc, Col. W. II. l.. Barnes. ana the cliq,
/ il.t wsf. sworn to br nd a. Ii r. all who spoI
Il 4 Mr. Ralston, or limited that there was
very lirrc skeleton IN the private = s"t 81 u
bank. 4milt d upon the crowd. ana the respOn
Wa three cheers and a tiger. Yet there were
thlt crowd many who seemed TO think that
would bo only right ana proper fqr the dliecto
T. make public statement II the banks coi
diuon ana the causes which led to the failur
IKE 10 one o' tue directors CONCERNING W
feeding among the people in general, ana as
glanced around at the worshipping clique
replied, " lat DO they want Of stDteiaenl
Isn't tnc bans open, and ready for business
nSvered that II nv Ewes did not decelV" N
the tank was in a condition to 90 considerab
y sinr,,.
"Ylu -ce." continued tho director, "that Il
70 'ple 49, too inqnistivc. We told inem III
/ Ne would resume business
| Bat" interrupted, when the hanks doc
were ur,t closed YOU said that you would n
re,une Tho depositors then had right
kn1v the causes that led 10 the failure. I'll
directors promised that public statcne
wodd hc made within a few hours. Days pass'
and yet YOU made no statement
AT LAST YOU GATHERED STRENGTH
suricicnt to put the bank once more on goC
Il found itiOn, Dut still the depositOrs had rig
Il q have tho statement which YOU SO frequent
/ proui e1 them. Tne bank Is open, and 50
L have money enough 10 much more than pay
L that YOU may owe TO depositurs or to Others, b
Il h0ld that even now IL Is the duty OF the direc
Il ors 20 make plain to the whole world the actu
L causes Il the downfall Of the bank"
II lhe liie tor said that my noti was ride
L lous ana that a statement was unnecessary. b
L h. called attention TO the fact that a meeting
the stockholders had been called for the .
Il Inst, ind that then statement would be civ
u the press. 1he meeting waa had and IL "
1 reported that the assets are fl4O0l,0sO and 1
L liabilities tlOOOO000. Further than this SIM
L staiement the authorities most emphdtcdaD
L tlNf ~ make the reports public. Ii is estimat
that the hank has $4,bOWO coin in Its yaul
/ nnlle the ex -barKeereTs' bank, otherwise kno'
a. the Big bonanza Bank, or the Nevada Bar
/ hs III 10 vaults about $5JD,OO. But tn,
/ seems 20 be very small prospect OF any I
| an complete Il .tament from the Bank Of ca
I4tI a. M IA