The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-08-31
1ELEIRAIE-HlC,
Affairs of the Bank OF
California.
Funeral ofWm. c. RaIston.
Banks in no hurry to Re
sumo.
Great Rainstorm at Wash
ington.
Destruction of Property,
etc.,
Complaints to the State
Board Of Equalization.
The Workingmen.
Lawrence, Mass. Cotton
Mills Resume Operations.
More Suspension in the
East.
The Workingmen.
Lawrence, Mass. Cotton
Mills Resume Operations.
More Suspension in the
East.
Accidents, Horse Stealing.
Murders. Suicides, Fires.
etc.. etc..

Ralston to VIM, Sharon CONVEYS all prop
erty, real and personal, wherever found
and absolute ownership with the right t,
dispose OF the same on such terms an,
prices as he deems best, and to apply tn
same and proceeds thereof and of the pro
perty thereby conveyed to such purposes
and uses as said Wn. Sharon may in hi
judgement deem best, for their Joint anc
several interests.
The funeral services of William G. Raj
ston are now being held at Calvary Pres
byterlan church, at the corner of Geary
and Powell streets. The obituary service.
are conducted by the Rev. John Hemphiil
The National Guard is largely represented
as are also many civic and BENEVOLENT as
sociations. the officers and employees Of
various manufacturing enterprises, corpor
ations, educational and business bodies
and an immense concourse of citizens.
Flags Of the city are at half-mast, and
many business houses are closed.
The Merchants Exchange Bank does
not open this morning 10 accordance with
the almost positive assurance of the secret
ary, given yesterday 1t may possibly dc
SO during the day, but it will depend on
the success of the negotiations now pend
ing. The officers are apparently somewhat
loss confident of immediate resumption
than yesterday. but say any delay is tenn
porary.
The National Gold Bank and Trust Com.
pany is still closed. They are unable to say
when they will resume, but say the out
look is favorable.
A prominent banker reports that the
Immediate cause of the demand by the
directors of the bank of California for Ral-
ston's resignation was the discovery by the
directors during the investigation of q lot
OF bills receivable from irresponsible par
ties, aggregating in the neighborhood of
$l,000,000, with no collaterals. He also
reported that it was the intention of the
directors to have subsequently called Raj
ston into their counsels, to avail themselves
OF his intimate knowledge of. the business
of the bank.
An Investigation shows the condition of
the banks affairs as far worse than
dreamed of. The executive committee of
the board of trustees. whose duty it is to
verify the monthly exhibit of the mana
gers, has been systematically dropped for
some time past. These monthly exhibits
have failed to detail the true state of the
accounts. Even if the statements that are
made in well-informed circles as to i'm
proper entries upon the books, and impor-
tant obligations not entered at al, and over
issues of capital stock for purposes of
hypothecating, should ultimately be quail
lied, the fact will remain that at the time
OF the crash the bank was rotten through
and through. The whole capital of S.
O0O, 900, and the whole surplus of 81, ,5OO,-
600 on top OF that are gone and sad bal
ance OF indebtedness remains, for which
the stockholders in their individual capaci.
ty are liable to be called on. Assets
to large nominal amount are discovered,
upon which small per centage ouly can
be realized. Many are worthless. The
bank has latterly been a heavy borrower
in quiet way III this market, and half
score OF the wealthiest capitalists have
been recently yictimiZed in sums counted
by the quarter and half million.
Half million dollars was transferred
by the treasury to-day to the banks, addi
tiOnal to the amount previously reported.
but it Is not stated TO what banks it has
gone.
Collection day thus far is progressing
with mutual feeling of accommodation
among business men. 1t is difficult to as
certain how matters stand before evening
WASHINGTON, Aug. 30.-The rainstorm
yesterday was very destructive. Thirty
houses on Tiber creek were flooded nine
feet deep. The inmates fed to the upper
stories of more substantial dwellings, from
whence they were rescued by RATS. The
streets in the vicinity of the Navy Yard
never before overfowed. were covered, in
part, from two to three feet; likewise
Eleventh and Twelfth streets. Owing to
the bursting of the sewers, the street cars
ceased running. Merchants on Pennsyl-
vania avenue lost thousands of dollars BY
the backing of the water into their cellars,
from insufficient sewerage. Much prop
erty was also destroyed, or damaged, in
Germantown. Rock creek was higher
than for twenty years before. Nearly all
the boats on the creek and. canal were
washed upon the banks, and several, coal
laden, were sunk. 1t is stated that the
destruction Of the dam separating Rock
creek from the Potomac will involve a loss
of 100000.
During the storm the lightning struck
three telegraph poles, shivering them to
atoms, severing the connection between
Georgetown and Tennallytown.
SPRINGFIELD. ILL.,, August 3o,-In the
state Board of Equalization, this morning,
but six or seven members we're present.
A complaint was submitted by the bank
ers of Knox county, claiming that their as
sessments were too high, and also from
Kane county, claiming deduction for that
county of 40 per cent, on all classes of
LAWRENCE, Mass. August so.-The