Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-08-28
FROM CALIFORNIA.
HEAVY FAILURES.
Several Banks Suspend Payment.
An Embezzling Official Commits
Suicide.
FROM CALIFORNIA.

San Francisco, August q. The National Gold
Bank & Trust Co. makes the following an
| nouncement:
ain consequence of the panic and the impossi-
| blty TO obtain coin, the National Gold Bank &
Trust Company will close until further notice.
The bank has 81 100000 over and above its liza
bities. As soon as coin can be obtained it will
| resume business as usual. In the meantime, any
ere ditor so desiring can have good assets Of the
! bank to the amount Of his claims.
(Signed) HENRY l.. DAVIS, President
\ run is expected on the San Francisco and the
Merchants Exchange banks, tomorrow. A
| meeting of bank presidents is called to concert
| measures for relief. The board Of brokers has
called a meeting.
The Merchants Exchange bank closed its doors
this morning. The directors have prepared the
following notice for the papers:
"ln consequence of the excitement and disap-
pontmcnt of getting coin, the directors deem it
for the best interests of all concerned not to open
our doors for the present"
The Secretary states that the bank has 500, 900
in coin on hand. The amount liable deposits is
900, but agains: that there may be over
100000 in notes. The bank is perfectly solvent
The only trouble is the lack of coin.
There is a run on the London and San Fran
cisco bank, but manager Latham asserts his
ability TO meet all the demands without trouble.
Crowds of persons surrounded the Bank of Cal
iiornia, and the suspended National Gold Bank &
Trust Company; also the Savings bank The
| n,
night, etfectually prevented a run on them. The
excitement is great.
San Francisco, August 81 The First National
Gold Bank reports everything secure, and the
same may be said of the Bank of British Column
bia and the Pacific and Commercial banks Pr-
vate banks report no excitement and everything
IS gong on as usual. Generally speaking all the
city banks are considered sound except the Bank
of California.
President Ralston this morning, said that there
A. in To h.. otatn of
terday. Many rumors are current regarding the
condition of the Bank of California. One state
ment, apparently from good authority, is that the
bank will pay depostors in full, and stockholders
so cents on the dollar.
On the other hand prominent stakeholder
states that the most the bank do will be to sat-
isfy the demands of depositors, and it will scarce
ly he able to do that.
There has been slight rush at the Hibcrnian
Savings Bank, but it was promptly met within
the rules as expressed in the bylaws of that nsti
tuition.
On the whole confidence seems to be returning
and It IS believed the worst is over. But little
easness is felt to the affairs of either the Ma
tional Gold Bank and Trust Co., or the Merchants
Exchange Bank. the former reports probabili-
~ OF soon resumng though it is unable to fix the
ti.ae. They have abundance Of available as
sets, which are only waiting the reception of CON-
The President this morning states that they paid
out about million dollars yesterday and they
have still a small supply left.
The Merchants. Exchange Bank is believed to
| be sound, and its suspension is only temporary
| 1t is stated on presumably good authority that
| some half dozen heavy stock brokers are likely
| to go down. No names are given. No CONNER
cial failures yet reported, though the squeeze
IS expected on next Monday, collection day. The
Savings Banks during the day transacted their
usual business, the deposits in some being larger
| than the disbursements. There is no excitement
| on that line.
| The Chamber of Commerce held meeting this
| afternoon and decided that it would probably be
more injurious than beneficial to take any action
looking towards postponement of ordinary
counts Oh notes maturing on next collection day.
The meeting was very largely attended.
The city tax collector has $4,000 of protested
| tax moneys on deposit in the Bank of California,
| for which be has certificates of special deposits.
The directors assured the collector this morning
that the money would be paid in day or two.
| rumor, not yet confirmed, says President
| Ralston turned over his private means to the
bank.
| About ten minutes past five o'clock close car
| rage drove rapidly to the side of the Bank OF
California, and gentleman jumped out in state
| of excitement and ran INTO the bank. In response
to inquiries the hickman said that he had just left
the body of Ralston on the beach in charge OF
an officer, near the smelling works, in the north
part of the city, drowned; supposed suicide.
| later despatch says Raston rode to Slig' 8
| smelling works, and jumped off the dock.
LATEST.
| The great excitement in this city over the death
| of Mr.. Raston, President of the Bank of Cali
fornia, overshadows every other topic. 1t appears
T that he went to sea bathing establishment at
North Beach, at 1926 m, undressed, went into
the water, and swan about 200 yards, disappear
ing behind vessel. Soon after his body was dis
covered floating by the Seby Lead Works, and
was brought ashore, still alive. A physician was
summoned but all efforts to resuscitate him failed
and he died at $50 p. m.