The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-08-28
FINANCIAL DISASTERS.
The Effects of the Suspension Of the
Bank of California.
SUICIDE OF FITS PRESIDENT
The National Gold Bank and Trust Con
A IL m

Il ne NaNOnaI hold B ank and Trust Conn
Pany Closes us Doors.
SAN FRANCISCO Aug 27,-The National
Gold Bank and rrust Company make the fol-
lowing announcement:
10 consequence of the panic and the impossi-
biity of obtaining coin the National Coli
Bank and Trust Company will close until fur
Their notice. The bank has $2500,000 over and
above its liabilities. As coon as coin can BIZ OBJ
tanned, it will resume business. In the mean
time, any creditor SO desiring ca n have good
assets of the bank to the amount of his claim.
HENRY L. DAVIS, President.
A run is expected on the San Francisco
Merchants Exchange Bank to day.
A meeting of bank presidents is called to
concert measures for relief. The board of bro.
kers all called the meeting.
SAN FRANCISCO, Aug. 27.-The exchanges
all are closed and business is in state of sus-
pense Intense excitement prevails.
Close of the Merchants' Exchange Bank.
SAN FRANCISCO, Aug. 27.-The Merchants
Exchange Bank closed its doors this morning
The directors have prepared the following no.
tice for the papers: SIN consequence of the ex
element and disappointment of getting coin.
the directors dee" it for the best interests of
all concerned not to open our doors for the
present"
Condition of the Defunct Hank-Excite.
ment i'm San Francisco.
NEW YORK, Aug. pa promi lent banker
says the deposits of the Bank of California
probably amount to between eight and ten mil
lions of dollars They usually held loco. 900
10 coin 1t is believed the amount of bills of
exchange out 10 the name of the bank is about
81 800 900 or 100000
Fisk & Hatch say the bank had no interest
as investors in the Central Pacific railroad
The secretary of the Company in this city con-
firms this statement, but says the railroad had
an account with the bank and had made loans
from it,
Six p m.-The great event in financial af-
fairs today was the suspension of the Bank of
California supplemented by the temporary
closing of one or two other San Francisco
banks as related IN the dispatches from that
city. The effect here was slight as the cond
tion of the Bank of California was pretty we'll
understood, while the other banks will, it is
known, be saved further trouble by a treasury
transfer Of upwards of 100000 in gold from
New York to San Francisco They are all
sound and were rendered short of gold only by
the fight between the wealthy bankers. Floyd
& o Brien, and others who own the Bank of
Nevada and Bank of California. The latter
some time ago made overtures to the Bark of
Nevada to unite aud form an immense concern.
After consideration the proposition was de-
clined. Then came raid upon mining stocks,
and particularly against virginia consolidato O.,
two of which mines is owned by Floyd & o.
Brien, which led to desperate battle. The
Bank of California was obliged to spccumb,
because it was loaded up with Ophir, Savage,
Ca'doDa and Virginia consolidated, which had
been taken at the top of the market. More
over the concern was enormously extended.
The available c"iu in California was, it is said,
cornered by the Bank or Nevada and the
Bankers AMI Brokers' Bank, and thus the
Bank of California could not meet the demands
when the depOsit0rs made a run upon it,
Messrs. Laidlow & Co., the agents here of the
Bank of California have not suspended aud are
paying everything except the Bank OF Califor-
MIA obligations
The Effect ON Wall Street.
NEW YORK, Aug. N.-The suspension of the
Bank OF California had considerable effect on
Wall street this morning. The panic was
and fall in stocks at the opening of IA to 2
per cent, the latter being on Western Union.
The share market which has been more than
usually active for the season, is now steady at
partial recovery from the decline. 1t is now
the general opinion that the California troubles
will have no further effect here.
The agents of the Bank of California in this
city refuse the payment OF their drafts to-day.
The action of the treasury department in
transferring gold to California is approved by
business men
Heavy Transfers From New York 10 San
Francisco.
WASHINGTON, D. c., Aug 27.-Heavy trans
fers of gold are being made by the Treasury TO-
day, in support of the banks of San Francisco
Upon official notification received at the de-
partment that the agents of the banks have
deposited gold with the assistant treasurer at
San Francisco giving credits to banks making
deposits through their representatives in New
Y0r., thus far over one million dollars have
been transferred
Condition of SAN Francisco Banks.
SAN FRANCISCO, Aug q The First Ma
tional Gold Bank reports everything secure and
the same may be said Of the Bank of British
Columbia and the Pacific and Commercial
banks. Private banks report no excitement,
and everything is going on as usual. Generally
speaking, all of the city banks are considered
sound. except the Bank of California. Presi-
dent Ralston this morning said teat there was
bothing in ad 1ition to his statement of yester-
day
President RalstOn of the Bank of Cali
fOrmia Commits Suicide.
Ahnnt ten minutes past five o'clock a close
carriage drove rapidly to the side of the Bank
OF California and gentleman jumped out in a
state of excitement and -au into the bank. In
response to ioquiruS, the habkman said he had
| just left the body of Raston in charge of an
officer on the beach near the smelling worSs in
the north part of the city, drowned-supp sed
suicide.
Naturalization rode to Seig's smelling works
wharf and jumped off the dock.
The great excitement in this city over the
death of Mr. Raston, president of the Bank of
California, oversbadows every other topic. 1t
appears be went to sea bathing establishment
az NoIeu DodCu dG D ID p ILL.,, uuufeSSeu, WouG
into the water and swan about 200 yards and
disap cared behind vessel. Soon after his
body was discovered floating by the Selby lead
works, and was brought ashore still alive A
physician was su nmoned, but all efforts to re-
susciate him failed and he died at $50
COL Fry. bis father in law, Mayor Otis and
a number of prominent citizens arrived before
be expired. Col. Fry and Capt Lees went to
the bathing house and obtained Raston's
clothes. in which were found a few dollars and
his statement to the bauk, bnt nothing having
any tendency to show that he committed sui
eide. The body was conveyed to No. 1872
jackson street, the residence of Col. Fry. A
boy named Festus Mazzele states that be saw
Ralston before he reached the house Saw him
sit on clay bank near the smelling works.
Saw him tear up several papers and throw the
scraps into the water.
Search was made for the pieces, but they
were not found 1t was also reported that he
was seen totdrink the contents OF a phial be
fore going into the water. The general i'm
preston is that he took poison before entering
the water.
FIN Nf,UAV Mn m M eI r. p EUAT