New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-30

gain the control Of tho Ophir Mining Company ms va
after having gained control over IT, they put up IN q.
market wonderful dc. Ss'csp;sc.. Of =:
dealers IN stocks Al the same ne the
Consolidated Virginia and California Nina wSn
.i ssa9s
resulted raising the stock from $50 to $50 within
few DAYS .S Of dSn:y and IN
balances Speculation ran wild the holders were com
tuch Sesrse ' a. to ruin many Of tho smaller stock
holders and seriously to cripple those no noS ,n d
onhr s.ns pe the least vaiaabis 70 appreciated that
within fow daysi fell from $3.50 To- $50 Ths 0phr
Depreciation Ss Seriously crippled their and in
this the fsilure had i,s resl origin. s.o ~, 8,
WAS bonght at more than 5000 The statement Witch
appeared that the Cornell Watch Company OF san 81 s
Bank OF California Incorrect The truth OF the mat
Which he pad up full but no bad control what
the Company, and no official connection Win
The gentleman who made this statement 10 himself
loser by the failure of tho bank lie arrived III N "t
credit the news and still tho announcement 81 the
suicide Of Mr.. Rsis.on, With whom he WA won ne
Viii he serious loss to the city Of Fan Francisco He
had share IN every great Oc.l entcrp1se ne was e
fcans in his power he Started lnannsenrng com
many to make the furniture for the NV racS iin e
COMPANY e would have nothins that did not
Local trade ard lOca enterprise ana local aaVahseIs
stood before all things in his ~, ho n ma coli" e
to wait at table The stories OF ny io1,s r hs
eondneted his establishment, cc''rmod His house
was quite hGie. Over 100 gsc,ts Wcr' soir.ai'. .
room Persons Of no.e who visited Sar Francisco were
spc to be taken to Mr. Rastons house NJ Rason
himself was modest thoroughly devoted 10 Dhei-
ness and an admirable administrator He tooK no one
into his counsel HIS plans we're n's own ana nv, po,
control tiInors rife in San Francisco OF pos''oe
Tue gsDten thought that the bank would be able to
pre the deficit The shareholders were men of imniensr
SSanb n"d was s, to dS nc rs be auired Mr.
Ralstou for many thugs he could no. bit tink tt ne
9n Francisco who were influenced by his cxanpe a;d
away by the spirit Of wld pccniuon ne co"
the place where he went battle s very cold ana u WIS
strange that o. bis friends who might nae ma
otner gun',cman who knew Mt Ras'on coni lot '''I
stand tie story Of his death a. ME- r6 s Ion Wa
Goug that his personal elects would noS realize o'ef
$780, 900 In all.
STOCKHOLDERS LIABLE UNDER THE srArK LAW
An old and influential resident % California WHO
arrived in this city last week. and who 10 Intimately
ACQUAINTED with the banking laws Of that State stated To
a reporter of The TKiBUSE yesterday that I'd" STOCK
holders OF the Bank of California as well rs OF al oher
banks in state, liable in prportio to TIE ca a'9ort
of held by eacA for tins toi dsh'enN Oh Tue oAh'
without regard to the amount oi its capital stOcH
TRANQUILITY RESTORED IN WALI.-ST.
NO FURTHER EFFECT UPON THE MINNEAPOLIS
PATCHES FROM WESTERN CoRRESpoNDENTS-
LEGAL DECISION UPON THE LIABILITY OF LAID
LAW co. TO BE SOUGHT.
The failure of the Bank OF California ana
the suspension Of tie other san Francisco banks hal no
pelccptibe effect upon the Wailst market Oh SATURDAY
The business of the marked by the usual o-
,l,.n whic la
days. The death OF DIR. Raison was not known
to business until Saturday morning.
tic first announcement OF the event coming - did The
failure Of the bank, through the morning Papers This
and the probability OF further financial tc"5!cs IN C'
oIna formed subject Vi conversation, Gut the gen
eral expression of confidence IN al those con
Germs that have maintained SOLID foundation, willie 1t
was thought that the quicker the false supports ale
knocked under the Others the better would be Tor
the country. The transactions at tbs 0incz LNchahse
amounted 10 only little more than one-third VI what
they were on Friday while prices generally made sight
advance those OF the previous day The fluctuations
in geld amounted TO only Is per cent closing at IL
Before noon the following dispatch from 1an Francisco
was received al the Geographic agency of j. j. Herman
& Co., al Wall ana Br0ad-siS.
No oteia statement has vet been made of the condi-
RAM nf California; The directors applied ~
Flood q q Bren The day Of the failure Tor reef. ana
oeed 70 preseat 10 mat h. tue sna 6 lo " %
in bank aud in aHii toh Fl Gnpc 10 10 asses SEQ on me
would for This consideration assume me aoi.lilrs 4t tae
bank The proposition beng declined, me BANK hd 70
suspend. There Is dOubt that the liabilities OF the
b. nk arr, 81 coo and the available assets no. far
from 81 100000, which WI! SHRINK considerable De!oie
tney can realize.
Later ia the day another dispatch to The same frm
st .ted that the excitement had almost subsidized aud
there signs Of renewal OF run on inc haaks.
The streets were crowded and business generally sus-
pendc iere being transactions whatever III stocks
There was rr,or chat several prominent brokers had
IA py;t-1 1ita-a
was a report that several banks at Los Angels
had suspended Late in the afternoon dispatch was re-
ceived by Eugene Kelly Co.. ut No 40 Exchangepace,
from their California house. stating that the excitement
was subsidng and that oil was well with them. ,ir.
Kelly said he did not anticipate any further trouble at
the oice OF j. g. W. Seemau Co., at No Il BrOa!st,
reporter Of TIE TREUHE Informed that dispatch
had beon received from their in California than
in them the gold sent Friday but stating they did
not themselves need It, 1t would. however, be ~ value
to others. Mr. Seleman said he anticipated more tran
guilty now that The people in San Francisco know that
they en- get gold from the East when they need H. One
great cause Of excitement Friday owins to she
fact that the bankers in San Francisco knew they
short OF gold While they uncertain about the fros
pccis OF obtaining supply.
AGENTS o. the suspended Merchants Exchange Bank ~
San Francisco II was stated by member OF the trn
th1 e hank was CryaiiIod oral years 20 under
laws state OF California, snd its business Of late
Nj Hayward, Prcsidnt The capital OF tbs bank is
present s50oo,o0o, while the personal means Of is
President loaSt much more. In the bank
sholld become seriously embarrassed, Mr. Kountze
thoarh Hayward would not hesitate 10 TO its
relief M kountZe. therefore. expected the bank to
sipe as soon us excitement III San Francisco should
pass away, which he hd no doubt wOud Da within lew
days.
At the Office Of Ladlaw & Co., 1T No IL Pnest it
stated that tho Bank OF California was organized by
suecial charter, when there were banking laws ia the
State. At fist the capital stock was S,O0D,0)O which
aferward increased to T5,OOOo0C, and under the
charter IT Thought, the Stockholders were Liable only
Tor the of their capital stock. Willie it trHe
that large part Of the Drsiness of the firm OF Laidav
Co. was done III connection with the BaIk NJ California
failnre vi The IaLIer IL stat VIII MOt cOmueL