Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-08-28
The Financial Crash In San Fran.
ctsPn-

BANK.
Last nights dispatches from San Fran.
cisco state that the excitement consequent
ON the failure of the Bank of California
seemed 10 be srbsiding. The run on the Lon
con and san Francisco bank ceased with a
large surplus remaining in values There
w9s slight run on the Anglo California
bank. but IL soon subsidized. The First Ma
tiopal Gold bank reports everything secure.
aod me same may be said of the Bank OF
BRUSH columbia. Generally speaking, all
Of the city banks are considered sound eX.
cept The Bank of California. Many rumors
are current regarding the condition of this
bank. One statement, apparentIv from
good arthority, is that the bank will pay dc.
pOSiOrs in full. and stockholders fifty cents
on me dollar; On the other hand, promi-
nent stakeholder states that the most the
ban can do Will be to satisfy the demands
OF depositors, and that it Will scarcely be
able To- do that. There has been a slight rush
n the Hibernian Savings bank. but the de-
n.ands were promptly met. Confidence seems
10 be returning. and 1t is believed the worst
is over. But little uneasine3s is felt as TO
the aTtairs of eithe, the National Gold bank
and Trust company or Merchants Exchange
bank. They have an abundance of available
assets, which are only waiting the reception
Of coin. The President states that they paid
ont about n million dollars Thursday, aud
that they have still a small supply. The
Merchants Exchange bank is believed to be
sound. and its suspension is only temporary.
IL is stated, on remarkably good authority,
that some half dozen heavy stock brokers
are likely to go down. No commercial fall
n
is expected next Monday, collection day.
The savings banks during yesterday trans
acted business as usual. deposits in some
being larger than the disbursements. The
Chamber of Commerce held a meeting yes
teriay afternoon and decided that ii would
probably be more injurious than beneficial
to take any action looking towards the post
pOnement of ordinary accounts or notes ma
turing next collection day. The city tax col
lector has $4,000 of protested tax moneys
on deposit in the Bank OF California, for
VI iaI 10 &c lnrftf IN nc nf u
The directors assured the collector that the
money would be paid in a day or two.
SUICIDE OF PRESIDENT RALSToN.
RalStOn, president of the Bank of CaliIOr-
MIA. jumped Off Seiby's smelling works wharf
last evening, and was drowned. The grea,
excitement in San Francisco over the death
of Mr.. RalstOn OverShadOTs every other
topic. From the best information IL appears
he went TO a sea bathing establishment at
North Beach at about 3:25 p. m, und- esSei
aud went into the water. swan about 20
yarCS, and disappeared behind a vessel. Soon
after. mis- body was discovered floating ny
the Se!by Lead Works. and was brought
ashore, still alive. a physician was sum
mOTed, but all Efforts TO resuScit tte him
failed, and he died al 4:05 p m. In RalstOn's
clOtfes in the bath house were a few dollars
and his statement 10 the bank, but nothing
having any tendency TO show that he COM
mitted suicide. a boy states that he saw
RalStOn sit on the clay bank near the Smelt-
iiE works; saw him tear up several papers
ard throw the scraps into the water. Search
was made for the pieces but none could De
found. IL is also reported that he was seen
TO drink the contents of phial before going
into the water The general impression is
that he took poison before entering the water.
The board of directors of the Bank of Cali
fornia held a meeting yesterday and Ralston
was requested TO resign as president and d.
rector, which he did. AS regards the finan-
cial prospect, in the best informed circles, it
is believed that all banks will 90 on without
f~riher delay, and that the National Gold
Bank and Trust Company, and Merchants
(hangp Rank Monday a
town is full Of rumOrs. The streets at eight
O'Clock last night were crowded with people.
II is understood that owing to the excited
feeling manifested, arrangements have been
made 10 call out the military to preserve
order, If necessary.
NETTING ABOUT THE CALIFORNIA BANK
I &c Bank of California was organized ia
july, fSCl, under the laws OF CallIU,Gia: ana
hai at that time capital OF S2,C000D0. This
has since been increased to $500, coo, on
VIII CT sum regular monthly dividend OF
me per cent. was paid. The bank IS under
s;ocd to have bad very large reserves. Its
1t Of officers aud - DckhOlders includes the
aNcS OF many Of the leading citizens Of
California, aut its influence extended to
every part OF the country. Its foreign rela-
tons are also unusually extensive. The
president or the corporation was W. c. Raj
s;on. and the cashier, Tomas Brown.
As the bank was concerned in a great va
riejy OF industrial enterprises In California
and the adjacent states, the immediate ef-
feet OF suspension will he most unfortunate.
III various ways the pOilCy OF the INSTITUTION
has been one OF encouragement of the young
industries Of the state. With an astonish-
ing command OF the details OF business, Mr..
RalstOn, the manager. has taken an interest
IN every scheme that promised to aid the
commercial prosperity Of the Pacific coast,
and yield fair return on an investment.
Among the recent Investments of Ralston
was the Palace Hotel building, San Francis
co, an enormous structure, said TO be the
largest hotel IN the world. This caravansary
10 cost about . .0oG, 600 when finished, was to
=. e
Mr.. William Sharon. United states Senator
from Nevada, recently purchased Ralston'S
Interest IN this enterprise. whether Justly
or not, The bank, or It's manager, has been
TcpUted 10 he engaged in vast number OF
mining schemes, some OF which have been
costly ard Improbable.
CALIFORNIA SPECULATIoNS.
The failure OF the Bank OF California,
while immediately caused by deposItors'
lun, was directly the outcome o. & conflict
between two classes of California specUla-
t0IS. one The Bank Of California, headed by
Mr.. RalSton and Mr.. Sharon. and the other
heal by MessrS Flood, OBrien and Hey
denfelt. The latter party have established
bank in san Francisco called The Bank of
Nevada with cash capital Of S5,0000S0
gold and night 70 increase TO so ,UOG,Gt D In
cldenial e this light have been the mining
propeTle5 known as The Savage, the Gale
dr&ia, The California, the Opair aId the Con-
NOlldated Virginia. The three latter are
Known az thu Big Bonanza mines, and the
Bank OF California pa lily obtained control OF
lheio. IN getting this control the stock OF
the California was ran up from 90 TO So was
tnen multiplied by I'VE, which would make
tire highest price iG0: II has since declined t.
%. Tie Ophtr stock, while they were getting
control, advanced from 80 TO 700, was null
tlplled by Eve. making 200 represent 40 in
new stock u has since declined To &c. The
CousOlidat ed Virginia, during the process az
getting control, advanced from ST. TO IOn, ii
was yesterday 267. The losses on these spec
uiatioDs are typical of other transactions.
and throw light on the causes of the impair
merit OF the credit oi the bank and is break
down The operations of the bank in the
hotel line are too well known 10 need men
ton.
SUPERINTENDENT MCCARrEE, OF the
Treasury engraving and printing bureau
yesterday received a handsome gold medal,
being first prize for engraving and printing
by his bureau, awarded by the Vienna Expo
sitiOn.
NAVAL ORDERS. - Master Laudon P
Jonett, ordered TO the iron clad Canonicus
at New Orleans, 18th September next. Boat
swain Thomas Savage, TO the receiving
ship Relief, at Washington, d. c. Lieutenant
L. II. G. Lentz, detached from tue Hydro
graphic office, on the 3ist instant. and
ordered To the steamer Tuscarora, sd Sep
TENDER.
THE MARRIAGE of a notorious woman
known as Mrs. A. c. Wallingford 10 lieu