The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1875-09-03
ANOTHER FINANCIAL CRASH.
The Greatest Banking Institution of the
Pacific Coast Gone Under-A Wild Panic
i'm the Golden City.

| [san francisco aug. 26) Cor Cmcago. I-lnesJ
Had an earthquake struck the city OF
San Francisco, or laid waste the Pacific
coast, there could not possibly be any
greater excitement over the destruction
of material interests than there is here
| tonight over the terrific blow that has
been struck at commercial and financial
relations. The suspension of the Bank
of California, the great money center and
moving lever of the business of the slope,
has come so Unexpectedly and II Is be-
lieved has involved so many people III IT.
retrievable ruin, that it may well be
hkened to one of those natural convul-
sions which here SO often lay desolate
whole areas of country. Nothing like
this has ever before occurred on this side
of the mountains, and at the present writ
ing it is impossible to estimate the actual
extent of the loss that has been sustained.
1t has long been the familiar proverb on
this side of the continent that the Bank
of California was the backbone of finan-
cial interests here, that it was the main
stay, the bulwark, so to speak, OF Cali
fornia's commercial relations and that
it influenced, controlled, and swayed all
things of monetary character, not only
in this State, but along the whole line OF
the United States on the Pacific coast,
and held within its grasp the auriferous
and argentiferous wealth of the back
country far over into the mountains OF
Nevada, Idaho, and Montana. Headed
by wide-awake and progressive business
men, imbued with all the erterprising
instincts of the farseeing Californian,
this bank has won O position which was
recognized as eminently leading, and
which has made of it an institution which
was looked up to as the very Gibralter of
institutions, of it's class. There was
scarcely an interest in the State which
did not feel the fostering hand of the
bank. It's money was injected into in
Vulnerable undertakings, from factories
to silver mines, from printing offices to
palace hotels. With the view TO build
up and maintaining the commercial dig
nifty of the State, the bauk lent its aid to
such ventures as promised substantial
returns. Having been successful IL the
past 1t came to be looked upon as I'M
questionably sound for the future.
There was not the least intimation this
morning, at least so far as the general
public was concerned, that the bank was
treading over treacherous ground. There
was the customary feeling of security in
financial circles, and nothing unusual was
noticed at the noon call of the stock
board. Shortly before o'clock, up to
which hour the bank had been meeting
its obligations, the doors were closed.
This was the signal for an unusual ex-
element. California street, which is at
best little less than Babel, became in a
few moments the center Of perfect pan
demonium. From Battery to Montgom-
cry street the scene was one of indie
scribable tumult. It did not take many
minutes for the news TO become noised
throughout the city, and the result was
that the thoroughfares leading to the
bank were soon fairly impossible. Ex-
cited brokers stood upon the pavements
frantically canvassing the situation, while
staid bankers, whose interests We're more
or less involved in the cause of the ex-
element, were hurrying to and fro,
seeking vainly to gain admission to the
rooms of the directors of the collapsed
institution. Business men with deposits,
which are supposed to be swallowed in
the general ruin, added their share to
the hubbub, while the noise was height
ened by the newsboys who were soon
crying the fact, which was blazoned in
fiaring headlines upon the pages of the
afternoon papers.
As soon as the doors of the bank were
closed and sufficient guard of police
stationed to protect the premises, meet
ing was held in the Trustees room. This
conference was held in the presence of
representatives of the press of this city.
The capital of the bank was IS, 900, 000,
and it is presumed that the failure viii
exceed this amount many times.
suicide of w. c. Ralston, President of the
Bank.
A San Francisco dispatch of Aug. %
gives the following particulars of the
suicide of Ralston, the President of the
suspended bank:
At about 10 minutes past ) a close car
riage drove rapidly to the side door of
the Bank of California, gentleman
jumped out in state of excitement, and
ran into the bank. In response to in
qIliries, the hackman said he had Just
left the body of Ralston in charge of an
officer on the beach, near the smelling
works, in the south part of the city. 1t
was quickly learned that Ralston rode to
/ Sellig smelling works wharf and jumped
| off the dock.
From the best information, it appears
he went TO a sea-bathing establishment
at the north beach, about 1875 p. M,
undressed, went into the water, swan
about 200 yards, and disappeared behind
a vessel. Soon after, his body was dis
covered floating 10y the Selby Lead
Works, and brought ashore, still alive.
A physician was summoned, but
efforts TO resuscitate him failed,
and he died at 10 minutes to o'clock.
A boy named Festus Mazzle, states that
he saw Mr.. Ralston before he reached
the bath-house saw him sit on the clay
bank near the smelling works saw him
tear up several papers and throw the
scraps into the water. A close search was
made for pieces, but none could be
found. He is also reported TO have been
seen to drink the contents of phial be-
fore going into the water. The general
impression is that he took poison before
entering the water. The board of di-
rectOrs of the Bank of California held a
meeting TODAY. Ralston was requested |