The Portland daily press., 1875-09-03
From the Maine State Press Of Sept. 2, 1873.
History Of Seven Days.
The News for the week ending wednes day
Night. Sept. l..
THE NATIONAL CAPITAL.


in the Chorpenning case, that persistent clai-
mant has gone to the court of claims for relief
on mail contracts amounting to $463.00O.
The European and North American Railway
will get lift by the payment of the Maine and
Massachusetts claim of $67S,000 which was
made September.
The Secretary of the Treasury declines to
reverse the recent order relating to ex portation
at Portland.
There was an unprecedented rainfall in
Washington Sunday, flooding houses aud caus-
ing great destruction of property.
The Secretary of the Treasury has directed
the destruction of $685. 400 of legal tenders, being
80 per cent of the national bank notes issued in
August.
The Secretary of the Treasury has decided
that hewn pine timber, commercially known
as square or side, is subject to duty at the rate
of cent per cubic foot and not 20 per cent
advalorem as heretofore held be the depart
ment.
j. M. Thatcher Commissioner of Patents has
resigned. Ex-Congressman Duell will be ap-
pointed to fill the vacancy.
Nearly year ago the jury in the safe bur-
glary case of Harrington and others failed to
agree. There will be another trial. important
evidence having been discovered during the last
three weeks.
BUSINESS FAILURES.
The failure of three important business
houses are noted this week-the Bank of Cali
fornia. Stirling, Abrens & Co., sugar importers
of Baltimore, and the publishing house of Lee
& Shepard of Boston and the branch house of
Lee, Shepard & Dillingham; in New York. The
Bank of California was bank of deposit SIM
ply, not of Issue, and was started in 1866 by
William G. Ralston, with capital of So OOO,-
000 which was subsequently increa sed to
S5,0000O0 1t was unusually prosperous, and
its President, Mr.. Ralston, had made himself
one of the wealthiest men in California. His
industry was untiring and his bank became
intimately connected with many of the indus
tries of the state. With Senator Sharon he I'M
dertook to build the Palace Hotel in San
Francisco, which will cost $5,OO0,OOO and be
the most splendid hotel on the continent A
short time before the failure of his bank he
transferred his interest in the hotel to Mr.
Sharon, so that the latter is now sole owner
The failure of his bank is attributed to various
causes, of which bad luck in mining specula
ton, and the antagonism of a rival concern,
the Bank of Nevada, are the principal ones
The liabilities of the institution are estimated
at $14.OO0OOO, while the assets will reach
81, 000, 900. The deposilors will probably re-
cieve about 80 per cent. of their deposits, but
the stockholders will meet with heavy loss
The effect of the disaster was felt all over the
United States but on the Pacific coast the ex-
element was intense. A rnn was commenced
on the National Gold Bank and the Merchants
Exchange Bank of San Fran cisco, both of
which were compelled to temporarily close
their doors, though they are perfectly solvent.
Later in the day the excitement was increased
by the announcement that President Ralston
had committed suicide. He was walking on
the sea shore when he suddenly fell back dead,
and the inference was that he had taken his
own life. Subsequently, however, it was
shown that his death was from apoplexy. La
ter reports from San Francisco ow better
feeling and partial restoration of confidence
The effect of the failure will probably not be SO
bad as was at first anticipated, and when the
wreck is cleared away and the present excite
ment subsidies the state of California will sail
along as prosperously as ever.
The failure of the Baltimore sugar import
ing firm is also notable one. The concern
was the largest house Of its kind in the coun-
try. its annual business footing up 40,000,00O
The liabilities of the firm are estimated at
So, 900, while its assets, if judiciously man.
aged, may pay the entire Indebtedness. De
preston in business is assigned as its cause.
The failure of Lee & Shepard took the gen.
eral public by surprise though those intimate
with the affairs of the concern were prepared
for it. The firm lost very heavily by the great
fire in Boston and subsequently by the Sud-
bury street fire, and have experienced long
term of business depression. Their liabilities
are estimated at $650,0OO, while their assets
are not known, though 1t is expected that they
will pay 80 cents on dollar. Lee, Shepard &
Dillinghams liabilities are $15O,OOO, and with
proper management it is thought they can pay
their debts in full.
The mercantile agency of Dunn, Barstow s.
Co., in the preface to the new September book.
refers to the business prospect as follows:
whether the expectations which have been
entertained of an improved condition Of trade
for the present year are to be realized or not,
the next 80 days will determine. With the ex-
ception of few important localities the agri-
cultural productions have been unusually large
and the favorable prices that prevail for sew
eral leading products ought to stimulate an
early realization. The mo vement of crops is
the old fashioned and legitimate manner by
which to get money into circulation and thus
increasing the purchasing and debt paying
power of the people, especially in agricu tural
localities. This will be vital step towards
improvement in trade and few weeks will
determine whether this will be the effect of an
immense increase in the wealth of a vast
producing class. There exists now very I'm.
certain and feverish condition of things"
Later.-It is officially announced that the
bank of California will pay all liabilities and
resume business. A guarantee fund of So, OOO,-
000 has been subscribed by D. e. Mills. James
r. Keyne, Michael Rose, VIM. Sharon and
others
HOME MATTERS.
Politics are getting lively in this state, and
everything promises the usual Republican sue
cess. few weeks since the Democracy was
quite hopeful, but in most localities the lead.
ers appear to have retired from the field. The
contest on their part has been of quiet char
acter. The Republicans began public speak
ing in this city last week, and since that:time
very large and enthusiastic meetings have been
held in Bangor, Augusta, Lewiston, Bath and
many other places. The great clambake at
Old Orchard occurs (to-day) Thursday.
Last week was a most favorable one TO
camp meetings, which we1e in progress a
Fryeburg, Nortbport, Poland and at several
other points. Unusual interest is reported.
Crop reports in Maine are generally favor.
BILE. In some localities potatoes are rustiug
and wheat was hurt by rust week before last.
but not generally. The probability is that
Maine will harvest its largest grain crop for
many years.
CRIMES AND CASUALTIES.
Henry Mclaughlin. N. Y. ring politician,
was stabbed Wednesday night and will probably
die. He and his companions were drunk as
we'll as those with whom he had the fight.
Jafrey and others, who were arrested, state
that Mclaughlin made the first attack on
them, and they acted in self def ence. One OF
the party was boy only II years old.
Last Friday James Dunn, a Catholic, and
ROBERT Coulter, Protestant, both of Cincinna-
u. quarrelled about their RELIGIONS and ConIter