The New York herald., 1875-09-01
THE BANK OF CALIFORNIA.

NO FURTHER DEVELOPMENTS AS TO THE
PAmURE-MR SHARON AND ANOTHER d.
RECTOR MTERvIEwED-''MR. RALsToN USED
THE FUNDS OF THE BANK TO HELP HIMSELF
OUT OF A sCRAPE-".
SAN Francisco, Cal August 81, 1878
No facts have been developed concerning the re-
sumption Of the Bank OF California By some the
statement regarded as an eectioneerng job though
among business there be considerable dis
position 70 believe It, and of the hopeful ex-
press confidence that il win reopen in few days
The general impression however, seems TO be that II
resumption takes place 1t will be till after few
weeks No intimation Of the condition Of the bank Is
given by the directors, and il is impossible at present
10 speculate with any assurance Of correctness
RUMoR FAILURE.
rumor has prevailed during the afternoon in the
city, which may have gone East, that Burng Brothers,
OF the prominent firms Of stock brokers' have
failed for 81 oOo 600 Inquiry fails to confirm the re-
port 1t that the nrm is affected to the amount
Of about $500 900 by the suspension OF the Bank of
California but it Is believed they able to stand IT.
and Is stated on good authority that Mr. Sharon will
back them up II any aid is needed
oAIIYoRNA STOCKS
AS Indicative OF the feeling In stocks, private trans
actions have been made within the following hgures-
Ophir, 40 a 43; Mexican, 1616; Crown Point "a Yel
low Jacket es; Belcher Is to 90; Consolidated vir
ginia, 225, and California. So
RUMoR.
A report obtained circulation to-day that the Burng
Brothers had hypothecated stock OF the Bank of Caor
MIA with the Savings and Loan Society, on Clay street.
which proved TO be over-issue, but on inquiry the
president OF the savings bank says there truth in
the report
MERCHANTS CONTINUE SOLID.
chapt In fnia
this afternoon gave encouraging account Of affairs
among the mercantile public No failures have
CURED among them, and none are anticipated. The
brokers also speak hopefully Of the condition and feel
ing; they generally cheerful and confident.
THE SUSPENDED BANKS.
There is nothing later from the National Gold Bank and
Trust Company the Merchants Exchange Bank.
Both engaged in gathering coin for resumption of
business.
To-DAY's ELECTION.
The election tomorrow begins to engross large
share Of the public attention, which is heightened by
contradictory reports believed to have political sgnh
cance the condition of the Bank of California and
the prospects of its resumption.
AN INTERVIEW WITH MR.. SHARON.
Mr.. Sharon interviewed last evening with regard
to the statement credited TO him that the Bank OF
California would resume business He stated In reply
to a direct question, ''We are moving heaven and
earth to reopen. 1t possible and improbable that
the bank will resume. There Is a reasonable proba-
bility of It," In reply to question to the
rumors OF over-issue Of stock the substitution Of
worthless paper In envelopes which had contained col
lateras and other fraudulent proceedings he said "I
know nothing about It. have not been among the
clerks or in the vaults"
Mr. Bell one Of the directors in reply to similar
question last evening, said, ~ know nothing OF the
kind"
ABSTRACTION ASSETS.
In connection with recent rumors concerning the AZ
fairs of the Bank Of California respecting the issue
of stock disappearance Of securities and other raudu
lent proceedings this much is known positively that
from three three and half millions OF the assets Of
the bank have been very recently distracted without
the knowledge Of the directors. How this has been
done is not known at present The directors sti
busy examining the state OF affairs but 1t is not known
when the report may be ready
WHAT ANOTHER DIRECTOR SAYS
personal interview was held with one OF the most
prominent gentlemen Of the Board of Directors who
says that effort being made reorganze by FORM
ing guarantee fund to liquidae the affairs Of the bank
and afford to business and that the re-
sponses Of those approached OF encouraging
ture; but that nothing can yet be stated definitely In
answer to the question concerning the OF fraud
ulent mismanagement the part OF Raston the gen.
teman replied -"All say about that is that Mr.
Ralston appropriated the funds OF the bank largely TO
his own use"
On being asked II there appeared 10 be evidence o,
Intentional fraud Ralston's part he replied "Mr
Raston got into scrape and used the funds Of the bank
TO help himself out"
ESTIMATING THE ASSETS
Il Is impossible at present 10 give any statement
worthy Of credence 70 the and liabilities Of the
Ran of Cali no 40
yet know the actual condition OF affairs 1t is given
out that the nominal In the neighborhood of
SIS 900 00o with liabilities OF about $12 oo0 oO0 but
from the best Information present obtainable 1t is
believed that the reliable will not be sufficient TO
pay depostors eighty cents the dollar the stock
holders losing everything Much labor is yet required on
the part Of the directors ascertain the character of
the assets
FIVE MILLIONS OF CAPITAL ADDED
Mr. D. O. Mills President of the Bank of California
has telegraphed the agents of the bank in New York
have been initiated for the immediate re-
sumption of its business here. Without naming the
day, Il is understood that the bank doors
will be opened early next week Mr. A. A. Cohen
q wealthy capitalist here, and who will in all likelihood
be of the directors under the reorganzed manage
ment of the bank informs your correspondent the
new capital paid up will be $50000D and that that
amount will probably be taken by D. O, Mills Mr. sha-
ron, Michael Reese, J. r Keene A A Cohen and few
Others The first four named take ST. OoO 900 each and
there quite number Of moneyed ready take
up the rest It is very evident that the directors
of this bank acted precptatey requiring the resgna
tion Of Mr.. Ralston, the further they look
into Its affairs the they are satisfied
with the condition Of the bank. Yesterday il
thought and the feeling sad and depressing.
that tho Pacific coast would suffer severely from the
panic the failure of the bank and the death of Mr.
Ralston, for an indefinite period; but this evening
everybody feels full of hope and assurance that business
embarrassments will be but brief Tonight the DO.
litical battle field exceedingly quiet It is the calm
before the storm. Tomorrow San Francisco will be
scething caldron.
THE coRoNER's TNouFaT