Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-08-28
BY TELEGRAPH.
The Situation in San Francisco.

SAN FRANCISCO, Friday Aug. 27-mid-
night--lt is difficult at present to state the eff
feet of the Ralston failure upon the maoufac-
turing enterprises in which he Was interested
1t is feared that the kimbail Manufacturing
Company will hardly survive the shock The
rolling mills are 10 a better condition. The
Cornell watch factory will probably be seriously
crippled. The effect of the failure on the min.
ing stocks cannot be estimated at present. be-
cause there is ~ market All the business in
that line is suspended. Out of the many
theories advanced as to the cause Of the failure,
VIZ: sending money out the city to buy wheat;
the locking up of coin by other parties; spccu
lations in mining stocks, &c. A statement of
the cause, by MIR. Ralsron, will be of interest
Throughout all the public interviews yesterday
aud to-day Mr. Raston stated explicitly that
the suspension was not cwtn to any hostile
act of adverse parties, and that the best of
feeling prevailed between himself and the par
ties who have been credited with the lock up
Of coin. At an interview, on Thursday even
ing, at MIR. Raston's residence, he repeated
that assertion in the presence cf other parties
As your reporter left the roam Ralston follow
ed him into the hall aud said: 1.-The statements
| have made, as TO the cause Of the failure, are
my statements to the world. As a matter Of
personal and private information | tell you that
this failure is the result Of persistent effort
for months to break this bank" Uudcr the
present circumstances your reporter believes il
proper to make this public. The streets we're
full OF people this evening, but the crowd was
disposed to be quiet aud orderly, though some
feeling OF uucasinc>s was evident. Extra pre-
cautious were taken by the police departmeut
to preserve order, and The evening passed off
uudsturhcd.
SAN FRANclsco. Aug 2S.--No official state
ment has bccu made yet oI the condition of the
Bank Of California. The directors applied to
| Flood Il y Bricn, on the day OF the failure, for
| relief, and offered TO present to that firm the
entire paid up capital stock OF the bank, uame,
| ~ 5000 600; also 81 800 900 ia back, and
10 addition 81 OUh, 900 70 be assessed on the
stockholders Stu all 81, 500, 900, provided Flood
d O'BIien would. for this consideration, as
sumo the liabilities Of the bauk. The PROPOSE
too being declined the bank had to suspend.
| There Is no doubt that the liabilities of the
bank are $l4 0O0.0OO, aud the available assets
not far from $1,000, 900 which will shrink con-
slderably before they can be realized. The
true condition OF the bank had been concealed
from the directors up to Thursday \ full
meeting OF the directors was held at | o'clock
| D. m yesterday. w men halStOD entered the
room Mr.. Mills promptly asked him 10 resign
as president OF the bank. RaIsnu COM
piled with the request at once MIR. Mills
then asked him to leave the room, and
he did 50. The directors were still ia ses
sion when the news was brought that
Ralston had drowned himself The Directors
protested to be astonisEed at the developments,
showing the true condition Of the bank The
stockholders will lose their stock, aud to pay all
the liabilities, will have tn stand an assessment
Of probably fifty per ct. Some three million
dollars OF the liabilities are in the form of &C.
ceptanccs for advances made by our leading
capitalists to strengthen the bank. Elk Gov.
Stanford holds $500 900 of these accepances
MIR. RaIston's body Was placed 10 casket and
taken from his house TO the residence of COL
Fry, his father-in-iaw. The funeral will take
place on Sunday. The Coroner will hold an
inquest on the body to-day.