The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-10
A LOOK ER-0N ATTHE PANIC
dFTER THE SUSPENSION or THE
BdNk or dLIFORNTd.
a Howl that Went ~ from California and
Gnusomr streets and was Heard Across
the Continent aud Across the Atlantic.


A Howl that Went ~ from California and
Gnusomr streets and was Heard Across
the Continent aud Across the Atlantic.
SAN Francisco. Aug. 29.-The hard
money citadel Is preached at last. California
50 long impregnable to financial assaults. seated
apart from her Eastern sisters on the golden
shores OF tho Pacific. has actually experienced
money panic as intense and as genuine In its
way as ever throngcd the busy blocks IN the vi
cinity Of Wall street with a struggling mass Of
anxious men.
At o'clock on that Thursday afternoon no
casual observer would have detected anything
amiss In that big building Mt California and San
some streets. The usual throng PRESSED around
Its counter, the great glass doors swung noise
lessly to and fro, the busy clerks were as deft
and "a rapid as ever, and the mighty stacks OF
gitterinR double eagles within seemed to an in
experienced eye provision enough to garrison
the bank against the assaults OF a Rothschd.
Half an hour later the bank appeared TO be
doing more business than was its wont, and a
seconds observation convinced you that the
business was all Of n Disturbing character Bv
2 O'Clock the counters were besieged by an anx-
ious, hagCard thrung pressing. swaying. iostling.
lhey thrust their checks, crumpled " the strug-
gle. under the noses Of the pavl4g tellers. They
wanted gold, nothing hut gold, and II seemed
each moment as though thev would leap the
elittering piles within. a few minutes after
ward the great iron doors were changed to and
barred, policemen being stationed at each to
keen hack the maddcned crowd. but the public
were stu admitted. though more slowly. n the
wicket, aud the checks we're cashed as fast as
they were presented.
The scene outside at this Iuncture baries de-
scripton. California street. ALWAYS crowded at
this hour, was now a sea of moving heads,
tempest Of excited faces. shouts Of various
import echoed backward and forward through
the throng. The old banks gone under az
last" Not much. she hasn't. ia give a hun
dred cents on the dollar for her stock this min
ute" These and such like observations indi-
Gated the temper of the crowd.
At twenty inmates to three the last check was
cashcd. the building cleared. aud tho last door
OF public inGress closed, while the telegraph
flashed east and west the startling intelligence
that the Bank OF California had suspended pay-
ment The howl that went up from the con-
course outside was Grnw ned In the general rush
that was made on the bank across the way-the
National Gold and Trust Comp tnv-which came
in for the diverted hood Of the panic for no
other reason, apparently. than because Of It's
remaining open till the full hour OF closing, and
paving out $4,000 over its counter in that hour
and a half 0f supreme trial. II did not open
next morning. announcing the scarcity OF coin
to tie too great for II to hazard another run, but
assuring ~ depositors that IL possessed $l,aO0-
uWover and above us liabilities. The Merchants'
Exchange Bank. the only other institution that
succumbed to the popular pressure. Is also an
nounced to be In perfectly solvent condition.
with regard to the immediate cause Of the
failure. many conflicting opinions prevail. some
believing that the bankruptcy was brought on
tending that II WAS precipitated hy individual
innuenrs and for an individual purpose. | am
inclineu to accord some show OF credcnce to the
latter theory, and. taking everything into ac-
count, II Is difficult TO understand II by any
other light The bank Ring. In addition TO their
legitimate business, were large speculators in
various mining stock las indeed every one on
this coast IL to the extent OF his atiiity) and In
particular held a controlling interest in Ophir,
one OF the Comstock lead; suppose the Com
Messrs. Flood 4 O'Brien are at present KINGS
OF the CpmstOck. and own a controlling interest
in every mine Oh the lode excepting Ophlr. They
were anxious to obtain control Of this Ophir
mine, for the purpose Of working the California
mine through II, but the bank would not part
with their Interest Flood then began To throw
his Bonanza stock In large quantities on the
market. with the result o; beating down prices
along tie whole line and az the same time lac
was drawing large sums IN ready money from
these sales. which came principally from the
hr kors bank the Bank oi california.
At present II Is confidently reported that
Flood OBrien have SlOOO,voO IN the vaults
If their safe deposit building on Montgomery
street. aud It is well known and not even denied
Donohue, Kelly X Go. Add to this 100000
sent into the interior to move the wheat har-
vest, and you may form some idea of the 81 in
gency o. the money market in san Francisco.
Mr. Rilstou the following daS assigned "ll his
property. IN amount yariously estimated AT from
two 10 iuur millions, In trust 70 MIR. sharon for
that abund inty proved him honest In inten-
ton II sometimes mist ken In Judgment, and
gives the lie direct to the celumneS of his news
paper detiactors; lhe next Intelligence received
WIS tha' he mad been taken from the hay In a
uNliE CuHullun ana liAO tAiiftd ds III spite Ut all
efforts to r.viNe him, at 30 the same friday
evening. In the ctty, just beginning to settle
down from the effects Of the panic, the an
nouncemcnt created AN even greater sensation
than the news uf the failure on the preceding
day. Knots Of men discussed the situation on
the street curnt -, and SO bitter was the feeling
manifested against the Buletiu and CdU, that ii
was thought necessary TO send tue military over
from the lre~idiO to aid the police ia keeping
order. II was. perhaps, owing 10 this precau-
ton that the night passed over without riot, but
the excitement and anxiety were intense, and
the far seeing ones wisely shake their heads aud
WHISPER. " ! he tnd Is not yet. II l. feared that
Mr.. RalstOn ; death will throw a vast number Of
laborlng men out Of employ yment, and this,
coupled with the necessary depression oi busi-
ness resulting from the panic, may tend to pro-
duce state Of things To which our city has
hitherto happily been stranger
MIR. Ralston was the motive power In many OF
our principal enterprises on tins coast. AL
though he disposed Of his interest IN the Palace
Hotel some months ago to Mr.. SnatOn for sl..JJ,-
90. he still took an active part In its supervision,
and the bank capital was always AT It's service.
lie was one OF the owners ard directors Of the
dry dock at Hunters Point. lie had large in
terest in the Mission Woollen Mills he owned
silk man ufactory, in the West Coast Furniture
COMPANY, in the Cornell Watch Factory, IN the
kimball Carriage Fac ury, and other great bust
ness enterprises both IN the city aud through
out the State. lie was part owner Ia the Grand
Hotel, and had a large interest In the California
Theatre. lie has done more Tor our state than
any other Individual ana the people consider
the financial crisis but a trilllng misfortune
when com pared with the loss OF such an open
hearted public-sprited citizen, HIS obituary is
IN every saduened eye, IN every subdued tone ON
the street. q, H. j.