Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-31

Hon. Ogden Hoffman, Hon. Cornelius
Cole, w. K. Vandestice, w. K. Die
brich, A. A. Cohen, Charles Clayton,
Company c, First infantry, guard OF
honor; hearse, followed by clerks of the
Bank of California; regents and faculty
of the university; mem bers Of the cham
Der OF commerce; San Francisco stock
exchange; Pacific stock exchange;
members and friends Of the family in
carrIages; officers and employees OF
manufacturing concerns, in which de.
ceased had been interested, and con-
course of citizens, numbering thousands,
brought up the rear. Services at the
cemetery were conducted according to
the rites Of Odd-Fellows. The streets,
on the route Of the procession, were
lined with people, and great gathering
was at the cemetery.
ROTTEN THROUGH AND THROUGH.
SAN FRANCISCO, August 30.-The
San Francisco commercial correspond
ent of the Record and UniOn, q we'll
known writer, and one who has hereto
fore taken pretty favorable view OF all
the movemen'3 made by the managers
Of the bank, makes the following sig"
nifieant statement, which the Bulletin
IG-DJSStukS III LllE AlCAntlhlC.
CATION BY the Trustees into the affairs Of
the coilaps, I bank hc pre- 3eeded, and
some new fectI have gradually become
known that excite good deal Of anx-
iety to receive the forthcoming report
and know the wOI5t. IL can be stated
that the condition Of the banks affairs
is far worse then dreamed of, and that
the executive committee of the board of
trustees, whose duty it is to verify
the monthly exhibit of the managers,
have been Systematically deceived. For
some time past these monthly exhibit
have failed to detail the trua state; and
even if the statements that are made in
Well-infOrmed circles as to improper en-
tries upon the books, and important OBJ
legations on current but not entered at
all, and overissues Of capital stock for
purposes of hypothecatiDg should they
ultimately be qualified, the fact will re-
main that at the time Of the crash the
bank was rotten through ana through.
The whole capital of five millions, and
the whole surplus of one and a half mil
lions on top OF that, are gone, and the
sad balance of Indebtedness remains,
for which the stockholders, in their in
dividusl capacity, are liable to be called
on. Assets to q large nominal amount
are discovered, upon which small per-
centage only can be realized. Many are
worthless, The bank has lattefly been
a heavy borrower in quiet way in this
market, and half score OF the wealth
lest capitalists have been recently VIC
timized in sums counted by the quarter
and half million. At least one who can
afford it has been bit even more heav-
ily."
COMPLICATIONS.
SAN FRANCISCO, August 30-A prom
ineut banker reports that the Immediate
cause of the demand by the directors of
the Bank of California for RalstOn's
resignation was the discovery by the
directors, during the investigation, Of
lot of bills receivable from irresponsible
parties, aggregating in the neighborhOOd
of a million dollars, with no collaterels.
1t is also reported that it was the inten-
ton of the directors to have subsequently
called RslstOn into their council, to avail
themselves of his intimate knowledge
of the business of the bank. RumOrs
were sfiORt this morning that an attach
ment had been issued against the Bank
of California, but reference to the records
shows nothing of the kind as yet. 1t is
reported that some heavy stock brokers
and others who have borrowed large
sums, in one case amounting to half
million dollars, for the benefit OF the
Bank OF California, securing their own
bills payable with stock Of the bank, are
likely to become heavily involved, the
stock OF the Bank of California being
given away at present. CollectiOn-day
thus far is progressing with q mutual
feeling of accommodation among busi-
ness men. 1t is difficult to ascertain
how matters stand before evening.
A GOOD DISPOSITION.
SAN Francisco, August 30.-A num-
Der of CO Jes are reported to-day in which
commercial paper has gone to protest,
in some instances on prominent firms,
but no disposition is shown to take any
action on protests or push the indorsers.
In the majority of cases the notes have
been partially paid and renewed.
STARTLING DISCLOSURES PROMISED.
SAN FRANCISCO, August 30.-Al-
though the directors OF the Bank of Cali
fornia, as board, have persistently re-
fused to make public any OF their pro-
ceedings to-day, some facts have this
evening been Obteiued from individual
membelJ, in view of tie recent calam-
ity, which hes oveTtaken Ralston. The
board have declined to make public any
discovery they have made until after
the funeral, when startling disclosures
are promised. 1t was admitted by q
member thar they would not have asked
Mr.. Rslston's rc3ignatiOn, unless the
grave facts IS TegaTus his management
had not come so light. All of the board
agreed that ne must leave the concern.
II was also practically admitted that the
bank could not pay the depCsitOrs in full,
perhaps about eighty per cent. AS re-
CARDS what has been said of the inf1u-
ence eXerted by the Gail and Bulletin, in
their structures upon Ralston, in causing
the crash, Is was also admitted that the
facts prove these structures to have been
well grounded, and that they could have
had 10 bad effect on the bank had it not
been weak. The gentlemen interviewed
were disposed to be very reticent, but
the above statement can be received as
an unwilling expression of the facts.
MERCHANTS EXCHANGE BANK.
SAN FRANCISCO, August 30.-The
Merchants Exchange bank did not open
this morning, in accordance with the
almost positive assurance of the secre-
tary, given yesterday. 1t may possibly
do so during the day. 1t will depend on
the success of negotiations now pending.
The officers are apparently somewhat
less confident OF immediate resumption
than they were yesterday, but say that
any delay will be merely temporary.
The National Gold banking and trust
company ssy the outlook is favorable.
INTERIOR NOT AFFECTED.
SAN FRANCISCO, August 90.-Except
in Los Angeles, where all the banks are
temporarily suspended, the Bank of
California failure does not seem to have
affected the interior.
EFFECT IN NEW YORK YESTERDAY.
NEW YORK, August 20 AT the stock
exchange prices are lower, because OF
the rumors Of an uusettling character
respecting Baltimore interests. 81 far
as known the Tumors originated at the
stock exchange. The general feeling
that cash gold is to be locked up has
stiffeIed the price Of gold and also
weakened foreign exchange, which lat
ter is down, is also tending to weaken ex
change and it is the beliefthat the syndi-
cate have large amount Of bills to put
on the market. There was nothing new
or startling nom California received in
the street ap to half past eleven O'Clock.
! There is some anX:e :ety to know the feel
iugs in San Francisco to-day. A pri-
vate telegram last night intimates that
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