River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1875-09-10
New Developments in RaIston,s De

as
possible, the depositors and other credit
ors Of that institution. We published
Just as many facts as we believed would
hest serve the purpo c, and no more. We
! then said that the failure was owing to
the mismanagement of the late president,
I aud that this mismanagement was within
| the knowledge Of the directors. For these
! statements we were roundly abused. A
vicious press undertook to marshal all
| the corrupt elements against us. We
were IN possession Of facts which we
could not state, because we were most
anxious that the directors should, if pos
sible, contrive some way Of extrcation
| We preferred to suffer the assaults of EN-.
cmies rather than give the facts at
time when they might furnish complete
yindcation Of our attitude toward the
bank, but might at the same time hinder
and possibly defeat the plans which the
directors of that institution. some Of
whom have always been the staunch
friends of the Bulletin, and are SO now,
have perfected, They have settled
on a basis OF action whereby every credi.
tor Of the bank will be fully paid We
have full confidence both IN the amity
and IN the good faith Of these men. They
will redeem their pledge, and may ulti.
mately make the bank stronger even than
the one which suspended. 1t was time
the BuLtetiH should be relieved from the
secrets which itihas been abused for keep
ing. We therefore proposed to ask the
consent OF the board Of directors to re.
lieye Us from aay further obligation TO
keep secret some facts within our knowl-
edge. Having done our best to protect
others, it is part Of our duty to protect
ourselves. We are now authorized by y.
o. Mills to say that the late president
did, without the knowledge of the direc.
tors, use privately from three to four mil
lions Of the banks resources, which
amount remains unpaid. This was the
cause of the failure. Probably elsewhere
this would have been set down as de
lalcation. We are also authorized by
the same authority to say that there was
an oyer.iSsue Of stock, which over.issue
has now been provided for Tho partic.
ular use which was made of this large
sum Of money, it is not our duty to men
ton. When these discoveries were made.
the connection Of the late president with
the institution was at once severed. Be-
tween three and four millions Of money
had zone out Of the bank without the
knowledge Of single director.
WHAT RALsToN SAID.
IN view OF the above statement especial
interest attaches to the following inter-
view with him by a Chronicle reporter
the evening before he committed suicide
Reportcr-What is the cause of the
present stringency in the money market
Mr.. RalSton-lhe first is The extraor-
binary movement in the grain market. In
other words, the extraordinary demand
for grain has brought into the market an
unusually large quantity Of wheat, which
has taken cut of the city large amount
OF coin as fast as we could get it. 1t has
amounted to $4,000,000 TO $5,000,000 in
the last six weeks, constant daily drain.
For instance, we received kilograms from
San Jose, Sacramento, Marysyille, Stock
ton, Sonoma, Petaluma, Napa, and other
localities, asking US to send $4,000. SIS.
600 or $4,000 for this business. Fried
lander, for example. buys a cargo of
grain and gives his checks for it, and that
coin IS all paid over TO the farmers, and
for the time being it depletes the money
supply Just Ait occurs in the fall season
in the East, when the great demand for
money to move the pork or fall crop oc-
ours. There are times then when money
brings one or two per cent. per day, but
we have not the same facilities for recu.
peration in case Of such a strain that they
have in the East. and, consequently,
where they would pick up strength to carry
hem over the crisis, we would 20 to the
wall for lack Of such facilities. Besides
he reason | have already given for the
TT urgency in ouc money market, there is
some reason, unaccountable 10 us, for the
disappearance OF very large amount Of
coin. We do not know how or why it is
we cannot account for it ut all but it is
certainly out Of sight somewhere. II is
not in circulation, at any rate.
Reporter. At what amount do you es-
| innate itl
Mr. Ralston II is from S4,OO000o to
s6,000,000. That sum has absolutely
( disappeared somewhere, but where il Is
we do not know anything about.
| Reporter. Has the Bank Of California
advanced much Of this money that has
been used for moving the wheat cropl
Mr.. Ralston. Yes; it advanced great
| deal.
Reporter. Has the sending of money
East for specializing IN gold drained off
much money from this city
Mr. Ralston. As near as that can be
estimated We lost from $S,000,00O to
$4,000, 600. That was the first serious
! loss.
Reporter. Has not the coin gravitated
| back again J
Mr.. RalSton. Very little Of il.
Reporter. Has the building Of the eN-
tensivc improvements the Palace Hotel.
Safe Deposit Company building and
Flood & O'Brien's cconsioned much e
drain by sending money east for the ma.
| tcrial uscdl
Mr.. RalSton 4 very small percentage.
That money has been disseminated here
and done a vast deal Of good going into
the hands of me' chants, tradcSmcn. and
the laboring classes. Il is safe TO say
that so per cent Of II has been distributed
in this way among the people Of this city
and coast
kpuOrtpr Has tho rprpnt nrtivttv ~