The weekly Elko independent. [volume] (Elko, Nev.) 1872-1887, 1875-08-28
SAN FRANCFSC0's PANIC.
San FrAxcrsco, Aug. q.

We nre experiencing n sharp, but
probably short-livetl, financial panic.
There Is less excitement to-day among
the crowds on California and Montrom-
cry streets, owing To the fact that the
banking and stock business is Mt stand
still. The Stock Exchange remains
closed to prevent n further depression
in the valre of stocks.
The officers of the National Gold
Bank and Trust Company have given
formal notice that their business will be
discontinued, owing to the panic and
the scarcity of coin, offering ut the same
time assets to all their dcpositors who
desire them. The Savings Banks ARE
open, but reserve to themselves the
privileges granted by law; the deposit
tors are being paid over the counter Of
the liibernia, the largest of them.
Some Of the Banks have determined
to remain closed today, among these
being the Merchants Exchange Bank.
The London and San Francisco and the
San Francisco are having slight runs.
The Savings Banks nre paying all de-
posts Of less than 800.
The following observations nre CLEAN
cd from mass Of floating rurnors in
print and otherwise. and are about the
facts:
The Bank OF California has, during
the past two years, been in collision
with one or more of the stock combi-
nations, and prcjudicinl reports relative
to its condition have been circulated
from time to time; which, however,
have been generally discredited rs the
out-givings OF spectators and dcspcr-
| ate politicians. 1t is admitted now that
the Bank has been advancing heavy
| sums Of money on mining and nInnu-
featuring enterprises little inside from
legitimate banking business. There
has been steady drain OF coin to the
East aud Europe for some months past,
to which has recently been added nm
unusually heavy demand for payments
on the wheat and wool crops. This Of
itself could have been gotten along
with, but for the mnnipulations Of the
stock brokers, who, in their frantic eff
forts to depress prices, began to hoard
money.
The Bank Of California paid $4,000
600 Mt 2:20 yesterday. Some large
checks were presented, one of them said
to have been for 100000. On the rep
resentation being made that it was i'm
night payment was insisted ON and niter
hasty deliberntiou it was concluded to
stop business. Flood & O'Brien, the
great holiiers and manipulators of the
Consolidated Virginia, Ophir, Califor-
mia and all OF the Constock mines, with
whom the Bank has been in collision,
state TINT the run on the Bunk was not
in any way promoted by them, and the
Of - 4. 4
by stating TINT he had forborne to draw
5000, OO0 OF deposits in order not to
| cripple the Bank. California street is
in I'M uproar OF excitement. The streets
nre crowded and five thousand frantic
men and women are jammed together
around the doors of the Bank with con-
sternntion and despair depicted on their
| cOuntenances. The report that the
Bank had closed its doors flew like
wildtTe, and u run commenced on the
other Banks. California street, between
Montgomery and Sansome, is surging
mass Of excited aud frantic humanity.
| The immediate cause OF the run was the
inability, or at least the refusal, OF the
Bank to pay II check of $500, 900, the
| gentleman presenting it having credit al
| the Bark for that amount. Shortly af-
tGr the refusal II run commenced, and the
doors were closed. The Pacific coast
branches Of the Bank were telcgraphed
to close their doors Immediately.
| 1t is impossible to estimate the dam
| ago done. The Board OF Brokers have
decided to suspend business until the
extent OF the catastrophe is known.
SAS FnAScIsco, Aug. %.
| w. G. Ralston, President of the Bunk
OF California, committed suicide yester-
day 40 y. m, by drowning himself
There is n statement that he may have
taken poison before going into the bay
LATEE.-A close carriage drove up to
tho side door Of the Bank of California
Mt p. IN. yesterday, and u gentleman
| jumped out in state Of excitement and
ran into the Bank. In response to m
inquiry tho hickman sRid thut just before
he left, the body of Rnlston was in the
charge Of tho officers, near the smelling
works. From the best information it
appears TINT lie went 10 the bnthimg cs.
adjustment ut North Beach, about 3:25
y. IN, undresscd, went into the winter,
SWAIN q couple of hundred yards md
| disappeared behind vessel. Soon nf-
ter the body was discovered floating by
Selby's lend works and was brought to
the shore, still alive. a physiciRn was
| summoned, but the efforts to revive him
fRiled, and he expired at 4:5O o'clock.
Col. Fry, Mayor Otis and number Of
prominent citizens arrived before he
died. Col. Fry and Captain Lees went
TO the bathing house and obtained Mr.
Rnlston's clothes. In the lnttcr were
found u few dollars and his statement
TO the Bunk, but nothing having ten
dcncy TN show that he contemplated su-
icille. The body was conveyed 10 No.
| 1872 Jackson street, The residence Of
Col. Fry, Mrs. RalstOn's father. A boy
named JustuB McZzcl states that he saw
Rnlston before ho reached tho bath
house, sitting on u clGy-bank, near the
smelling works; saw him tear up several
papers and throw the scraps into the
wntcr. a close examination WIS made,
but NONE of the lInpcrs could be found.
He IN also reported To have been seen to
drink tho contents Of phial before ell
tGriug the water.
II is said that the forthcoming state
ment Of tho management Of tho Bank
OF California will astonish those who
have had faith in IL. There have been
lIut hHSDI WI "
Of rccklcssncss, md which clnlcd the
scrutiny Of the Executive Committee.
The Directors Of tho IInnk mel ycs.
tcrdny at p. M, full board. Mr.. Hal
ston soon entered. d. o. Mills very
promptly asked him TO resign his posi-.
ton M President, which was done I'M
indefinitely. Mills then requested Hal
ston 10 leave tho room. which he did.
The Directors were skill in session at