Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-28

SDOus
LATER.
Ralstou rode TO Seliiug's smelling
works at the wharf and jumped off the
dock.
There is great excitement in the city.
The death of RalstOn Overshadows every
other topic. From the best information
it appears that he went to the sea-bath-
ing establishment at North beach about
twenty-five minutes past three, IN
dressed, went into the water and swan
about two hundred yaTdsand disappeared
bshind a vessel. Soon after the body
was discovered floating by the Selby
lead works; was brought ashore, still
alive, and physicians summoned, but
all efforts to Tesuscitate him failed, and
he died ten minutes before five o'clock.
Colonel Fry, his iather-in-law, Mayor
Otis and a number OF prominent citizens
arrived before he expired. Colonel Fry
and Captain Lee went to the bathing
house ana obtained Mr.. Ralston's
clothes. In these were fou I'D a few
dollars and his statement to the bank,
but nothing having tendency to show
that he committed suicide. The body
was conveyed to No. 1872 jackson
street, residence of Colonel Fry.
- DOY udDlGl Il SsLUS w aSLGLC 6LoLCo
that he saw Mr.. RalstOn before he
reached the bajh-h9use; saw him sit on
a clay-bank near the smelling works;
saw him tear up seversl papers and
throw the scraps into the water. a
close search was made for the pieces,
but none could be found. He is also
reported to have been seen to drink the
contents Of phial before going into the
Tho ipoTraSsinn ia IN q
he took poison before entering the water.
The board Of directors OF the Bank Of
California held meeting to-day. Raj.
ston was requested TO resign as president
and director, which he did. AS regards
the financial prospect, it il believed in
the best-informed circles that all the
banks Will go on without further trouble,
and that the National Gold Bank and
Trust company AMI Merchants EX-
change banks will resume Monday.
The town is full of TumOrs, and the
streets at this hour (eight O'clock in the
EVENING" crowded with people. 1t is
understood that, owing to the excited
feeling manifested, arrangements have
been made to call out the militia to pre-
serve order, if necessary.
NOT A SUICIDE.
The report circulated that John G.
CLARK, chief teller of the Bank of Cali
fornia, committed suicide this evening,
is disproved by Clark in person.
EFFECT IN AND OPINIONS OF NEW
YORK,
NEW York, August 27.-A special
dispatch from San Francisco says the
exchanges are ell closed and business is
in q state OF suspension. Intense ex-
element prevails. Geld decreased to
1133,
Financial and commercial circles were
thrown into a state of the greatest ex-
element st the opening, by 8 report Of
the suspension of the Bank of Califor-
MIA, aud for time the utmost cOnfu-
sion existed in the gold and stock ex-
changes, the prices of gold rising pump
to 114t, while stocks declined 1(92 per
cent. in free pressure of sales. The
news of the suspension Of the Bank Of
California this morning produced con-
siderable excitement among depOsitOTs
and creditors generally Of that institu-
ton in this city. The offices of LaidlOw
G5 Co., agents of the bank in this city,
have, since the opening OF their doors at
an early hour, been thrOnged with anX-
icus inquirers. In obedience to instruc-
ti0rs received by telegraph, no checks
were cashed. The senior member of
the firm was asked for information con-
cerning the condition Of the bank and
Of the affairs of Laidlow & Co., indie.
pendenIiy of thsir sgency for the Bank
of California, but he replied thatshe
could say nothing. Among tie visitors
who were anxious to obtain money sfOr
paper were four or five Cinnamon, who
persisted in lingering about after they
had been assured that their paper could
only be cashed in San Francisco on
presentation at the bank.
sAFisk & Hatch say the bank had no in
terest as investors in the Central Pacific
railroad. The secretary of the company
in this city confirms this statement, but
says that the Central Pacific railroad
had an account with the bank, and had
made loans from it. He had not heard
that the condition of the bank had been
considered unsOund by bankers. Persons
interested in the affairs of the bank will,
after a short time, be able to fully satisfy
all Of its creditors. The failure of the
Bank of California, while Immediately
caused by depOsitors' run, was directly
the outcome OF a conflict between two
classes Of California speculatOrs-the
Bank OF California party, headed by
Mr. RalstOn and Mr.. Sharon, and the
other headed by M Messrs, Flood, O'Brien
& HaydenieIt. The latter party have
established bank in San Francisco
called the bank of Nevada, with
cash capital 81 $1,000, 900 in gold, and
the right to increase it to $40, ,000,000
Incidental to this fight have been
mining properties known as the Savage,
the Caledonia, the California, the Ophir
and the Consolidated Virginia. The
three latter are known as the "Big Bo-
nanzeH mines, and the Bank Of Califor-
mia OBJ taiped control OF them. The stock
of the California was Guu up from 80 to
500, was then multiplied by 5, which
would make the highest price $50. 1t
has since declined to SO, The Ophir
stock, while they were getting control,
from 50 to 700, was multiplied
by 5, making 700 represent 140 in new
stock. 1t has aimee declined to 46. The
Consolidated Virginia, during the pro-
cess of getting control, advanced from
80 to 7S0. It was yesterday 267.
That the bank has been strained of late
and pjnched has been evident to bankers
here, who have Stunned their bills from
the fact that in the past sixty days most
been those CT OtherinstitutiOns, indOTsed
by the Bank Of California. The infer.
ence has been that the Bank of Califor-
MIA had hypOthecsted securities with
those who lent their bills, and that this
borrowed exchange was used to obtain
funds needed to carry on large opera
tiOns of the bank. In the borrowed
bills, which have SO appeared, were
those Of the bank of British Columbia,
and the bank OF British North America.
The amount Of unaccepted bills Of the
Bank OF California in this market is
email. The banks London correspond
ent Wes the Oriental bank, q strong,
Unlimited institution, one ct the best il
London, having a capital OfOne million
pounds, with reserve Of five hun
dred thousand pounds, so that
the direct losses OF the failure
here are comparatively small Most
of the decline in the stock market,
previously noted, has been recovered,
Panama excepted. The weakness in
Panama was OccasiOnej by the impres.
sion that the stock is largely held in
San Francisco. LsidlOW & Co., agents
here of the Bank Of California, have not
suspended, and are paying everything,
except the Bank Of California obliga-
tiOns.
The EUeniag Commercial says there is
not much change yet apparent from the
Pacific. coast trouble in the bonds Of the
Central Pacific road. The first-mort-
gage bonds receded to 104, and bid for
land grant was 954 per cent. There was q
ol,,sa intimacy baTween Mr. Ralston and