The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1875-09-25

the STATE GONE DEMOCRATIC.
Fears OF War in Europe Sub
sided.

The British bark Jaiqcar, from san Francisco
en- route for the GuanO Islands, arrived yesterday
morning, bringing San Francisco dates to Sept. =.
The most important item Of new by this ar
rival is the announcement that the Bank Of Cal
ifornia, the principal monied institution of the
State, suspended payment on August %. At
the commencement of banking hours on that
morning, symptoms Of n run on the Bank were
evident, which continued throughout the day,
until 2.20 p. N. when the doors were closed. At
the National Gold Bank and Trust Co.. and at
the Hibernia Bank, crowds pressed upon the
clerks, hastily demanding payment. 1t was a
financial panic, the like of which was never there seen
before. The streets were crowded in the neigh
borhood of the bank Of California. "The crowd
in the corridors became 20 large that depositors
stood five or six deep all along the line of the
paying counters, each struggling to get his check
to the teller in advance of bis neighbor, and the
crowd soon resolved itself into a pushing, squeez-
ing, struggling mob" The excitement was in
creased when the doors were closed and the
announcement made by Mr.. Ralston that pay
ment was stopped.
After bank hours, says one paper, : the prin-
cipal Indignation expressed for the supposed in
stigatQrs of the trouble was against the publish
ers of the Bulletin and Gail, who had, by con-
slant attacks upon Mr.. Ralston, President of the
Bank, representing him as the Boss Tweed of
San Francisco and a political schemer, finally
succeeded in undermining the credit of the
Bank $50 intense was the indignation against
these Journals, that at one time it was feared that
the excited crowd would resolve itself into a mob
and attack the Offices but better counsels pre-
vailed, and the city was spared the disgrace of a
riot At 5 O'Clock, Mr.. Ralston met the repre-
sentatives of the press and others, and stated that
there was no question but that the Bank would
be able to meet all it's obligations that over
81 400 900 in coin, besides ether securities, had
been paid out.
On the 3lst it was announced by the Directors
that the assets of the Bank were nominally S20,-
900 900, and that there was a surplus of six or
seven millions over and above all its liabilities.
1t was stated that the stockholders of the Bank
were among the richest men in California, repre-
senting property moderately estimated at $780,
000, 900, and the public were assured that they
would resuscitate the Bank. Later, it was an
nounced that the resumption would take place in
a few days, and this was received by the public
with the highest satisfaction.
Meantime, on the 9th, the day following the
suspension of the bank of which he was President,
the city was startled by the announcement of the
death by drowning in the bay of VIM. c. Ralston.
Under the circumstances, rumor at once attrib-
uted his death to suicide, but a searching inquiry
by a cOrOner's inquest, a post morton examina-
ton, and an analysis OF the contents of the
stomach of the deceased, all went to show that
the death was accidental. His life was insured
for some $500, 900. The funeral, very largely
attended, took place on the Both, and the city
was dressed in mourning garb in respect to the
memory of one who had been her most c~onspicu-
Gus citizen, and who had done much to beautify
the city and develop the resources of the coast.
On the receipt of the news in this city of the
suspension of the Bank of California, some in
quiry was made as to the relations of our Bank
with the Coast, and the following notice was
posted on the Post Office bulletin board
1.-The undersigned beg to assure their Gus
Ao~,1,z tlok Sbo.r spEauaoEc bo-o not ,Ho,ol 81
all by the suspension of the bank of Cali
fornia. Messrs. Hickox &c Spear, bankers,
as well as Messrs. j. G.. Merrill & Co., immedi-
ately upon receiving the intelligence of the sus-
pension of the bank, offered to protect all drafts
of ours, and proceeded to do SO. All our un-
matured remittances were turned over directly to
Messrs. Hickox & Spear. All of our drafts in
transit are fully covered by remittances, and there
will be no delay in their payment by Messrs.
Hickox & Spear. "BIsHoP & Co.
Honolulu, Sept 10, 1875"
There having been disparaging misrepresenta-
lions made by parties in San Francisco in regard
to the action taken by the firm of Messrs. j.. G. |
Merrill & Co., in refusing payment of their ae-
ceptances maturing at the bank of California
after its suspension, done solely for the protection
of Messrs. Bishop & Co., of this city, we are
by the last named firm to state, that
the generous and disinterested course pursued by
Mr.. j. G. Merrill in the matter, has their hearty
and is fully appreciated.
The steamship TaSco de Cana, Capt. Rice, is
advertised by the P. NJ. Co. to leave San Fran
cisco for the Colonies Oct 9, via Honolulu.
The state elections throughout California took
place on the lst inst, and it appears that the
Democratic candidate for Governor, VIM. Irwin,
has been elected by a large majority. 1t is sup
posed that Clayton, Republican, has been elected
Mayor of San Francisco.
European kilograms to Sept. l, represent the
IIerzgoVinian instruction at an end. All the in
who had not fled 10 Austria had sub
mitted to the Porte.