Los Angeles daily herald., 1875-09-16
Latest kilograms.
By ATLANTIC AND PACIFIC LINE
ESPECIAL TO THE HERALD ]
PACIFIC COAST.
For Los Angeles.

CALIENTE, Sept. 14.-The following
passengers left on Telegraph Stage line
for Los Angeles to-day: ]. Bard,
Frank Pc, Mrs. r. M. Collin and o..
Crandall.
San Francisco News.
SAN FRANcIso, Sept. 14.-The San
Francisco Gold and Silver Refinery
and Acid Works, under the same man
agement, were to-day formally trans
ferred to Flood & O'Brien, who have
purchased the same. The purchase
price has not transpired. The refinery
is very important establishment,
and will form valuable auxiliary to
the enterprises of Flood, O'Brien &
Co. The acid works, although COM
paratively unknown to the general
public, are also very extensive. The
acids used in assaying, refining and
mill processes all over the State are
furnished by the acid works establish
ment. 1t also supplies acids to the
Mint. In all, the property is of great
value.
The syndicate fund of the Bank of
California already amounts to between
seven and eight millions. Mr.. E. j.
Baldwin has subscribed one million.
This gentleman is not stockholder,
but is probably the heaviest depositor
in the bank. 1t Is averred that he
holds one million seven hundred thous-
and dollars in certificates of deposit.
The Directors are making good pro-
gress in Strengthening the affairs Of
the Bank, yet further time is necessa-
ry to provide for bills of exchange and
letters of credit in foreign cities. The
officers are in constant communication
with the Oriental Bank of London on
this business, and the London Bank is
facilitating their efforts. AS the work
progresses the true condition of affairs
becomes more promising. Enough
has been accomplished to show that
the liabilities will not exceed fifteen
millions. Of this amount eight mill
lions are due depositors, but ST 10000
of the total was paid upon the day of
suspension, and nearly one million has
since been collected for their benefit.
In the meantime, most OF the large
depositors have agreed to wait for
their money, the Bank issuing them
certificates ofcredit, bearing 4 per cent.
interest per annum, payable in three,
six and nine monts. The certificates
will be negotiable, and will thus sup
ply the place of money. Between
four and five millions have been pro-
vided for in this way. 1t is the inten-
ton to pay off smaller depositors, say
from $4,000 down, on demand, leaving
the larger ones to wait. The Presi-
dent is confident that all demands Of
depositors and Others can be satisfied
in this way, and yet leave one million
surplus for the stockholders, equal to
20 per cent. From the present out
look this surplus will be nearer two
side figure is used to prevent the pos
sibility of disappointment. The indica-
tions yesterday afternoon were that
the bank will be able to recommence
business by the first of October. This
is only contingent on the arrangement
of distant business, of minor conse-
quence. When the Bank resumes,
however, it must resume at all points.
The outlook is very encouraging.
The sale of the San Francisco Assay
ing and Refining works and also the
acid works under the same manage
ment was to-day consummated, the
purchasers being Flood & O'Brian.
These works having been largely under
the control of the Bank Of California
for some time and have been supply
ing the Mint with fine bullion for sew
eral years. The work of refining was
resumed at the mint weeks ago, but
there is still considerable outside work
in tue matter of refining bullion for
shipment, and the works have fallen
into the hands of those who can best
utilize them.
There was marked improvement
in mining stocks to-day, with vol
ume of business, and in prices realiz-
ed. There is only one Board in ses-
sion out of three in existence, but the
increased business Of the California
Board will hurry the opening of the
in two weeks. After the morning ses-
sion there was quite lively business
transacted Onthe street, and the crowd
interested in these sales are daily
enlarging. There is very active de-
mand for money which the banks are
unable to supply. Call loans on first
class paper continue to be made at II
per cent per month, and term loans
vary from to IL per cent. per annum.
The Cinnamon are in the market
for shipment by to-morrow's steamer,
but the supply is scarce as the mint is
largely engaged in working gold.
The sailing of the steamer Los An
geles for Los Angels has been post
poned until p. NJ. to- morrow.
The Ntate Fair.
SACRAMENTO, Sept. 15.-There isnot
large attendance at the grand stand
this afternoon. Pool selling is lively,
and as illustrating the mutations in
horse flesh and in other matters, New
hall, which was selling last evening
as second choice, is first and favorite.
The judges to- day are, President Co.
ry, and Messrs. Howorth and Greene,
timers, and j. H. McAlster, G. Green
and Capt. G.. A. Johnson, distance
judges. 1t is announced that General
Sheridan will be present at the Fair
next week.