The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-08-30
THE CALIFORNIA PANIC.
President RalstOn's Death the Result of
Ap0plexy.
The Effect of the Failure of the Bank Of
California.


California.
SAN Francisco, Aug 28.-It is difficult at
present to state the effect of the Ralston fail
ure upon the manufacturing enterprises in
which he was interested. 1t is feared the KIM
ball manufacturing company can hardly sur
vive the shock. The Rolling Mills are in a
better condition. The Cornell Watch Factory
will probably be seriously crippled.
The effect of the failure on mining stock can
not be estimated at present, as there is nd mar.
ket. All business in that line is suspended.
The Banks G ondition.
There is no doubt that the liabilities of the
bank are $14, 100000, and the available assets
siderably before realized. The true condition
of the bank had been concealed from the d.
rectors up to Thursday.
Some 5000, 900 of liabilities are in the form
of acceptances for advances made by one Of
the leading capitalists to strengthen the bank
Ex-Governor Stanford holds $500, 900 of these
acceptances.
The affairs of the bank have been put iuto
the hands of the executive committee. consist
ing of VIM. Alvord and G. II. Howard. Some
say that D. o. Mills, the ex president of the
bank, has not owned share of the stock for
the last three years.
AS far as can at present be learned concern
| ing the affairs between the Central Pacific
Railroad and the Bank of California the bank
owes Stanford 1000, advanced some time
time ago. Central Pacific officials are disposed
to be retcent, but say that the company had
but small amount in the bank
Causes of the Failure.
In all his public statements Mr.. Ralston per-
sisted that the suspension was not owing to
any hostile act by adverse parties, and that the
best of feeling prevailed between himself and
the tpersons who have been credited with the
| lookup of CON- He repeated that assertion,
Thursday evening, in the presence of other
parties, but as the reporter left the room Rails.
ton followed him into the hall, and said, "The
statements l have made as to the causes of the
failure are my statements to the world. As a
matter of personal and private information, 1
tell you that this failure is the result of per-
sistent effort for months to break this bank
The directors applied to Flood & 'Brien
for relief on the day of the failure, and offered
to present TO that firm the entire paid mp cap
ital stock of the bank, namely, S5,0O0,000, also
ST, 500, 600 in the bank and in addition 81 ,O00-
600 to be assessed on the stockholders-in all
$7,500,000, provided Flood & OBrien would
assume the liabilities OF the banks. The prop
ostion being declined, the bank had to sus-
pend.
NEW YORK, Aug.2S.-It is said in Wall
street that the Bank of Nevada was directly
responsible for the failure of the Bank Of Cali
fornia, the managers of that institution ha7ing
effected a corner simultaneously in mining
stocks and gold. There are other. who attrib
ute the suspension solely to the reckless extrav-
gance Of the bank managers. 1t is stated that
one OI Lu6 TGSulGS Vi I1luT6 VI the baQk OF
California will be the abandonment of the pro-
jjected National Telegraph Company.
Ralston's Death and Inst Acts.
SAN FRANCISCO, Aug. 2S.-At the meeting
of the directors held at l o'clock yesterday,
when Mr. Raston entered the room, Mr.. Mills
promptly asked him to resign his position as
president Mr.. Ralston complied at once. Mr..
Mills then asked him to leave the room. and
he did so. The directors were still in session
when the news was brought that Ralston had
drowned himself The directors protested to
be astounded at the Developments showing the
true condition of the bank. The stockholders
will lose their investment, and in order to pay
all the liabilities, will have to stand assess
ment of 80 per cent.
Yesterday Ralston transferred all his prop
erty to Senator VIM. Sharon for the benefit of
his creditors.
At a meeuing of the trustees of the bank
Yesterday Mr. Ralston promised that if the
management was left in his hands he would
pay dollar for dollar to the depositors and fifty
cents on tie dollar to the stockholders, but
after an excited discussion it was voted to nc
cept his resignation.
Statements of the attending physicians 20 to
show that the death of Ralston resulted from
apoplexy while bathing. His body was placed
in a casket aud taken to the residence of Col.
FRY, his father-in-law. The coroner will hold
an inquest to-day. The funeral will take place
The Pacific Stock Exchange this afternoon
adopted resolutions deploring the death of
Ralston.
The National Gold Bank and Trust Conn
pany.
The First Rational Bank, the agent in this
city for the National Gold Bank and Trust
Company of San Francisco. holds between
$4,000 ard $4,000 to the credit of that insti-
tuition. The trustees have authorized the pres
ldent and cashier to borrow 81, 600, 900 in coin
on real estate securities. The bank is in excel
lent condition, and if it were to 60 to lieuida-
ton would pay its stockholders handsome
premium after paying depositors in full.
Startling Disclosures Promised.
The board of directors of the Bank of Caifor'
MIA refuse to make public any facts ascertaned
as to the actions to the late president, until
after the funeral, when startling disclosures
are promised. The bank will pay 80 per cent,
to its depostors
An autopsy was made today on the body of
Ralston. The coron er will give the result to
the jury on Tuesday.
The various manufacturing enterprises in this
CITY in which Ralston was interested, show no
signs of weakness Real estate dealers say the
effect of the transfers by the U 5. Treasury
Yesterday upon that branch of business will be
rather beneficial than otherwise.
Circular Lcttersl on the Bank Of Califor.
mia.
LONDON, Aug 28-The Standard says the
circular notes of the Bank of California are
somewhat largely held by travellers, but they
may soon be paid under an arrangement now
pending
Inc day in New York yesterday was an ex-