The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-06
The Syndicate and What it
is Proposed to Effect.
AN INTERVIEW WITH PRESIDENT MILLS.
Probable Future Healthy Condi-
ton of the Bank.
TON'S DEATH.

am INFORMED by the present attorney OF
the bank that Mr. Mills denies that he authorized any
such statement Tho Bulletin on this subject, says
eve are authorized by D. O. Mills to say that the
late president did without knowledge of the drec
tors privately from So 600 to 81 900 900 of the
banks resources which amount remains unpaid. This
was the OF the recent failure Probably elsewhere
this would he set down defalcation. We
authorized by the authority say that there
over issue of stock which issue has now
been proven" IL is very certain that the Bulletin or
Mr. Mills Will come to grief newspaper has many
sources of life banker has but one, through reliability.
don't disturb confidence in the future state OF
the Bank of California 1t certain outrde personal
malignity newspaper SANDER, but in community
like this investigation is thorough, and will
get badly hurt
Your correspondent cannot undertake TO report
figures the debit credit side Of Mt Ralstons bank
account for he has them but he is assured by
those who have thoroughly investigated this matter
that the assignment made by Mr.. Raston Of
his property to Mr.. Sharon on the morning OF
his death will all his Indebtedness in
every direction and leave his family about 81 0O0
1t should be stated also that the indebtedness charged
against Mr. Ralston personal but that which
has grown out OF the aid which tho bank has openly
given the way of loans other industries throughout
the State and which are to-day worth infinitely more
than the Indebtedness to the bank.
meeting of the friends Of Mr.. Ralston called
Wednesday evening" in the largest hall of the city, with
view of defending him against the charges of the
Bulletin and Call I am told that D. O. Mills wants to
stop the meeting for if it proceeds the Bulletin threat
to expose him the authority who furnished them
the statements against Mr. Ralston's administration Of
the bank affairs. AS there have been many contra
dictory statements the wire l have thought
this private information called for All the other di-
rectors of the bank willing that the Wednes-
day evening meeting should take place. When
the truth is all out, the administration
of the bank will be stronger at home and have intel
ligent support abroad. 1t proper that should add
that evidence given yesterday before the Coroner and
statements gathered since from reliable persons at tho
place where Mr.. Ralston drowned the effect
that there currents in tho place which the most
pert swimmer could with difficulty breast, and that
stranger who would endcavor himself in making
for the shore would be certain to succumb Michael
Reese, of the bank trustees here who had bathed
there for twenty years says that whenever he had
been so caught he went with the tide where it took
him. These statements rapidly changing public
opinion and the ultimate conclusion is likely to be that
Mr.. Ralston's death remarkable accident
INTERVIEW D. o.
Realizing during the past few days, while teegraphng
about the hundreds of thousands and the millions
that being subscribed here guarantee fund to
TONS that l ought to communicate you q
statement of what this fund was and its proposed
operations, to this end concluded seek d. O. Mills
the President of the bank at a when he was
withdrawn from business, to get a clear comprehension
of the matter 1t stands which have doubt is looked
by capitalists business and all who have financial
interest with California in general and with
this bank in particular took the first train this morn
ing for Mllbrae the country residence of this nmil
lionnaire, and prepared myself l was riding
up to his mansion with a word of explana-
ton for calling upon him the Sabbath, but
my speech, for want of prearranged opportunity,
didn't come or Senator Sharon, a nfteen-miloniare,
and some' other friends had been there before me- I
ushcred into the library to wait few minutes as
Mr. Mills at breakfast AS the guests
were there before me- there
dignity offended in prolonged waiting, and
the kindly invitation to take cup of coffee with thirty
forty millions, courteousy declined was satisfactory
evidence that Mr. Mills respected Commissioner of the
New YORK HERALD. After full two hours
in the library, the prancing of four-in-
hand heard The Senator was Off and the
banker and your correspondent seated ris rts
AT first the gentleman showed signs of having Just
horror Of the past ten days experience with the
San francisco press. He expressed less than
what he felt and had made up his mind to
say He had been placed in an awk-
ward position where he could neither speak be
SILENT and had been dragged into cross-hre between
the Bulletin and the Call on the sde and It may be
said nearly all the of the press the Pacific coast
on the other fully satisfied during this interview
| that, whatever had been said by Mr.. Mills on
| the condition OF the bank when 1t collapsed,
it was the language of thoroughly demoralizcd
by the catastrophe which seemed the glance to
engulf him and everybody else officially with
tha in ruin
he has said atterly and which has been used by the
Bulletin and Call in explanation of their opposition to the
bank and Mr. Ralston, doubt unwillngly
communicated. In their position they needed his
statement, in his position he could not withhold them
having full knowledge of the facts as related While
stating that Mr. Raston died largely indebted TO the bank
worthy of moments attention charges him with
criminal intent and on the Ex-senator Sharon
10 whom all his property decided, | am authorized
say that the estate before telcgraphed is vastly
greater than all liabilities. Who is responsible for
creating the panic that caught the bank unprepared for
storm is not my province to decide.
THE BANK SYNDICATE
Now, the Syndicate that is organized for the future
control Of the bank Is formed upon that cannot
fail to the confidence of the public The holders
of the bank stock bring it all in the State If you will
all the liabilities of the bank to its deposors
and creditors you have the good will of the bank
and its machinery for business and all the Tho
liabilities of tho bank all told, are S1I 600 0OO
the nominal assets $50, 600 0O0 Tho other
S3 900 900 of this amount ave good the ST. 900
are classified doubtful If you assume our liabilities
and realize from our credits beyond the
amount of debts shall exact for the
stockholders pro rata Of the amount realized
consideration of this assistance the present drcc
tors The Syndicate will have the option when the liza
bhties to depositors and creditors all paid Off OF
drawing out from tho organization or re estab-
fishing the bank and continuing its existence
for their advantage upon paying
the stockholders their interests par up this time
THE SUBSCRIPTION
The subscription to the syndicate aggregates nearly
000 with favorable prospects of its increase
$40 900 600 while assurances ample that the