The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-29
THE PANIC IN SAN FRANCISCO.

| SAN Francisco, Aug. 2S.-A meeting OF tn
directors requested R,lston to resign, which az
did. 1t is believed he took poison before golnf
into the water. He was still alive when brough
ashore but the efforts of the physicians failed u
| restore him.
SAN Francisco, Aug q, u P. MI is diff
| cult to state the effect OF the Ralston failure
upon bis manufacturing enterprises 1t 10 reared
the Kmball Manufacturing Company are unable
to stand the shock; the rolling mills are IN better
condition. The Cornell Watch Mandatory Will
| be seriously crippled. The effect on mining stock
cannot be estimated; all business In tina,
Ralston i, thus quoted: 8" 1 tell you this failure
| is the result of a persistent effort for months
| to break this bank.
| The directors applied to Flood K O'Brien on
the day of the failure for relief, offering that tlrm
the entire paid up stock OF the bank-f5, OOO, 900;
also, ST. 800 900 in bank, and an additional sl,U0,
0 0 to be assessed on the stockholders; in all
81, 500, 600, provided Flood & O'Brlen would as
sumo the liabilities of the bank.
This proposition was rejected and the bank was
compelled to suspend. No doubt the liabilities
of the bink ar sl4,000,000, assets S7,OOO,00O,
which will probably shrink before they are re-
allied.
The true condition of the bank was concealed
from the directors till THURSDAY. At a full meet
ing of the directors yesterday, Ralston entered.
He was asked to resign. Ralston resigned, and
was then ordered to leave the room. The Board
was still in session when the drowning was an
nounced. The stockholders will lose STOCK and
to meet liabilities, will be compelled to stand an
assessment OF fifty per cent.
SAN FRANCISCO, Aug. 29-Later information
tends strongly to disprove the theory OF suicide.
and the statements OF attending physicians go
to show the death of Mr.. Ralston resulted from
apopexy (?) while bathing yesterday. Mr.. Rails
ton transferred all his property to senator VIM.
Sharon for the benefit of his creditors, and MIR.
Sharon, in receiving the trust, pledged his honor
to stand by his old friend to the last dollar OF bis
own private fortune.
The affairs of the Bank of California have
been put In the hands of an executive committee
consisting of VIM. Alvord and Geo. H. Howard.
The following are the names OF some OF the
principal stockholders: The Barron estate, Thos.
Bell, Nicholas LuniDg, Nose Ellis, Capt. j. b.
Thomas, Asa T. Hampton, Geo. Howard, VIM
Norris, John o. Earl, John Parrot, d. ]. TallAnt,
Michael Reese, d. o. Mills, Mark Livingston and
0. L. Giffan.
An inquest has commenced on the body Of
President Ralston.
This Bank of California is dressed in mourn
ing. Every thing is quiet on California street,
and matters are assuming their usual aspect.
The rumors relative to the popular feeling and
against the Bulletin and CdH
because they had steadily opposed Ralston's
policy in political affairs were IDLE utterances OF
excited Individuals and incendiary efforts on the
part of some persons, personally and politically
hostile to those journals, to create enmity anst
them. The attempts fell stiilborn.
BAN FRANCISCO, aug. Zo.-Ine L aclnc anu san
Francisco Stock Exchanges have adopted resolu-
tions deploring the death OF Mr.. Ralston, and
resolved to attend the funeral.
The National Gold Bank and Trust Company
to-day, authorized the President and cashier to
borrow one million dollars in coin on real estate
and securities of the institution. The bank is In
excellent condition. Ii it were to go into liquida
lion it could pay the stockholders a handsome
premium after paying deposits in full.
1t is impossible at present to obtain any infor-
nation concerning the proce edings in the meeting
Of the Trustees of the Bank Of California. They
are still in secret session. refusing to admit any
one, or to give out any hint as to the nature Of
heir celebration
Business men do not apprehend failures on
Monday next, which is collection day.