New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-25
TOPICS IN CALIFORNIA.
THE FINANCIAL CR1SIS-SENATOK SlAN'
FORD'S DEATH-FOR A WINTER FAIR.
IBY TELEGRAPH TO THE TRIBUNE.I

n head when the Pacific Bank and its associate,
the Peoples Home Savings Bank, closed 'her
doors. lhesc wcr, the weak banks referred
TO, and that they are exceptions TO the general
rule proved by the fact that no serious run
occurred on any other banks i'll the city. Inc
Pacific Bank had long been known to do He
Ultimate business Its managers made loans
without proper investigation, and in this way
they were drawn into many bad speculatons in
southern California and Arizona. The worst
was the effort to secure control of the street rail-
road system of Los Angeles by building an electrl"
railroad which parallels the cable road. When a
compromise was finally made. it was found that
the two roads would not earn enough to pay in
terest on the investment The same recklessness
was shown in n half dozen other investments which
absorbed from 81 900 to 100000 each. Up
ward Of SIS, 900 have thus been scattered on
this coast in enterprises that will not yield 20
cents on the dollar unless California should haV"
great boom in the near future The only thing
which would bring this boom is the completion
Of the Nicaragua Canal an enterprise that is adj
vancing very slowly. How well the other local
banks have prepared for trouble is shown in the
Gums they have accumulated within few days
The Bank Of California has added 81 900, 900
to its reserve this week, and the AngloC alforna,
which is backed by the Selismans, has put away
81, 900 in its vaults The German Savings
Bank has strengthened its reserve by $780,
OO0 while the IIibernia Savings Bank has 3d.
900, 900 in reserve Several of the smaller banks
are enforcing the thirty and sixty day provision,
but depositors seem to feel assured of the safety
Of their money, and runs have occurred
The financial situation in Southern California
is bad because the banks Of Los Angeles and San
Diego have loaned money on inflated valuation
Wal A. Of fbo lnUa
belt, these banks ought to pull out in the end.
but the stringency for coin will hurt the South
ern counties as we'll as the rest Of the State.
The worst result Of the scarcity of money is the
refusal of the banks TO advance money to the
big fruit canning companies. These concerns
have provided their material and expected to
secure large advances on it as usual, but the
banks refused to make them, and the natural
result will be enormous falling of in the
pacI, of canned goods The big fruit growers
NAV run their own cannerlcs, but the small
orchardists will be compelled either to dry their
fruit or let it rot.
The death of Senator Stanford has naturally
dwarfed all other news Of the week in California
except the financial trouble; for even his enc
mics admit that Mr. Stanford was the foremost
Californian of his time, and had done more than
any score of men to develop the resources of the
State, and to build up productive industries.
How commanding a figure he was will not be
properly appreciated until few years give the
required historical perspective. He had some few
fads. such as his scheme for the Government to
loan money to farmers at low interest. but, all
in all. he had the broadcast and most liberal mind
of any of the men who have gained Imperial for
tunes in this State What impressed every one
who came in contact with him was his sincere
desire TO help the great body of people, and TO
secure for them not only the comforts but many
of the Injuries Of life Perhaps the best test OF
the sterling quality Of his philanthropy was that
he set aside during his life the best part of his
fortune for the great educational project that he
lived long enough TO see firmly established. His
ideas of practical training for young men and
women, so that they might be saved from that
helplessness and dependence which is so crushing
to the self-respect of educated youth, were en-
bodied in the elective courses in Stanford Uni
versity. which permit every student TO follow out
his OWN mental bent, unhampered by required
studies for which he may have no taste and no
leisure
The project of holding q winter fair lcre r.
gaining strength, and if the financial troubles do
not check il the scheme will be carried ont.
Much depends upon the personal influence Of
Herr Corncly, the German manager, who has
Pacific Company and many large corporations
are earnestly in favor of the project.
Ex-senator Fair has inst let 100000 con-
tract for leveling sand dunes and filling in the
water lots at North Beach, between Webster and
Baker SIS. This is the place which Mr. Fair
proposed to make great shipping and manu-
featuring district, and on which he Will spend
100000.
no Of no will 81 Val Inc
breeder of fast horses, promises to bring out
some remarkable facts in regard 70 Naon.in's
character. His first wife claims share Of the
estate for her sun, and the ground on which shr
bases her suit is that the Count was mentally
irresponsible through the excessive use OF NOR,
phine and absinthe II tho case comes TO r"l
IL will have sensational features.
A Jury this week convicted Of murder in the
first degree Thomas st. Clair, sailor on the bark
lIesper. who murdered the first mate, Fitzgerald
St Clair, who had seen long service in the China
trade planned a mutiny as bloody and rcmorsc-
less as that of the county His scheme was TO
murder the captain, his life and his officers, ana
then start IN On piracy in the China sea. 81
Clair secured three associates, and he killed the
mate, but the captains courage prevented the
carrying out OF tie plot
The transfer of The large possession. OF Miller
e. Inv in Kern County will soon be made 10
the Kern County Land Company, of which Lloyd
Tevs and w Is. Carr are the heavy stockhOdcis
There is more development i'll this county to-day
than in any other part OF the State because small
settlers can get good land at a reasonable price,
and are helped 10 plant orchards and vineyards.
Kate Sanborn is here gathering material for
n book on Northern and Central California, whose
attractions. she declares, are comparatively IN
known She admircs the southern counties, but
She has leen more impressed with the varied
products and the enormous fertility OF this part
of the State
The death of the Arizona minins, man, George
w Bowers, leaves property worth fally 81 600 0po
to his wife Bowers was good type of the coast
prospector He made and lost small fortunes in
The cattle business in Montana and Texas. Then
he struck good thing in the Pixies Petk excite
Incnt. and since then he had had no i'll fortune.
The Harqua Ilala mines, near Yuma. made him
a millionaire They yielding him 81 900
day when he died. Bowers was generous man.
and he had friends in all parts OF the coast.