Arizona weekly miner., August 27, 1875, Image 5

About Arizona weekly miner. (Prescott, Ariz.) 1874-1877

Image provided by: Arizona State Library, Archives and Public Records; Phoenix, AZ

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ARIZONA MINEJR EXTRA.
Prescott, Friday Evening, August 27, 1S75.
BANK OP CALIFORNIA.
Still Farther Particulars of the
Failure.
San Francisco, August 20, 1875.
Tremendous excitement on the streets.
The Bank of California has suspended. The
bank closed at 40 minutes past 2 o'clock this
afternoon. Thousands of excited depositors
are besieging the doors of the building.
Mining stocks have done the work.
San Diego, August 27. The Union this
mot ning publishes an interview between its
San Francisco correspondent and Mr. Rals
ton, President of the Bank of California, at
5 o'clock yesterday afternoon, as follows:
Ques. Will the bank open in the morning?
Ans. No.
Q. When will the bank open ?
A. We do not expect to open again.
Q. Do we understand you correctly ?
A. We do not expect to resume.
Q. Ilave the other banks offered assis
tance ?
A. No. "
Q. Have you asked their assistance ?
A. (Hesitatingly.) We have asked.
Here the secretary read the resolution
adopted by the directors, which is the official
announcement of suspension :
Office Bank ok Califokma,
August 20, 1875. 5
The Trustees are under the- painful neces
sity of stating to the customers of the Bank
and the public, that the Bank is compelled
to suspend business at this moment, and
without reports from our agencies we are not
prepared to make a statement as to the situ
ation of the Bank, but we are now examin
ing our interests critically, and will, at the
earliest possible moment, make a definite
eport. By order of the trustees,
S. Fkankel, Secretary.
The Bank paid out one million four hun
dred thousand dollars in coin to-day. When
Mr. Ralston eaid the Bank would not resume
the silence in the apartment was oppressive.
There was a run on the National Gold
Bank and Trust Company this afternoon, but
they paid out the coin up to the closing
hour of the day. No one can tell what to
day will bring forth. The stock board closed
at once and all business, directly or indirect
ly, was ordered suspended.
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