OPENING OF THE BANK OF CALIFORNIA.

Globe, Volume IV, Issue 479, 30 December 1875, Page 3

OPENING OF THE BANK OF CALIFORNIA.

{Condensed from the Alta California, October 3.)

Saturday, October 2nd, was a Red Letter Day,in the history of San Francisco. The Bank of California reopened its doors, and all interested in the development of the Pacific Coast rejoiced that their old friend had come back to aid them. On the 26th of August, everyone was startled by the news of the failure of the great Bank, which had done so much toward building up the material interests of the city and state. The disaster was followed quickly by the death of the president of the Bank, William C. Ralston, the representative man of the Pacific Coast. These great calamities cast a deep gloom over California and Nevada. The enemies of society, ever active in times of disaster, sought to darken the outlook. Everything they could do to injure the prospects of the suspended Bank, or to blacken the fair fame of its founder, was done with devilish alacrity. Two newspapers were made the chief instruments of this unholy warfare, and, not content with employing the g 'ced of the iron horse in carrying these printed libels in ail directions, a line of telegraph was used to flash the false charges to all parts of the globe as soon as they were framed by the masterspirits of the scheming cabal. As the result of these base efforts, the credit of the bank sank very low for a brief time. People feared that its sus pension would prove a ♦ol al and most disastrous failure ; and the prospect of the future was darkened. Soon, however, a few friends of the bank and of its dead founder rallied to its support, investigated its affairs, determined to rescue it from ruin and destruction, and restore it to its former posi tion ; and this community was overjoyed to hear the reassuring words of these brave and large-hearted friends of him that was dead The treacherous press sought to discredit end discountenance >he assurance that the bauk would be resuscitated ; and again the telegraph was employed in an effort to break the credit of California at the East and in Europe. Despite these obstacles—unheardof previously anywhere, for surely in no other city has any portion of the public press ever sought to embarrass or oppose the efforts of a struggling bank to re-establish jitself or to lessen the weight of its disaster —the noble men who had determined to rescue the bank persevered in their great work. The complicated affairs of the institution were inquired into closely, everything was gradually straightened out and sat sfactorily arranged, and at last the work was done and the bank was ready to open. Our readers are all familiar with the pro cess by which the great task was accomplished. The gentlemen who came to the aid of the institution formed a -eparate organisation, with the sole object of supplying a fund for the relief of the bank when needed. This auxiliary association has its own officers and bye-laws, and its work—the thorough ie-establishment of the bank and full settlement of all its affairs—will probably be completed within a year. Their opening were pushed aheid as rapidly as possible. At first, in the Eastern cities, the announcement of the intended resumption had been received with derision; but as days passed on, and it became apparent that the assurances of Mr Sharon and his co-workers were not idle talk, but the utterances of men who meant to do all that they promised, the sneers of the Eas'ern Press gave way to praises, and Eastern financiers stopped laughing and looked < n m wonder at the progress of the unexamp ed movement. So swift and marked was that progress that even the Communists of this city saw that the time had come when they must cease their treacherous attacks and ape rejoicing, though they felt it not. When finally the official announcement was made that the reopening would take place yesterday, the good news was telegraphed far and wide, and was everywhere welcomed with the liveliest satisfaction.

Yesterday morning opened brightly, as a day destined to bo so memorable in the annals of San Francisco should, At an early hour crowds of people began to assemble on California street, all actuated by a desire to

see the heavy doors of the great bank once more swung open, after having been closed so long. The assemblage steadily increased until at 9.30 the streets about the bank were blocked by the surging mass. In the crowd might be seen many faces, now joyous, which had been there gloomy enough, on that dark day in August when the suspension was forced. Brokers, merchants, operators, tradesmen, mechanics —in a word a l l classes—were represented in the eager assembly. Sansome and California streets were almost impassable, cars and vehicles being only able to squeeze through with great difficulty. Not only were the streets thus thronged, but the tops and upper stories of adjacent buildings were crowded by ladies and gentlemen who wished to get a good view of the unusual scene. Here and there in the crowd, approaching the entrance to the bank, was seen some friend of the bank, with a bag of coin on his shoulder, anxipus to show his goodwill by making an early deposit. It was difficult for these depositors to get to the door, so great was the throng. The crowd increased every minute; but although there were all the usual discomforts of a jostling assemblage on the cobble stones, the best of humor prevailed, and it was a scene of jollification on all sides. As the hour of opening approached, every officer and attache was at his post. The paying teller stood ready to promptly cash all cheques presented, and the first thing that attracted the attention of whomsoever was admitted was a solid pile of twenty dollar gold pieces, arranged at their station, and representing, as has been usual, a half million, as the advance guard of two millions more that lay in the vaults. Previous to the opening, men carrying bags of coin had pushed their way to the front and been admitted through the wicket panel. A number of deposits were made before ten o’clock, and it is still a matter of good-natured dispute as to whose deposit was first received.

There were so many persons eager to deposit, that it is difficult to say now whose deposit was first in the hands of the tellers. It had been intended that a serenade should be given the bank officers at 10 o’clock, but at their request the design was abandoned. As the hour of 10 was struck by the clock in the Merchants’ Exchange tower, the national colors were unfurled over all the buildings in California street, as well as from many in all parts of the city, and the opening gun of an artillery salute was fired from the base of Telegraph Hill, on Sansome street. The iron doors swung back, and cheer after cheer rose hoarsely from the crowd that thronged the streets. The people pushed into the bank, some to deposit coin, some to withdraw, and very many actuated by mere curiosity. The attaches stood ready for the work. The general appearance of the room was but little different from what it had been before the suspension. The tellers went about the business as if they had been busy every day. without interruption, and business progressed quietly and quickly. No bustle was observable, before or behind the counter. The crowd soon packed the room, and other crowds waited their turn on the outside, while many mounted the window-sills to peep in. All were admitted ; everyone was at liberty to enter and view the scene to his heart’s content. The trays at the receiving counter were filled and refilled by deposits, and emptied into the vaults. While the many were thus rendering the ir coin for deposit, others were piesenting cheques for payment. The room was filled with the jingle of coin All who came out, whether depositors with their coin bags empty, or those who packed away coin which they had withdrawn, seemed alike happy over the situation. The scene about the bank continued a very animated one. The crowd diminished but little, and the general interest was maintained at its height. The current of populat remark was in the most laudatory vein concerning the gentlem n who had come to the rescue of the bank. Everybody predicted a greatly improved state of general business. Depositors kept coming, and among them were a number who had deposited with the bank before. There were many heavy deuosits—several of more than 50,000d015. Among those who helped to fill the receiving irayn were K. J. Baldwin, William C. Coleman, G, D. ’Sullivan, John Morrison, jun. James R. Keene, and other “solid” money?men. The officers of the bank looked placidly on. Many Chinese brought in coin So business went, the paving tellers being much less busy than those who took in the deposits , Most of the chocks paid were for small suras. When the hour of twelve arrived business was, as has been the rule in the bank, suspended ; though, in order to satisfy any possible demand, the doors were kept open till one. A large number of people, whose curiosiiy apparently could not be satiated, remained till the close, gazing at every movement with interest. Very few cheques were presented during the last halfhour of active operations. The coin display had been augmented during the morning, and seemed to possess a peculiar fascination for the crowd, which looked hungrily at it. At one o’clock the room was cleared and the doors closed ; and the great event of the day was over.

As the result, of the day’s business, it was given nut 1,0?0,000dols bad been deposited, and only 254,000d01s paid out. This remarkably encouraging result was heard by all with gratification.