OPENING OF THE BANK OF CALIFORNIA.

Press, Volume XXIV, Issue 3223, 30 December 1875, Page 3

OPENING OF THE BANK OF CALIFORNIA.

(Condensed from the Alta California,

October 3rd.)

Saturday, October 2nd, was a Bed 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 bad 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 bo much toward building up the material interests of the city and state. The disaster was followed quickly by the death of the pre* sidect of the Bank, William C. Balston, 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 speed of: the iron horse in carrying theee printed libels in all 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 suspension would prove a total and mo&t die* astrous 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 position ; and thislcommunity 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 the assurance that the bank 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 rc-astablieh (itself 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 affaire of the institution were inquired into closely, everything was gradually straightened out and satisfactorily 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 separate 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-lavs, and its work— the thorough re-establishment of the bank and full settlement of all its affaire—will probably be completed within a year.

Their opening were pushed ahead 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 assurance* of Mr Sharon and his co-workers were not idle talk, bat the utterances of men who meant to do all that they, promised, the sneere of the Eastern Press gave way to prases, and Eastern financiers stopped laughing and looked on in wonder at the progress d the unexampled movement. So swift and marked was that progress that even the Communists of this city saw that the time haj come when they must cease their treachexots attacks and ape rejoicing, though they felt it not. When finally the official announcement was made that the reopening would ttke place yesterday, the good news was tefegraphed far and wide, and was everywhere welcomed with the liveliest satisfaction.

Yesterday morning opensd brightly, as a day destined to be so memorable in the annals of San Francisco should. At aa early hoar 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 hiving been closed so long. The assemblage Readily increased until at 9.30 the streets aboit the bank were blocked by the surging mast. In the crowd might be seen many faces, row joyous, which had been there gloomy enongh, on that dark day in August when the suspension was forced. Brokers, merchants, operators, tradesmen, mechanics —ii a word all classes—were represented in the eager assembly. Sansome and California streets' were almost impassable, en and vehicles being only able to squeeze tkongh with great difficulty. Not only were <he etreete thus thronged, but the tops and apper stories of adjacent buildings were crowded by ladies and gentlemen who wished toget a good view of the unusual scene. Here md there in the crowd, approaching the eitrance to the bank, was seen some frient of the bank, with a bag of coin on his stonlder, anxious to show his goodwill by miking an early deposit. It was difficult for fcese depositors to get to the door, so great we the throng. The crowd increased every minute; but although there were all the nazal discomforts of a jostling assemblage on tht cobble stones, the best of humor prevailed, and it was a scene of jollification on all sites.

Aβ the hoar of opening approached, every officer and attache was at lie post. The paying teller stood ready to promptly caste all cheques presented, and the first thing that attracted the attention of whomsoever was admitted wag a solid pile of twenty dollar gold pieces, arranged at their station, and representing, as has been usual, a ball million, as the advance guard of two million! more that lay in the vaults.

Previous to the opening, aen carrying bags of coin had poshed their way to the front and been admitted ttaragh the wi&efc

MiniL A'cuinber of/deposit* beforei ten itJβ «t»H * matter nt

,?ood-natured dispute as to.whose deposit was first received. f: ' :j:Ji - i,l

VTfigfiK ;wprje" so many persons eager "to deposit, that it Iβ difficult to say now whose deposit wm fire* in the hand* 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 Saneome 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 cariosity. 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 ac if they had been busy everyday, 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-Bills 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 I emptied into the vaults. While the many were thus rendering their 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 popular remark was in the most laudatory vein concerning the gentlemen 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 deposite—several of more than 50,000d015. Among those who helped to fill the receiving trays were E. J. Baldwin, William C. Cqjeman, C. D. U'Sullivan, John Morrison, jun, James B. Keene, and other " solid" moneyed men.. The officers of the bank looked placidly on. Many Chinese -brought in coin. So business went, the paying tellers being much less busy than those who took in the deposits. Most of the checks paid were for small sums. 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 Tcept open till ope. A large number of people, whose" curiosity 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, out 1,020,000d01s had been deposited, and only 264,000d018 paid out. This remarkably encouraging result was heard by all with gratification.