Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1875-09-02
Financial Excitement IN San Franeisco-sus-
pension ofBanks-- Scarcity Of Cola Coin.

eo " d StHutiudlf uuIiuS III ii.Ci view
this evening that the bank would open
in the morning, but might have to
suspend during the day. This bank
paid out all its gold III the afternoon,
and a good deal ofsilver. If it can
make arrangements tonight for coin
it may be able 10 ride over tomorrow.
q ruin is expected on the San francisco
and Merchant exchange Bank to- NOR
row. A meeting of bank presidents
was called this evening to concert
measures for relief The board Of
brokers his also called meeting.
SAN FRANcIsco, August 26, mid
night.-The National Gold Bank and
Trust Company have'sent in the fol-
following notice for publication in the
morning papers: SIN consequence OF
the panic and the impossibilty OF ob
tanning coin, the National Gold Bank
and Trust Company will close. until
further notice The bank has $780,
600 over and above all its liabilities.
AS soon as coin can be obtained 1t Will
resume, business as usual In the
meantime any creditor so desiring can
have good assets OF the bank to the
amount of his clam By order of the
board of trustees.
HENRY L. DAVIS, President"
SAN FRANCISCO, August 27--The
Merchants Exchange Bank closed its
doors this morning. The directors
have prepared the following notice for
the afternoon papers: In consequence
of the excitement and disappointment
of getting coin, the directors deem it
for the best interests of all concerned
not to open our doors for the present. ;"
The secretary states that the bank has
100000 in coin on hand. The
amount liable on deposits is 100000,
but against that there may be over
100000 in notes. The bank is per-
fectly solvent, The only trouble is the
lack of coin. There is run on the
London and San Francisco Bank, but
Manager Lathaf asserts bis ability to
meet all demands without trouble.
Crowds of persons surround the Bank
of California and the suspended Nation
al Gold Bank and Trust Company, also
the Savings Bank, but the action of
the officers of the latter institutions
last night efectually prevent run on
them. The excitement is great.
New York, August PA special
dispatch from San Francisco says the
exchanges are all closed and business
in state of suspension. Intense ex
element prevailing.
THE RUN ON OTHER BANKS -EXCTTEMENT
sUBsIDING, ETC.
san Francisco, August 27.--The
excitement consequent on the failure OF
the Bank of California seems to be
subsiding. The crowd in California
street is much less than at the opening
of business this morning, The run on
the Lond on and San Francisco Bank
ceased with large surplus remaining
in values. There was a slight run on
the Anglo California Bank on its OPP
en!ng this morning, but it soon sub
sided. The First National Gold Bank
reports everything secure, and the
same may be said of the Bank of Brit
ISL Columbia.
The Pacific and Commercial Banks,
private banks, report no excitement,
and everything going on as usual
Generally speaking all of the city banks
are considered sound, except the Bank
of California. President Ralston this
morning said nothing in addition to his
statement of yesterday. Many rumors
are current regarding the condition Of
the California Bank. One statement,
apparently from good authority, is that
the bank will pay depositers in full,
and stockholders fifty cents on the
dollar.
On the other hand, prominent
stakeholder states that tho most the
bank can do will be to satisfy the de'
mauds of depositors, and it will scarce
ly be abe to do that There has been
a slight rush at the Hiberian Savings
Bank, but the demands were promptly
met within the rules as expressed III
the bylaws of the institution. On the
whole, confidence seems to be return
ing, and it is believed the worst is
over.
But little uneasiness is felt as to the
affairs of either the National Gold
Bank and Trust Company Or the. Mer-
chants exchange Bank. The former
reports probability Of soon resnmlng,
though unable to fix the time. They
have an abundance of available assets,
which are only waiting the reception Of
coin The president this morning
states that they paid out about million
dollars yesterday, and that they have
still small supply left. The Mer-
chants Exchange Bank is believed to
be sound, and its suspension only
temporary.
1t is stated on presumably good
authority that some half dozen heavy
stock brokers are likely to go down.
No names are given. No commercial
failures have yet been reported, though
squeeze is expected next Monday,
which is collection day. The savings
banks during the day transacted the
usual business, the deposits in some
being larger than the disbursements.
There is no excitement on that line.
The Chamber of Commerce held a
meeting this afternoon and decided
that IL would probably be more injur-
ions than beneficial to take any action
looking towards the postponement of
ordinary accounts or notes maturing
next collection day.
The meeting was very largely at
tended The city tax collector has
$4,000 of protested tax moneys Cd