The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-09-02
GONE UP.
The Great California Gold Bank
Gone Up,
And the M0lTlGTS go About the Streets
Tie Largest Sugar Lm1oyting HonS1
IN tie Oaited States Fails for 7sOo
and a haD AfilhON Dollars.

San Francisco, August 26.-The Bank
of California stopped paying checks at a
quarter to three. An interview was had
with Ralston, the President, who says
the bank has sufficient assets to meet all
its liabilities, and no one will lose any
thing, but at present there is no coin
with which to transact business. A
meeting is appointed with representa-
tives Of the press at 5 p, M, when more
particulars will be given.
LATERAL 5 p. m. representatives of
the press met in the Presidents Office of
the Bank of California, The following
written statement was read;
"OFFlCE OF BANK OF CALIFoRNIA, |
August 2B, 1873. !
"The Trustees are under the painful
necessity of stating to customers of the
bank and the public that the bank is
compelled to suspend business. At This
moment, and without reports from the
agencies, we are not prepared to make a
statement as to the situation of the bank
but are now examining its interests criti-
cally, and will at the earliest possible
moment make definite report. By or
der of the Trustees.
rs, +. RANKIN, Secretary"
President Ralston stated orally, on his
own responsibility and that of the officers
ofthe bank, that there is no doubt they
would be able to etall obligations. In
reply to the ques ion when they expected
TO open again, he said; Not at ALL"
and subsequently on repeating the ques-
ton, he said, 1--WE do not expect to re-
sua.e."
Raston further stated that about one
million four hundred thousand dollars
We're paid out to-day. No assistance was
received from other banks, though appli-
cation was made for it. He had tele.
graphed to all the AGENCIES of the bank
to close, and thought no banks in the in
terror woald be affected by the failure.
The excitement on California street is
intense The street was blocked during
the afternoon. The crowd on the whole
was quiet and good-natured, and much
confidence is expressed in the ability Of
the bank to redeem its Obligations
A run was made on the National Gold
Bank and Trust Company, but the bank
continued paying until the closing hour,
and asserted its ability to settle all de-
mands in coin or bonds. Other banks in
the city report no unusual demands on
their resources.
Baltimore, August 26-Stirling, All
rens & Co., said to be the largest sugar
importing house in the United States,
suspended payment this afternoon. All
rens thinks the liabilities will amount to
about S2000,000, but if the assets are iu-
diciously administered, the creditors can
ultimately be paid dollar for dollar. He
assigns, as causes for the failure, the gen.
eral depression of business, and shrink
age in the value of coffee and sugar, of
which the firm have large stocks. They
have also large real estate not at present
A detailed statement of their
affairs will be prepared as quickly as pos.
sible.
The debts are due to parties in this
city and in Cuba almost exclusively. 1t |
is said the business of the firm footed up
S40,0OO,000 per year. They were pro
prietors of two large sugar refineries, the
Merchants and the Chesapeake, and |
agents of two others, the Calvert and |
Maryland. The effect here of the failure
remains to be developed.
Ii is now ascertained that the liabili-
les are about two millions and half, of
which one million is due in Baltimore to
banks and private banking
houses. The firm employed three hun
lred and fifty menin their refneries and
barrel factory. The immediate cause of
he failure is said to be shrinkage in
nolasses.
Chicago, August 26.--The opinion of
he city bankers is that the failure of the
Bank of California will produce little, if
my, effect in Chicago.