The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-08-27

Stopped PayIng Checks.

SAN FRANCIsCo, August 20. = The
Bank Of California stopped paying checks
at quarter 10 three this afternoon; on
being interviewed Ralston says the bank
has sufficient assets to meet the liabilities,
and no one will lose anything, buta pres.
ent there is no coin with which to trans
act business. A meeting was appointed
with the representatives at 8 p. NJ, when
more particulars will be given.
STATEMENT ny THE SECRETARY AND OF
PRESIDENT RALsToN.
AT . p. NJ. the representatives Of the
press met in the Presidents Office Of the
Bank OF California. The following writ
ton statement was read:
OFFICE BANK OF CALIFORNIA, [
August 20, 1875, !
The Trustees are under the painful ne.
Cessity Of stating TO the customers Of the
Bank and tho public that the Bank Is
compelled to suspend business at this mo.
ment, and without reports from the agen.
cies are not prepared TO make a astatement
Of the situation OF the Bank, but are now
examining Its interests critically and will
at the earliest possible moment make. q
definite report, BY order Of trustees.
S. +, RANKIN, Secy,
President RalStOn stated orally on his
own responsibility and that Of the officers
Of the bank that there was no doubt but
what they would be able to meet all oh.
legations. In reply to a question as to
when they expected 10 resume, he said
"Not at ALL" and subsequently, on the
question being repeated, 1--WE do not ex.
pect to resume" Ralston further stated
that about 81 100000 was paid out to-day,
No assistance had been received from
other banks, though application for 1t
had been made. lie had telegraphed to
all the agencies OF the bank To close, and
thought that no banks In the interior
would be affected by the failure.
The excitement on California street
was intense, and tho street was blocked
during the afternoon, The crowd was
on the whole quiet and goOd.natured,
and much confidence was expressed in
the ability Of the bank to redeem lts OBJ.
legations,
A run was made on the National Gold
Bank and Trust Company, but the bank
continued paying until the closing hour,
and asserted their ability to settle all de.
mands in coin or bonds. Other banks in
the city expect no unusual demands on
their resources,
The San Francisco and Pacific Stock
Exchanges held no sessions this after.
noon, adjourning to call, and the former
passed resolution forbidding members
to do business in the interim. The late
hour at which the suspension Of the
Bank Of California occurred renders ii
difficult to calculate at present the effect
on other financial interests.
The general feeling about town tonight
Ia rather blue. The cashier Of the Ma
tional Gold Bank and Trust Company
stated to gentleman who interviewed
him 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 this evening and a good
deal Of silver. II II can make arrange.
ments for coin, 1t may be able to ride over
tomorrow. A run Is expected on the
San Francisco and Merchants Exchange
Banks tomorrow. A meeting OF tho
bank officers Ia called for this evening to
concert measures for relief. The Board
Of Brokers have also called meeting.