The Portland daily press., 1875-08-27
FINANCIAL DISASTERS.

Suspension of the Bar of California.
SAN FRANCISCO, Aug. 16.-yhe Bank of Cal.
iforn'a stopped paying checks to day at a quar-.
ter to 3 O'clock. President Rason was inter
viewed and says the bank has sufficient assets
to meet the liabilities and no one will lose any
thing but at present there is no coin with
which to transact business. 81 81 Z
AT p. NJ. representatives of the press met
in the presidents Office of the Bank of Calfor-
MIA and the following is a written statement
which was read: ..-.-
OFFICE OF THE BANK OF CALIFORNIA.
August 18th, 1876 4
The trustees are under the painful necessity
of stating to the customers of the bank and the
public that the bank is compelled to suspend
business. At this moment md without reports
from the agencies we are not prepared to make
statement as to the situation of the bank, nut
are now examining interest critically and will
at the earliest possible moment make definite
report.
By order of the trustees.
(Signed) S. f. RANKEN, Sec'y
President Ralston stated orally on his own
responsibility and that of the officers of the
bank that no doubt they would be able to meet
all obligations. In reply to question when
they expected to open agan, he said, "Not at
all, and subsequently on repetition of the
question, said, I'VE do not expect to resume"
President Raston further stated that about
81 10000 was paid out today.
No assistance was received from the other
Da0KS, In0ugn appHCatlOn was made Tor IL.
They had telegraphed all the agencies OF the
bank to close 1t is thought that no banks in
the interior would 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 it's obliga.
tions.
A run was made on the National Gold Bank
and Trust Co, but the bank continued paying
until the closing hour, and asserted their abili-
ty to settle all demands in coin or bonds The
other banks in the city report NO unusual de-
mands on their resources. The San Francisco
aud Pacific Stock Exchanges held no sessions
TINS AFTERNOON and adjourning the call. and the
1ormeF passed resolution ferbidding the
members to do business ia the interim. The
late hour at which the suspension of the Bank
OF California occurred rendered it difficult to
calculate the effect on other financial interests.
Large Failure in BaItimore-LiabiIi,ies
$4,000 900.
BALTIMORE, Aug. 26.-Strling, Abreps &
Co., said to be the largest sugar importing
house 10 the United States, suspended payment
this afternoon. Mr.. Ahrens thinks their liza
bilities will amount to about So, O00, 900, but if
the assets are judicously administered the
creditors can ultimately be paid dollar for dol
lar. He assigns as causes for the failure the
general depression of business and the shrink
age 10 value of coffee and sugar, OF which the
firm have a large stock on baud. They have
also 'arge real estate not at present available.
A detailed sta ement of their affairs will be
prepared as quickly as possible.
The debts are due to parties in this city and
10 cuba almost exclusively. 1t is said the
business OF the firm footed up $40 100000 per
annum' Ihey were the proprietors OF two