New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-27
gold. Tho bidding sp.rted the buyers being mostly
from Baltimore and the West The sale realized 100000
.,oiA
SUSPENSION OF THE BANK OF CALL
.l'a -I FORNTA.
THE BANK ABLE TO PAY ALL CLAIMS.


LACK or COIN TO CARRY on BUsrNEss-PAmURE
OF OTHER BANKS TO AID THE INsrITUTmN-NO
STATEMENT OF NEUTRALITY-SUSPICIOUS. IN
SAN FRANCISCO.
San Francisco, Aug. 26.-The Bank of California
stopped paying checks at 2:45 to-day. An inter-
view was had with Mr. Raston, President of the
Bank, who says that the institution has sufficient
assets TO meet all liabilities and no one will lose
anything. At present there is no coin with which
to transact business. At o'clock this evening, the
representatives Of the press met in the Presidents
Office of the Bank Of California when the following
written statement was read:
OFFICE OF TIVE BANK OF CALIFORNIA, Aug. 90, 1875.
The under the painful necessity OF stating
to the customers OF he bank and the public that the
and without reports from its agencies, we are not pre-
pared to make statement as to the situation of the
bank but examining its interests critically ana
will ut earliest possible moment make definite TT
IVA" ~ 8. +. RANKrS, Secretary.
President Ralston stated orally, on his own respon-
sitility and that OF the officers of the bank that
there is no doubt that they will be able to meet all
obligations. In reply to question as to when they
expected to resume he said mot at all :" and subse-
QucntIy. on repetition OF the question, said. I'VE
do not expect to resume" Mr.. RalstOn further
stated that about 81, 100000 was paid ont to-day
No assistance was received from other banks, al
though application was made for il. They had tele-
graphed to all the agencies of the bank to close 1t
is Thought no banks in the interior will be affected
by the failure.
The excitement on California-st. was intense. The
street was blocked during the afternoon, but the
crowd on the whole was quiet and good natured,
and much confidence was expressed in the ability OF
the bank to redeem their obligations. run was
made on the National Gold Bank and Trust Com
pany bnt the bank continued paying until the clos
ing hour, and asserted its ability TO settle all de-
mands in coin or bonds. The other banks in the
city report no unusual demands on their
resources. The San Francisco and Pacific stock
Exchanges held sessions this afternoon adjourn
ing 70 call, and the former passed a resolution for
bidding members to do business in the interim. The
late hour ut which the suspension OF the Bank OF
California occurred renders it difficult to calculate
the effect Oh other financial interests at present.
FAILURE OF STIRLING AHRENS & co.
LIABIfrTIrs 81, 800 OOO-THE LARGEST sUGAR-HoUsE
IN TIE CoUNTIY-350 MEN THEOwN. OUT OF
WORK.
BALTIMORE, Aug 26.-Stirling, Ahrens & Co.,
said be the largest sugar importing house In the United
States suspended payment this afternoon. Mr. Ahrens
thinks the liabilities amount to about 50, 100000 but
that the assets udicouly administered the credit
ors can ultimately be paid dollar for dollar lie assigns
FOR the failure the general depression OF Dus
ness and srnkage in the value OF coffee and sugar. OF
which the firm have large stock on hand. They have
also large amount Of real estate not at present avail
able. detailed statement Of their affairs Will be pre-
pared as quickly as possible.
The debts Of the firm due to parties in this city and
In Cuba almost exclusively. 10 is said that the business
Of the firm footed up SiOOO0o0O per annum They
were propetos Of two large sugar refnercs-the Mer-
chants and Chesapcakeand agents Of two others
the Calvert and Maryland. Tho effect of the failure
here remains to be developed.
ArEEtis now ascertaned that the liabilities amount
to 81 OOO Of which 81 100000 is due Baltimore to
merchants. banks, and private banking-houses. The
firm employed $50 in their renneres and
barrel factory. Tho immediate cause of the failure is
said TO be shrinkage in molasses.