New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-28
RECEPTION OF THE NEWS IN THIS CITY


INFLUENCE UPON TIE GnI.D COTT n, AND PRODUCE
EXCHANGES No PANIC FEARED-sMALL All
VANCE OF GoLD-sTAri MEMS 'F LAIDLW
co., TIE AGENTS OF THE BANK-PROBABiE
CAUSES OF THE FAILURE.
The failure If the Bank of California was not
known here until late Thursday evening, after most
Ct the business Inen had gone home. The first
knowledge Of the suspension of the Bank there
fore, came to them by the papers yesterday morn
ing. Even Mr. Laidlaw, agent of the Bank in
this city, had 10 knowledge whatever of even a
rumorcI suspension of the Bank until he took UP
his morning paper at the breakfast table yesterday.
and read tie dispatches there published.
At the Orcling Of the Stock Exchange the whole
line of stocks fell off from one-ha to two per cent,
but partially recovered during the day. At no time
was there any considerable excitement in The market,
or anything whatever in the nature of panic About
r. III. the first news of the mornings business
in San Francisco arrived, announcing the failure of
the National Gold Bank and Trust Company of
that city, and also that the Stock Exchange had
closed. little later the information was given
out that all the Exchanges had been closed
until the excitement should subside hut the
street stubbornly refused to lie frightened
by such advices. In the God Room gold at once
advanced 81 per cent the first appreciate effect
of the mornings news, but all efforts to produce any
further advance proved unsuccessful.
Little notice was taken of the matter at the
Cotton and Produce Exchanges, and no perceptble
effect upon the market at these places was notice
able. member of the Cotton Exchange remarked
that the only effect the failure could have upon their
trade would be that which it might first have upon
the price of gold.
At the Office Of Ladlaw & Co., the Ncw-York
agents of the Bank of California, at No. ~ Pinest..
reporter of TIE TRIBUNE was informed by Mr..
Laidlaw that the first information any one in his
office had upon the subject of the suspension
contained in the morning papers. Since Them up to
a late hour yesterday afternoon, they had received
no additional information to that which had already
been published. Mr.. Laaw said that al the bills
drawn by them had been Endorsed rs agents of the
Bank Of California, and consequently they were not
individually involved. In obedience to instructions
received from San Francisco, they had cashed no
checks and would not do so until further advice
was received. lie declined to make any further
statements, however, regarding the failure its
cause probable amount, what course will be taken
by the bank. The firm of Laidlaw x Co. will con-
time in business. Their office was thrcnged during
the greater portion of the business hours of the day
by anxious inquirers, among whom were several
Cinnamon whom it was difficult TO persuade that
the only place where their paper could be cashed was
at the Office of the Bank in San Francisco. They
seemed to realize that for the present, at least it was
of 10 more value there than here.
Bankers and others in financial operations who are
best acquainted with the past history Of the Bank
of California did not to be greatly surprised at
the announcement of the failure, and the suggestion
was repeatedly made that it would probably result
i'm carrying down other concerns that have borne
similar reputation for wild and speculative invest
ments The obligations of the Bank have been sell
ing at heavy discount, it was stated,
for some time past, and some have re-
fused to touch its paper at any price.
A prominent banker who is interested largely i'll
California matters, stated that his firm had received
information early Thuraday morning from San Fran
cisco that the failure would probably occur during
the day, and yesterday morning the suspicious OF
their spondent had been confirmed by another
dispatch He had received no advices, however,
about the immediate cause Of the suspension.
Little was known during the day gardng the sus-
pensiOn Of the National Gold Bank AID Trust COmpa-
nv further than the simple announcement OF the fact
The cause it was supposed, however, had originated
in much the same way that which had compelled
the susDensop of the Bank of California.
FEELING In WALL-ST.
v,yws OF PROMINENT BANKERS AND 0TIiERs-MR.
IAIsTIN's ASTECEDEET5-oRIGIN AND OPERA