Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-08-29
NEW YORK.
Effect of the California Failure.
Sterling, Ahrens q Co.
Failure of a Manufacturing Firm
Is the Whole Commercial Fabric
Rotten?

NEW YORK, Aug. 2S.-The concurrent
testimony of bankers and financiers here is
that no injurious effects are likely to result
| to the East from the suspension Of the
/ Bank of California in San Francisco. One
| gentleman who seemed thoroughly in
| formed regarding the financial business of
California, stated that the EloOd-O' Brien
party, though distinct from the clique of
the Bank Of California, had in no way
Joined in an attempt TO compel its suspen-
sion, but on the contrary, for several
months, even since thelUmoged embarrass-
ment OF the corporation was published the
past spring, had done everything in their
power to sustain the lettering institution.
To this end the incorporatOrs of the new
Bank of Nevada had received a proposition
from the directors of the Bank Of CalifOr-
MIA to purchase their good will, but an ia
vestigation of the books made it evident
that this could not be done except at a great
loss, at the terms proposed. In general terms
the Flood and O'Brien party, though they
had gained supremacy in the Nevada
mines to the exclusion OF the Bank of Cal
ifornia, did not care to see the
latter fall to the ground on account Of
damaging effect it would have, not only
upon their own interest, but throughout
the coast.
Mr.. Ludlow, of Ludlow & Co., the
New York agents of the Bank Of Cali
fornia, states that the first information any
one in his office lad upon the subject of
the suspension was contained in the morn
ing papers. Since then, up to late hour
yesterday, they had received no additional
information TO that which had already been
published. Mr.. Ludlow said all bills
drawn by them had been Endorsed as agents
Of the Bank Of California, and consequent
ly they were not individually involved.
The Failure Of Sterling, Ahrens q Co.
Among sugar refiners in this city, an in
preston prevails that the suspension of
Sterling, Ahrens & Co, Baltimore, so far
from iniuriOusly affecting the trade in New
York, will, after a time, benefit it largely.
No pecuniary loss will be sustained here.
Failure Of an Extensive .Manufaetur-
ing Firm.
Cowing & Co, one Of the largest manu-
featuring firms in the United States, made |
an assignment to William 3. Lathrop, Of |
Seneca Falls, where their factory is. They |
have a large concern in Murray street in |
this city, and depots in Chicago, S.. Louis, |
Kansas City and other places. The con-
Germ was founded in 1871 by John D. Cow |
ing.
ExOnerated.
Treaurer Robinson, late financial agent |
and assistant superintendent ofthe Panama |
Railroad, who was accused of apprOpria- |
ting the cOmpany's funds, has been exon |
Grated by the new board of directors, and /
suits on both sides have been Withdrawn. /
Eject Of the Failure I'm wall street.
The Mining Post furnishes the follow
ing in advance Of publication: The Wall /
street markets are all quiet to-day, and /
stocks are higher. The advices from San
Francisco contain nothing startling, and
I'll are TO the effect that affairs are mending.
The latest dispatch, in which we place i'm
plicit confidence, is TO a leading banking
house here from their correspondents there.
day, and received this morn
coin scarce, but transfers from
New York will probagey be returned"
The transfers referred to were those made
yesterday through the su5-Treasury.
Bankers are putting gold Into the sub
treasury here, and on telegraphic notifica-
ion taking il out of the San Francisco sub
aCdSulgs 4AC lllpICooAuA pLShdLAS LAA1l
he San Francisco Stock Exchange viii be
opened Monday. We also hear that there
las been no run on the banks in the inte-
-iOr. The estimates of the liabilities and
lssets of the Bank Of California are
100000 and assets five million dollars.
Whether the stockholders Of the bank are
liable beyond the amount Of their stock for
lebts Of the bank, we have been unable TO
ascertain beyond doubt. 1t makes an i'm
'ortant difference to the depOsitOTs and
TeditOrs Of the bank, as, if they are liable,
reditOTs will get dollar for dollar, one Of
he stockholders of the bank alone being re-
,uted to have property to the amount of
wenty millions. The stock market is
trong and higher than yesterday.
SartOris.
Mr.. and Mrs. SartoIis and child and
Jesse Grant, sailed to-day for England in
he steamship Baltic.
Gold for California.
Applications were made at the Treasury
o-day for the transfer of $500, 900 in gold
o San Francisco.