The Sun.
London, England, 1857-10-26 00:00:00

AMERICA

LIVERPOOL, OCT. 25.
The Royal Mail steamship Arabia has arrived
with advices from New York to the 14th inst., and
1,400 dols.
On the 15th she passed a vessel supposed to be
the Vanderbilt.
Advices from the city of Mexico to the 4th re-
port that the Mexican Congress had held a preli-
minary meeting, and chosen Emanuel Ruiz Presi-
dent.

The insurgents of the South continued to hold
out against the-Government forces, and it was re-
ported that Alvarez had been Assassinated.
The news by this arrival is of great importance
to the commercial community, it being reported
that the ship has brought an enormous quantity
of returned dry goods. The money panic had come
to a crisis. Never did Wall-street present such a
scene as on the 13th, the day before the sailing of
the Arabia. From time to time the announcement
of City Bank suspensions was made, until the total
failures numbered 18. No failures of importance
of commercial houses.
On the 12th a run commenced on several of the
New York banks, the result of which is given as
follows by the New York Courier and Enquire,. of
the 14th :
" The banks of the city of New York, by their
officers assembled at the Clearing-house last night,
resolved ta suspend specie payments this rciorniq,
and appointed a committee to proceed to Albany,
and request the Governor to convene the Legisla-
ture to consider the necessity of enacting some law
to give relief to the present financial emergency.
They also resolved to make the most energetic ex-
ertions for the resumption of specie payments
at an early day, and recommended that no divi-
dend be made to stockholders until such resump-
tion. The cause of this action on the part of
the banks was a severe run upon them, which
commenced yesterday morning and continued
throughout the day, compelling during its progress
many of their number to succumb to its pressure,
and placing before the remainder the certainty of
the same fate in the renewal of a run still more
severe to-day in case they opened their doors to
admit it ; never, indeed, in the financial history of
New York was there a more trying and exciting
time than yesterday. For weeks the merchants of
New York has fallen in numbers, like so many
sacrifices, on the threshold of the banks, beyond
whose iron doors came no response to their appeals.
Yesterday a multitude, like a destroying arniy,
came down on the banks themselves, and sacrificed
them in turn within the doors which they had
endeavoured to bar so strongly. We need dot
describe this run in its outward features ; each
one sees the picture, though he may not have
been in Wall-street or in the neighbourhood
of the up-town banks,--a street crowded with
two distinct classes, the one thirsting for gold
crowding in hundreds the doors of the banks,
and forming long lines up the steps and through
the halls, with anxious faces and hands nervoutily
clutched over their checks and draughts, crowding
and jostling ; and the other the lookers-on, crowd-
ing the side-walks, joking and wondering how long
the banks would stand the run. Such was the
picture. Between the distresses of the merchants,
who have been called upon to pay when they had
nothing to pay with, and the almost total destruc-
tion of confidence among the poorer classes of the
people, there were chaos and confusion throughout
the city. Tha Bank of New York, the oldest in
New York, one always liberal to its customers, and
especially so during the late contraction, paid out
its specie manfully until about 1 o'clock, when it
paid nothing but banknotes and certified checks for
the rest of the day. The Leather Manufacturers'
Bank paid out also until about noon, when it also
stopped, although 90,000 dots. in specie were due
on its exchange account in the Clearing-house but
which could not be obtained, and so the run pro-
gressed. Many of the banks that maintain themselves
kept open their doors until late in the afternoon so as
to give all a chance to get their specie. Among these
were the Bank of America, the Bank of Commerce,
and the Bank of the Commonwealth. The Bank
of America paid out $150,000 in specie, the Bank
of America $85,000, the Bank of the Common-
wealth $90,000. The insolvency of the Marine
Bank, we are informed, was averted by a coup de
main of their friends, some of whom obtained a
writ of injunction upon their proceedings. The
prevalent opinion yesterday was that a few of the
old strong banks combined together to force the
majority into liquidation, and thus confine the
business to a limited number. In doing this the
smaller banks were compelled to curtail their ope-
rations, and in the general restriction many of our
most wealthy, honourable, and useful firms have
been notified. We speak within bounds when we
say that this cause has driven 50,000 men and
women out of our workshops into idleness and
poverty. The banks which were suspended were as
follows :—Merchants' Exchange, Ocean, North
River, Irving, St. NioholaQ, Citizens', Market, Ma-
rine, the Tradesmen's Bank, the Butchers and
Drovers' Bank, the Leather Manufacturers' Bank,
the Bank of New York, the Chatham Bank, the
New York Exchange Bank, Bull's Head Bank, Bank
of the State of New York, Broadway Bank, Arti-
sans' Bank, and People's Bank."
The New York *Shipping List says of the Bank
statement for the week ending the 10th :—" It is
much more favourable than generally expected.
Allowing for the absence of the returns of two sus-
pended banks, the decrease in the discounts is
about 4,000,000 dols., so that the banks since their
informal agreement to expand their lines 3 per
cent., entered into a fortnight ago, so far from
granting the increased accommodation of 3,000,000
dols., which would have req.dted from that mea-
sure coming into efft of in good faith, have actually
made afurther contraction of about 5,000,000 dole.
The decrease in the uedrawn deposits it will be
seen, after allowing for those in the two Fuspended
banks, is a trifle over 3,000,000 dols., while there
is au increase in the specie reserve of about 75,000
dollars."

The same paper says :—" It is impossible to
negotiate mercantile paper during the present
panic, and money quotations would therefore be
no guide. Stocks generally rose on the banks' sus•
pensions. Little has been done, on account of the
unsettled state of.the money-market, and our quo-
tations ar
"e nominal. We quote sterling 98 to 102
per cent.
The New York Courier and Enquirer says :
"The confusion in the Street to-day has been so
great that business has been in a large measure neg-
lected. No quotations of foreign or domestic ex-
changes can be given. The market values of pro-
perty, of stocks, ofproduce, &e., are allnominal. The
banks of the city, having as much as they can do to
take care of their own payments, are forced to refuse
the notes of the country banks
of New England and
New York ; the brokers also refused to buy them,
and this adds to the confusion before prevailing.
We have no further advices as to suspensions in the
South. At Charleston the Bank of South Carolina
has closed its doors, also the South-Western Rail-
road Bank. At New Orleans and St. Louis the
banks are stronger than in any other parts of the
country, and will, we think, continue specie pay-
ments ; but in other portions of the Union—Vir-
ginia, South Carolina, Georgia, Kentucky, &c.—
the banks cannot in justice to themselves maintain
specie payments while so many others are under
suspension. The Stock Board to-day seem com-
paratively independent of financial revulsion, and
the quotations show an advance in some few stocks,
though they are the single exception in the whole
range of the securities and merchandise now for
sale."

The latest quotations were—New York State
Sixes, 90 ; Virginia Sixes, 67 ; Missouri Sixes,
60i ; New York Central, 541 ; New York and
Erie, 8 ; Reading, 29 ; Michigan Central, 35 ;
Cleveland and Toledo, 21 ; Panama, 65 ; Illinois,
51 ; Chicago and Rhode Island, 58 ; Galena and
Chicago, 53 ; La Crosse, sg.
The Pennsylvinian Legislature had passed a
bill fixing the second Monday in April next as the
day for the resumption of specie payment by the
Banks.

The .New York Express states that at 3 o'clock on
the afternoon of the 13th there were collected
about 50,000 persons.
The New York Journal of Commerce quotes ex-
change at 90 to 1.00, with a good supply of se-
cond classs at 90 to 95.
Among the principal failures were the following
firms :—At New York—Harper Brothers, Wood
and Grant, Hoppock and Greenwood, Connelly and
Adams, G. S, Hilman Buckley and Moore,
Baptist' and White, Brummell' and Roysters,
Dykers and Alstyne, Hall, Dana, and Co., Lud-
-1 Cah am, Leggett, and Co., L. C. irilson' and Co.,
art, Bacon, and Co., Kitcham, Montrose, and
notes h
The s protested New York and Erie Railraod Company's
Coe . The Michigan Central Railroad
Company suspended payment on its floating debt
J. A. Genie, H. A.Coit, Semo ur and Co., lies and and Co.. Corning and Coy., in consequence of
inability to sell exchange on London ; Fenton Lee, and Co., Willetts and Co., George T. and W.
Flyman and Co., Fale, Nash, French, and Co. 3

at New Orleans, Oakley and Hawkins ; at Balti-
more, the Albion Cotton Manufacturing Company;
St. Louis, Dean, King, and Co., A. J. Maccrary,
and Co., Collins, Kit by, and Co. ; at Alexandria,
Fowle, Snowden, "and Co. ; at Toronto, E. F.
Whittemore and Co. ; in South Carolina, the Bank
of South .Carolina, a State institution ; at Chicago,
Wadsworth and Co. ; at Cleveland, the Cayu,,,a
Steam Furnace Company ; at Providence, Hark-
ness and Stead. Several banks in various parts of
the States had also-suspended.
The Atlantic would sail for Liverpool on the
24th.

The returns from Georgia indicate the success of
the Democrats over the Americans.
The Pennsylvania State election resulted, as in-
dicated by the returns, in the, success of the De-
mocratic party. The Republican party have car-
ried the elections in Kansas.
Ashes were dull at $6 25c. to $6 50c. for pot, and
$5 75c. for pearl. In the absence of sales of any
magnitude prices of cotton were nominal. The re-
ceipts at the Southern shipping ports were rapidly
increasing, aud, under the influence of the money
pressure, prices were receding, the latest quotations
indicating a decline of fully 3c. from the highest
figure of the season. We omit quotations, which
would only mislead. The demand for State and
Western• flour has been confined mainly to the most
pressing wants of the local and Eastern trade, ship-
pers being debarred from entering the market by
the money pressure. States' common brands, 4
dole. 40c. to 4 dole. 45c. ; Michigan fancy, 4 dole.
45c. to 4 dole. 55c. ; Ohio good and choice, 5 dols.
40c. to 6 dols. 50c. ; Tennessee fancy, 4 dole. 85c.
to 5 dole. ; Missouri, 5 dols. 30c. to 8 dols. ;
Canada, 4 dole. 50c. to 6 dols. 25c. Southern flour
shared the depression with State and Western.
Cornmeal dull and lower. Wheat was very irregu-
lar and prices lower. White Southern, 1 dol. 250.
to 1 dol. 39c. ; Western mixed corn, 64c, to 66c. ;
whett, 75c. to 88c. Prices of Iron, molasses, naval
stores, provisions, sugar, and tobacco nominal, and
next to no business doing. Freights without change
At New Orleans on the 12th there was a decline o
Ic. in cotton ; midding was quoted at 10c.
At Savannah on the 4th inst. sugars bad de.
clined.

Joseph E. Brown had been elected Governor o:
Georgia.

The supplies of grain from the lakes were abun-
dant.

There was 199 lives lost in the Central American.
The steamer Empire State sunk on her voyage to
Boston, but no lives lost. _

The Case of Mrs. Cunningham came on on the
13th, but she had fled.

The Custom-house at Richmond had been bur-
glarioudy entered on the 13th, and 155,700 dollars
stolen.

Walker's army was being recruited with grew
vigour, and hundreds of volunteers had joined.

LATEST INTELLIGENCE BY THE ARABIA.
(BY TELEGRAPH).
BOSTON, Ocr. 14.
At a meeting of the Boston Bank Presidents to-
day a general suspension of specie payments was
agreed upon.

NEW YORK, OCT. 14.
On our Stock-Exchange this morning a better
.one prevailed. ". State securities are steady, while
fancyand railroad stocks were all better. Eries sold
at 91; United States Sixes of '62 at 90k. No sale,
of Illinois or Michigan Central. On the Corn Ex-
change flour advanced se. to 10c., and wheat 10. to
3c. Corn buoyant ; provisions nominal.
NEW ORLEANS, OCT. 13.
Cotton still favours the buyers. Middling 91c. to
100. Stock at this port, 109,000 bales. Freights to
Liverpool, id. Exchange flat. Only one failure to-
day, a grocer's firm.
From Havannah we learn that the Californian
mail steamer Northern Light, with St. Francisco
dates to Sept. 20 and 1,250,000 dols., arrived there
on the 10th.

Californian markets dull ; mining accounts
Favourable.

The English and French fleets had left the
Cnincha Islands to the mercy of Vivanco.
The murderers of the British Minister in Peru,
Mr. Sullivan had been disciavered, but not arrested.
They were hired bravoes, but their employers were
unknown.