Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-07-11

AAa' PeIloo having expired, they are determined 10
incur no farther responsibility.
Ths resolution the part Of the directors Of the
Bank OF England had necessarily produced great
sensation among the monied interest Of Londen, TO
whom II had become known. Mr.. 0lynn, London
banker OF great eminence, Immediately posted down
to Birmingham with the intelligence, and on his ar
rival there, had the good fortune TO meet with party
OF gentlemen belonging to the Grand Junction kall-
way who had been making an excursion along the
llne The party immedale y proceeded TO Liverpool
with the important news in their possession, ana De-
came known Change before the arrival OF the eve-
ming papers The effect of this intelligence soon mani
tested itself An establishment, deeply involved with
America-and of the largest importers OF cotton
| in this great commercial mar-mmedately suspend
! ed payment Connected as this establishment is
with other firms of more or less importance we can
not view the consequences but with feelings of arm
We are now, it is to be feared only arriving at the
beginning OF the end
The Directors Of the Bank Of England have been
engaged again today in, II is said, important discus
sons relative 10 the situation of the American houses
requiring farther extension of time to repay the ad
vances made TO them some lime since Up to a late
hour this morning the court remained in delbera-
tlon; and nothing upon which dependence can be
placed was allowed TO transpire variety of rumors
nave been current this afternoon relative the pre-
sent determination # the directors. is stated that
the governor and deputy governor had an interview
with the ministry 10 day, upon the matters which at
present excite so much interest bat nothing has trans
pred whatever as TO the result 1t is stated that the
accounts from Liverpool, today, were unsatisfactory,
and lmpeded in fact the completion of the arrange
mentn question. The court of directors remained
IN elaboration long subsequently TO the period when
business regularly terminated in The city, 1t was un-
dersoOd that no definite result was come 10 before
the meeting broke up.
The Court of Directors issued this afternoon, the
following notice:
1.-THE governor and company of the Bank of Eng
land do hereby give notice that on and after the first
instant they will be ready receive application for
loans upon the deposit of approved bills of exchange,
not having more than ninety five days 10 run, such
loans TO be paid on before the 18th of July next,
with interest at the rate of five per per annum,
and TO be for sums not less than 2O00. each.
Bank OF England, June LIST, 1897"
LONDON MONEY MARKET AND CRY INTELLI-
GENcE, June 2.-The Bank Directors met again this
morning, but it became evident by signs Of I'M
easlness among parties Interested in the result that
some demur had arisen TO the application Of the Anne
rcan houses for further assistance The present DO
sltion OF the parties is understood to be this There
are three OF the American houses in the predcament
described, and by arrangement made with the
bank about two months ago, such assistance was g-
ven to them, partly under guarantee, and partly at
the risk OF the bank, as was considered sufficient to
cover all claims that would arise up the lst of Au-
gustne One ofhese houses, however had SO far
mscaleulated therlabilties find necessary to
apply fer further assistance TO carry them safely
TO the period above named They also requested to
have the term OF repayment carried on from the lst
of August TO the 3lst of December. The other two
houses, on learning what going on, requested to
be placed in similar situation of security, and these
applications were on the point as it is said, Of being
agreed to- whSn the letters of the 9Th of May by the
Roscoe packet arrived, and the bank directors alarm
ep at the extraordinary state of things which then
presented itself, suspended their determination and
requested time TO examine these accounts and ascer
tain what effect they likely 10 have upon the
houses they had taken under their protection. This
has produced the awful state of suspense which has
existed sin &C Thursday morning up to this afternoon,
and il is believed that the discussions in the bank par
- - al. e. Al
and contradictory character. To perplex the decision
Of the directors still more, some of the parties who
had become suretes to the bank for portion of the
advances made TO the houses question up the LIST
Of August refused TO continue that guarantee for
longer period, and expressed wish to withdraw al
legt ther. Amidst this division of opinion the propo-
sons taken into consideration in the bank paror are
said 10 be these. l. That the full assistance reuu
red should be granted and all the three houses be
| red over to the 3lst of December 2 That they
| should have extension of one month only i. e.
! till the LIST of September. And 3, that they should
be called upon for the absolute fulfment of the en-
gagements entered into with the bank for the LIST of
August. The directors after some discussion this
morning upon these points, broke up without coming
10 any conclusion, and deputaon Of them proceed
ed to the treasury for the purpose Of requesting ad
wee or assistance. or both, from MI. Spring Rice
This at least is the current state ent in the city,
What reception they have met with, though il is not
difficult 10 guess its natnre has got TRANSFERRED is
II known to what purport their subsequent delibera
tons have arrived. The belief is that extension of
the accommodation for the shorter PERIOD that is till
the ls Of September has been agreed to. The pack
ct about sail from Liverpool TO New York has
been detained, awaiting the result, which will most
likely be sent off by tonghts post There has pre-
badly never existed in the annals Of commerce more
anxious and eventful period than the present
The letters from Liverpool mention that the ac-
counts from the United States brought by the Roscoe
packet had produced very depressing effects on the
market that the tendency to speculation which had
begun TO appear during the preceding week. had in
consequence entirely disappeared; and that the few
transactions that had taken place ia cotton were AT
reduced prces.-Ii Times.
! The intelligence from New York, communicated in
paper Of yesterday has produced very unfavora
BILE impression in the city, and the goomiest appre-
tensions are being INDUCED in. The next arrivals
will, hope, be more favorable. II the panic that
tagious and general run wore made by The holders
OF bank notes and deposltes IL is impossible to predi-
cate what the result may have been bnt il is believed
IN the best informed quarters that this would be
the case and that the merchants and the nhabtan Is
generally would see that their interests identified
with the stability of the banks and would conse-
quently abstain from pressing on the latter The
fussl OF the President TO suspend the Treasury Order
so much objected TO bv the merchants has been bit
tery censured in New York; but the refusal was an
cipaed, and we assured that speaking generally
! il is very far, indeed from being unpopular mea
sure.-London Courier, Nay 81.
BASKRUPTs-Large, John, Great Queen street, Lin
coins Inn fields, coach maker Ham, William, Uppe
Northpace, Grays inn road livery stable keeper Eos