The herald., 1837-05-09
M ONEY MA H TX II II.
TIN sdav Mn " q j.

Saturday only created gathering TO burst forth with additional
fury The stoppage suspension the banks and
higher order of The Dry Dock stopped entirely
and John Ward Co.. OF the largest monied houses in Wall
street, also reported gone,' early hour.
appears that at secret meeting held by the OF
the other banks on Saturday. determined break the Dry
Dock Bank entirely by shutting up on Monday under
derofhe Vice Chancellor The balances the Dry Dock
the other banks amounted 100000 Phenx owed the
Dry Dock $4,000 and the Trademe 81 OoOyet these were
the first banks which Saturday morning discredted their bills
~ further appears that the overras the Dry Dock
100000, while lis capital only 100000 is therefore,
petely insovent The other adhere
their policy, and to have nothing do with the
When the crowd began collect in Wall yesterday
morning. carried terror in the minds the other banks be-
came do something meeting held and by
order of the Vice Chancellor the injunction ued and all
the assets and business placed under the charge the Merchants
Bank The other banks then agreed redeem the Dry Dock
notes for yesterday ateas-parcuary the Merchants Bank
During the whole day crowds filed Wall and general
run was made every bank but particularly the Merchants
Bank
The abstraction OF specie beginning be errihcte
excitement very great-and the end knows where
The failure of John Ward Co perhaps more appalling
10 Wall street than the stoppage of the Dry Dock Bank The
Dry Dock has for long time been suspected OF the dry rot
out John Ward Co. have traded real capital OF s55oOO0
Their business in banking and domestic exchanges has been
very extensveprobaby TO the amount of S500o000 per
II generally said that during the last months Of
1885, they made si5oooo in clear profs-prncpaly in ha
wing merchants paper. great many large capitalists of
business New Bedford Providence Boston, had placed
their funds in deposit with this house They agents
for large business with the and west The immediate
cause OF their oppage their of funds from the Ohio
and Michigan banks who have drawn upon them for large
amounts The arrangements and other soppages that will
crue from this failure will be immense They in the ha-
bit of discounng large of the auction and Pearl
paper which great losses will be sustained by the
suspensions The character of Mr. Ward and the estimation
In which he has been held have been OF the highest kind His
honor integrity generous, and benevolent disposition, have
made for him troops of friends" in prosperity.
Under these caamitous events, perfect
stant fever In the money and stock markets United States
Stock is down 9a remark has not taken
place since The great revolution of 1890, when
the verge Of insolvency. Where may stop tell
Morris Canal merely nominal CO. thereabout This in
suton has been dealing largely in notes. the plan of
the United States bank We burned fingers
whole number Of shares in this institution 30Ooo with cap
tai of S30O0000 OF this stock learn that Thomas Bddle
Co., OF Philadelphia 49, shares, being majority of
the whole In March as the stock par The loss
$4,000 shares at the present prices will be nearly 100000 in
the short Of nearly months The effect of this
mendou loss will begin deveope ITSELF both in New
York and Phil delphia.
All bank stocks rapidly going From appearances
he whole banking system the of general explosion
The great of small business people daily asrncng
the specie The confidence paper currency all kinds
cept in few Of our city banks utterly The conduct Of
the bankers here and Albany daily precptang the crisis
upon The suspension specie payments and the egaza
ton OF such by the legislature is discussed openly
in the streets and privately in the banks In the bill
holders and small deposto will In their possession
dollar OF specie contained in the banks of the large cities
mere the banks redeem their circulation ie-
The circulation of the city banks small But the
deposto take fright, all with the banking sysem-
There is too, believe that the alarm viii
upon the deposiors
Should general suspension specie payments take place
either by compuson by of legislation the bank paper
would fall fifty cent below specie The effect would
not be produced by suspension done during the last
war; There is immense OF specie the
try, quite sufficient 10 perform all the daily and sssaer
actions OF business Bank would Tail the of
assets Now what these composed Of, Let
analysis In this the OF all the banks
900 In commercial paper based the high p
of products revolution in prices going which
will bring article down fifty per before six months
have elapsed The bank will therefore, be diminished
in value least half that amonnt twenty-five per centhus
OF dollars The confusion the panic the breaking up
rupt system, will increase these losses Bank paper by
pension Of specie payments this crisis will produce result
snsr 10 that of the issue OF the old continental money
French asgnats and mandafs II will pass n currency
Gold and silver plenty enough perform small
actions AMI the personal checks OF known individuals
racer and sovency for $50, $780, $780, will
paper currency and take the place Of deprecated dsceded
bank paper.
We not, therefore, without resources although all
banks by the board by their weight egis
aton The banks driving the rocks and
how they be saved They have the whrlwind
they must reap the tempest.
Last evening, learn that mission to Al.
banks suspend specie payments They not be in such
horry-tbey will suspend enough spite OF any
Legislature.