New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-10-21


Another Essi india house. that OF - ssrs SdnHe Pal
hps CO stopped The same day. Their liabilities afe
ABOUT 4i50OO0.
The cid aud influential frm OF M,sgs Sehareii q Co
We're also compelled ~ stop They have been connect
ed With tie London stock Exchange for nearly hity
years and their failure has caused deep sympathy fol-
IL caused by the great and sudden depreciation Of
the value Of shsres Their liabilities may not exceed
42O0OOO
The sans day that proved disastrous to these FIRMS
also shook the eredi,Of several other ~ezno houses
but names We're publicly mentioned Ia the pr0yin
ces however some heavy failures took place 10 Liv
eryoOi. the American house OF Messrs w. Steel q Co
stopped payment the lst inst This failure ws'
caused By Corn speculation The liabilities are sooul
220OO0O.
On the ssms day the house of Messrs. ReHdv & MI
ner OF Manchester stopped.
II was announced 10 the Liverpool and London papers
thst the respe cable house Of MesVs Buiey C0ri1 Co
Of Manchester had been compelled % suspend pay
but they state that the foundation for this report
doubtless arises from temporary Inconvenience, bal
hst demands upon them have been or are key TO oe
dishonOred.
The Glasgow papers announce the failure Of the large
house of Mesrs. Wats0a. MKRish & Co. commission
merchants. Their liabilities about 100000 This
house was very much respected ana insir mis s'
tune IL deeply regretted The old frm Of Mss1s. Red
Robinson a wholesale house and Messrs. X Ddsietst
Co. extensive printers stopped payment on tne same
day. Their liabilities very heavy.
most influential meeting OF persons Interested IN
tra1e held at Newcastle on the l9th ut 10 take into
CONFEDERATION tbs alarming state OF the monetary and
mercantile affairs OF the kingdom. Al this meeting An
extract OF letter resd by Mr. Metcse. giving An
account, of the state Of affairs IN London At ihst time
The writer sad There is such want Of conndence
10 the city that every person Is OF opinion thai All OF
most Of the private banks Will 20 aud every one sp
pears to look glo0miy toward the future. have mol
time to tell you all that know but II 10 as bad posi-
ble The statements here made have proved 10 be too
true Another gentleman. Mr.. HERMANN, read letter
which be mad received from London In confirmation OF
what had already been read. This letter ssid " lhe
question here s hourly not who will go but who can
stand Reid. Irving Co. were spoken OF last night
and their suspension has been confirmed this morning
Even the house of Barring X Co. has been spoken Of
There has been a smart ruu upon Msstermsn Co A.
we'll several other bankers The feeling Of dsTust
universal" The London Tnaes OF the 10Th gave iu
report OF this important meeting and copied these Jet
ters which calculsted 10 do great mischief II re
marked however that much has been said Of the NOR
bid appetite for excitement which has prompted WEAK
and niscbevous people 20 propagate reports oil tne d
cues Of various houses but oil all the instances WHICH
deserve public Reproduction none has been so gross OF
has excited Indignation thsE that which TOOK place
at the meeting at Newcastle II the influence OF tue
Newcastle equal to recklsssness there would
little chance Of any large firm however solvent stand
ing another dsy." IL 10 well known fsct that these
" mschicvous reports" to which tho Ttraes SO ndig
nany refers freely circulated day after day 10
the city and 1t is also we'll known that 10 several nsan
ces they have done much mischief BY exciting suspl
cion and finally compelling large houses to actually sus
pend payments.
TIE Bank of England has Increased the monetary
pressure and caused fresh alarm the mercantile com
nunity On the lat inst IL announced that would ds
continue altogether s advances stock and exchequrr
bills and raise s Of discount The Consol msfse
was Immediately seriously Influenced. and avery un
usual decline In prices took place. on Friday ard saur
day In Consols and Exchequer bills. The "money Ar
cles leading journals were very severe upon the
Bank The Tiqes remarks tina, the Bank, so tar IRON
protecting others Is always seen to be- engaged In suh
den aud desperate efforts to prot Ct Itself thus GYMS
the to every minor Establishment and causing UNI
yersal timdiiy when everything depends upon
the boldpess of self possession Nov there l. genera
confusion. The MOrAiHg Post observes that me shoca
produced in the Consol market by The announce
OF the Bank was great that prices decned more con
slider ably than has been lne case III any one ony
the crisis la the meanwhile, continues the Post TIT
approach OF the ith OF the month when me mef
camille payments fall generally due Is source OF n-tH
raj soiclude and will DO deemed miracle should M
day pass over without more mischief The Morning
Herald says that II 10 next to Impossible 10 OBTAIN ois
counts of the highest commercial paper Ia England and
the execution OF orders for goods s brought 10 desc
stsGd.
Itis believed that meeting of the merchants snc
bankers will be forthwith called, 10 urge upon tne Ike
cutiye government the necessity Tor Immediately resv
ing the Bank of the tranmes imposed upon us eilcuh
ton, by al order IN Council, on the responsibility 0
Ministers.
All these remarks Of the journals made on saiur
dsy morning today the subject Is referred
In still stronger language for the crisis Is alarming Al
classes The press 10 the organ of public opinion ana
! Is unanimous ut this moment upon the monetary ant
commercial crisis.
The directors OF the Bank of England have sent fo
the Chancellor of the Exchequer aud he will, II Is ex
/ pected, arrive In town this afternoon
Bills OF frstclass houses. with bankers endorse
ments have been refused by the leading brokers
The Morning Herald says that the cloud 10 every
day thckening with such rspidity and 30 completely
commercial credit shaken, that II steps are not lmme
ds,ey taken 10 dispe the impression there 10 no secu
/ rity for the solvent more than the insolvent In'
Morning Post too says: Various nrms are IN stat
of temporary suspension and might be- proclaimed y
the world as having failed; but indulgence IL shown
and we are not without hope that they msy come
round To attempt to harsss them while IN condluoi
of utter he plessness would be equally impolnc sne
useless The times no, ordinary times and Inc eN
ercss of the ordinary gor 10 enforce the discharge
! commercial debts 10 not expected
To day letters arrived Ia town which mention tn
stoppsge OF Mesrs Cumming y Tustson, extensive
publishers and booksellers of Dublin. This failure ma
elected general sympathy. Mr. Cumming has been en
gagged In trade during the last forty years
lfr William Mary, commission merchant Oh Liver
pool and largely engaged In the American trade soppe'
payment on Saturday, last His liabilities are stated 4
be upward of 100000. Any loss will fall on America
houses
MesTs Boyd Thomas Of London, stopped psymen
on the same day
| Tomorrow a number of heavy failures are anhcips
ted AZ great many commercial bills are due day ant
ths extreme scarcity Of money Is expected 70 prousb
! several large houses
Railway shares rapidly declining In fact the rscen
movement of the Bank has produced general panic
Al the Liverpool market Cotton has declined nearly on
penny. J.,
have visited the commercial rooms 10 The city to day
! and the gloom and excitement manifested there cal
scarcely be described Several failures are openly men
toned but their names would not be prudent Tor ms
give al this time Consos and Exchequer bills hsvegop
down rapidly this afternoon. The greatest gloom evei
alarm prev als among all classes have no time 10 so'
more As the mail about to close.
Nnur OH 4