The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-03-08

w EDNESOArs Mnrcn Do p. m.
There was considerable excitement in Wall
street II was early announced that Messrs. Aus
ten d Spicer, auctioneers, had suspended pay
ment, and the stock market experienced quite
depression. II is stated that the liabilities Of this
house amount to two millions Of dollars, and il is
feared that other failures must follow. Ii must
have a very unfavorable influence upon public
confidence, and create great deal Of doubt and
distrust in financial and commercial circles. The
banks must protect themselves, and from this
time out we look for steady curtuilment. AL
though the failure of the house above named has
long been expected, It must produce great deal
OF embarrassment among large body Of mer-
chants, who have heavy amounts Of its paper.
There has been. during the past two years, such
rapid expansion of credits that IL ia impossible
TO tell what houses are solvent and which not.
No one knows who may 60 next, and business
paper will, hereafter, be closely examined and
cautiously handled. In the face Of this state Of
things, the Erie railroad company offer, at auc-
ton, three and half millions Of its Gtth class
bonds; The money market has, for some time
past, been steadily tightening, and when public
confidence has been once fairly shaken, a panic is
pretty sure to follow. We have noticed, for some
time past, a feverishness and uneasiness in the
public mind, that indicated evil times for those
who had vcntured beyond their depth, and the
future by no means looks promising. We would
advise all who can, to contract. We know that,
with all the apparent abundance Of money, much
difficulty is daily experienced, by large class Of
merchants, in meeting their lilly payn ents; and
If private credits do not mediately recover from
the shock received from recent failures, embarrass-
ments will increase, and disastrous results follow.
We do not like the looks of things at all, and we
have the most serious apprehensions. 1t will be
we'll If the events ofthe past week a warn
ing, and tend to check the headong, reckless
speculatlons of the day. 1t may be too late to
prevent moderate revulson, but it is not too late
to prevent it's becoming so general as those of
previous years.
1t was announced in Wall street this afternoon,
that four banks had suspended, as follows
Hamilton Exchange Bank.
Hollister Bank.
Henry Keeps Bank.
Lewis County Bank.
The circulating notes Of the three first named
banks are secured by good New York and United
States stocks. The Lewis County Bank is one OF
the old Safety Fund institutions. 1t has suspended
several times before, and the probability is that it
has broke down this time finally. This will add to
the excitement caused by the failure Of Austens q
Spicer, and F. Hoister & Co., of the Empire
City Mills, and it would not surprise us if one of
our old fashioned panics seized upon the pu bile
mind, and ru'nous losses were realized by rapid
depreciation in prices for stocks not possessing
intrinsic value. We must wait and see what
another day will bring forth. This has been one
of greater excitement than we have known for
years.
At the first board, to-day, large lots of the fan
cles changed hands, at decline throughout.
Edgeworth, Reading, Harlem, and Morris were
the most active on the list. Edgeworth fell off
per cent, Reading railroad 2, Harlem /, Morris
canal !, Stonington /, Rochester and Syracuse /,
and Norwich J. At the second board, Canton
county declined 2; per cent, Farmers Loan :,
Erie railroad /, and Harlem I. The market closed
heavy, with considerable anxiety to realize.