The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-06

4 n.
There was considerable excitement In Wall street
II was early announced that Messrs Austens sBicer
auctioneers, had suspended payment, and the stock
market experienced quite depression. 1t is stated
that the liabilities Of this house amount to two mil
Hons Of dollars and 1t Is feared that other failures
must follow. 1t must have very unfavorsble inau-
upon public confidence aud create great deal Of
doubt and dstrust Ia hnan al and circles
The banks must protect themselves and from this
time out we look for steady curtailment. Although
the failure Of the house above named has long been
expected 1t must produce great deal Of embarrass-
ment among large body Of merchants, who have
heavy amounts Of Its paper There has been, during
the past two years such rapid expansion Of credit.
that Ia impossible to tell what houses solvent
and which are 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 Co npany oer at auction
three and q half millions Of lite fnl class bonds
The money market has, for some ltime past, been
steadily Tightening, and when public confidence Ia,
been fairly shaken, panic Is pretty 10 fol
low, We have noticed for time past, feverish
and unsssine Ia the public mind that indicated
evil times for those who had ventured beyond their
depth. and the future BY no means looks promising
We would advise all who csn, 10 contract. We know
that with all the apparent abundance Of money much
chsnts, in meeting their daily payments; and IL pr
vste credits do not i'm mediately recover from the
shock received from recent flures, endorsements
will increase and DISASTROUS results follow We DO not
like the locks Of thisgs at ALL and We have the most
serious SPECIFICATIONS 1t will be we'll the events OF
the past week serve asa warning. and tend to check
the besdlopg reckless spseulations Of the day. IL
may be too late to prevent moderate rsvulson, but
II IL not too late to prevent It's becoming general
those Of previous years.
II wa, ppounc.d In wall street this afternoon that
four banks had suspended, as follow,:-
Hamilton Exchange Bank.
HOLSTER Bank.
Henry Keeps Bank
Lewis County Bank.
The circulating notes OF the three ars named banks
are secured by good New York and United States
stocks. The Lewis County Bank is one Of the old
Safety Fund institution 1t has suspended several
times before, and the probability Ia that 1t has broke
down this time finally. This will ada to the exoi,.
rent csutsd By the failure Austsns spicer and v.
Hollister Co. Of the Empire City Mills and IL would
not susprise Of old fashioned pancs seized
upon the public mind and ruinous Losses we're realized
By rapid depre in prices for stocks not poe
ing intrinsic value We must wait and see What
Their day viii bring forth Th. has been OF greater
excitement than We have known for years
At the first board, to day large lots Of the fsnci
changed hands, at decline throughout. Edgewofth'
Reading, Harlem and Morris the most active on
the list. Edgeworth fell OF per cent, Reading Rail-
read - Harlem 4, Morris Canal u, stoninsson ~
Roche,ter and Syracuse 4, and Norwich u. Athe
second board, Canton Co. declined AZ per cent Far
mes' Loan =, Erie Railroad 4, and Harlem v The
merhet ;cls.d heavy, with considerable anxiety 70
realize.
The receipts at the once OF the assistant treasurer
~ h, port TO day amounted to s9s 80; payments
,iI .O72 35-balsnse. o57 81
me esrnirgs Of the Harlem Rsiirosd Company for