The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-12

~ Psasna 49,. y run sitse.sas vsss. es.saessa
On that cay. We notice sale tc-cay-eAs arst Ter
long tiue-of Crystal Palace stsck, u pss osat.
Tie KDicisrhocksx Baak u lo1gsr asnhsr q tbs
clearing houe For reasons best known 10 the other
banks has bssn thrown out and must stand hereafter
upon its own bottom. II u opinion that there Is
not bettsr bank In the city than the Knokereocxer
The failure Of ths Eighth Avenue Bank Doubt caused
slght TO the Knicksrbocksr bat ~
believe to b perfectly sound and able to pay every
penny Of liabilities. Tbs bank has mot appended and
probably will rot. II has good men in the management
and its business has been conducted upon Legitimate
principles.
The loss of the steamship Arctic, Of the Collins line,
wiz fall upon our Insurance. companies and upon iadi
viduas Her cargo L. estimated to have been worth up
wards Of million Of dollars. The appalling loss Of life
spread gloom the city, and the effect clearly
visible among the comnsrci Glasses 1t partially
rested business operations In tbs street and At the Elk
change. The bss Of 80 Dany public men males It
public calamity resolution passed to have the
Corn Exchange dJspsd In mourning fog thirty days
Flags ths Custom House and among the shipping
were hoisted at half mast during the day.
The steamship Europa, from Liverpool, brings no
Of Importance, either in financial commercial
point Of view
At the second beard much better feeling prevailed
and there largo sales particularly Of Eris, at
advance At the opening this afternoon, Eric sold 1t
AK cash. and closed at 4sK seller three dAs. and he
transactions figure up nearly four thousand sharss The
result Of the election appears to give general satac
ton. Come Of the new members are thorough going,
sbrswd practical men, who perhaps - intimately
acquainted with the financial affairs Of the company a.
those who have been in from the commencement. W
have great hopes Of the Of the foreign
interest In the company and believe that their election
viii have worry favorable influence the other side
II il stated that the report Of the committee Of inves
CATION win be made in few days, and that 1t will be
much more satisfactory than anticipated The new
board win apply themselves n to the permanent
cement of the oompanys finances. We have point
ed out plan by which all difficulties and embsrrass
ents be ut removed without bearing down too
hard upon the stockholders and have to be
hevo that something Of the kind win be adopted. Read
ing advanced this afternoon q per cent with consera
BILE activity Cumberland Coal Co., q cent; Canton
Co., a. The tendency throughout upward, and at
the close all the leading stocks were firm at quota
tons
Those who have losers the failure Of the Eighth
Avenue Bank must make the best Of it. The bank
had any credit but that derived through the
great currency regulator Withdrew its support there
was nothing left 10 sustain it. The Metropolitan Bank
morally responsible for the losses great many
people have suffered BY the failure of the Eighth ave.
nue. Bank and the Eighth avenue Savings Bank When
this bank FIRST started it made cement with the
Metropolitan for the redemption Of It's bills To SO
cure the Metropolitan, 1t made deposit Of Ave thou
sand dollars and being unable TO make greater deposit
paid the interest On eve thousand dollars more The
Metropolitan then announced that it would redeem the
notes OF the Eighth Avenue Bank. This gave its bills
credit and abe to get out circulation Of $50 1885,
and to get deposits to the amount of $3 602 The Metro
potan Bank knew at the time It gave the Eighth Avenue
Bank credit by sgreepgto redeem its bills, (having Sc
curty in hand that 1t rotten, worthless concern,
and would not be long sustained 1t knew that only
portion Of its capital had been paid In and that there
was not responsible man in the management Knowing
al this it endorsed it. Having security enough for It's
prote ction the Metropolitan induced the public to
trust rotten insolvent concern and then, BY its
act destroyed what credit it had created. We
ceive Of nothing outrageous the part OF bank
ing Institution than what the Metropolitan Bank has
been guilty Of in this instance Its character has been
used to place In good standing bank without capital
any of tho elements calculated to public conf
dence and, having compshed that, it turns about,
and being in Its deposits, leaves those it has
deluded to got out the best way they It has in
several nstances led the public into the ditch and left
them there. Tho Metropolitan Bank may be satisfied
with it, course and continue to pursue IT, The paltry
seven hundred dollars per annum derived interest
the deposits Of the Eighth Avenue any other wild
cat bank, may be sufficient nducement for the Metro
potan to place the public in position to lose tens Of
thousands but according to the coda of Hnsncers of
less respectabt the price Of such valuable aid that
furniahed to the Eighth Avenue Bank should have been
much greater. For seven hundred dollars Per annum
any wild cat bank secure the endorsement Of the
great currency regulator of this city Where Is the
Erie and Kalamazoo Bankf
The Cochltuats Fire Insurance Company, Of Boston,
have declared dividend Of four psr cent; Boston Ma
nufseturing Company (Waltham), $40 Per share.
The receivers of the Bank Of Boston have
given notice that and after Monday next, the 10th
inst, dividend Of atty per cent win b paid at the
Webster Bank III claims against the Cochituate
Bank proved prior to the LIST Of August last in amount
stated to b $4,000 All the claims viii be presented
to the Court in February when another dividend Of
sets viii probably be declared.
The earnings Of the Michigan Central Railroad Com.
psny, in September, 1854, amounted to 1925 235 g.
against s1s2 500 so for the month last year. In
crease in the month this year, ~, 6a5 %.
The warrants entered At the Treasury Department
Washington, on the eth inst, were
For the resumption OF stock. SS,319 81
For paying other Treasury debts. ....... 11O12 o.
For the Customs. ...................... 2,214 IS
sources. Observation-Disclosures. "a SO
For the War Department. 44S7 16
For repaying for the War Department. ... 4,057 Is
For the Navy Department ............... 66,86S 90
For the Interior Department. 25,0Sl 06
The drafts registered during the week ending she 7h
instant, were.-
Navy .S51, 994 20
Customs ..17l67l 80
Redemption Of public debt. ..........,... 77100 05
Quarterly salaries $3.50 Fl
Treasury ..................... 67,048 Is
Interior or lands OBSERVATION-DISCLOSURES. 64s83 70
Interior. OBSERVATION-DISCLOSURES. S753 IS