New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-20
York; Charles P. Woodruff, Michigan. Treasurer

Moses A. Hoppock. Secretary-Ssm] j. w. Barry.
The proposed reorganiz atien of the Company under
the ams pded General Law Of the ate OF Michigan,
with tnominaD increase Of capital 10 million OF
dollars in 600 shares, of $50 each, was concur
REQ in by unanimous vote, and the Directors ap-
pointed Con mi,tee TO carry the same mo erect
soon az the necessary arrangements tor the onAos
can be made. A circular will shortly De % iree'oa
10 the stockholders with all necessary no'ihca''nS
Oh the subject .,o,,s.a
TIE Nashville, on Wednesday, will Prooaoiy take
b.f. million in gold, OF which considerable portion
will be in coin.
Tomorrow. Tuesday at y o'clock, the subscdp-
,on will be closed for the million loan OF the Terre
Usute and Alton Railroad Company. The applica-
tons already reach niue hundred housand dollars,
and are from some Of the soundeet capitalists n the
City and State.
We hear that Gov. Clark will send TO the Legisla
ture tomorrow, a message recommending the impO-
tition Of tolls upon railroad freight for the benefit of
the Canals. 1t s not probsbe that any such Law can
be put through the Legislature. II it coald be, no
better policy could be adopted to drive business away
from our public works to those OF our sister States.
II our Canal system cannot sustain i;sef, let it be
sustained by a general tax, and not by heavy bur-
den imposed upon class OF citizens, holders OF
railroad stocks Such law would operate measara-
bly az prohibition upon articles Of domestic produce,
az far AZ New.York IL concerned and assist to build
up Philadelphia and Baltimore at our expense.
The news from San Francisco received this mora
ing. although not unexpected, created a profound
sensation in Wall ST., and almost the exclusive
topic Of conversation during the day. The ne Ts was
in the possession Of Mr. Bacon as early as O'Clock
this morning. although the morning journals did not
receive their papers and letters until six or eight
hours afterward. The Parser, we hear, was landed
with Mr. Bacon's letters, ard one else could have
communication with toe shore. Very full details of
the occurrences in San Francisco folio wing the
ceipt of the advces Of the suspension of Messrs.
Page e. Bacon, will be found in another part of thi,
paper 1t has no. been doubted here by any that
a severe run upon all the banking houses in San
Franci geo would eDsue but il had been hoped thai
| Messrs Page Bacon a. Co. would be strong enough
10 sustain the run until later adyces of the arrange
mepts here for protecting their drafts would reestab
lish confidence in that house. This, it appears was
not the case and their fall precipitated others. TIE
imme da,e causes Of the failure Of Messrs. Page, b.
con Co.. appear 10 have been, IN indiscreet speech
made at the Exchange by one of the partners, which
discouraged the friends and alarmed the creditors Of
| the house; and rumor, which became inexplicably
current on the 2lst that the Sierra Nevads, from
San juan over due two or three days. was purposely
detained on the coast, with a million of protested
drafts of Page, Bacon & Co., on Duncan, Sherman
e. Co in her mal-bags. This last report caused Gu
incree OF the rum and added the last straw to toe
camels back. The indiscreet speech alluded to
which we hear of by passengers by this ships thus
spoken of also by The Shipping List
Unfortunately. one OF the partners, resident here,
was called upon to manifest the position OF ths house.
To the surprise of every one be announced that the
| firm would suspend operations! The statements
made lOoe and unsatisfactory in every respect;
total want of sef confidence was manifested, which
was as bumisting unfortunate and from that hour
the fate Of the house sealed The merchants, who
went the Exchange prepared TO take any statement
in the mort favorable manner, left with the c0nvc
tic that the house was not in safe position; AMI
although vote OF confidence was passed coldly
enough, steady, quiet run was commences, which
Lasted up to the morning of Tuesday, when the doors
were closed.
Mr.. Bacon we understand, is very hopeful 'hut tbs
suspension was only temporary. Messrs. p, ID. 81
Co. write thus to Mr.. Hoadley. their Agent here:
| We are happy 10 inform You that We have 10 day
made perfect arrang ements TO again resu ne, and
sha do go in three or four days, when we hope 10 re-
gam all we Dsy have lost. We have been 50 over
come the lat week with the great excitement that
we tIe unable by this steamer, to say more but the
Golo en- Gate sails in three days from tnis, and
shall write you more fully by her, But one thing
you may assure our New-York friends that we have
ample funds and that our firm Will again 90 on as
usual.
Mr. Bacon has no doubt that the house resumed
payment before the sailing of the steamer Golden
Gate. All outstanding drafts Of the house, on New
York, are duly paid by Mr. Hosdley, at the Bank Of
America. They made no remittance Of gold by this
| steamer and drafts excepting a few which were
drawn before the failure. In regard to Messrs.
Adams e. Co., although they express confidence in
their ability to pay every thing It is looked upon as
u Q most dsastrou, Of the failures. They are very
widely extended by agencies throughout the State.
This house has connection with Adams & Co., Of
this City the partners in the house here having sold
out their interest in the Exchange ana Banking bust.
ness in the San Francisco house last May retaining
the Express portion Of the business only. Mr. Adams,
We believe, is special partner in the Cali
FORMS hou,e to the extent OF s25, 900. TIE
! hou,e here Continued TO act as agents Of Adams
& Co., to pay their drafts, when in funds, but sus-
pended tuch payments to day. The time-drafs Of
Messrs Adams & Co, We understand, are all ar
rsrged, for through Mr.. b. Davidson. Messrs Wells,
Fargo Co.'s drafts are still duly paid by the hou.e
here, and we are assured will continue TO be- This is
joint stock concern, with capital $500 900, AMI
about 100 stockholders, representing five millions OF
weaf, ana al personally refponsbe forits Liabilities.
The artners here have doubt that their house 10
San Francisco resumed payment within day or two
after the steamer left. Mr.. b. Davidson, agent Of
Mesus. Ro'hschlds, paid out about $500, 900, when
the run on him nearly ceased, and he went on
smoothly. Messrs. Drexel Sather & Church, paid
out about s35o,OoO during two days, when the run
ceased, and new deposits began to come in. Mesers
Lucas, Turner Co psid out 1897 900 in one day,
but were sbundsrtly able TO 90 on, and their Gus
TONERS soon became convinced OF this, and the