The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-14
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vsDce o. az per cent on both bonds ard shares
un'h o'clocs, when II was announce taat th'
drafts ~ the Rrtei banking house OF Page. banon
of 81 Lon'r bad been dsnooored b. DuncA = oner
! man Co. Tie ne1s cr-ated considei abs ensa
ton In the Tseet, notwithstanding eartain un6~ 'ued
private runners last week, che failure Of Bssn ci
Brothers, OF St Lous, that the house we're invofvs
BY this event and ~ eatly exposed, bc,au OF thea
extended operations In the West, To ths adverse e.
feet which this and other troubles would have upo~
their credit In some respects the failure Is one oc
The most important Of the season, involving the
credit Of The Ohio and Missssippi Railroad, the
Western section OF which, from the Wabash At Vim
cepnes 10 st. Louis, IN under contract 20 Mr. Bacon
and IN an unfinished condso.. and utterly derfroy
Ing the Oldest, most slccsssfnl and hitherto coul
dered, weathiest banking firm--Page, ,Bccon x Co.
In Snr Francisco. Ia sofre amcioraton OF tho public
concern In The disaster that be account of the Cali
foynia branch with Duncan, Sherman Co. has been
kept good and that the Immediate receipts OF gold
by the weekly steamers viii probably be applied to-
the drafte which accompany them At all events 30
against these treasure shipments arc con osrnsd.
From all we can learn, the operations Of the house
on the Pacific have been p-oftsbly aud properly con-
dncted, and 10 Ia much 70 he lamentsd that hus
credit, welding frequently m T1uch NJ two millions
month OF the gold dust delivered at this port sr0m
san frAncisco, should have becnme implicated In
.he railroad Undertakings Of the Western house. or
'ms particninr Involvement. nothing In yet kuown
with certainty, beyond the general fact that tAer
amount Ia large and the curitiel- OF the road I'M
dspo ed OF not OF the first class. rhe line howvv-
C0HUeNtfUH
directly the cities OF Cincinnati ana 81 Louispart
ofesch grand eecsion has been openca for buainsp.
ar large expenditure of grading and masonry
incurred on the remainder. Few line Iraye encoun-
tered more varied fortune from Their incipsncy.
The original contract taken by George Lag,
the late Hszekiah Seymour, and Others for
~ Oo00 600. Law subsequently transferred hts In
terest TO Seymour Co. Toe lrst negotiation IN
the primary mortgage bonds was made With Me.
Peabody In London, by Professor Mitchell,
ef Cincinnati, and Mr.. Bacon, 70 the amonnt
Of 100000, and everything promised ssl
Tor the work TO the autumn Of 1853. Mr.. Sey.
mour unfortunately oied The prospects OF the =
ney market underwent sudden Change, loo ssd
In 1854 by tie vel known nvulsion In railroad crs-
dit, Mr.. Bacon In tie meantime. having takon uplA
Lim'eh 'he entEe contract for the Western secsi0
st the rick OF negotiating his second m1rtgagss
The President snd Directors nc Cincinnati hsve Ia
bored under cores ponding disadvantsges wisb .as
Easitrn section, though they have pushsd Tho
wo KS with indomtable energy.
The banking house. proper, OF Page Bacon, In
ST Louis, Ia orc OF old standing In the West Mr..
Daniel ID. Page, the senior OF the arm, br,ugnt
large private wealth 70 its support, aud Mr. Bacon,
his son inlaw, fund Of business experisuce and
ability, scarcely less important 10 It's success. F0
New York, since founiiog the San Francisco
brarcb, there 10 much symptthy Ia the bsakiag
circles The deposits OF the IS; Louis honss we an.
derstsnd TO have been reduced from OIL 100000 six
or eight months ago. 10 800 COCOON thc last state
meLt. After the failure Of Belcher Brothers, the
astlDg manager st H. Louis--Mr. Page being on
yirt N observation-disclosures To maks hi- own
position imprepr able, and made drafts Now
York-one Of which for $50. 900 was dlshoDored to-
for 20 thel eatisiaction Of his bankers. Dncss,
Bh tIman * 90.