The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-14

vey ths assurances OF our hind confederation.
In The fervent hope that the blow upon your house
may not be atslthat the disaster 10 only temporary
that you may rise again and the high position
you have maintained so successfully for a series Of
years the dehire OF those who have known you long
and well
with feelings of kind consideration allow US to sub.
scribe ourselves your townsmen and friends,
" I'm LEACH Of Lea ID Goodrich,
GEO. D0AN, OF Doan, King 4 Co.
Z. I. wETZEII, off, r. wetrel 4 Co.
q y. OL1OTT, Of Iittle olcott
l.. T. PIITMAN, OF Pittmaa x Bro.
NJ W. WAkNk, Of Warne, Merritt Co.
ALhX. LInCH, OF A. Lsitch d Co.
sAML- , MCCARTNEY.
A. J. M'cRTRY, of A j. NCrery &co
GHARIts ! G nIlLMfRs, Of Eddy Jameson 4 Co.
W. b. HAsEITINE of Hasetne n Bent.
g. G. klMBfOuGH, of Harding Ktnbrough.
WM; M A. HARGAplNE, q Grow, Mcrsery ( Co.
AD0IPHL AFEI.oS, OF Abelos 4 Taussig.
II. y. CUNNINGHAM.
WRIGHT.
r. G. ROBERTS Of Roberts, Kerr Co.
r. heCRlRY, Of Crow, McCrcery& Co.
METROPOLITAN Horrl, Saturday morning,
GHsTITaES-
Your much valued favor Of this date relative 10 the
great calamity which has befallen my banking house
Page Bacon, has been read with ordinary feelings
Of gratitude From the ctzens Of n Louis have r.
ccved abundant proofs OF their good win No man has had
greater cause Tor pride than myself, in their continued
exhibitions OF confidence II has been my aim to meet
that confidence and the heaviest part OF this blow TO
me Ia that those whom have had such TO esteem
are TO be made to greater less extent sufferers by
detailed statement Of the immediate OF the
pension Of my house. ! shall publish 70 the world the
facts, and am sure they will show that had good faith
characterized the conduct Of correspondents you
would not thif night gentlemen have together
calamity AS unexpected is cruel For your kind
pres.ons Of pmIathy for my senior partner, permit
me, In bis ae.sncs to express my heartfelt thank.
To Messrs. John Leach, George r Doan, r. " wet1eI
A. j. hecreery, Adoiph Abes, r H. Mccreery, and
From the Journal Of Commeroel
We regret To announce that the drafts OF hessrs
Page * Bacon, bankers Of 81. Louis were protested
70 day, 70 the amount OF $40 600. Their agents.
btsss. Duncan, sherman Co., of this city, not
teirg provided with funds 70 meet then. declined
u advance The money except upon satisfsc sory
Guilty. The first AMI prime cause OF TIE embsrrsss-
psnt was the urd.rtsking b. Mr.. Boon, OF the st.
Louis house, TO construct the OHIO and Missssippi
RaiIosd, oniectiDg Cincinnati with Sc. Louis
TIE funds Of tho house TO the amour. CT about
u ,250 COO, are locked Dp In that enterprise and
viii therefore be uselsss for long time 10 come.
TIE Immediate cause OF their stoppage Ia undoubt.
ecly the failure OF Belcher Brother, of ". Louis,
who 0Ge PsRe n Baron an amount variously stated
at from $1,000 10 1850 900. The Ian Fran isco
house, Page, Bacon Co., (Which must not bs con.
iouneed With the firm whose rafts are now under
protett,) are Iepu.ed to be very wealthy, and al.
wayf have on band, At San Francisco, q large
amount of available mears. Mr.. Page, fading the
position Of the 81 Louis house somewhat pre- arious,
went out TO San Francisco TO obtain advances
frora thence for is support IL is yet too soon By
ono on two steamers, 10 hear from MIN. Mr.. Bacon
who resices here bad no doubt OF bi, ability 10 mset
all demands until Mr. Page conld remit specie 70 aid
lim oul the failure Of Be cher A Brother precipl-
tatsd tue oriela and by drawing down the deposits
az the banking bJuse In St. L0ns, inducsd larger
drafts Oh Mes ~. Duncan, sherman CO., than The
securities deposited with them woud cover. TIE
house has 0ccupied very high position In the mer-
camille world, ard Mr.. Bacon hss many warm per.
soral frends IN this city, yhsre he IL well knosn
ard universally respected. IL was supposed yester.
hat d Il n
for the Necessary funds " carry the bcuse through.
and MefMs d., Il. Ca. of, red 10 advance al that
was ne cessaIy, security were provided Last even
irq an sUangensnt vas made fer 10000 bat to-
day advices OF drafts tor tl0 900 showed that the
sum provided woul be too small To meet the exl.
aency, and farther negotiations falling thryugh,
the orsfis we're protested AT three O'Clock this
afternoon. The liabilities sf the house cannot
bo as large as generally supposed. The sums
due dsposItors OF 81 Louis amourt 70 about
800 900 and all the remaining debts are no. pro
bsb bali an much more. The a.sets are probably
locked up where they are not available but II
Is thought must be abundant I, the end - pay all
claims and leave handsome surplus. The CAiifor.
bs b0ufe have provided 70 meet all Of their drafts,
ard a. rich - generally SUPP, ed, must have
large surplus OF Ieacy meass beyond all the de.
nands which can be made upor them. From all
wtich 10 nov known Of their Affairs, II the remit
tsnc.s from Ban Frantisco, now expected, and
which thsi iendH are conf lent have b. sent had
| cone 10 hAd by tie last steamer the -. Louis
bonse would nave continued payment. and fully
| a Co havs been blamed by some Of the friends ~
| Isgs a Bsoon, foe not mailing the necessary sd'
| WAGES tv,n without - urity, but We think pru
| dent bsbker could their ocurse. They
ofertd a. furnish the mesrs upon the psrror Al se-
cInfy OF tie frends most urgent 10 sustain L ~,
bu, refused 20 furnish the money upon any as.ur
snes other than the written do unsnt. We eanoo,
zee tat tits failure need prodnee any considerable
| sxcit msnt hefe. II has been anticipated by many
ever the failure of Bslchef Brother Ard
will bot as far a. We tnow, embsrrssa any his
| .ide Of ~, Louis. Holders OF the arzfb by Page,
Bs on A Cg.. of San Francisco. may be ss-ufed
tnat they VII be promptly met Al maturity.
Tran the Tnbuns
With deep egrst We are compelled ~ nnO1ncs
| that the ofsffs of Messs. Psge A. Baoon, of ~.
Luis, upon hs.srs. Duncan, sherman Co, ~ tots
\ city. we're 10 DAY protested for nonpsyment. Tbs
i .nbarI assr.snt a this house has grown, measure
bly, ous a the cynpsctlon of ole 0f is msnabsfs
/ vtn ere a. the largest rsilrcad proisc's of tbs
Wet; and the criss has hen pfecil ltsssd hy the
fsl1f, of nsssrs Belchsr Brosters sh0 are debtors
L OF Psse A. Ben a. about The amount % Sst0Doo
\ FnetGa of the house were ready today " farnish
tb ne ans (t1 the extent of 400 600, " needsdJ for
osrryir " thrt1sb, but the Ayr.nyerents Ia regud
| 10 .s<urilss could not h. made ir tine The BE-
/ blh,ss ~ kss-s. PAGE A Bacon are probably s.sids
cfa million Of oollars, cf wtich six Or seven hun
dred thoussnd collars ars cns dspc-itofG rhs rsAl
t,tsts aIote OF the taytrss exhausted 10 be worth
amilIion and hslf % dolsIa rbsss y B,,is teor
nsi the house win pay Al ~ hSsutss, And have
large surp ~. rfs buslngss ~ In san PrNnctsoo
bouss. Page Bsoos Co., u ~Itirsly dis,iscs frorn
uAi ~ Page A PssyI, aEd II y sboughi hat boose
vni be sUsfsirse. Tho konse fPsge Bacon IA.
oosupse srrtninsh. pos,!on 10 We We.s, ssd
ba< aivsys spsassrsd the highest oiAsc,er ~
wealth sIa nh&f atty. We fear The esc. a this do
sasr upox pub ie Goa ncstcs and basiss~ generally
fyrvu N. TYruss1