New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-09-12

Year ending June so Observation-Disclosures. s39s615
Year ending June so, 1856. ............ Ilos,s ~
Year ending June So 49, 1851
The Cincinnati Ga.ohe of Wednesday thus notices
the Money market of that city:
1.-The discount houses are doing very lille in the
way Of Lending money, and this department Of 6nau
cial business may stu be regarded as in sta.e of
suspense. Rates for money are nominal aud We do
not think il worth while TO figures. But notwith-
standing the scarcity of money. there no pressure
upon the market. Business men knowing the condi-
ton Of money matters rely upon their resources
and there therefore very little mercantile paper Of
erne Eastern Exchange is very scarce and rates Of
premium have advanced to lGll prem.-the latter
for Bankers checks. For gold prem. is the whole
sale and pa prem. the retail pr e. No bills offering.
In New Orleans Exchange there nothing doing, and
quotations ale wholly nominal"
An important decision has been rendered by the
Foyette Circuit Court Of Kentucky, with respect to
mutated bank bills; they of value in the hands
Of the innocent holder. This refers explicitly to the
trick of making twenty.one bill, out of twenty by
cutting a small and different portion out Of esch and
pesting them together.
The Philadelphia Ledger of this morning says:
"The failure of Reeves, Abbott & Co., aud Reeves
Buck Co., extensive manufacturers of iron at
PbGnixvile and that vicinity in this State. though in
vovng liabilities to the amount Of $500 900, is no.
likely to prove disastrous was at first supposed
OF the $500 900 named $500 900 represented to be
secured by good and sufficient collateral securities,
leaving only $500 600 to be provided r from the large
assets of the firms II is the expectation that the
works will go on, and that the 900 persons employed
by them will be continued in their places As an evil
of the magnitude Of the business of these manu-
siderable time have been $4,000 per day, and
TO show how strenuously they exerted them.
selves to meet their engagements, they,
week or two ago, entered the market, and raised
100000, at 2a2l per cent a month, to meet the
demands of their operatives, who had become
somewhat mportunate, by rulnOr put in circulation
ID at the firms were in failing condition. The liabi
ties to woIkmen are now only for ten twelve days
labor, whereas the payments usually thirty days
behind. Within the last year the firms have paid over
600 in interest," and the day before suspension three
per cent month was offered, without being able to
procure the requisite amounts. Beyond this offer it
fe to be unjust to their creditors TO CO. 1t was
giving the property Justly liable to the claims of their
creditors to the money lenders. The immediate cause
of the Suspension we believe, resulted from non con-
pliance Of engagements on The part Of the New.Yo,k
ard Erie Railroad Company The announcement of
the suspension of the firms created considerable excite
men yesterday, though are informed very little Of
the country banks hold than they care to have
just now, though not enough probably to put them to
any material inconvenience.
The Money market presented a less gloomy aspect
Yesterday, though Money 10 active request, the
best paper ruling at about . cent month. Rail.
road acceptances were quoted at IL az cent q
month"; ard second.cass bills at q az. The Railroad
Companies retiring their paper promptly as it
turee The Reading ceshed nearly 80, 900 yesterday,
ard learn that the officers entertain the utmost CONT
dence in their ability TO continue TO do to the end OF
all that description Of their liabilities ahoa The Penn
sylvsna Railroad Co. is equally prompt in meeting its
liabilities. The feeling was altogether better yester
day and with the exercise Of little confidence
snorg business the rgOrs Of the crisis may be
tefisly mitigated The banks are afording what aid
they can; they generally in as good condition as
ever before and better probably than the banks
almost any other city in the Unor. But large
amount of the paper of merchants and such paper
ha A;aan nfadh Inv fha Nau.
York banks has been thrown out there in reducing the
discount lire four millions per week. The effect
of this movement at NewYork has been to throw that
nmstured paper on this market TO eel q. whatever
capitalists take them at good round shave, giving
checks on our own banks. This Is drawn against and
Philadelphia Just being debtor city to New
York coin is taken. Consequently grea. circumspec-
ton is required by the banks.
The Nee. Bruasrieker, of Sept. 10, says
There is considerable excitement in our city to-day
in queDce Of the suspension OF the Bank OF New
jersey, which has taken all classes OF our cttzens
surprise. heavyrun having been made on the Bank
for the last two or three days. and the throwing out OF
two or three drafts by the Park Bank in New York
where the Bank Of New.Jersey kept its deposits for
redempton lie the cause OF st 70 ,ie
mOpeyed institutions As the means OF the Bank are
ample to pay all its liabilities theirs is no doubt but
that il will resume operations again. anu go on as
prosperous ever. Among our business men we near
but one voice in relation to its stability and that is
confidence in its ultimate ability to pay its 6lnolders
and deposors-the bills being taken in trade general
y by them at par to day, which is the best criterion
we can give for the above opinion. We therefore
advise ali not to sacrifice any bills Of the Bank they
may have but wait few days when they will be paid
in full in other money.
P.S-Since the above was in type we have received
the following statement from the President OF the
Bank
To me Creditor. StoekhOdys Of the Bank Ne1Jesey
peculiar combination Of circumstances suddenly arising ats
period Of mos. financial and commercial emess.
nients suspension Of this b.nk NY
present purpose simply advise the public s1o the holders
bills not TO alarmed and not TO sachce them Tney
Ore perfectly and will be paid The entire Liability OF the
KsnE iucldipg circulation and deposits about two
Lnd,ed thou dollars while 10 are over
We hundred thousand dollars; and are no, unnecessarily
bv others but few days will espse before shall
s.;n ,s.nnne our business JOHN Van DYKE, President.
New Brunswick Sept, 10, 1871