The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-03

Academy. II 10 ssa tssz Or osfiin. Who il mem
bsr Of ihs Ae.aeny. AZ hs places on ssizi imme-
d'siey alter In Ds,rtes Attorney Ia through with
him.
The stseneaszs q the Nsncnai Railroad Conven-
ton vas MOI "A good a. on Tuesday. The second
days prccs> 1inss consisted in forming the consttu
ton, iesSsas reports and discussing improvements
In railroad machinery. The members of the associa
ton received recognition from Philadelphia in the
shape of bundle Of tracts ON Sabb .th Notes and
Questions" "! ich seemed to make but little lmpyes
sion on their religious feelings. The meeting al
| iourped unit, this morning.
The proceedings on the writ Of habeas corpus ia.
sued by Judge Peabody to show why Mrs. Cunning.
ham should not be admitted to bail, were resumed
yesterday IN the Supreme Court. The Judge denied
the motion of the District Attorney to dismiss the
writ, and listened to the arguments OF counsel rela
tive to the question Of ball. but adjourned the further
hearing Of the case till Thursday (todsy) at IL
O'Clock
The Canal Board met at Albany yesterday, when
communication was received from the Auditor
stating that the fund Tor the payment of the inte
rest on the canal debt viii be exhaustc after the
payment Of the October interest, and that 800 600
must he raised on the credit Of the Sinking Fund in
January, to pay the interest on tina, debt in 1868.
The receipts Of beef cattle during the past week
amounted to $3.50 head, increase of / $50 head
as compared wiki the week previous. The receipts
of all other kinds of stock were also quite heavy.
the demand for cattle yesterday was dull and prices
declined fully lc per pound, the current prices be
ing &C. l2c the latter for first quality only. Cows
and calves were dull Of sale at $25 $685. though &C.
casionally 3 prime cow brought s75 Veal calves
sold at about &C. a &C., ana very extra at nc
Sheep and lambs, under the influence of heavy re-
cepts during the past fortnight, declined to 50 S.
At the close O. the market no ~ever prices exhibit
cd an upward tendency. There was no material
change in the price Of swine. The quoted rates are
73c. a SC.
The cotton market yesterday Continued dun, without
quoabe change in prces The sales embraced about 700
bales part mede the previous afternoon the stock Ia this
pert In store and shlpboa, ssccrtaned 70 be
le,26 bales ngare good deal below -ha, We had been
led expect from the previous weekly tables pubsh.d
leading city price current Up 10 the latest mall dates
the receipts at s.. the ports 1900 le bsl.s against
1856, and the total exports have been 500
against $50 2l bales ast year Our exports to Great
Britain exhibit the greatest falling or, aud ooo
agAnst l,a46 COO bales last year. To france we have
sent 4l3oco bales asans 479 900 year Tae total
to other ports In Europe this sear hxs been 4aoeo
agais $40 600 last yea. The Southern pors
to Northern ports $50 $751; against s65 22 bales year.
The -four market again dull and lower, with sales a,
decline OF &c. . loo and In some cAses even more
Wheat Wal In moderate dcrnaad, and % q &c lower.
Corn dull, and clcsed ., eos. for wene mixd de
cline or bort 40 per bushel Pork dali, with small
sales At $26 so 25 IS for mess and s2l 81 rs for pr
Sugars sold more freely, chiefly Cuba bond for
The sales enbracsd abou l,cb hhds, .. givea In
another column Coffee was steady and quiet. whi.key
lower, and sold 1t CSC per gallon. Frc,ghs were
qciet and rates unchanged.
The Financial Crisis-So Cause for Alarm
We notice IS well in the country as in the city
papers pretty general impression that in this last
tumble down of railway stocks, unsound banks and
insolvert merchants the country at large is going
to pieces. These writers seem to think that be.
cause the jobbers in railway stock break, the
whole nation must 20 into mourning and none of
US must ever again hope to have " cakes and
ale
This Is a terrible bluDder, aud II is very sur
prsing that our contemporaries should 50 gene
rally fall into it. A paper that is owned by
Wall street stock gambler will Of course cry out
that the erd CT the world is at hand when Wall
street stock gambling ceases to pay; but that
journals which arc entirely disconnected with the
gambling enterprises of Wall street, and whose
owners have no part or share in the specializing
monopolies of that region, should share the delu-
zion is odd enough and reflects but little credit on
their discerument.
What are the facts The stocks of several
railway companies TO wit, the Illinois Central,
which has just practised perfect snap game
with it, stockholders: the Erie and Michigan
Southern, which were long since known to be in
solvent and so pronounced in these columns; the
Cleveland and Toledo, which is no better; the
New York Central. which is in a better posi-
ton only inasmuch as ii has lighter debt
and more stock in proportion; the Reading,
which has been paying heavy dividends and
borrowing money every year, and several other
stocks Of like character and value, have de
clined from ten to twenty per cent within the
past month or 20. One specializing bank-hc
Ohio Life and Trust Company-about whose az
fairs there hangs q singular degree Of mystery,
ard another bank, the Mechanics Banking Asso-
citation, which has been blunderingly mismanaged
for years together with few rotten concerns
throughout the country. have suspended pay
mert. What the Ohio concern may pay We know
not but the others will probably cause their
creditors no loss. Finally, few merchants
osc in the California trade, whose liabilities are
probably of ancient date, one or two in other
trades, one manufacturer Of railway supplies,
whose pockets are full Of railway paper and per-
haps here and there another-haye tailed. We
do not spesk Of the stockholders who have
failed, because their solvency and insolvency are
really matters Of so much uncertainty and 50 lit
lie interest both to the public and to themselves
tina. ii Is not worth while dwelling on them.
This, then. is the full catalogue Of our calami-
ties. u appears TO I've all told In q single SEN
tenoe tho breskage If fnvr If Tho leading rail