The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09

The flow of specie TO America commenced about this
time Tho Baltic, which left Liverpool the l4th took
out with her f363 900. -m
Some Of the London journals still affected believe
that the financial difficulties would be but OF briefduraton
They had however received the Of the suspen
sion Of the New York banks Of the many commercial
failures that had occurred in the United States during the
month.
On the 18th October the at the bank for
mediation again extraordinarily heavy but the large
advances which became there that day
well met TIE tendency was rather towards restora
ton Of confidence Some more failures were reported
among them the houses Of Ross, Mitchell Co, Francis
Austin Afieck McKerron, s. +. Stephens, w. West,
James Il John Beard, John Little, Edmund Whitehead,
and Scarre Darlington. Consos rallied to S7s< The
Bank of Holland again raised its of discount from So
to per cent The failure Of NJ Boskovitz large com
mission merchant at Pesh, for f25O0O0 announced
On the 10th consols exhibited further Improvement the
closing quotations being SS 10 $50 American stocks
nucuated considerably but exhibited further decline
The latest received from the United States was to
the LIST nst and told heavily houses connected with
the American trade Cotton declined oneeighth to one
fourth Of penny On the 18th the Persia left for New
certified bills and acceptanccs Besides the despondcncy
produced by this continued drain Of god another element
of uneasness added to the general anxiety, by the
announcement that, for several weeks previous, the
blight in the potato crop had assumed vruence equal In
destructv that Of the worst period of IT, prcva
lencc and that extended not only to the United King
dom but to France and considerable part Of the Euro
pean Continent The accounts OF the bank, made up 10
the close Of the week shown by the returns published
the 17th exhibited further decline In the bullion OF
1853 OO0 and the Of notes f5s2 00o while the
private advances had increased in the week by 563 ooo
f22 30s 000-,he largest which appeared in any
bank return before The total amount Of bullion remain
ing in the bank at the date OF this return flo 900
In April last il was as low as 60 o65 0oo-showing
efficient character Of the precautionary measures adopted
by the directors during the commencement OF the crisis
The London Economia OF the nth spoke thus hope.
fully of the prospect OF surrounding the difficulties
arising out Of the financial embarrassments OF the United
states. 80 far as the great community OF the United
states concerned is likely 10 suffer little, in its pro
ductve capacity not at aand there H. therefore, little
reason to apprchend than temporary suspension
he
export trade from this country That there viii be some
considerable upon this market for relief to the
money market Of New York for some time 10 come IL
tain but that must be much restrcednrst by the great
amount OF American securities already held here and
next by the balance already due TO this country
the 10th the revival Of confidence In the stock and
money market still continued and consos after rising 10
ss early IN the day. closed AZ sss 20 $50, Money was
per cent The French funds showed recovery on the
day quarter per cent On the Goth October
great excitement produced by the that
the Bank of England had raised it, Of discount from
per which adopted the previous Monday TO
per The reached the highest known in
modern tines the only precedent to being that Of the
four weeks from the 25th Of October lst when the rail
way panic attained lis climax, and consos were down at
So the bank bullion having been reduced 10 fsSl2ooo,
and the E 5s7 600 This step taken solely
consequence OF the received by tho steamships
Canada and Ariel and the certainty o continuous drain ~
gold 20 the United States Almost simultaneously with
this the Bank Of France raised it, rate 10 X
per cent, whilst in Hamburg went up to o1s In Bremen
the money pressure exceedingly severe, but had
slightly moderated In Vienna In London ON the evening
Of the 10th consos closed at So. 10 ssk for money,
and ss% for the 10th OF November. American railway
securities actively dealt in. Several failures
announced. Amongst them we're Mcssrs. Whnn, Nc
Lean Co, OF Glasgow, and Hamilton, Canada, and the
banking firm of Baabo Co, Of Milan. The silk trade Of
France stated to be very much depressed and nuncr
failures expected from the inability Of American
importers TO remit the amount Of their indebtedness
The final quotations of the French Three per cents
the Paris Bourse the 10th were 66f s5c for
money. and tsf SOC. for the end OF the month,
showing decline Of about three-eighths per cent
The amount Of specie taken out en- the 10th, ~ the
pcnSular and Oriental steamer Indus G1Ts T6s Of
which fTl2 6s4 for India f62 Ts4 for China and the
straits and 60 800 FOR Alden The greater portion Of this
silver the gold being about fs O00 principally
Tor India. ON this day some additional failures were
announced amongst others those Of Black son and Plat
Suclie, Of Manchester On the 2lst the funds Showed
undnnshed frmness a slight advance the rates
the day previous and money could be readily had at
per government securities The advance in
the hank rate 70 egh, per cent had 10 tho nn
took $50 600 from France but only e. 500 from Eng
land while the total ny the City Of BALTIMORE from Liver
loo was ehy ho S,osns ao,a s ne
on the 23d were ss to ssT The bullion IN the bank had
decreased f5ss.O00 There had been a pressure
on the Irish hanks Numerous suspensions continued
be announced the continent, especially amongst the
manufacturing firms Of Germany. In Zurich alone thirty
houses bad failed No later than up TO the sth OF
October had reached England from the United States and
The effect ~ the suspension Of the American banks had yet
10 be experienced. The Bank OF England had thrown
American bills supposed TO be connected With In.
tended shipments the United States The bullion the
Bank OF France said 10 have decreased IS 900 of
francs since the last monthly returns Gold being
taken from the Bank Of France for america The Cover
nor Of the Bank o France had been Compegnc 70 ask
the Emperor for decree giving forced currency 10 bk
notes. but the result was not known. The Bank ~ Bel
GUM had Increased It's rate a discourse b. So per cent and
the Bank Denmark 10 per cent Al 81 Petersburg the
exchange london ~ low ne 38d. The Canada
which left Liverpool the 23d, took out 10 the United
states upwards q ,s million NV, .S q ao,, y spsse
from the 10th ~ the 23d 81 October