Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-02
Finance and Butiness.

At the Stock Market in Boston, yesterday,
transactions were only to a very limited extent,
and at lower p. ices, with the exception of Bos-
ton and Worcester Railsoad Stock, which ad-
vanced IA per cent, closing at rs. Bank
Stock was freely offered at a decline, but there
were no sales. The following additional failures
were announced; Richardson, Kendall, & Co.,
wooden goods, Peter C. Jones, paper dealer and
manufacturer and Lawrence, Stone, Co., COM
mission merchants, on Milk street. The last
named firm ar the agents of the Bay State mills,
Middesex, Pemberton, and New England Worst
ed, and other manufacturing companies, and the
result of this failure will probably be, the
Immediate stoppage of the mills, and throw
thousands of operatives out of employment.
meeting of merchants was held in Boston,
yesterday, at the rooms of the Board of Trade,
to consider the best course to be pursued both by
the banks and the mercantile community in the
present financial crisis.
1t was stated at the meeting that on the Sd
day of October. the payments to be made were
very large, it being one of the heaviest pay days
Of the year that outside operations for money
had nearly, if not entirely ceased, while there
were no definite rates for even the best securi-
ties
It was voted that Messrs. Homer Bartlett, ].
W. Paige, Lewis W. Tappan, Francis Skinner,
JAMES Reed, George B Upton, and Thomas W.
Pierce, be committee to call general meeting
of merchants tomorrow, to consult and decide as
to the best course to be pursued in the emer-
geney.
The Suffolk, fremont, and Lawrence corpora
tions Of Lowell, are shipping their raw cotton to
Europe. Il brings fair price there, while it
cannot be manufactured here and sold for what
it cost
At New York, according to the Journal Of
Commerce, the worst is over, though there is
long account to settle with the West and North
West where the pressure will be more intense
than it is now or has hitherto been.
T he coin Of the New York city banks is rapid
ly increasing, and must continue so to do. The |
Sub Treasury gave them on Wednesday 1891 ,l6O |
which, added to the remittance of American gold |
by the Philadelphia, SlI5, 900, makes the specie
line fully S14.OSS,OOO, to be further increased
within few hours by the California remittance
to Sl5,5SS 0O0-an amount larger than has been
held since July 9th, 1856 This accumulation
cannot stop even at this poin tit will be swell
ed within few days by disbursements on account
Of redemptons Of government stocks, and by |
other remittances from California until $40, OO0,-
00D at least are reached. Foreign shipments, |
with the present quotations of exchange, are
out Of the question. th
The Sub Treasury paid out at New York, on
Tuesday 100000 in gold, and the Savings
Bank sent on to Washington 100000 Of U. S.
stocks, for which the government gives them Is
per cent. premium, and they will re-inyest in
New York State scrip, making a large profit on
the operation, besides adding to the goldin bank
A letter from New Haven says" The Bank
Commissioners told the Hartford banks that they
would put an injunction upon the first bank in
Connecticut which should suspend specie pay
-menls. and upon every one which should follow
Ithink the Connecticut banks will continue to
pay specie"
In New Jersey business is dull. A large num-
Der Of employees have been discharged by the
Patterson manufacturers and the New Brunswick
factories are expected to close in few days. AT
the Rogers Locomotive Works, Patterson IS
hands and at the Danforth Works $50, have been
discharged