The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-25
/ II r ID Tsp ATCH.
WEDNESDAY MORNING .SoyrNpvp ,,--,.... .. -.
rnr ---.l-~-'s
THE MAILS BY The ATLANTIC.
Highly Important Financial Jnt.,.
lgence.
FAILtRES IN PARIS AND A4sTERDtN
N VS. FROM INDIA.
&C. Gee. S.c.

&c- &c. &c.
The steamship Atlantic arrived at Nav yo-.
Sunday evening about O'Clock, with date, from
Liverpool to the afternoon of Wednesday the 11tb
instant, and Sl2i ,99 in specie The financial nav.
by that arrival is of the highest Importance. Prom
our English files We make up the following sum.
| nary:
FINANCIAL AprARs-Rueats Of .sa,..rday
ch sasu.oay, the 'th shortly after the departure
OF the Niagara, ne suspensioa of Aessrs. Dennis
ton az Co., one OF the largest firms con nect.d with
the American trade In Great Britain was a n nome
ed Their Liabilities are estimated at sometlIin q
iiketw millions sterling
The head establishment Of tba bo,so L. T., c,
gov, ana there are branches in London and Liver.
pool New York and New Orleans and NeIhonrna
Australia; but the Melbourne firm is not comnro,
1.n, Ine almost Total cessation of remittances
from America was the cause of the suspens;on.-
The private property Of the partners ia of great
magnitnae, and 1t IL presumed the embarrassme ent
will be but temporary
The funds were buoyant throughout the dav
and an advance of a per cent. in consuls took
place.
The applications for discount at the Bank con.
| tnued extremely heavy.
At Hamburger the rate Of discount advanced to
912 per cent
1t transpired that the liabilities of Messrs. Nay
lor 'lckers d Co., instead of amounting to a mil
lion sterling, did not exceed half that sum; that
America Is worth f210,00O. and that every dc lit
owing to them In America is of a character ON
which any sound and prudent house might have
| implicitly relied
EVENTS OF MONDAY
On Monday, the 9th The Bank of Eaolnnd roiscd
ns rate Of discount frons 8 to 10 per cent
The western Bank Of Scotland at GLASGOW with
pad up capital OF { 500 900, and deposits SUD-
posed to amount to $4,000 900 sterling closed it.
doors on the 9Th. The Bank did an immense busi-
had h., lDot
| tered over scotIand '"
Inc suspension caused great dismay but AZ the
| proprietary numbers many very wealthy men no
e'entiui loss IL feared. The Bank had an active
connection with America and with American
| houses Ia Glasgow
Tho suspension was also announced Of Messrs
Bermoch, Twentynan Rgg, of London and Man
chester, engaged in the silk trade Liabilities ca
tmstsd at from E200, 600 to s3O0 600 Four or five
| firms expected to bu involved with them Nessrs
Broadway and Barclay. East India and general
merchants. London also stopped payment on the
9th, with liabilities estimated at fISOO to f2OO
| 900. '
The funds on Monday, notwithstanding adverse
Influences, exhibited much steadiness aud though
consois declined under the influence of ths rise
rh 1ne bak rates Iesction afterwards took place.
Ine American advces produced good effect
There was an shsenc" of gold Withdrawals from
| the Bank and pr tio liver 10 the East
appeared 10 have received a complete check.
The acceptauces Of Hoge and williamson Of
Liverpool, correspondents of VIM IIoge ( 90 Of
Sew ork, were not taken up and Paris letters re-
ported that the large American House of John
Munro Co, had stopped payment.
The failure Of tiallerkamp Brothers Amsteraap
was announced.
A deputation from Liverpool united with that
from Glasgow, for the purpose of inducing govern
M nj 70 rake steps In the financial crisis but no
result had been attained. The Manchester Gem,
mercial Association declined to join in the move.
ment, peiDS OF opinion that government should
not interfere with the circulating medium.
EVENTS OF TUESDAY.
On Tuesday, the 10th, the funds were quite buoy
ant, and closed at considerable advance The Of
flcal closing quotation Ss3t TO SSzZ but after
wards sales were II. ade at $S0ILsSa fer money AID
e9,s S934 for account.
soyereigns to the amount Of f3OO 900 or f400. 600
were taken from the Bank for Scotland. the fall
OF the western Bank having caused run on soma
OF the principal banks at Glasgow and elsewhere
including even the Savings Bank.
In mercantile quarters there WAS rather less nm
easiness, but the applications for discount were
still very pressing
The London Joint Stock Banks, with one exccp-
ton, refused to increase their allowance for demo
sits beyond 3 per cent.
The following failures were reported:
Babcock Co, of Liverpool, Glasgow and New
Liabilities $500, 600.
Henry Dutilh Co., and JOS Foot Sons silk
manufacturers, London. Liabilities not more than
f4O,OOO, and assets fully equal.
INDIGNATION AGAINST THE BANK.
The London Morning Post declares that the
Bank OF England has succeeded in alarming credit
and checking industry, and has failed in aiviLg an
inward direction to the gold currency
letter from liambnrgh, of Nov. T. reports re-
guiar panic on the Stock Exchange there. There
were almost unsaleabie
At meeting of the shareholders Of the Borongh
Bank at Liverpool it resolved to register the
BANK under the Joint Stock Banking Companies
Act, and TO hold a subsequent meeting to consider
the propriety OF winding up the affairs OF the
Bank.
AMERICAN SECURITIES
The American Securities business was limited
and the tendency downward The following busi-
ness was transacted On the 10th:
Illinois Central Bonds of rs "a
Illinois Central Shares, l4t IL dis.
New York Central Shares, 20
TEN PER CENT
Position IF tie BtRk Of Epglaad-Tie rate OF Inter
eS put up o7ss per cent firtier-E5sct Of that pro
cteding-A further adpance erpscfcd-A succession
q DTectors:e IpectsS-4notttr batch Of Mercantile
tfitareS-The Hsstern Bank Of S;otland-Rumors
from Paris.
Owing to the continued strain upon the resour-
ces OF the Bank of England, there WAS an i'm
preston that the terms of discount would be AL
yanced without further delay from 9 to 10 per
cent. When, therefore, at about half past twelve
O'Clock, II was officially announced that this step
had been taken, there no commotion and
the Funds, although previously fiat, only suffered
to the extent of Il per cent Indeed the measure
| rather inspired confidence than alarm because it
was concluded that a minimum OF 10 per cent would
bring trade to q stand. and prevent the effiux of
gold The remedy Is severe, and the sacrifice must
be great, bat it was the only course that could be
pursued under the present system; and il would
not create surprise If further elevation should
take place Such a remarkable state of things
was never before experienced. and it's results
will, no doubt prove equally unusual. Of course
ngsio NJ Hans
ters among the trading community, the revenue
of the country must suffer, and the development
of our commerce, which has been our hoast for
past, will receive check which, in point of
violence, could hardly be conceived. so c0Inplcs-
ted bias the problem become that Ii is utterly i'm
possible tell what the next movement will be- or
how long the crisis will prevail. Under any cir
cnmstances, the trade must langnish and the en-
barrassments insepsrable from such a dsorganiz
tion cannot be speedily, if ever, retrieved. The
pnbc are quietly locking on, unable to compre-
hcHd their situation, which is heyond precedent,
and renders pnst experience of avail in rrcnla-
ting the consequences.
The effects Of the cessation of remittances from
America are daily becoming more apparent, and
two or three firms which have hitherto ranked
among the first in the kingdom are compelled 10
seek the indulgence Of their creditors The f.ilure
of Messrs. Dennstoun, Cross Co, reported on
Saturday, has been followed by another, which,
although perhaps not Of equal magnitude. is of
siderable impor rtance. The firm referred 20 is that
Of Messrs. Bennoch, Twentyman Co, warehouse
men, of London, and engaged as an American com
mission house. Their liabilities large and the
assets being chiefly on the other side Of the Allan
tic, have placed them in position Of difficulty
This Is merely one Of class, and mention is made,
though perhaps prematurely, of several other large
houses which are believed to be embarrassed IN
similar manner. Two or three have been COMPEL
ed 10 succumb in Liverpool, and Hessrs. IL. putiih
Co, with liabilities estimated at between f30o 900
and G400, 600 is one ofthem.
These casualties, however deplorable, have this
beneficial influence, viz: the contraction of the de-
mand for money. Having stopped, their bills,
which Ia the aggregate represent an immense
amount, not brought into the market for re-
newsi. The existing terms Of discount must bring