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

Weir banks TO resume and law is passed commanding
0em 70 do 50 before February I, l84l.
IS4i JANUARY I5.-The banks Of Philadelphia resume
me United States Bank publishes statement from which
appears that the bank owes twelve millions payable
semand while had only three millions available cash
pay WITH The stock is down to seventy, and falls sim
FmuARy 4-The Bank of the United States again sus-
Ponds specie payments The other banks are Obliged 70
sare passing relief act by which the State took their
notes as loan currency.
nent Of the linked States Bank. The assets have de-
precated seventeen millions in value, making loss
we e bank oers borrowed
abroad and lent II at homo on worthless stocks,
asrs Bddle Cowpsrhwa,e and others likewise e went
therefor without the knowledge OF the directors and
allowing II only simple interest There was loss Of
$500 on of these transactions, which after
difficulty was assumed by Biddle, Wilder II Cowperth-
waite They settled with Texas bonds, wild lands and
some cash Other investigations proved that the bank
August ls-oonsrsss passes the Bankrupt law
lS42, JASuARY,-bddle, eowperhwaite, Jaudon, An,
the stockholders. They all brought before the
General Sessions on habeas corpus and discharged the
ground that there nothing legally tojusy the charge
FEDRuARY 1.-Bankrup law goes into operation. Wipes
cat 40 934 6l5 of debts and clears 80, 39 bankrupts
AAy.-The United States Rank closes up, and makes
partial assignment In september an entire assignment
was made During this year the Girard Bank made an
assignment out afterwards paid all S deDS ana was Al
bowed TO resume its business.
THE RAILWAY SMASH OF 1854.
1852 and 1853 were flush times and the people over
traded and over specuated there could not be an
ether '37. They were all at astounded in
1854, JuIY 5.--Panic in Wall street II is announced
New York and New Haven Railway Company, has de
kauded the bona de stockholders of two millions Of dol
y an % 81 Of he fell
two per and characterzes the affair as anoner EVIL
viii he mercantile population OF New
York;
announced that there has been oyerssue in Harlem
Railway stock not heavy, but sufficient to destroy cont
lence in this class Of securities. Schuyler, the New
Haven Railway swindler escapes from the city, and no
thing is heard OF him.
JrIY l2-The HERALD estimates the railway swndles at
twelve millions Stocks go down, but the money market
AuGUsr-Thngs are still very blue in Wall street. Sc.
vera stock houses are obliged TO suspend Another fall
in fanccs, and activity in breadsufs. Other trade is
very dull, and rents go down. The HERALD predicts q
general collapse. a a
has been great drought and there are ruors OF short
crops The HERALD sends circular to prominent agri
Cuurits throughout the country requesting information
The answers Of mixed character but generally I'M
OsrosEn-rsl trade opens dull Light receipts Of
breadstuns and high prices Railway stocks have de-
precated average thirty per cent fancies seventy
Ave. real estate twenty five has been bad year all
round through ver-tradng and over speculation
NovEMBKR-Several heavy failures are announced IN
The West, and some small banks in the country are obliged
" CLOSE up
DscnRxR.-Hard times have come. No money 10 pay
br the extravagances Of the spring Everybody contracts
Thousands OF abOrers thrown out OF employment Bread
stus high The effects OF the hard times tell on all Kinds
ef business.
DnsrxBxR I9-The first soup kitchen is opened in the
Seventeenth ward, New York city, and good beef soup is
distributed free TO all applicants The number Of appli
admission the Amshouse increases one third
DEcENnER 22-The workngmen hold meetings in the
Park Relief associations formed in several wards and
distribute fuel and food 70 the poor.
DEc1hRKR 2o-Meengs held in nearly all the wards
other the relief
lsS5 JAsrARy s-rimes are harder and more distress
among poor. grand charity ball at the Academy is
projected fashionable lady issues cards for party
where all the guests requested to dress in calico
Several heavy failures announced at Boston and New
Orleans.
JAsuARY 15.-Several heavy arrivals Of gold from Cali
1ornia, without corresponding shipments TO Europe
Fancy stocks little, but things are as bad as ever
with the merchants.
FxnRrAKY.-stagnaiion. Trade no better, money no
easier.
MARcu-Many Of tho New England manufacturers
sumed work which had been suspended two months, and
MAY-The spring trade opened pretty well, and bust.
prospects being encouraging things went on in the
THE REvuLsIoS or 1857.
During the first part Of this year. and indeed during the
whole Of the preceding year there prcmontory
signs OF a crisis which were apparent to every one
Suaincd with the laws Of commerce and finance The
HrRAIp az in 3s predicted the crisis from ovcrradng,
stock gambling and imitation Of all kinds. Some prudent
took heed u the warning and carried less SAN Others
however carried on more than ever
failures we're announced, and the list Of the Independent
newspaper further enlarged about the 10th The
KaID Qth) reiterated It's statements that we are on
ArcUr i7-over issues and frauds of the West
railway stocks fall and want Of confidence IN tho
Arorar The Persia takes out nearly two millions In
spece The Herald says this will draw down the bank
reserve and bames the banks for expansion by whole
sale Severe strngency il anticipated
AuGrsr A-Panic among the stock brokers. Every
thing had tumble Al about three O'Clock great excite
ment caused by the OF the failure OF
the Ohio Life and Trust Company. was bank OF depo-
cit and discount, with capital Of two millions It had
recently paid five per cent semi dividend and its
stock sold nj lo2 II ruined by loanng money To
failures In Rochester and Boston announced Panic in
Cincinnati and n run on the banks
August 2s-,John Thompson, Beebe 4 o., Dc Iaunay,
Len Clark, and Jacob Little Co, heavy brokers IN
Wall street. obliged TO suspend The liabilities OF the
Ohio Life and Trust, are stated al i've millions
August 26,-Iong list OF country bank failures Tue
sanks commence 10 contract their loans.
AuGun n, IS 2pThere has been great pressure tor
money and two per cent is the lowest street rate Tor
Ausrn 3i.-The bank statement is unfayorablc. The
deposits and specie have decreased and the contraction
weeks amounts 10 five and hall millions, equal 70
fhe whole expansion OF the previous six weeks
ssrr. l-Panic in Wan street Tho Mechanics
Banking Association closes It's doors bceoc
Co, Specie brokers, connected with the Ohio
Life and Trust suspended AlsoseveIai mercantile houses
ton h reported dciautcr to the Of sT2 600.
There run by deposors the Bank " Commerce,
Metropolitan, and several other banks Al tue second
board all the stocks declined.
ssrTxwnxs 3, aud s-stccks go up fraction. Wall
little General opinions that there won't
be much Of shower. saturday bth), however, the mar
ket closed depressed.
ssrKsrsR bank contraction eight millions The
bank statement n bad and moro failures announced
SsPrxHsE s.--The money market tighter than ever.
Panic Al the stock board.
SsprpxHxp and 1o-Several heavy failures among the
dry goods houses Bad from Boston aud the West
ern cities Bank Of New Jersey, NJ New brunswick,
aad several country banks closed their doors More
failures.
ssTxxrKR l2-wm J. Bell 4 Co, bankers, suspend.
News az the suspension OF several banks IN the Interior
SEPTEMBER l5-Statement shows that the banks have
sustained themselves at the expense Of the merchants
Wesley A Co obul" stock brokers, are obliged 10
pcnd. 49, ,,,.,-,,-,.
and Boston. -. -.