The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-11
THE MONEY CRISIS.
The Financial Troubles OF the
Great Railroads.
eowERY SAVINGS BANK.
wxMoHs ON THE REvUIsI0N.

oco.>o~ee-oo~~o~r~o~N-o-
TINE lAB0ReRS AT THE BERGEN TUNNEL.
10, 4c, 10
PENNSYLVANIA LEGISLATURE.
HAnnHusa, Oot. 10, 1857.
me msmben eviDce disposition 70 complete the -
40 soday order return home for The election this
nanng
me House agreed TO take up the relief bill PANIED by
- ssnsse yesterday dspersed with the gong into
Ceunee Of the whosa ane placed he bill On the second
reading
Ass kns debate she proposition 70 Iengthsn the time
v resumption from Apt, 70 third Monday January,
vas lost by vote Of 10 Nes
A motion TO shorten the time 70 January, 1858, was
made when rubsstute was offered nxing he time for
Jcy next The amendment vas last By 80 70 SO.
IN she Senate political discussion arose from resou
no declaring that the whole Of the financial doalHes re-
saAed from The tariff Of 1884, and In nodaoasns by the
- Congress-
Me subjsos wSs nuAlly postponed.
IA motion 10 leave the time indefinite, and tho question
= No next Legislature, deisaed-yeas, 81; nays, b6
me original motion fixing third Monday In January
HA1s, for resu mpdon w& iost-yeas, 10; nsyS, 49,
motion was made " strike out al After The enacsng
esss Of tho senate biD and insert Instead the House bill
mo eight last amendments, requiring the banks to pay
Psce for nvss, were carried.
THE MICHIGAN CENTRAL RAILROAD.
BosroS, Oci 10, 1887.
ma Toasrspeea5us from official scurces that ia
xueaoe Of delay remitaDoes from the East and almost
total suspension Of paper negoaans here. the Michigan
OsnsAl Railroad hes found necessary 70 postpous the
psUmen. Of lie bills pAyabls, until realize funds
sm e proposed subscsipo " ~ bonds on the Ioth o.
November next. The payment Of the coupons viii be
ouaAluued usual
FINANCIAL AFFAIRS IN BOSTON.
0osroS, oot 10, 1851.
We have nothing Dsw in nnsncis suAirs 70 report 70
hy
THE BANK OF KANAWHA.
RICHMOND. Va oos. 10, 1857.
ne Governor has nsued proclamation prohiodns the
Of the Bank Of Kanswhs from being received pay.
nsas for ncney the sAte thas bank having refued
= redeem " notes, removed large amour, Of IL ~
sss beyond the limits Of ihe 5taie
SUSPENSION OF THE BANK OF SOUTH
CAROLINA.
AuGrsrA, Dot. 10, 1857.
RsnAbe telegnpaic news nom Charleston ANNOUNCER
- suspensoa Of me Bank Of South Carolina State
srntusoc Of which Q. n rrmAn Ia Presidsnt
THE NEW ORLEANS BANKS.
wAansGros, Oct 10, 1887.
fhe weekly statement OF the New Ore banks the
d INST shows On rcuud numbers) decrease In specie
~ NE week OF sleoooo increase Of Ioans sas7 900 do
ssass r circulation, ss3 co., and decrssse Of deposits
seoc 600
PHILADELPHIA STOCK BOARD.
PnIApnsnl, ock 10, 1857.
npsn ssesdy. Pennsylvania nvcs, 81; RSaains Ra,l.
ysad To- xorrh Canal, 20; Long ILAnd Railroad, no quo
nsaos; Pouns, ivania Railroad, 81
THE PANIC IN THE CITY YESTERDAY.
ASSIGNMENT oy THE ILLINOIS cHsrHAL RAILROAD
o0nPAEY-rHE MOTHS OF rHH ERIN RAILROAD
com 70 eRorxsr-raR Rus ON rHn souERY SAY.
mes BANK.
Yesterday was by far the bluest day that has been
experienced in this city since the commencement of
she present financial troubles. The disasters that
were announced in the morning papers created fe-
yerish excitement among business men, which as
sumed the form of a panic when it was rumor-
cd that the Illinois Central Railroad Compa-
ny could not raise money enough 10 meet
its current obligations, and had made an
assignment of its effects. Then came rumors
tha. Erie Railroad paper had gone to protest, while
the names of our most prominent and wealthy
business men were mentioned as having failed or
Thus the day passed, every hour adding to the
intensity Of the excitement the strongest houses
difficulties 10 themselves.
The reported assignment of the Illinois Central
Railroad proved 10 be true and In the money article
OF this paper will be found the ofhcial statement OF
the company, announcing this fact The following
gentlemen are the assgnees OF this company VIZ -
Frederick Schuchardt, J. w. Alsop, l.. l.. Sturgis,
Ia Cooper J. N. Perkins. The bonds OF the com
pany fell 70 so during the morning and the stock TO
40. IL was deemed Incredible that this railroad
company. the most extensive In the country, whose
stock but q few months SINCE was selling at
- t~1. nxsn1 ta~n n WspQG GnrQ
Of the public confidence, shorld have been reduced
70 any such straits, and the stock and bondhoders
kept crowdipg the Office TO have the report verified
officially before they would believe II. as this has
been deemed one Of the safest and best railways in
the country, IL was favoite stock for parties who
desired 10 make o permanent investment, and the
news Of ts condition will create dsmay In thousands
of families. II N thought the effect Of this failnre
may do something oxards relieving the market, az
The company Tor some time past has been a large
seller OF sterling exchanges, and the absorption win
The Erie Railroad Company have at last suf.
fevcd their paper 10 go 10 protest, and In the
money article will be found the statement OF
the company, giving their reasons for doing
70. This Circumstance, though no. unexpected,
following so close upon the heels of the "a
Ggnment of the Illinois Railroad Company,
added TO the depression, win have q permanent
eject in making the public distrust all kinds Of
So FAR the panic has been confined 10 business
men The iaborlng classes have shown their wis
dom in not being needlessly frightened, and the
sayiprs institutions have not been compelled to
meet any extraordinary demand from their ,deposl-
tors The only exception was the Bowery Savings
Rank upon which there was a run, in consequence
OF the announcement that the Bowery Bank which
had failed the day before, had $4,000 Of its de
posits In their vaults. The bank was thronged an
day with poor people, and tne police had 70 keep
order. The prompt manner with which the officers
met the demands upon them restored confidence in
great measure, and many who bad come to draw
ont their money retired fully satisfied that all was
rirht. There was Of course good many poor people
Withdrawing their money from the other banks, but
there was nothing ike run at any OF them, except
the Bowery. Mr.. p PERT, OF the Seamens Bank,