The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-26
THE FINANCIAL CRISIS.
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HE TROUBLES OF THE PHILADELPHIA BANKS.
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Eject Of the American Pressure
i'm Europe.
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THE NEWS BY THE CANADA,
Ac., DC, 30.
THE FINANCIAL CRISIS

THE NEWS BY THE CANADA,
Ac., DC, 10
THE PANIC IN PHILADELPHIA.
SUSPENSION OF SPECIE PAYMENTS By The BANK OF
PEENsYLvANIA-.RUN On THE PHILADELPHIA
BANKS.
PHnADuPmA, Sept Is, 1857.
Ths Bank Of Pecns ivsnia has suspended specie pay
en,, by resolution Il the Board Of DirectoS The Pre-
adent says the Suspension caused by the action OF other
banks agan. and M losres by the failures or dry
goods He AlRc Gays viii bo only temporary, and
that the csptsi Il untouched.
The Grard Bank giving specie for IL noes, but checks
viii no. be h0nored I'LL O'Clock.
There 10 . heavy upon the city banks, and all the
ecrsers Of the banks beseged with depositors and
stockholders
There Ii much alarm and almost Suspension or bust
nes In the city.
HAIEPAsr i O'CLOCK r. "
fs 9lrard Bank only paying spscie for Aves and tens
hrTer notes and checks beiag refused Tho Commercial
other banks taking the COURSE prorising 10
resume 70 MORROW.
ne psnusy,.ni. Bank ha. the state funds, and tho e
rard Bank those Of the city.
ns excitement IL intense.
MEETING OF BANK prREoToRs-rnpoRARY susPEN
SION RECOMMENDED.
Ten O'CLOCK p N.
general conference of the Presidents Of oil the Banks
circumstances OF the pressure and their resources
solved . temporary suspension OF specie payments
checks and also bills exceeding ten dollars, 70 into
sdbcs 70 morrow.
There = heavy oil the banks today, but the
Qad and scme others shielded themselves above
manner.
All reports Of total failures OF any 10
dseredied Brokers and others highly excited, and
circulate nonst reports. There u no "AerchAna'
Bank" here, the report in New York paper TO the
Easy notwithstanding.
TOTAL SUSPENSION RxcohxETDEp.
ELEVEN O'CLOCK, Pm
n In now understood thst the bank presidents havs
rnanirousy resolved TO recommend the Boaris
Of Directors suspeurlon Of specie payments 70 take
enc ), 10 morrow.
According The law OF 1850, this action will entail the
orfeare The charters Of incorporated or OK
tended since that time.
ouR PHILADELPHIA CORRESPONDENTS.
PHILADELPHIA, Sept rs, 1857.
Tremendous Run on the Banks--Grea. Excitement
The panic which has been simmerIng and seehing for
time 10 . full boil this morning, and such a
head Of steam generated short notice seemed
for ue though the boiler Of this whole financial sys-
tam must Inevitably explode, and blow banks, brokers
and merchants Into . grand general wreck. For ne
Gays there has been good deal Of strong INDUCED
sonoernlng the condition Of three four Of city
banks, and In respect 70 of thcm he Bank Of Penn
Uivania), II was confidently asserted that II had
than u could carry, and that, II lefs 70 itself,
must inevitably sucoumb to the pressure, and usp
These dinculties understood, brought about
By he nepotsm pracsed By prominent o1cer or the
aituaou, VINO had " aocommodatedo certain favorites
vA ranging up = high q ssco 900 in : single in.
aance while prudent merchans who old
Of nstaton could obtain the smallest discount
good PORTION Of the large loans referred 70 haa been
amped N disaxtrous sugAr specuAtons, and very
manifest that the bank s1 70 be heavy oser. The ques
m ua hank
nerce ordeal earnestly discussed, and the her banks
=, %, M ume ,, ~ y. ,s, GO oy me
Yesterday was finally resolved 70 lot the Pennsylvania
ake Of isef, and the sequel ha, prove mat
The determination CT the other banks leaked out last
nigh, and tns morning. upon the opening the doors
there would probably DO . brsk ume, and II deter
mined 70 close tbs concern The outside gr.es second
and Lodge streets sao closed, AMI policemen
posted al entrance Posted consp.cuously ON The
ratings wa the following notice
Resolved rh., me bank svcle usynsni. man Ia,
Iex action Of tie Board.
no appearance Of this pi,sy snuoun ,eueu OF course
atfncted mcc1 attention, ard Immense and excited
crowd gathered The sdeuAks bloc kcd up
We spread far and vide that the Bank OF Penn
fvpnA naa faied; and this report, - might De expect
Cd, lhe signal FOR general and heavy ali tne
banhs, wi,ho regard % tnoir standing reputation
LAsor n the morning tho Bank OF Pcnrsy yvKnia made
tho following odcial announcement ccnccrIinx kaeir
uosblos;-
Bass oy Psss.rtyas,s
Is bank HAVING been 9o@psI,sa 'smgorsrs :nsssna
asv claims against ,ns bsrk whether OF circulation, do
snd on behalf Of ihs board q dirscicry ~.
me Glrnd Bank wI The scene Of q mos, uemendour
and the OF The polcc required there
prese ordsr rheeirard redeemed their noses fast
put OF Until O'Clock. when o'closk
around the crowd ~hcn poured 10 vita ths checks
hss has beer dishonorea In the morning informed
thai checks would not be paid 10 day.
rhs Commercial Bank IN rors literal share Of The
rsesusg Il, ''" p,.ss ~ and ~s putting = oT me psg. %
nsol cf checks until one O'Clock. when one
Ssss, s .,, and erSsan nm ,n.1 sn Ss saeIs
sct be paid but tne teller expressed hs willingness TO
mark them "roodp Tro curse pursued BY the Girara
sddcd % the gen-rsi rneasincss.
Ir every bank in the city there . heavy run, but
above rhrse O'Clock cans Al last and me 5asi
day clcred more Slcomily and fevsrshy ,hAn any
tar the presiders Of the different banks are boiling
council Of war. wha, vill be the result of their debea-
noss 10 impossible 10 oree Most of NE banss profess
ther ability 10 stand the pronsc,cd run but such
srecie drain a. that OF TO-DAY would 20 ssd visa any
laws o. PennsyvsnIa hs failure Of bank 70 redeem ne
notes 10 specie Involves . repeal Of ts charter.
me BROKER. did ,SrTrs r.ae IN Inc Ssy or sny'Ss sg
curren notes, and bank officers 70 DEATH
sus mo o. ns s rors e::sss we're In the street
doae ~ the stock board, and The In were sod
wore parted with q lover prices than ever.
% not there win DO speedy rescon vbesher the
business world 70 continue prey 70 the anascal Cpl.
demic remains 10 be seer
rhis morning meeting Of the presidents o. the diss
bsnks held, and was resolved that the solvent
banks should sustain each other thro ssh the criss
PmIADuPHIA, Sept 2s-4kPM
Never have behed such upon The banks Of This
cty ~ Witnessed ioday. Every bank and every ssv.
hgs institution b,sc, with hundreds Of sppcsns for
specie, and al noon ths excitement increased snoId
ascertainpg that the Pesnsyvsnis Bank hsd ended
s generally believed that all the banks win pond
spece payments 70
The Susscsers IN stocks quite mItsd, and prices
generally Business OF every description st stand
will, ha~to