The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-02
FINANCIAL AND COMMERCIAL.
M q N E Y M A n X Il II.

FINANCIAL AND CONNER CIAL.
MONEY MAR X EFT.
fuspAr, SepA I-SP.N
There W. very severe panic Wall street this morn.
ing u navy yea,s nsos We have seen anything Nike
H. mo susrsniop Of New York city bank s rather -
upoonnos ooournoc boi coming ii tAs par. casr Juno
tuIe calculated 10 alarm the .nost couYsxeou
The public mind moi In condition 70 bear such N IN
noopc-men with compcsure and NOT therefore, q al
surprising thai quite panic p,eduoed We ere n
all ascnshed Il The suspennsn OF Shs Ne ,hanca Banas
Association. We mentioned few days snoe that VS.
In daouiue At the Clearing House, and had call upon
the other banks for assistance reported thai the
Immediate Of the suspension detalcasioo
Of the clerks Of thai institution The cause WIN be
found more In the acton Of the cement generally
than In tho acts OF the clork ho criminal hey may
be- The institution has from the first been rather
fortunate We believe that several OSCILLATIONS have
before WA been developed among rs onscers The
pension OF the NschaDios' Bansins Association led 70
distrun Of sever ether banks, and there WIS quito
upon The Bank Of Commerce. the Metropolitan and he
Nassau Banks from depositors The sxctcmens In Wall
street and it, vicinity wAs most intNnSe- Crowds ni-
cd the sdewaks and public confidence appeared 10 have
completely deserted the minds Of the masses. Tho
nseers VI the banks seemed 10 realize for the nrs tha
danger OF their position Several failures wsrs announced
,hiz morning among the roansio classes an tina, add
ed fuel TO the flame. We are, beyond al quesuon In the
midst Of fearful revuson; and whore viii end the
wiaest among cannot tell. We do MOI look for any
mitigation Of our embarraasments and difficulties unit
SCORES Of failures have taken place. and long
period Of proatrscn. Tho recovery from this collapse
mus. be verY gradual and viii leave marks or IT. exist
Add power for years The end Is by no means ye.
VIZ have inst entered upon IT, and extends IT will
Ee'her force. ia TO be hoped thas cur banking nsa.
lions mas safely weather the Storm but examination
Of their last returns shows thai o. them entitled
to no sort Of consideration. olose Investigation
Of cur trust companies would mot be anas
juit The New York Life and Trust Company for
ample had accordsg TO Ito last report upwards Of two
and three quarter millions or bills receivable; and
aerfiand that ID very "swses LOT, In other words,
there IL considerable 'sugAr'' among H. Hero u Life
and 1fwt Company daily In the street buying notes Of
hand, because, suppose, they get them Il high
rates OF interest The Bank Of Commerce another weak
The last showed that i ioAns and dig
counts sl2 1898, and tho deposits but lot 1888
II II our duty to hold up such management the part Of
leading banking institution 10 public condemnation, and
we intend 70 take the responsibility OF doing The Bank
New York 70 be considered one Of the strongest
banks In the city Look Ut With loans amounting
10 S4 has deposii line OF but 80 o5o There
good many other weak the List but the two We
have named among the most prominent and therefore
the most cuipabie The circulation OF our city banks u
without doubt pretty safe. In secured principally BY
State stcc depoGied with tho Comptroller In the event
large amount Of these securities being thrown upos
the market their margin for depreciation would n,
doubt be partially used up; but such . oontin.
sepcy rot likely 70 The failure Of Beebe Co
brokers ard bullion Dealers reported this morning
This Of the oldest houses In the street. md sup
posed to be very rich. The immediate Of failure
was eranslement with the Ohio Life and Trust Company
The securities received loans 10 tao Trust Company
amounting 10 than $500 co., not available In
the market We tho house has n1gc surplus
Nessrs j. H. Prentice Co hat and fur deaiers Adams
Buckingham, forr deAlers; and Breeze, Knesiand h
Co., locomotive manufacturers, Jersey City;
also reported day These comprise the principal events
Of the morning In financial circles Tho effect upon the
stock market Of course very bad Lower prices
realized than have been touched ri any time within tho
history Of the securities named There appears be
bottom 10 railroad stocks. II s true. there very little
value In Of them, but ., the present decline
uoei of them npst completely out OF sight Al
the Gnt tosrd 10 day Indiana SIS foil or per cent
Virginia es, VI Missouri os, q Lacrosse and Milwaukee
Railroad .; Illinois Central bends, 2; Harlem drst mort
gage bonds O. Delaware and Huascn Pennsyvani Goa
%, j. racioc Mali Steamship Company, 2; New York
Central Erie az, but advanced afterwards per cent
MRsisippi, 6; Reading, 4; Michigan Central Railroad,
Michigan Southern, s. Gaiena and Chicago, AZ Cleveland
and Pirsburg y; Chicago and Rock Island, az. The Eric
Railroad Company succeeded this morning In raising the
money 70 pay tho rteres, due today. The company ha
not, therefore, iIed upon iis interest just Jet The
banks nasn bold pu,h this morning, and came up 10
TIE scratch jurt In time. . es,ape FOR the
foreign bsneheIden. The company have until the
l-t OF November TO gather strength for the interest pay
men then due. The position Of the New York Central
Railroad Company one Of great danger to cckhoders
The road docs not much than pay IL operating
pcnrcs and provide for tho irtcrcs the funded debt
Every Of dividend Ia borrowed and added TO oouuc
ton account Indebtedness, Just much ~ with the
Cleveland ard Toledo any other rotten The
Central Railroad CoDr&ny Ia not t,day . b. better Oh
than the Erie Company, far the stock ID concerned
The Central Company manages n present 70 pay the In
rest m indebtedness without borrowing money whioh
Ia more Than The Erie Company docs. IL well known
amcng railroad that two cents mile for crpresi
rains which the New York Central Company held a.
condcn Of dees not pay running expenses
We have in Of the Erie Railroad 90 pany
ndex OF those OF The Central No In his
compare the gross earnings OF The tvo roads and Ia
conclusion favorable 70 than the other. In
few years The fund ID debt Of The Central win be fun
large ~ The e company. Every addition 70 The oensras
debt eudansers the dividend. The oompany's credit 10
sill good and probably Win contnue 90 for while longer
but the far distant When largo loan viii have
be negotiated directly for construction account and
then shah whore the stock stands. Tho roadway
Of Tho Central running down In the fscc Of resuced
earnings All repairs which can fcs The moment be die
pepsed with len for some future tine In This ~sy
the expenses may be TOR The moment reduced, but The
company win ultimately have 70 crowd into short period
heavy ouays, ~ did rear or F-o sncc, whom u sus.
pended dividends for thai purpose
Al auction 70 DAY The following SALES Of Ohio SAFE stocks
were made by Nessrs K II. Ludlow CO.