The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-08

class paper and from that price to LOG per cent Tor other
descriptions Al the present rate Of discount here there IS
consequently no profit me Transmission IF gold from his
The npbie continue 10 support the stock market by
heavy purchases and the closing quotations to-day show
advance OF quarter per cent The irst transactions
cuslon prices ses TO 20 for money and 20 TO
for the 9Th Of December steady flow Of bullion to the
bank assists the tendency restoration of confidence,
nd altogether better feeling prevails although some ad
failures announced this afternoon have occasoned
deep regret Bank stock left of at 2l2 TO 2l4 reduced,
ssS 50; New three per cents, ssh to So India stock
2s To 2le India bonds a0s 70 35s discount and xche
quer bills, lis. To Is discount
In the Stock Exchange day owing TO the large invest
ments Of the public, the supply Of money was abundant,
and short loans securities could be OBJ
tanned readily at 6 TO per At the Bank of Eng
land the applications continue gradually to diminish and
A. the repsyments now falling due there extremely
large the weekly returns henceforth likely to show
considerable Improvement In the discount market also
there were some signs of relaxation.
No particular alteration has taken place in foreign
stocks but they continue in fair demand and the market
closed steadily.
the foreign exchanges this afternoon the rates gene
rally showed decided Improvement the PRINCIPAL ad
however is restricted by the want OF confidence caused
by the late failures.
The final quotations of the French three per cents on
the Paris Bourse this evening 66f Csc for money
and 67 for the end of the month showing recovery of
eighth The position Of the Bank or France Is stated to
have been strengthened the bullion held being e.,
$50 COO fo0 900 beyond the amount at the date of the
return published fortnight back The increase is said
10 have been particularly rapid during the last few days.
and 10 have taken place without any artificial purchases
being made in England or elsewhere.
A further sum Of about fl50,000 in Australian Rus
sian and other gold sold to the bank to day The
total taken there since this day week is thus raised to
fa30 600 exclusive OF soveregns that may have been
returned from Scotland or elsewhere
The stoppage OF Messrs Herman Sillem Co, house
OF more than fifty standing and OF very great re-
spectaby was announced this morning Their transact.
tons in connection with Germany Holland and all
parts Of the Continent well with North and South
America and the West Indies, and the liabilities
therefore considerable
they had large funds in hand, and according to
been ready with assistance, it doubtful if tho
step had become necessary. As, however, they had
already sustained several severe losses from the
recent failures the Continent, and could not feel
certain that others might not follow, they resolved
with the honorable feeling which has always distinguished
them TO encounter further risks that could prejudice
the general position u their creditors Great confidence
is expressed that they will ultimately pay in full and an
early resumption hoped The following circular has
Iospos No 2 Crosby square Nov o. 1851.
efs we have during the last few weeks have
reduced TO the painful necessity OF supendng our pay
Our books will be submitted to Messrs oater Ball Co.
laid before creditors at the earliest posi-
- '0"'' HERMAN sIILEM SON co.
The stoppage has also taken place of Messrs Carr JOS
ling Co old ana respectable firm, connected chiefly
with the trade to the North OF Europe They hold
Siderable amount Of the acceptances OF Messrs Hoare Bux
ton CO. Svensden johnson, and other Swedish houses
whose failure announced last week and this has been
the immediate cause of their difficulties. The liabilities
suppose amount to about $500 0o and the assets show
large nominal surplus II is feared however that these
will be found to have been greatly deprecated BY recent
circumstances,
Messrs Alexander Hintz Co. merchants and dealers
colonial produce have likewise suspended The house
brought down by the recent failures here and the Goa
tnent The liabilities understood TO be large. Annex
% Mryc1Se LANE. LONDON Nov. "a 1857.
With the deepest regret have to inform you that in con
under the pa5fu Necessity Of s1speudns our payments
Our books will be placed in the hands of Messrs Qter.
IA w 4
aa. and 20 lay he same before our creditors as soon as
when the Glasgow failures announced at the
beginning of last month the of Messrs. God
frey, Pattson Co was included. That firm i'm
ton denied the statement. They denounced II as
reckless and unfounded, and complained bitterly
OF the damage II might inlLct upon their credit On
their own authority, therefore, the notification was
c0ntradictcd, although belief entertained that
the communication originally tclegraphed from Glas-
gov bad not been carelessy made, and that the pro-
longed existence OF the house merely due TO
certain arrangements for the purpose on the part OF
the Western Bank Of Scotland The following extract
from Scotch paper indicates the condition in which
these persoIs stood when they were thus circulating as
calculated to induce their fellow traders TO rely
upon their perfect solvency.-
meeueg Of the creditors Of Godfrey Ps,son Co was
held on THURSDAY Mr. smh Q, es Laneeaea Spinning
showing The liabilities 70 consis: Of ESQ sss and
H. sno or seS o % % oe IN pos
y snd debts Bs 70 the exlen, Of fy @ g which ,ne name
and BAbeOck Co, arc nenaed in The liabilities should
Far as possible
possibility OF resuscitatng the wolverhampton and
stafordsbire Bank, which stopped on the 18th inst
with liabilities for about Il 600, 900 Forbearance
Is 10 be asked from the depositors, and the share
holders 10 subscribe new capital, towards which
the directors offer 100000. As there are more
than 200 persons interested shareholders, will
be very satisfactory II they any proper be re-
stored 10 position Of safety but al meeting which took
place YESTERDAY there wa Too much disposition to follow
lac 4mf 90
OF regarding the mfortunes Of the bank not a. penalty
for misconduct. but as great public calamity" TO IN
splre confidence that is restoration would be productive
OF general benefit
meeting Of creditors was held to-day Of Messrs J. r
de IA Co. Brazilian merchants, whose suspension
announced on the lAth instant and after prolonged dis
cSSiOn composition accepted OF los IN the pound,
payable In instruments at three six and nine months. The
liabilities stated 10 be only els $50 and the assets
were 60 900
In the railway markc, recovery has taken place from
the late depression, owing 70 moderate investments by
the public and purchases by spectators for the fall
the Increment has also been aided by the seadness Of
the funds.
American securities were Aatter especially Michigan
Central Illinois Central shares also quoted
ducton Mines were IN little demand, but the closing
prices in some cases show an advance.
Miscellaneous securities active but the only altcra
ton Sigh, decline In European and American steam
From the London Chronicle (Ciiy Articlc) Nov 25.l
The appearance q the money market has been more
favorable today There some abatement OF the pres
sure for discount aud bills which refused dscoun,
yesterday have been done today further large sum
about fleo,coo. The Tagus from the Peninsula brings
fs,r32 The impression that mercantile difficulties
being surmounted with fever disasters than ut one
time seemed probable has, during the last few
days, been greatly strengthened by the absence ~
any fresh failures but the accounts from the North Of
EUROPE TINS morning have IN great measure dspelled
this expectation An unprecedented amount If bill has
ben rcuri upon houses n kToarn Wcdh aud reputation
d0ans uhich u seems utterly hoTeie s majority rd,n
tain Their credit From sweden Norway and Hamburg
the accounts read most unsvoraby and Is 10 be feared
will hasten the suspension Of several firms. The great
Swedish house reported from Hamburg amount
large that many must be less compromised but
Is satisfactory 10 learn that the local banks OF both Swe
den aud Hamburg have promptly come forward and
dered assistance 10 superscde the suspension OF The house
and accordingly they have resumed pay ment.
kessrs. Carr, Josling Co, commission merchants,
announced " have been obliged 10 suspend and
other firms mentioned, being in the metal trade,
and talked Of some days back.
fFrom the London News (City tcle.) Nov. 2j1
The funds to day exhibited Increased hrmnes owing 10
The more favorable indications In the money market
COUPLED with The increased Investments OF tho nnhc