The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1857-11-26
ARRIVAL OF rue
American Mail Of October 8


American Mail Of Octoher
ABOUT 0 O'Clock P. n. on Thursday last. the te,.
s'aPn announced the arrival Of the Yankee. Of
loco head, but the wise ones appeared 0s-eaulou
- s2e - Rect, and ssoutly asserted it was tSSxro
Rregon. until the vessel got within a 40
pier. 1t is somewhat singular that !.
7hould always exist when this favor;t,
Even those who have made pas.,e
a. hn't know her. -
tngs two maiEsethose of Sept. 20 and Or <
Is of a more = pg nature than we haze
years- "A great financial crisis was sweeuir~
2 United States, which at Ia latest dates baS
p any financial disturbance vitnes.d
Among the failures reported Butler
q Co, Boston, $3.50 900; John p. Jew Co
ksoO.ooo; French, sisson & Co., ProvidenS,
o7oe1c,h merchants, owing largely in New Bed
Willets & Co. and C. w. Field & Co.. New
= besides several hundreds of others.
n San Francisco, several failures are noted in the
efer OF our correspondent 1t was reported that
core & Foiger had failed, but we find the following
la1ng to that firm in one Of the latest papers.
1dooRE & FoLGER-We are gratiied, on being
poled to announce. on the authority Of one of the
eners, that this old and well established house will
me business to-day, and that, independent Of
ar assets IN New York, they are prepared and
e to meet all demands upon them. We make the
Nor. 5.
Fhe French frigate Persererante, which sailed
&c on the 18th, arrived over ON the 4th November,
seventeen lays passage.
pssAcRE OF EAIGRANrs.-A train of emiprant
ms for California, numbering 1873 persons, were
pit, two days travel from Salt Lake City. Fifteen
saved by the Mormons, all children and infants.
report is that the Indians are the perpetrators,
was currently believed in California that the
pons were the instigators.
account Of the teamboa disaster will be found
e last page
RRIBLE FINANCIAL PANIC In THE ATLANTIC SrArrs
Pe most terrible financial panic which has almost
occurred was raging in the Atlantic States, up
be latest accounts If not worse, it was really as
IS the panic Of 1867. Although it had been
ticipated for some time, yet il was believed that il
tould not be as serious as it has proven to be. But the
hilure Of the Ohio Life and Trust Insurance Company
'ps the signal for others to follow. The New York
nks contracted to an extent never before known,
ID the consequence was the failure Of some of the
kaviest houses fheu came the pressure upon the
inks Of other States, which resulted in the suspen-
pm of specie payments by most of the banks of Phil
relphia, Washington, Maryland, and other places,
pd it was very much feared that the banks Of Virgil
=, North and South Carolina Gz&rgia, Tennessee
a Kentucky would feel cozft-lAo place them
ives upon a level with the above mentioned banks.
few had done 80.
Commercial embarrassment, growing out Of the
Fessure, was general-consequently the suffering
bonn the revulsion must necessarily be general while
continues Numbers of failures had occurred, and
aany more must follow them. Stocks had depreci- |
ted to n ruinous point, IN many instances, under the
of the panic, far below their legitimate
elue. By the fsverish spirit of reckless speculation, |
J immense proportion of the business men Of New 9
brk were impelled to embark largely in stock specu- 1
rions, and they were suffering to a greater or less
tent
|This panic Is mainly attributable to over-trading,
b uncurbed spirit of extravagance, n mania for land
out West, and stock gambling in New
Prk, and the fatal facility given for the importation
Foreign goods on credit However, Notwithstanding
e gloomy state Of affairs, the country is not going
ruin, by any means, for never was it in q more
fsperous condition The crops already gathered
feet all precedent, and those OF the South-In cot
y. sugar, rice and tobacco-will realize more money,
many millions, than they ever did before
n Philadelphia, the Governor of Pennsylvania,
lding to the solicitations of the hnanciers, had
ed n proclamation, calling an extra session Of the
stature, for the purpose Of legalizing the course
he banks in that State, in suspending specie pay
rs
he banks Of the city Of New York are beyond
bst any sort Of contingency, and will stand If all
other banks in the country suspend On the
= ing of the 18th of September, there was q meeting
bank icerePresident and Cashiers-to take
10 consideration the ~propriety of extending the line
discounts of the city banks, when it was decided to
crease the loans to the mercantile classes three per
mt. within a week, which embraced to discount days. $
his threw about three millions into the market, and
some relief to the merchants. This move
plainly indicated the strength Of the bankers
On the same evening, q meeting of the Boston
INK Presidents was held, at which twenty-four of
ne ~thirty-six banks were represented proposition
D discount ten per cent. Of their capital stock during
he week was discussed and unanimously favored, a
nj without definite action the meeting adjourned, to
liable the banks not present to vote upon the pro-
ssitOn- Next day, they met, and a proposition to
hseount ten per cent. Of the capital Of the banks was
inei by all the Presidents. The movement gave a l.,
Fighter prospect to financial affairs. On Friday, j
kL. I'd, a large meeting of Boston merchants WAS Il
for the purpose of taking into consideration the
of the banks, when they unanimously protested
the suspension Of 4ecie payments. :
The excitement creax1 In all parts OF the West, in \
of the u1s Eorable advices from the East, M
p~1aly1ei all businsE and suspensions were general. ii
In New York, Asiness of ali kinds was almost Of
s~andOned, and thousands upon thousands of men, =
'0nsh, hoy and girls were thrown OUT OF empiOy- sc
nat. ri