Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-10
Financial Mnfiera

There does not any alienation of the nan
cial distress that has prevailed for the last few weeks
and every mail that arrives and every fash that rushes
along the electric wires, adds to the number upon the
bankrupt list. Unlike similar revusions in the past the
present financial troubles especially to affect the
largest houses and those that have been repuled the
STRONGEST and the fact that is So shows to what an
extent speculation has been r credit enlarged and the
currency inflated.
As each of these firms topples over carries along
with it of lesser note allied by busin SIS counec-
tons and they in their proceed 20 elise up their
AFFAIRS and discharge their workmen the circle of gloom
and dependency widens with each succeeding day.
The New York Commercial of Thursday evening says:
sThis has been gloomy day in the street and so far
as our own conversation goes we do not think that we
have found more respondent feeling prevailing during
the whole course of the Some OF those who
have been heretofore induced think that we were grad
ually but surely working the way out of difficulties
in their confidence and inclined to Join
the ranks OF those who hold that there but way to
obvate universal bankruptcy-and that's for the banks
to to the relief of the community, and by moder.
ate but prompt expansions aid in passing the present ter
rible crisis"
The Evening Post has the following comments on the
state of affairs in New York;
'rhe street. the Stock Exchange the bank directors
room, the merchants counting house. all have phase of
gloom and Encouragement The serious failures reported
today added to the long list Of the independents spread
general alarm 1t is not to be concealed that our mer
chants are falling like masts struck by white squa All
the efforts of the banks to relieve them Of little avail
Credit has been 80 enormously expanded that it has be-
come unmanageable
Butitis our duty to hold up the public mind to the
maintenance Of our integrity as community So long
our banks remain standing shall have the comfort
of knowing that the last cable that holds our great ship
OF commerce is not broken. The people Of the whole
country the passengers and crew. they are more
in the mass than individuals. or psrts which NAV be
swept overheard while the vessel will last for good SER
vice hereafter.n
The Providence Journal announces the failure of the
old and respectable manufacturing house of Hardness
steed, and says
''They have enjoyed large credit, and have been
among most active and sagacious business men, and
have large amount Of property in their hands. The
failure Of Nesmh Co., and other commission houses
abroad sent back upon them more paper than they could
take care Of"
Speaking of the discussion in New York relative to
the legal penalty of suspension of the banks the Prov
idence Journal remarks:
"Undoubtedly the bauks and still more the merchants
Of New YORK looking to the possible necessity of sus
pension. Should the banks continue to loose snecie for
little while longer they have the last week il hard
ly be prevented They have made it point of honor 10
continue payment and they will do long as possible
In order TO do this they have contracted their loans over
$loOOOOOO within two months. This they have done at
fearful sacrifice Of the commercial community and onlv
because they deemed it absolutely necessary to carry out
their determination. In spite this their positon has
begun to worei and the plan now to reverse tbe
policy, and to expand $l0O0O000. II their former mol
icy was correct they this the risk Of suspension
1t may not have that eetj II possible that tho relief
which it will afford and the confidence which il will in
spire may them; but they risk it. aud they must
risk IT. or they must bring ruin upon those whose ruin will
cut away their capital"
The Boston Transcript of last evening has the follow
ing, in regard to the state Of aars in that city yeser
day,
"Ths day, like the preceding Fridays since the nnan
cia troubles commenced, has been quite blue one IN
business circles The failure Of such large houses as VIM
q. Lane Go. and Bowen, MoNamee, h Co. OF New York
had most depressing influence 10 Wall street. Today
we hear Of the suspension Of Harper Brothers. the we'll
known publishers. Their houses doubtless have large
surplus over their indebtedness but could pay both
des their note books in the present state Of the money
market In regard TO the failures first named, the New
York Express says;-'when such houses as Lane o
representing the Southern trade, and Bowen, mcNamee
Co. representing the Northern go down in one day. there
remains small hope for the weaker concerns"