The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-12
:. FINANCIAL AMI CONfsk II aeA
UOHMV n = x -.

me week just closed, In . dnansiA point Of view,
Deeds In intensity OF excl Ament Ia s0aIoly OF moasy
apprehens Of disaster and In the OF
o. the most startling ac,er any week within tho
mory Of the eldest inhspit n, Tho mons Of
args banking nsttutors Of three large railroad comps
mics, ard OF individual houses, involving lions q on
mill M OF dollars, events seldom N
Ordinary time The week just closed BY all odds the
worst financially an commercially realised ta,s
oily, and We trust another like will be again
At The close esterday there appeared to no lot
pressure, no asuscn 70 the distress, probs ,hy OF
immediate removal Of the which operating In
foil 10 % upon the 6nsuca ord. The banks nrmly I'd
here 70 the policy marksd a tho commencement The
revu'son, ard there up 10 be prospect or any
change Il IL true . wide difference or opsp.on exi.ts
amcns the different institutions regarding The wisdom OF
the rreeent sem but oDs four Ave Of ,Ae lead
Ing banks determine TO continue In the present Ine tbs
rest must fow, take the ohsuces Of Suspension she
banks are closely watching each other; they all
afraid or each other, and therefore disposed TO
make movement giving the vest any advantage over
rhe moust any more banks expand, they are In
danger Of being called upon for balances Of The Clearing
suss that would mako difficult and perhaps In 20
70 respond 70 and the yesuit Of such event can
be very easily nssined. The strong banks naturally
enough control the weak and those determined coaaue
the CONT acaou and down creditors points
ol 90 all those disposed 10 do different into the same
movement, force them into . suspension The ability
OF our banks 70 continue In the laid down. 10
question Of hs most vital importance Il possible that
few Of weakest banks may, sse OF every xs
70 Vie ocpsayy ulmstsy suspend witnin the past fs~
weeks four bank installations o, ths CITY have
pended, and many ma, 90 the same say; bat We
consider the large bsnks the Wall street. banks the banks
with large capitals and stsoog baakss, almost bsyoad
contingency. The Aggregate ospA Of The banks OF this
city ~ say sixty million CT dollars. The loans and dis
counts amount 70, say hundred and six million Of dol
An Tho aauai deposis amount 70, say nfiJ three NIL
lion Of dollars We have here Just about Two dollars
Of ssaes 10 one Of 10 ,ies An general thing The de-
posits ard In the the pares owing the banks
on promssory notes This 10 The now more thaa iu
ordinary times and the deposits represented 70
much demand liabilities rns reduction In posiis has
been principally account Of parties having general
banking business and the banks thereors Yeisyed
from any sxive demand from that quts,. The baukiss
capital Of sixty mill docs not by any reprcosa,
the or he banks for many them have
large Surplus which has hardly been touched by losses,
In these disastrous times. We have II from good
authority that large banks In Wall 10
thet' possession sinsie dox OF protested paper MAJ
In the most unfortunate Of them the losses do not any
where their Surplus must bs borne In mind TIA,
banks have had many year, Of The hghea prosperity,
that they have had the choos Of ous.ome that they
have made large pfoan OF railroad companies that
they have been successful that yssu no, dollar
vs. canisd 70 the wrong side Of proa and account
then must be consldsred that with she panic and Ae
revulsion, tie failures In the sggegsN have been be-,
adIop Ia Q BUCKET We disposed, from these facts
TO believe that The banks or this city position 10
meet any emergency that they have The strength 70 sand
up against even exraordnayy iisasers I'm, tholr
sources quite unimpairsd, and that they vin 70
through uumphanlly Publs confidence In them has not
boon shaken In the lsast, and 10 no, nhely 70
be. The great interests OF Inc city wrapped up In
and Intimately identified with our banking insu IONS aud
oil The real wealth and ital here IL directly interested
In sussirps specie psyuens- There TO- however, class
Of merchants and spcoulsors who are largely indebted,
who depend entirely upon ths greatest erpaason OF The
credit system, who have heavy paymens 10 mare and
nothing pay with, Who 1--we By borrowing IRON day 70
day, vho have become deeply involved 10 msrchAndiss
operations high prices no calculating upon such sud.
den collapse, and who nov, nndirg themselves upon the
polns Of suspensIou BY The vdrsw OF bank favors are
loud their ,nuncArops Of those suve moneyed
institutions for akrg Of themselves aad loosag 10
I'm pofsn interests Than those connected With spscu
sos ebbers and ethers dspsndng solely upon and
living by credit ne oil bask expansion dui nrs
financial revusion composed Of shsss ciassss Asd
10 natural enough ibn they should cs-nery and loudly
condemn contrary course A. s0Anee ~ u may eeem,
there banks In NE city In avov Of Sdss asd susain
ing these oveusdsrs and speculAiors The only vny 70
sus ali parties would be for hoss ban the managers u
which mix thai Me panic and NE revulon be asy.
sd or removed ~ fee expansion OF oans for them 10
uy ~ and carefully watch ths erect n The experiment
ssouId mol work - vel snroipaied, aid they
should some day nnd themselves unable b meet the
balance against them the Clearing H,uss, they would
have opportunity Of earning out their ideas Of bank
Ing uns or some new charter, sn'cn no doubt could
be obtained In ssshsorns HA,s fns oeio Life and
trust bAahps system worked veil for . gne, ana the
Lersaiure Of Penns lvans In sesaion would doubt
isss oonsder the application Of any New yc city defcncs
bark for . charter suihortxAG N. cs,abuthmesi o,
branches this city. Financial rsvusocs are poras Of
expsrmen In sanhpg and tss different mois Of nsan.
cer,ne. We had evdencc Of this In 1897. me United
States Bark tried all sorts Of plans remove the dicuL
ues and smbAsments Of the tms and those vho dc
srous that banks sboud 20 into Me produoe business
and bring forward The eros need only refresh their min
with the history OF Mr. Esdics cotton operations 10 sasy
themselves regarding tas result Rsvusons are danger
Gus periods for experiments. II 10 In reality lhs une "
q, experiments alone The only true courss 10 70 LEI
thit 20 have their way. n NE time for the bsrs
70 ocnssei for ndvc for The practice OF
red 90 noey and The most sve Industry n. shortest
and Best cay 70 revulssos 70 go ori Of sett
There variety Of ~sys OF accomplishing hs impof.