The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-03

semi annual dividend OF 10 per cea payable on ana
sncr the 10Th inst the Fulton nre InsurAnoe Company
hsrs declared dividend Of s. per share.
r's--> Ohoutoau Jr.. a %.
: '6e Alre o. No house n .---
fuf Dealers go, announced this mornns. ylis 10
bAnoh or the g. Louis house There are several oiae
houses, and u supposed they have Ill gonr down tcge
thcr This one a the oldest houses in the country and
uAS very laeiy ms supposed 10 be very strong The
feature the present rsvuxon u, that Of odes
an6 largest mercantile concerns have been the first
ouspend We reqaeited 70 SAY that Mr. Choutsau'i
iron house In .hr city, known and conducted under the
Arn Of p Chou,eau, Jr, Sanford Co., ct No Nassau
street. will not suspend, but meet promptly I'll IL on
sngagemenu Tho business and ssseu OF this latter firm
have always been kept entirely distinct from those Of Mr.
1Ohoutsau's other houses.
ma fAuro OF large banker railroad director, specu
iaaor. &c mp the river, reported. The party named
formerly occupied prominent poation executive
occr Of The Erie Railroad Company, and Was Indirectly
Several important Interests q Eewburg may suffer 20
riousiy by this suspension
Tho Hudson River Bank, u Hudson the Farme1 Bank
q Budson The old Saratoga Bank VI shis sats Stark
Bank Of Vermont; and The Bass River Bank, OF NAsss.
ohuaets, notes are thrown ont this morning. addition
chose previously mentioned.
Al the second board tae market was on The whole lower
American Exchange Bark declined per cent; RssduS
N; Cleveland and Toledo, 1; Ia Crosse aud Milwaukee
u. Now York Central opened at So, but fell Immediately
back 70 62k cent, and closed heavy ct that There
wa NOT much business this afternoon there being buy
on, both from the want OF and the dispotuon
general thing, all Of railroad stocks unproduc
avo- pretty certain thai the part Of these corpora
Cons there will be general suspension OF dividends and
Il viii be years befo the best OF them recover many
will nsver resume We have long anticipated such re-
cult, ana II aboat bang realised This Glars OF securi
Hes Will be unproduCive for years. Bank stocks cot
cling down about fast any other the st and the
gales daily Increasing.
The position or banks is matter for calm and %.
e5ous confederation. This month Il the time for
our heav.e pay men.s and must look for ouch times
In the nnApcsl world have before been
imagiues, The banks hare . dangerous and diff
cu'h part to perform during the next sixty days,
and hey play properly the future will bs full o.
hope TIE resolution purporting to have been parsed
by the managers OF these institutions amounts 70 jus
uosh'ng ct all only partially agreed to, and not
sufficiently ofhcia TO be binding. II intended more
Cor fancy than fact and ia impression that the next
returns viii show that 1t has mot been carried out. The
banks OF ih city cannot expand and preserve their posi-
ton specie paying Institutions Their only safety IL In
contraction The banks OF New Esgland must suspend
We do LoS she avoid IT, but the banks of this
osy osn suslsD themselves they viii adhere 70 the poll
cy they have for weeks pursued. Nothing else
cave them Tre bants must saow to the community
that they have In really sou and they nnch
On instant from the awful responsibility resDg upon them
expansion would LEAD to Immediate drain upon
spee reserve and stop the current Of specie
0ens Into their vaults. An expansion would temporarily
peleve community, but |! woad end In suspension Of
apec,e payments by the banks Better hundreds upon
hundreds OF merchants should fail than bsnkS
pend II is distressing Alternative, but help
lerm. wih banks firm and fixed spscie paying
lnst ut.ons the country may from this revulson
n few months, whereas suspension OF specie payments
vou; PROSTATE every Important Interest, from which
nhouii not recover in years II Is hard, and may seem
cruel that the commercial community should be sacrificed
70 preserve banking institutions, but s necessary 10
90. 10 guarantee the greatest good 70 the greaies,
number Our bsnu mun no. look now 70 individual
casss, su. 20 the community ri large. few mus. be
racg1ced-immolAted, II necessary, 10 preserve the
maAa We are aware that In advocating these measures
we meet tue condemnation OF many, but do not heed
that pursuing the general object In view The managers
OF our bs Las, fully awake to the dangers
and cncultes OF their position, and wish to
tho OF The supper. and countenznce Of the public 10
oeady adherence 10 The ooufse they have marked 90
cor the immediate fusure. We wiling TO abide by the
resui.
Trc.rurev rnpovt. m EoIio~-