The Placer herald., 1857-11-21
ST. LOUIS. Wednesday. Oct. 81. 1887.

teries of Artillery reached Fort Laramie on
the 7th ult. Gel. Cook, with six COM
panies of Dragons, was expected to ar
rive at Fort Kearney on the 9TH inst The
weather was favorable, and the indications
were that there would be late FALL
A fire occurred at Chicago on Monday
morning, which destroyed property to the
amount of 5000, COCOON which there was
insurance of about 100000. Four men
were buried beneath the ruins of the build
ing, and it was feared that others had met
with similar fate.
A frightful catastrophe happened on the
about six miles west Of Syracuse. The
recent rains had weakened an empank-
ment at. Nine Miles Creek SO that when
the train came along, it gave way, and
the cars were precipitated one upon the
other into the steam To add to the hor-
ror of the scene, the mail car caught fire,
and all the mail bags save one were des-
troyed.
Financial.
The New York and Boston banks stood
the pressure until the 18th Of October,
when the New York banks suspended specie
payments. The Boston banks followed this
example. On the part of the Boston banks
the step was rendered necessary by the
movement of the New York Banks. If
they had not suspended, they would have
had their specie all drawn from them. The
suspension seemed to produce a good feeling
in the mercantile community. Bank bills
pass as current as usual. and the public
seems to have confidence in their banking in
stiutions.
On the 18th nit. the money market was
heavy, the failures including the Harper
Bros, Bowen & McNamee, and Others,
heavy houses in New York The assets
of most of those houses were much larger
than their liabilities, and they were forced
to suspend by the utter impossibility of OBJ
tanning accommodation. On Friday and
Saturday. Oct 9th and 10TH the Illinois
Central, Michigan Central and Erie Railroads
went to protest and made assignments.
These occurrences precipitated the climax
which took place on Tuesday, the 18th
1 October. There had been serious runs upon
some of the New Yotk and Brooklyn banks,
and two of them had been compelled to
close their doors. On the 18Th, up to 2
o'clock, fifteen city banks had suspended.
The assignment of the Illinois Central
Railroad; caused great excitement in Wall
street. A general suspension was resolved
upon.
The New York HroW of October 2lst
says:
The panic is rapidly extending through
out the South. At New Orleans on Thus
day there was run on the free banks,
and several Of them were Obliged to close
their doors. The banks Of Nashville also,
suspended.
Also on the same date that the financial
hurricane has exhausted itself and the le-
action has commenre 1t was very per-
/ cepl.hle in Wall street ThursDIal% Sto, Ks
/ advanced, and the banks are in buoyant
/ spirits Flour also alvanced--in fact every
thing is on the rise.
TIE n. Y. Trtbuae of the 22d Oct re-
marks that Money is somewhat easier and
confidence is reyiving, but business is still
very contracted, and extensions especially
among dry goods houses, numerous From
other cities we hear little news. The St..
bills Of all solvent banks at par. The
Governor of Missouri las commented at
length upon the state Of monetary matters
there, and msde Il number of practical
suggestions in his message to the Legislature
now in session. One or two Southern banks
and railroads have suspended operations
| But five New England banks still hold open
doors. The banks of this city will not prob
ably resume specie payments until the lst
Of April, if they do so soon. Every day
we hear ofmore and more workmen thrown
out OF employment"
California bonds, rs 70 and Is, sold in N.
Y, Oct. 18th, at So cents; on the 17th, at
90.
Europe.
The news of the financial crisis in the
United States had caused intense excite
ment in England.
The money market was stringent in Eu-
rope, and numerous and heavy failures are
reported.
Specie was being shipped to America.
The loss Of the Russian war ship lie Forte,
with all on board, numbering S25 souls, is
one Of the most appalling marine disasters
on record. The official report states that
she was laid on her side and foundered in
a few moments.
The King of Prussia was feared to be
dying.
1t was reported that the governor Cen
eral of India had been recalled
Nothing Of interest from India.
Central America
From Panama, we learn that Costa Rica
| has commenced a blockade of the San Juan
River, using the small river steamers for
that purpose; and that no boats we're per
mitted to ascend the river The object of
this offensive act on the part Of Costa Ri
ca is not stated.
A private letter from San lose states