The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-17

may bring advces that would cause an immediate
suspension The losses already realized by these ex
change drawers, in the failure of many OF our large
jobbing and importing firms, have been very heavy
and the resources Of the Anglo American banking
houses referred to have been completely absorbed.
Previous TO the recent collapse in credits most OF the
purchases OF foreign exchange for remittances in
payment of dry goods were made on time. and the
security given was principally promissory notes. The
sudden appearance of the panic and the rapid pro-
gress Of the revulson cut of at the negotiabty
OF these bills receivable thereby throwing the ex-
change drawers entirely upon their own capital and
resources. When they had the means they RENTED
specie and other bills to place their principals in Lon
don in position to pay the bills drawn at maturity
and when they had not the means, they have
been obliged to depend upon the capital and
credit OF the acceptor on the other side. II is in
cases where remittancss for protection havo been
made that holders of bills Of exchange entertain the
most fears. The shipments of specie made from this
port to Europe since the revulsion commenced have
been principally for the purpose of providing for the
payment of exchange previously drawn at maturity.
The houses making these shipments show great
strength and give confidence to the holders Of their
bills; but unfortunately there ia GLASS of houses here
Anglo-American bankers as they are called, who
draw entirely upon credit and depend upon future
remittances to protect their bills Any financial de-
rangement intcrruptng such remittances is calculs
ted to result dsastrousy to such houses. This kind
of exchange business is desperate species of kting,
which later inevitably ends in suspension.
The next news from Europe will, without doubt be
of totally different complexion from the last.
The earnings of the Erie Railroad for the month
OF October, 1857, were. $3.50 Isl a
Earnings October 1855. Observation-Disclosures. SAT $50 SO
Decrease. $ss,a9S W
The earnings of the Chicago, st. Paul and Fond du
Lac Railroad in October, 1857, amounted to $751;,
los rs.
The failure of G. I. Lewis, of Cincinnati reported
few days since, is not G. f. Lewis, of that city.
This must appear clear enough to any one Of even
ordinary comprehension.
The Manhattan Fire Insurance Company has de-
clared a semannual dividend of ten per cent, paya
BILE on the lst of December
The earnings of the Cleveland and Toledo Railroad
for the first week of November, 1857, s21 1876
Same tne 1856 1883
Decrease. 81 1913
The bank returns for the week ending Nov. Ia ,
compared with those for the week previous, exhibit
the following variations ia the aggregates of the
leading dcpartments:-
Decrease in leans and discounts. ....... 626 ea4
Increase III specie. Z,soss
Decrease in circulation. LIS 600
Increase In deposits, actual. NEUTRALITY-SUSPICIOUS.. a,lI65S2
This statement shows a most extraordinary state
Of things. The banks literally running
with bullion and coin. Our most extravagant est
mates have been exceeded, and the increase is still
going on. The St. Louis is in with 81 200 900 from
California; the Ariel will be here in a day or two with
100000. Here is an aggregate of 81 100000 that
will go into the banks this week. The deposits show
large addition to the discountng basis and yet the
banks show contraction in loans. 1t is now esti-
mated that the banks can pay on demand fifty per
cent of their liabilities in cash. This shows strength
unprecedented in the history of banking in this city
In the face of such facts any further posponement
of resumption is the height OF folly. 1t is our inn
preston that before the close of the present week
the banks OF this city will have virtually resumed
specie payments.
The New Orleans bank statement for the week
ending November shows the following changes as
compared with the preceding returns:--