The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09


In New York since March Ia stated at $50 in Boston ise
In New Orleans Burke, Wall Co, failed for twenty M
negroes falls from 81 200 to $3.50 or $500 cash T.
mittee OF merchants appointed at the Masonic Hall meet
have an interview with the President They request
him to rescnd the Specie Circular to defer oommencng
suits upon unpaid bonds, and 70 call extra session a
Congress They say that in six months real estate has
deprecated forty Millions that local stocks have DECLINED
twenty millions that $50 extensive houses have failed
that merchandise warehouse has fallen 80 per cent n
value and that 20 900 persons have been discharged s
MAY 4-John Fleming, President OF the Merchan,s.
Bank fell dead from excessive anxiety with regard the
affairs Of the bank set In on all the banks I've
banks at Natchcz stopped.
MAY 5-1herc is slight run on the Mechanics Bank
MAY 6-Unitcd States Bank stock falls ten nor con-,
The HERALD predicts its crash.
MAY 8-Three Buffalo banks stop United States stocks
fall below par There Is great run on the Dry Dock
Bank, and II shuts its doors Another meeting Of the
merchants is held ut Masonic Hail. The correspondence
between the committed and the President is read He
refuses to revoke the Treasury Circular but will think
about the other propositions The great banking house a
John Ward Co. suspends. United States stock goes
down to %, and Morris is out of sight.
MAY 10-After days the banks, with three OK
ceptons, (the Merchants Manhattan Company and Bank
Of American vote suspend specie The other
three joined IN the movement, being forced TO T. The
banks received city notes in payment Of debts and paid
them out to depositors. Specie commanded premium.
Bills England were quoted at 10 to 12H per pro-
MUM Meeting of merchants the Exchange pass reso-
lutions to sustain the banks.
MAY 1.-THE banks Of Boston, Salem, Lowell, Provi-
dcnce, Philadelphia and Baltimore suspend specie pay
ments The HERALD publishes list Of 239 failures in New
York. Specie commands 10 per cent premium. Tho
authorized the issue Of twenty five and fifty cent cert6
Gates for loan which were accepted as currency
they were called city shnplasters.
MAY 13.-Thc Bank Of the United States, Pennsylvania,
suspends specie payments.
MAY 16-The Legislature Of New York pass a law
thorzng the suspension of specie payments year
MAY 1.-THE President calls an extra session of Con
gress, to meet September T. Great antibank meetings
held all over the country The Montreal banks sus-
Dany Of rlaatnn
Quebec and Savannah suspend
MAY 1s.-The President issues circular authorizing
the United States District Attorneys 10 give six months
time payment Of duties. Tho city is flooded with
notes for small amounts issued by hotel and saloon keep
MAY 22-News is received Of the suspension Of the New
Orleans banks MAY ~ Every bank in the country has
now suspended
MAY 26-Coon was firm and sales made at SIC a lie.
We extract the following from a New York paper:-The
amount of specie going TO Europe exceeds that any
period for five years past is the only way in which re-
miances can be made The bill drawers have all dis
appeared and they had not they could negotiate
Since the first Of April not less than three millions in specie
has been shipped Very little cotton is going forward
owing the fact that people do whom 70 ship to
in the present state of affairs Money is again getting
tight our banks instead s Of increasing are diminishing
dollars 10, American gold and sovereigns 20 q
527.
JuNE-Nothing new this month Trade continues duh
The HERALD refuses to take bank notes at less than Wall
street raesl2 cent under specie and pays out only
specie.
better feeling. Business of all kinds very dull Tho
North River steamboats, suspend their trips The Brook
Ign Bank resumed specie payments The New York Board
OF Trade issue a circular advocating a national bank
JuNE l6English bills went up to Is 20 per cent pre-
MUM for first class paper
JrLy.-StOcks went up little and the crisis be-
lieved to be The HERALD (2Sth) calls the banks
TO The banks have 81 652 specie TO sOS
circulation.
ArGrsr-The fall trade commenced earlier than usual,
and strangers began to flock in. The imports however
were very much reduced On the 18th the banks issue
IA In n
question OF resumption OF specie payments The Man
haitian had already resumed. There still great dis
tress in mercantile circles.
SEPTEMBER blanks Of Augusta Ca. and South Caro-
lima resume.
SEPTEMBER 4-The extra session Of Congress met and
Mr. Van Burcn sent in message recommending separa-
ton Of the government from all banking institutions the
issue of ten millions Of treasury notes the enactment Of
general Bankrupt law and To leave commerce and the
exchanges Of the country to take Of themselves The
effect OF this measure 10 dcpress all the bank stocks
During this month things look a little brighter.
SEPTEMBER Cotton quotations were sustained to Sc.
llsc Exchange quoted 20 r. British government, bills
80 days II p
ing freely United States bank stock NIX American
gold ga premium.
premium United States bank (Pennsyvania) stock u.s.
Exchange l5ha 1917.
OtTomR-Congrcss passed the bill authorizing the issue
OF ten millions Of treasury notes bearing six per
crcst Several of the New York banks resumed specie
payments Congress adjourned on the 10th
OcroHKR l-Savannah, Ca, banks resumed. Exchange
advanced To l5is a Is
OCTOBER il-Cotton market stiff and quotations range
from &C. q 12c. Exchange 15h 10
OcromR 2l-Cotton still stiff and quotations shsc. q
l2c. Exchange Is 49,. Specie advanced.
NoyEwsR-The Bank Convention (l35 delegates from
eighteen States) met IN New York city the ah and
continued In session TIL December and then adjourned
n 1psm ueo,n Mo- any ae ,or AZ
C. W. lawrence Cornelius Hcyer, John J. Palmer Pre-
served Fish and Gorham A. Worth appointed com
mittec To publish the views II the New York banks.
Their address states that the withdrawal Of the public de-
psss and Of excessive foreign credits with great fall in
the prices 81 the principal articles export and unpre
ccdented import Of breadstus with the inability OF tho
Southwestern States To pay their bills fell nil at upon
this city. The banks struggled with all this and with
foreign demand for specie, until local incidents
caused distrust and panic and general commenced
which no banks that pay specie for notes demand
resist Thus the banks Of New York city suspended
after having been almost entirely drained Of their specie,
while the other banks through the country suspended i'm
mcdiaicy after without waiting Tor rum and Kept their
specie reserve.
NOVEMBER s-Excbange quoted Is 1917. Specie de-
Ginning shipments 30 light az not to be worthy Of notice
DyfENHR.--New Orleans banks resumed
DECEMBER "a New York letter 10 Charleston paper
says, "a packet sails to-day. carrying commercial
highly favorable, which will gladden the hearts OF
all who have claims upon America. Exchange III y IL
Specie is only premium because the banks in pur
suit II A. Produce shipments large, and orders for
imports very small which the of the decline In
exchange The movement 81 cotton " bcitcrng the rate
~ exchange IA the South
BrcSrsR Ie.-Esehange declined to loa H. Cotton
brcsmR 3o.-Exchange quoted at eI aeH.
ls3s, JASrARy 6-integcnce from Europe excited
the cotton market The sales very large but there
no Improvement In prices. Quotations Pa III &c.
Js>raRy i3.-More activity In the cotton market than
known for several years Prices advanced NC.
JASrasy 1pone e the city papers ofthis date says
VIC enabled to say authority that the banks OF
Philadelphia ready 70 resume specie payments when
the New York banks do. Although they Won't
the day they pledge themselves 10 the day
after the New York banks" few days after, ano-
Their city paper said -" We understand that the Corr
mitec OF The Banks from Philadelphia Saturday,
not with big flea in their NJ an but with good din
which Mr.. Riddle gave them. Az TO the resumption
II specie payments the state &c exchange Thoughts
~ to warrant the hxinT III day for that purpose"
FnRrARy s.-Fxchanec declined scsasL.
FmRrARy io-fotisn declined and quoted &c. &c.
ffrRrARY 22-specic declipng; sales at 2a2h pre-
MUM Contracts made 10 deliver specie LIST Of May al
per premium, without interest II Is daily arriv
ing and IN month two the receipts from Europe must
be very heavy.
FfpRrARY 2l.-Euensive transactions in cotton, At
decline 81 80 a NC. Quotations stse. 1okc.. Ex-
change 6ka1.
rxrRraRr rs Further decline In cotton Sales made
at &c. q loo.
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