The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-26

Noes. &c,1t,s Discount
Nov. l, 1866. 2,ei3st5 ls,osa,ais Q and per Ct
Dso L, 1885 80. $500 s45 is Sss 1857 and pc. Of
Dec 9, 1885,. s,l5i,sso l7,3sa,7l5 oh per cenl
i Will be that reserve reaches hs 10 scs. point
just After The pay ant OF the Dividends aad that
y increases during the next tso or three weeks from
natural causes when the rase OF inesest romans
very hsh and might be supported 10 indicsss that an OF
sure, was going Tnsre IL no douos thAi IVA
panic exn.sd last year - MI, period mo e' ,
that both tho public ana the oAak have pfohted ey me
experieI CT the cast That the bank has done 20 We
beeve by The prompted de with which has taken very
seps purpor effect Of which ought no, TO
be misunderstood BY ts sudden ncreSe o. the rate 70
lion created by the movement In foreign exnhanges and
this measure, instead OF creating sarm, Is eml neatly
calculated TO inspire idence AID exSioh desernrE
ton part OF bank 70 mainaiu reserve proper
Tomato 70 il liabilities TN Of few weeks
the millions dividend money Snal na 20 been disr
busd through M yrsd. ohsnnes, and snail have be.
II the disposal OF the mercsn ale oommu
nifty.
tail heavy many or ian,s BANKERS
u The general state Of EuropeAu dnan wl msiotau
for considerable period great ughtness in the
market, wocld be foly 90 forget 10 treat lightly. We
csynoi no that there Anything thus fa- to
create alarm to the OF tho Bank Of England
m.n a \. credit and 70 ..s.. largely The iu.ue.
commerce induce bslies that theirs any ole
enis exsuDg, like the overrading Of 1884, 10 render
such ossmnes - tnen ersuod probable. II Is not, how
ever, 70 DO ~opde At that occurrence of the Am
panic in 1887 and Ia lBl7, should by stu
gulAr coincidence Of deocnniL periods, weigh heavily
unrefscEng minds.
rHK EFFECT IN MANCHESTER.
from the Manchester Guardian (Oiy Artioe) Dot. Ii
States ia producing serious effect Instead Of good,
money nows 10 that arier whore may be very pro-
ntAbl, used In buying up depreciaed securities rns,
added 70 the previous OF crAn has led the Bank
England again raise The rate OF Interest," advare Of
per cent having bees determined upon The meeting
al d yesterday morning me increased officially
OF enesspg discounts OF obtaining remianoes which
thus arss together with the enhanced risk ~aica cannot
but ensue would alons res the CT .ns
This conIequepce H. however, aggravated by the heavy
failures that difficulties have already o,cAsoned
In Glaso~ and the business OTTO has therefore,
Insignificant Very prudenty al clauses Of buy
deem their ng nen!s. rhetes
sufficient OF danger TO induce wh laso csuon,
weak parties be upset (as already 5een)
pected but hsavy anu side spread mischief
heDdsd in this city or district: and 80 the crss met
with general oAlmres rnere pressure 10 SELL and
prices nomi aAlly but little Affected.
What effect continued dimnuion OF demand for
ana goods may have upon production nans 10 be
A, acts stocks viii begin to Sosemalss End
II the mills Z, working full t0ae Gotten will maintain
III value or b, some dearer fro scsrcene Will spin
and Manufacturers pile their products nj so high
COST THIS u scaic ey conceivable. Is would clearly,
then be the wisest for the ~noe cotton uAie to
pcased dilcutiei a,d dsRgers Of the position es
ally dealt with The trade have to press Of
ourasd dsmand for yMns and goods for tnsa couury In
addition to The pressure from me circumstances above
poiL TED out.
me failures in Glasgow, 70 which susion has bsen
made, arc the foovipg:-J and ID Macdonald, very
ten,ive muslin Manufacturers, whose liabilities
ricu,y satsd nj Sbco o0o 5000 ooo and SILL higher
sum- j. horse.,h Co. calico printers having liabilities
given In letters f3bo 00o aud IL others Es00
600; William Smith, calico prinsr, whose debts not
stated and William W'rdlaw 90 Sg6uif oSing, II IL
sad, f6o, 900 In reference to rumor Of owing
by J. konteth Co to . haoonesser nrm, state
We glad say that the alleged failure OF Psttsoa
Co Glasgow announced 70 this oit' by teesra ,n and
Manchester Hugh Ferguson merchau,, ha, inform.
cd ns creditors by circular that he unable 20 meet his
UNDERTAKINGS, which come What exceed 10000. rnis
amount will fall chiefly upon Bradford hr Ferguson u
said by the Leeds Mercury 80 have been engaged In
speculative tAnsacaons TO . considerable extent /"
A meeting Of We creditors OF James and John Beard
has been hod 70 day the Clarence Hotel hes,rs Sale,
worbngon and Shpmsn being the solicitors 70 the estate,
and Mr.. Broous accountant. The debts and lsohdes
stated f6l 600, tue Assets fs3 500 The In
insists Of STOCK fi3 0oo good debts In England fso0;
snd balsnce upon oonsgnmenS " foreign marKeh,
CO mmtes was Up ,oined 70 investsase the AFFAIRS and
report 70 adjourned meeting next tuesday There has
also been meeting Ct the creditors o, Edmund white
In the pound, upon ooo which the princ pal credi
have accepted Aiieck and hKerrow's accounts are In
tourpe Of preparation for meeting.
rHB PANIC ON TIE PARIS BoURsE.
Paris (oc.. 10y c,rrespondepos Of London Psn
IN NOT iemsrIAole hat considerable nl has taken
Partisan 8ourse. Tho gloomy moss from America-tne
financial crhis In Austria Tho uncertainty OF The eneas
price for discounts London, Berlin, Amsterdam and
elsewhere together with Consequent ncrea Ing tghlness
OF the oil tho world which
have found hor echo In Paris To these events ust be
added the decline In the metallic Of the Bank Of
France Doount odation ahow oonsi 1erAble
menaon In ParS, namely, % millions there IL also
increase In The branch tanks though only OF
AZ millions. Win such facts before hem buyers hold
on and very age amount OF money Ia Of the present
moment unemployed. because farmer fall Is anticipated
Bot for external svea the posoa OF the French money
market would be favorable fhe slightest alarm and
stora ttv hp IN
IKE France has many heavy liabiines hard oyiE
naupg the speculative mania OF the day. We not
expsct IN French securities for tho pre-
s-nl The following tabs tae decline ina