San Andreas independent., 1857-11-07
[From the Daily San Joaquin Republican,
ARRIVAL OF TIE
j Ohm L.. STEPHENS.
Later from The Atlantic MateS-TEe Financial
crisis, Failure Of Sathef { Church of San
FraneiscO-W Wonderful Sufierings Of Sur
yivorS Of the BisaSter-Later from Europe.
SAN FRANcIsco, Nov. 3, II NJ.

ing at 5 o'clock The delay in her arrival was
which connected with the California, hence
Sept 9Th, to arrive at New York in proper
time She shonld have been there on the 4th,
but did not get in until the sth. The outward
mail and passengers could not leave until she
got in.
The dates from New York are to October
7th, and from New Orleans to the sth
Memoranda
The steamship John l.. Stephens, with pas
sengers. mails and freight from New York,
October 7th, and New Orleans, October Sth,
left Panama at 10 o'clock on the night Of the
10Th October. At 1870 Pm, on the Goth
Oct, passed Montrose arriving at Acapulco at
3 P. NJ. passed the steamer Sonora for Panama.
Oct. 9th, at l-l5 P. NJ arrived at Manzanillo
received treasure and passengers-among
them Charles Evans, the only survivor of H.
A. Crabbs party, and sailed at 33oP. NJ.
There have been many large failures
amongst the leading houses of New York,
Boston and Philadelphia The most ter
rible financial panic that has ever occur
red in the United States was raging up to
the latest accounts. If not worse, it was as
bad as the panic of lS36-'37. Although
it had been anticipated for some time, it
was believed that it would not be so seri-
Gus as it has proved to be. The failure
of the Ohio Insurance and Trust Compa-
ny was the signal for others to follow
The New York banks contracted to an
extent never before known.
The consequence was the failure of
some of the heaviest houses Then came
the pressure upon the banks of other
States, which resulted in the suspension
of specie payment by most of the Banks
of Philadelphia, Washington, Maryland,
and other places, and it was very much
feared that the banks of Virginia, North
and South Carolina, Georgia, Tennessee
and Kentucky would feel compelled to
place themselves on level with the above
mentioned banks A few had done So
The embarrassments consequent were
general.
The suffering must be general while
the pressure continues. Many failures
have occurred, and many must follow
Stocks had deprecated to ruinous point,
in many instances, under the influence of
the anic,-going far below their legiti-
mate value.
BY the feverish spirit of reckless spec
ulation an immense proportion of the bust
ness men of New York, were innpelled to
embark largely in stock speculations, and
they were suffering to greater or less
| extent.
/ This pannic is attributed to an uncurb-
ed spirit of extravaganza, a mania for
land speculations out West, stock gamb-
ling in New York, and the fatal facilities
given for the importation of foreign goods
on credit.
The Governor of Pennsylvania had is
sued proclamation for an extra session
of the Legislature, for the purpose of le-
galizing the course of the banks in that
State, in suspending specie payments.
The banks of the city of New York are
beyond almost any contingency. and will
stand if all the other banks In the coun-
try suspend.
The drafts of Sathcr & Church, of San
Francisco, on the American Exchange
Bank, were refused payment on the 9th
OF October and were protested. Arrange
ments were, however, speedily made by
the friends of Sather & Church, and on
the 7th, at IL, A. NJ, payment was re-
sumed, and up to the hour of sailing of
the steamer, drafts of the house to the
amount of S120, ,000had been paid-and,
as far as possible, those that had been
protested the day before were called in
and paid. The money to meet these
drafts, it will be recollected, was lost on
the George Law.
On the arrival of the steamer last night,
with the news of the protest of the drafts,
some attachments were issued against the
house here in San Francisco. About
o'clock this morning, Messrs. Sather 4
Church opened their doors and commenc-
ed paying all demands against them, and
continued open until three o'clock. They
opened again this morning, and paid un-
til 9g O'Clock, when they closed and made
an assignment. A statement will be pub
lished to-day.*
George Laws Passengers.
There is but little additional news of
survivors of the Central America. Three
more of the unhappy sufferers have been
most fortunately rescued, after enduring
the most terrible sufferings on the open
seas. For nine days they were without
food or water, drenched with the waves,
exhausted from exposure, and reduced to
*STArEMEST FROM SATHER Il CHURcH.-The
following Statement, has been furnished the
San Francisco Bulletin, by Messrs- Sather
Church, bankers, there for publications
ASSETS.
Bills receivable in the hands off. B.
Roberts, Samuel Merritt and I. H.
Selby,... ...'.. - f-,oVo w
Checks on other Banks, in the hands
of Roberts, Merritt and Selby,...- $4,000 90
Due for advances to Gold Dust Cor
rasrondents SO, 900 90 /
Rcal Estate in San Francisco, so, 600 90