Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-10-09
TELEGRAPHIC NEWS. =
FROM THE ASSOCIATED PRESS
The Financial Crisis, &C,

49,
NkW oRk, Oct. There Is a gloomy and
respondent feeling here. The Commercial, of
aiiefnoon regards this the worst day vet
Ine,e N strong pressure upon the banks 10 er-
Pdno hosrally, as the only means for preventing
a general bankruptcy There is a heavy decline
T Tnk p; ssoG n Ks under present circumstances
-. ne flhe Plains Bank, Of this State WAS thrown
OUT mere to-day. The Central Rsnl ~ p,ootS,n
was also thrown ont ~ Vi D'OoAi,"'
-, me TOTAL number OF failures announced for the
xssn" tnh, one hundred and twenty three The
y ut houses OF Bowen McNamee and
Oh W m W Lane 4 Co both dry goods ~ -
e . The latter las connections in charles.
The amount Of grain on board OF vessels h.,.
ready Tor clearance to Liverpool il 40 uO Iu.hsls
bf pay hiehts al the sub treasury to-day vere
So ,OOI' and the receipts sI56 600
Ii, me AloSny oankerS have been in consulta ton
them 10 expand sufficiently 10 bring forward ths
produce from the lake ports Unanimity of sce
ton was, however, found Impossible, and the
project failed
Socks, after second board, further declined
Bank stocks are excessively heavy. The Amer
lean Exchange declined 10 per cent since yester-
dav
There are numerous failures to-day, but the
names are not made public
me shrrin this morning seized the books and
papers OF the Milwaukee and Mississippi Rail
waukie Bank
PHILADELPHIA, Oct s.-A numerously attended
mass meeting was held here this afternoon by
our business men relative 10 the financial dif
eli Inc call, which was signed by most of
ouI prominent firms, was only issued d uring the
morning; but, being posted in every prominent
Poshioh throughout the city, attracted general
auehtlon' aad, Notwithstanding the short notice
. ge huiioer OF persons had assembled al the
appointed hour. number Of speeches were
made; aud various views expressed IA was be-
IeNod Thai New loTk was the cause of all The
present difficulties.
The New York banks had expanded s. O,,l aaO
ia thlrty-one days, while an expansion Of ii,
GO,CO0 ia live months broke the United States
Bank Becoming frightened they curtailed in
Two months SIP, OO0, 0OO-suiiicient 10 produce
panic la the strongest community. The condi-
llon OF laDoTing men was deplorablv presented
thousands would starve if there was NOT imme-
dl1te relief. Extracts from letters from the
largest manufacturers in the country were read
Men lmplored aid for the payment of wages or
else they would have to discharge thousands Of
hands Notwithstanding IL was their own inter-
Isl 10 stop altogether, they were determined to
keep on If possible. The remedy was in the re-
newal of confidence in the banks Thus renew
confidence, and all would be brought about by
dlscohlnuance OF the run on these institutions
ana not deprving them Of the ability 10 move
TORONTO, Can, Oct. 7-Messrs E. r. White.
more d Co, brokers in this city, suspended to-
day. Much sympathy is felt for them in conse-
quence of their high character.
NV ORLEANS, Oct. s.-First class paper here
Is worth 2k per cent. per month. No failures of
consequence are reported. No movement in bus
mess is possible until sterling exchange can
bring cash in New York.
The banks are extending every facility IN fac.
tors and are cheerful
The excessive stringency in the money market
has caused further heavy decline in cotton the
reduction from the highest point being now x
cents: The sales the past three DAYS amount to
O,OOJ bales, including middling at 13 Receipts
Continue to pour in rapidly. and the indications
are that lower figures will be submitted TO
All branches Of business are more or less affect
ed by the pressure, but the merchants are using
their utmost endeavors TO brave the storm
sterling has still further declined, and sales of
bankers bills are made at o. Money is more I'm
demand and rates daily hardening. Freights are