The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-07

The Hartford Times Of the 9Th ms. contains N.
following statement relative TO the recsat Guancis
operations OF the Bank Of England, in connection
with the Auglo- American private banking hcwes Of
LONDON
The Intelligence brought by the last steamer from
Europe 81 unusual importance, and shows the e rsd
progress which the great financial revu-on is ma
throughout Great Britain well as in Franc. and other
parts OF The Continent !. appears that the gca,
of Georg. pesbody Co became seriously embarrsss
aud were on!y rescued from iaure BY all furnished by
tie Rank 90 fngIand, 10 the amount 90 milton p,n
sterling TAs house, the Browns and the B,rirgs were
the areo heaviest houses III l9 and connected with tho
American trafe, and are generally known the great
Anglo AmeSicsn Banking houses. They have held re
later to oor lBorteSs much the position that
J"y.db, NE famous Three Ws-Whie, wilson and wiesin
in the crisis OF 1897 win this difference
losses IRON the bankruptcy OF importers have been quite
great their aggregate wealth has been grea
than thaso the aforesaid distinguished spBabcc trinity,
About TWO years ago George pesa9dy ~bo md for
many years been y banker of emD.use ~ London snd
had made himself very popular by has pi..,,y hla
public dnhefs aud his hbe aty generally took Mr. Jnnius
Morgan Of this city, formerly OF the firm OF Hy Mter
x Co ana more recently Of tho firm OF ecobe Morgan &
Co, OF ION, intD partnership In thu i.t,s, Concern
winch ~ - the largest dry goods house In the Unite
States, With exception he realized prodts rhc of
$50 600 year while he remained connected with Il. Int
the new London house Nj Peabody put .oo9 900 an
Mr. Morgan about 5000 900 of capital and TIN, latter be
interested TO the extent OF sixth profits or
losses of the business. appears that their liabilities
rated at over 10000 900 and that theI losses
Of the Denistoune tho Browns and oto Anglo american
bankers have arisen from the temporary per msnent
learn from private source thu samuel Lawrence, bro
Their OF Abbot and Amos Lawrence, who late aio for
two millions in New York purchased when IN England
about three months since leo bales Of wool of the
rage value Of 500 bale 1910 900 In all wlch he paid
for in drafts on George Peabody l. Co.
In 1887 the Bank OF England saved the Browns from
failing by timely loan Of So o0o aud no appears
tina; they have assisted Peabody ia ia. way
a similar xtent But az a general thing that bank has
shut down. on all American paper during this crisis
well a. that of 1887 The failure of The great banking
house of Sandersoa Ssndeman the largest private
in tha unrlH Is, 1FI NpI..
alone being heavior-was caused by their being
peleo by The Bank of England to take up 5oo,,lo of
he bankrupt acceptances OF the Dennistouns From that
time the bank refused all paper and this doubt
less the reason why Peabody Obliged solicit spe
cial assistance, and the fact that he able furnish
the solid securities which the bank wcut require in such
shows great strength 80 great distrus,
American paper during the height of the panic that bill
OF the Earrings Tor $3.50 drawn upon and accepted by
the Browns and endorsed by another large house
fused discount though interest at the of rs per
per anDum was offered by the holder.
The accounts show that the pressure in England Is
nearly "a great as ever, in spite Of the increased
issues Of paper by the bank ana that the ''rclcf"
expected from that famous panacea has not yet
rived Failures continue numerous among the
try banks and the most substantial classes Of
merchants and anuacturcrs We Also that tho
Bank OF England has been Obliged To sell in the open
kct its government stock to the Of So 500 ooo-a
measure which could only have been rssored for the
purpose OF rcpcnshng its rapidly diminishing OF
specie Contrary " the confident prediction Of of
itself Of the ministerial permission violate its charter by
expanding its paper ISSUES beyond III. limits prescribed
by law this should be dong 10 any considerable extent
the inevitable consequence will be upon the bank
tor gold and a suspension Of specie payment
One OF the principal Of the of Pea
body Co the which had Frustrated the great
banking house OF Sanderson Sandenan. Peabody Co
had obtained discount from tho Bank OF England the
drafts and bills Of exchange Dennstoun SCo amount
exceeding 81 900 OOO The Dennisouns subsequently
failed for nearly SIS 900 900, and tho bank rgidy
ques all bankrupt paper to be taken up Immediately by
the parties for whose account IL discounted Peabody
x Co unable to take up and withdraw this paper
and Lawrerccs, and some other amounts similarly stu
ated without receiving special assistance from the bank
The following il list of consgnees of specie per
steamer America, at BOSTON,
Geo. M. Barnard. 500 Nickcrson & Co CO goo