The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15

team 90 the most favorable cash teams
vhs News
In accordance with the resolution adopted on
Tuesday night at the meeting Of bank officers all
the banking institutions of the city, with the ex.
ceptoa Of the Chemical, stopped payment of specie
yesterday. The public were prepared for the event,
aad it passed of rather quietly than otherwise The
New York country banks, and the banks of other
cities and States, from Maine to South Carolina,
With occasional exceptions, have followed suit The
city banks will continue to receive each others bills
and the ordinary business will go on as before the
suspension.
The Supreme Court Judges of the First and Sc.
ccnd Judicial districts held a meeting yesterday
and decided to grant no injunction against the sus
pended banks except in cases where ii was appa-
rent that fraud existed. The Judges determined
that bank is clearly solvent when it is able to pay
al It's debts, and that when the officers of solvent
banks acting in good faith receiver shall be
appointed. The fact of suspension of specie pay
nen.s is not o proof Of fraud. In consequence of
this action later in the day Judge Roosevelt denied
motion for an order citing the Bank Of New York
% show cause why receiver of that institution
saoald not be appointed.
meeting of the merchants of the city was called
the state Of pubic interest as connected with the
suspension Of specie payments by the banks and to
aeopt such measures as might be deemed expedent
Tie meeting was largely attended and was presided
ever BY Mr. James Brown, of the house Of Brown,
Brothers 4 Co. Resolutions were adopted in
favor or the call Of an extra session OF
TIC Legislature, and expressing confidence in
.ae banks Of this city and State, aud
fad N
nor King to-day to solicit him to Issue call for an
extra session Much satisfaction prevailed at the
Character Of the proceedings. The meeting was in
fact one in the interest of the banks, not Of tina
merchants. 1t was commenced ten minutes before
and closed FIVE minutes after the time for which il
va called. The resolutions were read and adopted
without discussion, and no interchange of opinion
took place. After the adjournment, merchants and
othsss gave free expression to their disappointment
ani propositions were made to extemporize an op.
position meeting. That course, however was not
purtueo. IT. on reading our report Of the proceed.
ings tbs morning the merchants believe that their
interests we're overlooked at this meeting. they
O. got 70 cal another this afternoon.
The committee appointed to proceed to Albany to
urge upon the Governor the necessity Of calling an
extaor5 mary session Of the Legislature TO meet the
DfeNtLA tI1tiHtu1l VEUlttIeA ~
Albany yesterday, and together with deputaton
OK bankers Of that city, called upon the Governor,
and made known their views. II is stated that the
Governor win yield to their solicitation an procla-
nation conyoking the Legislature may be looked for
to-day.
The Republican General Committee met last
eight. and after an animated debate passed reso-
luton calling On Governor King not TO convene an
extra session Of the Legislature on the ground that
however much the banks might desire IT, the repub.
Lean party would be sure to suffer by the action of
the State Legislature.
The operations Of the Clearing House viii not be
Interrupted by the suspension Of the banks. A very
Interesting description Of the origin, working, mag
aiiuae and condition Of things at this institution
ma be found in another column.
The savings banks yesterday held meeting and
ADOPTED measures calculated to add 10 their strength
A. well a. allay whatever fears may have been en-.
tertaned Of their stability. These institutions have
fallen hack upon their bylaws, and herekor will
make payments only upon due notice being given by
depcsitors- Arrangements have, however been
made 10 enable depoeors 10 draw out small sums as
ther necessities may require
A largely attended aud enthusiastic meeting OF
the stockholders Of the New York and Erie Railroad
vss held in the lecture room Of the Mercantile Ii.
hrsry Las, night for the purpose Of negotiating
loan Of six million dollars, TO cover some OF
the outstanding mortgages, and thus save the
road from entire destruction. Lengthy and ef
fectve speeches were made by Mr.. Lathers, Mr..
Davis, Hon. Sam. Ruggles, and others. After
which quite number Of signatures were got for the
subscription books and papers also distributed
freely 70 be signed at any future occasion by those
not wiling 10 do 20 now. The meeting then adjourn
ed the stockholders evidently feeling inclined TO
SIS, 70 their utmost In bringing about the desired
end. report will he found elsewhere.
report Of meeting Of the creditors Of the Ohio
Life and Trust Company, held at Cincinnati on Mon
day last, is given in today's paper. il contains
some very remarkable revelations regarding the
manner Of conducting the affairs Of that institution
An offoia communication from the trustees states
the books Of account Of the New York branch are
totally unreliable fct any purpose whatever In fact
the oonoern is rotten 70 the core and there IL bu,
Lite hope OF ever disentangng its affairs 70 az TO
pte nj q correct statement Of lts real condition.
Ias cattle dealers have suceumbed " the money