14844. Central Bank (Brooklyn, NY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 8, 1857
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: a4eb65d3

Response Measures

None

Description

The Central Bank of Brooklyn was enjoined and a receiver appointed in early October 1857 (bank suspended/placed into receivership because of illiquidity and protested paper). By mid-December 1857 the court discharged the receivership order and the bank resumed active operations. Contemporary reports do not describe a depositor run specifically on this bank (runs mentioned were on Park, Bowery, savings banks), so this is a suspension with later reopening due to court action.

Events (3)

1. October 8, 1857 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Refusal to pay a presented check; extremely low specie on hand; large discounts and protested paper; collections unavailable for months, leading to injunction and appointment of a receiver to restrain payments.
Newspaper Excerpt: the Central Bank of Brooklyn has been enjoined and a receiver appointed
Source: newspapers

2. October 10, 1857 Other

Newspaper Excerpt: a receiver has been appointed and the concern will soon be wound up; went into liquidation / receiver appointed John L. Spader, esq., as Bank Receiver (court order).
Source: newspapers

3. December 18, 1857 Reopening

Newspaper Excerpt: The order appointing a receiver for the Central Bank of Brooklyn has been discharged, and the bank is now at liberty to continue its business.
Source: newspapers

Newspaper Articles (22)

1. October 9, 1857 Evening Star Washington, DC

Article from Evening Star, October 9, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis, &c. NEW YORK, Oct. -There is a gloomy and despondent feeling here. The Commercial, of this afternoon. regards this as the worst day yet. There is a strong pressure upon the banks to expand liberally, as the only means for preventing a general bankruptcy. There is a heavy decline in bank stocks under present circumstances. The Pine Plains Bank, of this State, was thrown out here to-day. The Central Bank. of Brooklyn, was also thrown out The total number of failures announced for the last week is one hundred and twenty-three. The well-known houses of Bowen & McNamee, and of Wm G Lane & Co., both dry goods, ask an extension. ton. The latter has connections in Charles. The amount of grain on board of vessels here ready for clearance to Liverpool is 380,000 bushels. The payments at the sub-treasury to-day were $282,000, and the receipts $156,000. The Albany bankers have been in consulta tion with the New York bankers to-day to induce them to expand sufficiently to bring forward the produce from the lake ports. Unanimity of action was, however, found impossible, and the project failed. Stocks, after second board, further declined. Bank stocks are excessively heavy. The Amerday. ican Exchange declined 10 per cent since yesterThere are numerous failures to-day, but the names are not made public. The Sheriff this morning seized the books and papers of the Milwaukie and Mississippi Railroad. at the instance of the President of the Milwaukie Bank. PHILADELPHIA, Oct. 8.-A numerously attended mass meeting was held here this afternoon by our business men relative to the financial difficulties. The call, which was signed by most of our prominent firms, was only issued during the morning; but, being posted in every prominent position throughout the city, attracted general attention, and, notwithstanding the short notice, a large number of persons had assembled at the appointed hour. A number of speeches were made, and various views expressed. It was believed that New York was the cause of all the present difficulties. The New York banks had expanded $7,000,000 in thirty-one days, while an expansion of $17,000,000 in five months broke the United States Bank. Becoming frightened they curtailed in two months $12,000,000-suflicient to produce a panie in the strongest community. The condition of laboring men was deplorably presented. Thousands would starve if there was not immediate relief. Extracts from letters from the largest manufacturers in the country were read. Men implored aid for the payment of wages or else they would have to discharge thousands of hands. Notwithstanding it was their own interest to stop altogether, they were determined to keep on if possible. The remedy was in the renewal of confidence in the banks. Thus renew confidence, and all would be brought about by a discontinuance of the run on these institutions and not depriving them of the ability to move. TORONTO, Can., Oct. 7.-Messrs. E.F. Whittemore & Co., brokers in this city, suspended today. Much sympathy is felt for them in consequence of their high character. NEW ORLEANS, Oct. 8.-First class paper here is worth 2½ per cent. per month. No failures of consequence are reported. No movement in business is possible until sterling exchange can bring cash in New York. The banks are extending every facility to factors and are cheerful. The excessive stringency in the money market has caused a further heavy decline in cotton, the reduction from the highest point being now 3% cents. The sales the past three davs amount to 6,000 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 affected 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 97. Money is more in dull demand naminally and rates daily hardening. Freights are

2. October 9, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 9, 1857

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THURSDAY, Oct. 8-P. M. Nearly the whole list of stocks at the Stock Board shows & further decline to-day, and the transactions continue to be mostly in securities, forced upon the market by the wants of holders. Notwithstånding, there is & considerable amount of absorption going on in the better descriptions of railroad stocks. The supply is still larger, and the prices continue to decline. About 450 shares Delaware and Hudson were thrown on the market to-day for cash. This has always been & favorite security for investment, but under these sales the market fell from 89 to 79. The next most considerable fall was in Illinois Central, which declined to 77 from 85 yesterday. New-Haven and Hartford, heretofore considered One of the best securities, sold down to 93, & decline of 5 P cent on sales of only forty shares. Indeed, it is almost impossible to put even a moderate quantity of first-class securities upon the market without submitting to a large decline. Parties who fortunately posBess ready money are taking advantage of this state of affairs to make investments which will yield large returns. The decline in railroad and coal shares general. ly ranged from à to 3 P cent. Nothing better shows the stringency in money and the sacrifices made to obtain it than the prices which are submitted to on bank stocks. To-day, American Exchange stock sold for 63, Metropolitan 61, Merchants' 891, Bank of Commerce 75. This is & fall of 3 P cent on Bank of Commerce, 9 P cent on Metropolitan, and 6 P cent in American Exchange. The decline in Metropolitan was on the rumor that that bank held about half & million of the liabilities of Messrs. Bowen, McNamee & Co. We are informed by the officers of the bank that Messrs B., McN. & Co. owe them but $50,000, which is fully secured. The effect of the large redemptions of our State currency is shown in the increasing sales of State stocks, withdrawn from the Bank department. Of N. Y. State stocks, $88,000 were sold, exclusive of considerable private transactions. The price is well sustained by buyers for investment, who are tempted by the low price of such firstclass securities. The large sales of Michigan stocks is a new feature at the Board. The quotations advanced 1 P cent to-day. There being no steamer for Europe on Saturday next, there is but little doing in Exchange, and rates are heavy. The late movement in Exchange was the most encouraging feature of the market, and afforded much relief. The banks and bankers who came forward to relieve the market, deserve the thanks of the community. Sterling is nominally 95 to 101. Francs are too irregular for quotation. Freights are rather lower; the offerings are small. To Liverpool: 260 bales Cotton at 3-16d.; 19,000 bush. Grain at 42d., in bulk, and 5% @6d. in bags; 2,000 bbls. Flour at 2s. To London: 1,000 bbls. Oil Cake at 2s.; 500 bags do. at 20s. P tun; 600 hhds. Sugar at 25s.; 500 boxes Cheese P steamer Argo at 45s. To Glasgow: 1,500 bbls. Flour by steamer at 3s. 9d. A ship of 1,500 tune now here, to load at Philadelphia for Hong Kong, at $12 P tun. A schooner of 500 tuns, with Lumber to Buenos Ayres, at $15 P M feet, with 5 P cent primage. The business of the Sub-Treasury was: Receipts, $156,302 09, including $100,000 transferred from Bos ton; payments, $282,957 86, including $23,000 California drafts; balance, $6,486,019 15. Further amounts will be received from Boston daily, the Secretary hav. ing decided to remove & portion of the balance at Boston to this point. The payments of California drafts since the steamer have reached $200,000. About $125,000 of Government Stocks were forwarded to Washington to-day for redemption. The earnings of the Chicago, St. Paul and Fond du Lac Railroad Company for September were $52,667 06. The telegraphic report of the earnings of the Rock Island Railroad in September is $184,000, a falling off of $39,000 from September, 1856. The earnings of the Michigan Southern Railroad in September are reported by telegraph at $223,000, against $257,000 in 1856. The Pine Plains Bank is thrown out to-day, and at a late hour we hear the Central Bank of Brooklyn is discredited. the other hand the Thompson Bank and Worthington Bank are in credit again. The uncurrent money brokers operate with much caution, and buy no large amounts of any one bank. State and Eastern sell at about 1 P cent; Southern and Western at 10 @ 15 P cent. Land Warrants are entirely unsalable, and understand 120-acre warrants have been slaughtered as low as 65e. P acre. The $500,000 State loan, the bids for which are to be opened to-day, was not taken, as might have been expected, when the 68 of 1872-3-4, which were taken at about 118, are selling at 91. There are now 383,000 bushels grain going on board ship at this port for Europe. We think the feeling in mercantile and financial circles is more unpleasant to-day than at any time since the crisis commenced. The suspension of Messrs. Bowen, McNamee & Co., and W. G. Lane & Co., wealthy and leading houses, representative houses of the Northern and Southern trade, and each showing large surplus had a very depressing influence, and aduced the question "What house can stand when such as these are forced into suspension Both the above houses anticipate paying in full all their debts, the former it is understood showing over & million surplus, and the latter about four hundred thousand dollars. The impossibility of making interior collections or of converting any of their assets into money has dragged down theseprominent houses with property totwice the amount of their liabilities. The street was filled with rumors of other suspensions of less importance, and in the multiplicity of rumors it was diffi sult to ascertain the truth of any. We prefer not to give currency to the names. It is evident that the mercantile commuaity are looking solely and anxiously to the banks for aid, and that the tone of the public mind is approaching that point when it will be demanded instead of asked. A delegation of bank officers from Albany and Troy arrived here last night to consult with our banks in regard to extending aid to the interior banks to enable them to afford facilities for sending the produce of the country to market. In the delegation were Mr. Olsott as the Farmers' and Mechanics Bank, Mr. King of the

3. October 10, 1857 The New York Herald New York, NY

Article from The New York Herald, October 10, 1857

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New York, Saturday, October 10, 1857. The News, The money panic is the topic of the day, and we devote a large portion of our space to the subject. There was a flurry yesterday with regard to the Park Bank, and at one time quite a run upon it. The bank, however, stood its ground, and came off without damage. The Bowery Bank, late in the afternoon, stopped payment, and was in consequence suspended from the Clearing House. We understand that as, in common with the other banks of this city, the bills are secured by stocks of the State of New York, they will hereafter be received as usual by all the city banks at par. The Central Bank of Brooklyn has stopped, and its aftairs are in the hands of a receiver. The meeting of bank officers held yesterday at the Merchants' Bank, resulted, we are informed, in little else than th e adoption of a resolution to the effect that they will afford the merchants all the relief in their power. This, in reality, cannot be said to amount to much in a time like the present. The table annexed gives the movements of breadstuffs yesterday at the various points indicated:-

4. October 10, 1857 The New York Herald New York, NY

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The Bowery Bank suspended this afternoon. A run commenced upon It this morning, and as none of the other banks appeared disposed to extend any aid, 18 was deemed proper to stop. The report of this bank on Monday last was as follows:-Lans, $950,642; specie, $22,398; circulation, $171,324; nominal deposits, $696,932. It will be seen that Its own supply of specie was not sufficient to last more than n few hours, and that without help It could no: sustain itself. That help was withheld. After the bank had suspended, It was suggested that a meeting or some of the Wall street institutions be held for the purpose of enabling this bank to resume. We fear It is too-late. There was a little excitement about the Park Bank this morning; but 11 soon subsided. The returns of this institution for October 3, 1857, to the Clearing House, were M follows:-Loans, $2,869,296; specie, $183,282; circulation $159,135; nominal deposits, $1,645,747; capital, $2,000,000. On the 8th Inst. It had $348,850 in specie, and a circulation of $159,356. The balance in ⑉ favor at the Clearing House yesterday was $46,000, showing an aggregate of $389,850 in specie at the commencement of business this morning. The Central Bank of Brooklyn, which suspended yester. day, has gone into liquidation. A receiver has been ap. pointed and the concern will soon be wound up. A report of the proceedings will be found in another part of this issue. A. H. Nicolay will hold a special sale of stocks and bonds to morrow (Saturday), at 12½ c'clock, at the Merchanis' Exchange. A. H. Muller will hold his regular auotion sale or Stocks

5. October 10, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 10, 1857

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TELEGRAPHIC NEWS. REPORTED FOR THE DAILY DISPATCH. SAD RESULT OF THE PANIC. NEW YORK, Oct. 8-A rumor has reached here from Boston, that ex-Mayor Samuel A. Elliot, of that city, has become insane, and was taken to the Insane Hospital on Saturday. in consequence of the loss of the whole of his estate by the failure of C. H. Mills & Co. The money market this morning is much depressed. Money is eagerly sought for at all sorts of rates. Stocks are all very much depressed. There is considerable excitement among the merchants here, in consequence of the failure, of the Banks to keep their agreement in regard to extending their loans. The question of an extra session of the Legislature is agitated. [SECOND DISPATCH.] NEW YORK, Oct. 9.-Gallandet & Wemore, bankers, have suspended. The run on the Park Bank has subsided. It paid all demands. The Central Bank in Brooklyn had been enjoined, and a receiver appointed At a meeting held at the Merchants' Bank, to devise means to relieve the present pressure, it was reported that the banks will provide a fund of $6,000.000 for the special object of bringing produce forward. The bids for the loan of $500,000 to make up the deficiency in the sinking fund of the State, not proving satisfactory. the loan will not be taken.No offer was made for the loan of $1,700,000 for the Brooklyn Water Works.

6. October 10, 1857 Daily Nashville Patriot Nashville, TN

Article from Daily Nashville Patriot, October 10, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] New ORLEANS, Oct. 8th.-Cotton-Sales 2,000 bales. Still lower rates are too irregular to quote. The depression is still greater. No sales to be effected unless at a sacritice. Nothing doing in exchange. No bank checks on New York to be had. New YORK, Oct 9 -Harper & Brothers suspended yesterday. They are reported having over & million dollars surplus. BOSTON, Oct. 9.-The steamer Niagara last night in the Bay, run into, and eunk the schooner Ellen Maria, from Cape Cod to New Orleans. Philadelphia, Oct. 9.-A large meeting was held last night to urge the Legislature to pass a relief bill. HARRISBURG, Oct. 9.-The House Committee reported a bill removing the penalties for non payment of specie till March next. NEW YORK, Oct 8.-A tremendous run was made on the Park Bank. It is said to have only $150,000 in circulation, and $300,000 in specie. NEW ORLEANS, Oct. 9.-Cotton-Sales 1,000 bales. Unsettled; but mostly middling at 12 cents. Sales of the week 12,700 bales. Receipts 40,000 bales. Decrease in receipts at this port 57,000 bales. Decresse at all ports 88,430 bales. Money tighter. NEW YORK, Oct. 9.-Cotton quiet. Flour-Sales 85,000. Wheat 1 25al 35 for white, and 1 18a1 22 for red. Corn 67a69. Pork 23a234. Chicago beef 13a14}. Sugar declined Gallandet & Wetmore, Bankers, have suspended. The run on the Park Bank has subsided, all demands were met. The Central Bank of Brooklyn has been enjoined and a receiver appointed. A meeting of the Banks reported that they will provide six millions for forwarding produce. CINCINNATI, Oct. 9.-There is great excitement at the financial news from New York-business neglected. Flour $4 50, unsettled; Whisky 16; Oats 33a35; Corn 40.45.

7. October 10, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 10, 1857

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The Pratt Bank of Buffalo is thrown out to-day by the Metropolitan. In regard to the Central Bank of Brooklyn, we learn that on Thursday afternoon Mr. David S. Quimby, a depositor and creditor of the Bank, made affidavit before Judge Birdseye that he had demanded payment of a check for $150 at the said Bank, and payment was refused. He therefore prayed that an injunction order might issue, restraining the officers of said Bank from paying any moneys, &c. The order as asked for was granted, and made returnable yesterday morning, when the Court proceeded to take the statement under oath of Edward Copland, President of the Bank, in reference to the condition of the institution. Mr. Copland testified as follows: I am President of the Central Bank of Brooklyn; it has been in operation as a banking institution since October 10, 1853; the capital stock is $200,000; circulation, 90,000; on deposit, $300,000; specie in vault, $1,000; discounted notes falling due, $400,000; due Marine Bank, $25,000, of which $18,000 collateral is held by them. He stated that the collections during the past one or two months had been very small; that within that period they had lost some $60,000 by protested paper, which amount is included in the item of paper falling due (above noted); there is $120,000 deposited in the Savings Department, which is included in the item of deposits; the Bank had DO other resources except discounted paper with which to pay depositors; under the present crisis it was impossible for the Bank to go on, as their re. sources could not be made available under three months. Messrs. Brainard & Rice, attorneys for petioner, moved the appointment of & receiver. The motion was not opposed by Samuel E. Johnson, esq., attorney for the Bank, and the Court proceeded to appoint John L. Spader, esq., as Bank Receiver. An order was made that as often as the collections shall amount to $5,000 the same shall be deposited in the United States Trust Company of New-York. Mr. Spader, the receiver, furnishes the following table of assets and liabilities:

8. October 11, 1857 Nashville Union and American Nashville, TN

Article from Nashville Union and American, October 11, 1857

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BY TELEGRAPH. NEW ORLEANS, Oct. 9 - otton sales 1000 hales; prices unsettled, but mostly middling at 12c Sales of the week, 12,700 bales. Receipts 40 000 bales. D crease in receipts at this port, 57 000 hales. Money tighter. NEW YORK, Oct. 9 -Cotton quiet; floursales 85,000; wheat $1,25a1 for white; $1,18a 1.22 for red; corn 67a69c.; pork $23a23, Chicago beef 138141 sugar declined 10. Gallandet & Wetmore, bankers nave suspend d The run on the Park bank has subsided-all de mands were met The Central bank of Brooklyn has been enjoined and 8 receiver appointed. A n eeting of the banks reported that they will provide six millions for forwarding produce. CINCINNATI, Oct 9.-There is great ex C tement at the financial news from New York. Business neglected. Flour $450, unsettled whisky 16c.; oats 33.35c.; corn 40.45c. BOSTON, Oct. 9 Failures reported, Lagwerg & Co., straw goods; Milton Gale, oil and leather; Nash French & Co., shoe dealers. WASHINGTON, Oct. 9.-It is probable that the present Government of Nicaragua will be recognized by the reception of a Minister W th the view of securing the privilege of the transit route. The Post Master General has appointed six agents to attend the through Express mail from Baltimore to Cincin ati to secure more regularity The Secretary of the Interior has received advices that within one month the Minnesota wa. gon road will be completed to Fort Ridgely. The Attorney General is examining the basis on which the banks of the District of Columbia have been transacting business. ST. LOUIS, Oct. 9.-Kansas advices say that the Legislature is doubtful-accounts are conflict. ing. The New Mexico mail left Santa Fee on the 15th of September and arrived at Independence on the7th. Otero is re-elected to Congress by 7,000 ma. jority. The Indians quiet. The Cheyennes are anxious to make peace. DETROIT, Oct 9 -Immense quantities of produce are blocked up here for want of funds to carry it forward. The money excitement has subsided. The utmost confidence is placed in the remaining banks. NEW YORK, Oct. 9.-The Erie Railroad Co did not pay their laborers at Berger tunnel to-day. Grest excitement. The track was torn up. The Bowery bank has suspended. It wasasmallaffair. Its bills are secured. ST.LOUIS Oct -Wheat-white $1,06a1,00; corn-white 75c; tobacco improved; hemp un settled. NEW YORK, Oct. 10.-The Associated Press have decided hereafter to employ a substantial news Yacht at New Foundland, to board Foreign steamers off Cape Race, thereby shortening the time of reception of news to from 6 to 8 days. BOSTON, Oct. 10-A letter from Foster, Ro. gers & Co., at Calcutta, dated August 10, don't mention the news respecting Lucknow, except that Have ock reinforced was marching towards it NEW YORK, Oct. 10-The Illinois Central and Erie Railroads have suffered their notes to be protested. NEW YORK, Oct. 10.-Money depressed. Failurs, Seymour & Co., paper dealers; Coit & Co., sugar dealers; J. W. Corleis, dry goods. BOSTON, Oct. 10.-Money depressed. No new failures. CINCINNATI, Oct. 10.-Flour $4,25a4,50; grain unchanged; Whisky 16c.; Star candles 24c.; Tallow 12a13c. ST. LOUIS, Oct. 10.-According to the estimate of the Free State men. the Kansas Legislature will stand, Council--9 Republicans; 4 Democrats-House 24 Republicans; 15 Democrats. NEW ORLEANS, Oct. 10.-Cotton sales, 3000 bales at 11 to 11}c.; flour $5,624c.; nothing doing in exchangd. The ship Sultana from New York reports passing on the 22d, four corpses in the water, supposed to belong to the Central America. NEW YORK, 10.-Cotton and flour quiet; wheat $1,25a1,39 for white; $1,15a1,22} for red; corn 65 a68&c.; Provisions dull. AUGUSTA, Ga., Oct. 10.-Reliable intelligence from Charleston, announce the suspension of the Bank of the State of South Carolina. C.M. Firmer, President. NEW YORK, Oct. 10.-A run was made on the Brooklyn and Bowery Savings banks to-day-all demands were met. The Park bank stood the run successfully. BOSTON, Oct. 10.-The Michigan Central Railroad have suspended until they realise from the proposed bond subscriptions. On the 10th of Nov. their coupons will be paid as usual Meade, Minister to Brazil sails in the frigate Vincennes this day. f What it is doing for the Sick.-The Editor

9. October 12, 1857 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, October 12, 1857

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News. The Bank bill has passed the second reading in the Pennsylvania Senate. It limits dividends to six per cent.; suspends the penalties for suspension till March, and makes the notes of solvent banks receivable for State revenue during the suspension, and extends the stay on execution against all freehold estate six months beyond the time under the existing statutes. Matters are growing worse and worse in New York City, and failures of business houses are the order of the day to the exclusion of everything else. There was a severe run on some of the banks; Gallaudet & Wetmore, private bankers, and the Bowery bank suspended, and the Central bank, Brooklyn, has gone into the hands of a Receiver under an injunction from the Court. Stocks went down as low as ever, and sales were quoted Friday for Mo. 6s, 64; Va. 6s, 77; N. Y. 6s, 871 I. C. Bonds, 65, Canton Co. 131, Reading 28, I. C. 75, C. C. & Co. 71, La Crosse and Milwaukee 61, N. Y. C. 531, G. & C. 55. Election news from Kansas wild and unreliable, reports and counter reports, unintelligible in some instances and contradictory in others, indicate a good deal of anxiety and excitement on the subject in the vicinity of Kansas, but nothing at all definite from the polls within her limits. The fillibusters have had a revival recently, and the excitement prevails so extensively that the Government has issued the following circular to United States District Attor* neys: SIR :- From information received at this Department there is reason to believe that lawless persons are now engaged within the limits of the United States in setting on foot and preparing the means for military expeditions to be carried on against the possessions of Mexico, Nicaragua and Costa Rica Republics, with whom the United States are at peace, in direct violation of the 6th Section of the Act of Congress, approved 20th April, 1818, and under the 9th Section of the said Act is made lawful for the President or such persons as he shall empower to employ the land and naval forces of the United States and the militia thereof, for the purpose of preventing the carrying on of any such expedition or enterprise from the Territories or jurisdiction of the United States I am therefore directed by the President to call your attention to the subject and to urge you to use all due dilligence and to avail yourself of all legitimate means at your eommand to enforce these and all other provisions of the said act of 20th April, 1818, against those who may be found to be ongaged in setting on foot or preparing military expeditions against the Territories of Mexico, Costa Rica and Nicaragua, 80 manifestly prejudicial to the national character and 80 injurious to national interests; and you are also hereby instructed promptly to communieate to this department the earliest information you may receive relative 10 such expeditions. I am, sir, your ob't. serv't, LEWIS CASS. Signed

10. October 13, 1857 The Washington Union Washington, DC

Article from The Washington Union, October 13, 1857

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THE FINANCIAL CRISIS. From the North, East, West, and a few localities in the South, our advices in relation to business and financial matters continue to be of the most gloomy character. In addition to bank failures by dozens, we have now to record the bankruptcy of three of the largest railroad companies in the United States— the Reading, the Illinois Central, and the New York and Erie. The first continues on with its business in spite of protested paper; the last two have made assignments for the benefit of their creditors. The Pennsylvania legislature have done nothing as yet, although at last accounts the indications were that the lower house would adopt, in a modified shape, the "relief bill" which passed the senate. A final adjournment was to have taken place yesterday. Under the head of "The Disasters of the Day," we find the following in the New York Evening Post of Saturday Joseph H. Corlies & Co., a well-known dry-goods commission house, has also suspended. They are known to be worth three or four times their liabilities, and went to protest from inability to procure some $7,000. It is to be presumed that their suspension will be but temporary. Mr. Corlies, the senior partner, has been more than forty years in business in this city, part of the time as a member of the well-known Quaker firm of Corlies, Haydock, & Co., and has always been distinguished for his prudent business habits. The Bowery Bank, of this city, and the Central Bank, of Brooklyn, stopped yesterday. Henry A. Coit, who has long been regarded as one of our wealthiest citizens, and whose business operations have been very limited in proportion to his means, was obliged to let his paper go to protest yesterday for the want of some five or six thousand dollars. The character and extent of his liabilities beyond has not transpired, though no ultimate loss is likely to be sustained by his creditors. John M. Genin, the hatter, has also been obliged to suspend. He has been doing a very large business, his sales amounting to some $800,000 a year. He hopes to get an extension and pay in full. One of the most painful indications that the times are out of joint is contained in the following statistics of the number of employees who, we learn, have been discharged by the cloak-making houses of this city during the past two weeks. Previous to that date, the Cloak-makers' Association were unable to supply the demand for labor. This list comes up to noon to-day A. M. & R. Davies, 395 and 397 Broadway, have discharged 510 girls and 10 cutters. E. Mills, 97 Chambers street, have discharged 300 girls and 4 cutters. Brodie, Canal street, has discharged 124 girls and two cutters. McKenzie, Canal street, as discharged ninety girls and two cutters. Isidore Bernard, Grand street, has discharged 420 girls and eight cutters. M. Bell, 80 canal street, has discharged ninety-four girls and two cutters. S. M. Hendricks, Eighth avenue, has discharged sixtyfive girls and four cutters.

11. October 13, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 13, 1857

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Quite Surplus.. & number of persons deposited large sums of money in the bank this morning. The officers feel confident, though, that they can meet every demand, as their ability to raise specie is equal to the emergency. There was & run on the Marine Bank to-day, which lasted & few hours, but fell off when it was announced that the Bark would be kept open until o'clock to accommodate those who wanted spacie. There was also & slight run upon the Bull's Head and Ocean Banks, but the demands being promptly met, and the officers professing themselves fully prepared to meet any claims, the excitement soon tubsided. The Receiver of the Central Bank, Brooklyn, expresses the opinion that measures will be taken, in & few days, whereby their circulating notes may be redeemed. The Directors, in a published card, state that depositors will recover the amounts due as soon as collections can be made from accounts receivable. Notwithstanding the resolution of the Bank Meeting, to expand loans to the extent of three millions, the Weekly Bank Statement continues to show & rapid contraction of loans, reaching this week to the extent of $2,676,000. The loans are now lower than they have been since November, 1856, when they were $103,142,000, and the deposits were more than twenty milions larger than at present. The only Banksinthe list which do not show a contraction in during the past week, are the Manhattan, Merchants', City, National, Commerce, Republic and Nassau The largest reduction has been made by the Metropolitan. Inspecie the return is more favorable than has been anticipatedbank officers generally fearing that the figures would show a considerable deficiency. The report, however, shows how severe the drain by the country Banks and for hoarding has been, the Banks having had the full benefit of the California receipts of & million and a quarter, and of the average of the Sub-Treasury disbursements of over a million and a half, and yet show but a trifling increase. The interior, however, has been largely strengthened by what we have lost, and a portion of it has already found its way back to the city. The deposit line shows 811 apparent loss of $4,600,000; but making allowance for the withdrawal of the Bowery and East River Banks, and for the diminished business of the Clearing House, the actual decline is only $2,155,000, the undrawn line being $50,683,000 against $52,798,000 last week. This shows a more favorable condition of the deposit line than for several weeks past, as it in not so great as the reduction of loans. The circulation shows air ac ual decrease of about $130,000. The comparison with last week is as follows, deducting the two Banks which send in no report this week: Circulation. Loans & Dis. Deposits Specie. $67,978,657 Oct. 3. $7,916,102 $11,400,413 $105,935,499 Ded'ct Bow. ery and E. 937,846 262,846 43,395 R Banks.. 1,341,730 $67,040,841 $7,653 256 $11,357,018 104,593,769 63,801,681 7,523,599 11,476,293 Oct. 10 101,917,569 $3,737,130 $129,657 Decrease $2,676,200 $119 276 Increase The movement of the Banks since Nov. 1, 1855, has

12. October 14, 1857 Spirit of the Age Raleigh, NC

Article from Spirit of the Age, October 14, 1857

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# News of the Day. NEW YORK, Oct. 6-P. M.-The Evening Post regards the aspect of financial affairs as favorable, and The Commercial of this afternoon discovers no material change from yesterday. The specie lost by the banks last week went to sustain other cities standing in more need of it than New York. The movement is regarded by cool-headed business men as exceedingly praiseworthy, though the croakers made use of the loss of specie for the renewal of the panic. Stocks were firmer after the adjournment of the second board. The payments at the sub-treasury to-day were over one million and a quarter of dollars, which is a very encouraging feature. NEW YORK, Oct. 8th. The day closed gloomily. Notes of the Central Bank at Brooklyn were discredited this morning. Books and papers of the Milwaukie and Mississippi railroad were issued to-day by the Sheriff at the instance of the President of the Milwaukie Bank. LOUISVILLE, Oct. 7th. Financial matters are gradually tightening throughout the West, and unless the bankers discount beyond prudence or relief comes from other sources, many good houses will fall from the 1st to the 3d proximo. That period is anticipated with terrible anxiety. NEW ORLEANS, Oct 8th.-To-day money is very tight. First class paper worth 2½ per cent. a month. No failures. No movement in the trade is possible until the sterling bills can bring cash in New York. The Banks are extending every facility to factors. All are cheerful. THE SOUTH-CAROLINA BANKS. We learn from one of the Charleston papers that the S. Carolina Bankscannot suspend without forfeiting their charters. They must pay through any run or pressure to the last dollar in their vaults. 'Before this result could be reached, with all its disasters,' says the Charleston News, 'the people of South-Carolina, who were never freer from embarrassment, could and would sustain them with such a large supply of agricultural products equal to specie, and convertible at once into sustaining credits or specie, that the resources of the banks could be realized to any needed extent' It was rumored in the city last evening, that the Bank of Wilmington, and the Bank of Cape Fear, at Wilmington, N. C., refused to redeem their notes yesterday. The Commercial and Bank of the State, however, it is said, did redeem all presented. Petersburg Express of Tuesday. All rumor and nothing else. Wil. Herald. BOSTON, Oct. 7. The steamer Niagara arrived this morning. She brings Liverpool dates to the 26th ult. There is nothing later from India. Harrison, Watson & Co., Bankers in Hull, have failed. Their liabilities are large. The Emperors of France and Russia met at Stuttgardt on the 25th. Mexico accepts the negotiations of France and England. The Emperors of Russia and Austria are to meet at Weimar on the 1st of October. It is rumored that Lord Elgin will soon be appointed Governor General of India. Russia is fortifying the Straits of Euikall. COMMERCIAL. LIVERPOOL, Sept. 26. The sales of Cotton for the week previous to the sailing of 'Niagara,' amounted to 29,000 bales-declined ½ - close quiet. Manchester advices unfavorable. The stock in port amounted to 297,000 bales including 206,000 American. Flour steady-inferior slightly declined; quotations barely maintained; Canal 31 a 32; Southern 32 a 33½s. Wheat dull, having declined 2d on inferior; red 7s6d a 8s2d; choice new 8s6d; white 9s a 9½s. Corn-mixed and yellow 37½ a 38; white 41½ a 43½. Naval stores steady. Spirits Turpentine 38¼ a 39. Sugar and Coffee declined 1d. Rice heavy -Prices easier, but unchanged. Money market active Rates of interest generally unchanged. LATE FROM CALIFORNIA. The Star of the West arrived at New York on the 4th, with 450 passengers and $1,250,000 in gold.-Senator Gwin and Hon. Henry S. Foote were among the passengers. The Hon. John B. Weller, Democrat, has been elected Governor of California. His vote was 40,000--Bowie, Know Nothing about 27,000, and Edward Stanly, black Republican, about 27,000. The people of California had voted by large majority to pay their State debt. Mr. Venable, of Tennessee, U. S. Minister to Gautemala, is dead. The list of lost passengers of the Central America, received by the Star of the West, comprises those only from the Isthmus. The list from San Francisco was expected by the next steamer. ST. LOUIS, Oct. 8th.-A gentleman arrived here to-day from Leavenworth, who left on Monday last at noon. He says that the election was proceeding slow. The Free State men had possession of the polls, and were casting all the votes; the same case at Delaware. It is conceeded that Parrolt, the Black Republican, would beat Ransom for Congress. No disturbances up to noon. AUGUSTA, GEO. It is admitted here that the election yesterday has resulted in the election of Brown, dem., for Governor, from eight to ten thousand majority. The returns also indicate the re-election of Mr. Trippe, American, to Congress; Joshua Hill, American, in the 7th District, and Messrs. Crawford, Gartrell, A. H. Stephens and Wright, Democrats, in their respective Districts. Little has so far been heard from the 1st and 6th Districts. REV. LOUIS SKIDMORE. We have the mournful duty of announcing the death of this venerable servant of Christ. He departed this life at his residence in Charlotte county, Va., on Thursday, the first of present month. Few ministers have been better known in Virginia and North Carolina; or, in former years exerted a great influence, than the Rev. Lewis Skidmore. For some years past he has been in retirement, owing to age and infirmity. But he he has labored for Christ as his strength allowed. He died calmly, trusting in mercy and merits of the blessed Redeemer for rest in the world beyond the grave. Richmond Advocate PRICES OF COTTON. There will doubtless be great disappointment throughout the cotton growing States at the fall of that staple. Here it has gone down from 15½ to 13 cents and the market is very dull. In New York the Journal of Commerce of Monday last (after quoting prices for several days "nominal," there having been no sales,) says there is no current value to this article. A small sale of a quality classed as middling upland, although not strictly full quality, made to-day at 14, which is 2½c below price.

13. October 14, 1857 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, October 14, 1857

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The Pressure-Financial Affairs. We give below a number of extracts showing the distress which prevails in financial and business matters. The North-Carolina banks, with one exception, are standing firm, and the general belief appears to be that they will all go safely through the pressure. Some of them have been paying out considerable amounts of specie. Exchange here, when per XIS 01 every mony WORTH s! "peq be use " and gold, the basis of exchange, readily commands nearly the same figures. Fortunately, our people are not heavily in debt at the North. The pressure in New York and Philadelphia appears to be on the increase; at any rate, it is not abating. The last New York News says: This has been the bluest day yet on record.— One general gloom prevails throughout. The banks do not afford the fraction of the necessary assistance required. Merchants are failing all around, and ou op Brokers Discont error Follow mast erom business-a few trifling parcels at 2 to 3 per cent, is the utmost they report. Habitual bill discounters report that the payment of notes is now becoming the exception. Banks are accumulating loss upon loss, and Bank stocks are depreciating. The Continental Bank had to receive assistance early last week from the other banks, and to day another bank is reported. The banks for the most part have separated their interests from those of the merchants.They are, however, determined to keep up specie payments, as otherwise they would have to go into liquidation. A number of Albany bank officers are in town to-day, endeavoring to arrange with our City Banks for the latter to take and issue State money, there being a deficiency of currency, and no confidence in other than City banks. The Central Bank of Brooklyn has had its bihs rejected to-day by the street. The Exchanges, whether foreign or domestic, are wholly paralyzed. No remittances of any account can be obtained from the interior, and no rates of sterling bills of any consequence. Until this is remedied, heavy failures will be of daily occurrence. What were the largest houses are now the weakest, while the smaller ones are comparatively easy and comfortable. What is the remedy The Banks are wholly at fault they are useless for the requisite remedy; and it appears to us that the community will have to go on suffering until produce comes for ward in large quantities, shipped, and gold for it is obtained from Europe. California supplies are too small and too slow for us to recover our lost strength very quick. The circulation has contracted enormously consequence of depending too much on a paper currency liable to be discredited on a sudden. Paper forms too large a portion of our currency. But lately, enormous quantities of State, Eastern, New Jersey, and Western money, besides more Southern, were in circulation. The city currency has only slighty increased, and gold is too scarce to supply its place. Had we habitually a larger portion of the circulation in specie, no such contraction would take place. To this point we ought to come. Shinplaster and rag money is too subject to depreciation and fluctuations of confidence to be permayou pue 'yis 8 SB pood only s! 11 'uo relied Alluey good at all at a period like the present. Banks are unreliable for the supply of a circulation, and had better be confined for their more legitimate object of banking, which is discounting and loaning." MISSOURI. The St. Louis Republican, Oct. 4, says: Great numbers of operatives were discharged from our foundries, and other establishments, yesterday, in consequence of the derangement in money affairs. It is enough to bring a cloud of sadness over every one when so old a house as that of Mr. Chouteau is from any cause, compelled to suspend, even for a limited period. Very general sympathy was ex. pressed for the members of the house of Chouteau, Harrison & Valle, and the operatives thrown out of employment by their suspension. The business in which they have been engaged, both at the Iron Mountain and in this city, ought to be revived as possible. SU uoos ILLINOIS. The Chicago Press of Oct. 5th says: The bankers are making advances on produce, but the margin required to be put by the shippers is large, and in- this matter they are moving with great caution. One of our bankers said to us to-day that he had plenty of currency to buy all the produce that might offer; but, of course, on the terms above referred to. Gold dear. There are no fixed rates for ordinary currency. Ten per cent. premium are the lowest figures, and at these rates it can only be obtained in small quantities of some of the brokers. Most of them refuse to sell at any price, and all the regular banks do the same. Some of the brokers charge as high as from fifteen to twenty per cent. Exchange for collections rules to-day at ten per cent. premium. This rate is enormous it is true, but outsiders cannot obtain it even at these enormous rates. The Financial Crisis-Mass Meeting in Philadel. phia. PHILADELPHIA, Oct. 8.-A numerously attended mass meeting was held here this afternoon by our business men relative to the financial difficulties The call, which was signed by most of our prominent firms, was only issued during the morning but, being posted in every prominent position throughout the city, attracted general attention, and, notwithstanding the short notice, a large number of persons had assembled at the appointed hour. A number of speeches were made, and various views expressed. It was believed that New York was the cause of all the present difficulties. The New York banks had expanded $7,000,000in thirty one days, while an expansion of $17,000,000 in five months broke the United States Bank. Becoming frightened they curtailed in two months S $12,000,000; sufficient to produce a panic in the strongest community. The condition of laboring men was deplorably presented. Thousands would starve if there was not immediate relief. Extracts from letters from the largest manufa turers in the country were read Men implored aid for the pay ment of wages or else they would have to discharge thousands of hands. Notwithstanding it was their own interest to stop altogether, they were determined to keep on if possible. The remedy was in the renewal of confidence in the banks.Thus renew confidence, and all would be brought about by a discontinuance of the run on these institutions and not depriving them of the ability to move. Finance and Business at New Orleans-Heavy Decline in Cotton and Exchange. NEW ORLEANS, Oct. 8.-The excessive stringency in the money market has caused a further heavy dea cline in cotton, the reduction from the highest point being now 31 cents. The sales the past three days amount to 6,000, including middling at 13. Re ceipts continue to pour in rapidly, and the indica tions are that lower figures will be submitted to.All branches of business are more or less affected by the pressure, but the merchants are using their utmost endeavers to brave the storm. Sterling has still further declined. Financial Matters at New York. S! 9.-There Oct. NEW YORK.

14. October 16, 1857 The Union and Eastern Journal Biddeford, ME

Article from The Union and Eastern Journal, October 16, 1857

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$129,345,541 74 excess coigage. 160,000,000 00 add total coinage before '57 $289,345,541 74 now in the country. We were struck most forcibly with the following item from a New York paper relating to the failure of the Central Bank of Brooklyn, as showing the hollow basis on which banks have sometimes conducted their business. We give it entire. The Commercial has the following relative to the fallure of the Central Bank: "The Central Bank of Brooklyn, an institution with a small capital, and belonging to the younger class of the banks of that city, but whose business was considered so profitable that its stocks sold before the revulsion at twenty-five per cent. premium, has yielded to the pressure of the times and suspended payment. At half past 2 o'clock yesterday afternoon, a depositor in the Central Bank of Brooklyn, to the amount of about five hundred dollars, drew a check for $125, payment of which was refused, Application was immediately made to Judge Birdseye of the Supreme Court, for an order to show cause why the bank shoald not go into liquid tion, which was granted, and made returnable at 10 o'clock this morning, when:Mr. Copeland, President of the Bank testified in substance as follows : $200,000 The Bank Capital is Circulation 90,000 300,000 Deposits 1,000 Specie Discounts 400,00 We have no funds to any extent deposited in other banks. We are indebted to the Marine Bank of New York 825,000, which bank holds our paper as collateral to the amount of $18,000. In the savings department there are deposited $120,000, whinh is included in the $300,000, above mentioned; we have no other resources than the discounted paper with which to pay depositors, and the main part of which can not be realized short of two or three months. The resources being unavailable under present circumstances the bank is unable to continue its business. The collections within the last two or three months have been small. About $60,000 of paper becoming due has been protested within that time." Now here is a bank with immediate liabilities of $90,000 circulation, and $300,000 deposits, leaving only $1000 in specie, and its discounts $400,000

15. October 16, 1857 The Athens Post Athens, TN

Article from The Athens Post, October 16, 1857

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ST. LOUIS, Oct. 9.-The election returns from Kansas show large Democratic majorities. In Johnson the majority is 1,700, in Leavenworth 250, Atchison 60, Douglas 1,100. Both branches of the Territorial legislature of Kansas will be largely Democratic. HARRISBURG, Oct. 9.-The legislature is in session, called together on Monday last by the próclamation of Gov. Pollock, to take into special consideration the present critical condition of the circulating currency of the Commonwealth, caused by a suspension of the banks. The Senate passed a bill to-day legalizing the suspension of the banks, and extending the time for their resumption of specie payments until April next, provided the banks pay State deposits in specie. New YORK, Oct. 9.-Gallandet & Wetmore, bankers, have suspended. There was a run on Park bank early today, bat subsided before the close of bus. iness. All demands were promptly met. The banks have mutually agreed to provide a fund of $6,000,000 for the special object of providing means to send forward produce. Sr. LOUIS, Oct. 9.-The reports about the Kansas elections are very contradictory.Travelers just arrived here give conflicting accounts. Sr. LOUIS, Oct. 9.-Late news from Santa Fe announces the re-election of Otero. The Cheyenne Indians are anxious to conclude a treaty of peace. NEW ORLEANS, Oct. 9.-Money is tight and no exchange offering. But little can be done until Sterling Exchange can be sold for cash in New York. WASHINGTON, Oct, 9.-The Administration will probably soon recognise the present Government of Niearagua, with the view of making a treaty to secure the transit route. NEW-YORK, Oct. 8.-Bliss & Co., dry goods dealers, and Bowen, MeNamee & Co., a silk house, have failed, The assets of the latter are ample. Money is scaree, and sought for at all sorts of rates. The bills of the Central Bank of Brooklyn have been discredited. The day closed gloomily. NEW York, Oct. 10.-The Associated Press have decided hereafter to employ a substantial news yacht at Newfoundland, to board foreign steamers off Cape Race, thereby shortening the time of receptions of news to from 6 to 8 days. NEW YORK, Oct. 10.-Cotton and flour quiet; wheat 1 25a1 30 for white, 1 15a1 221 for red; corn 65a68}; Provisions dull. AUGUSTA, Ga., Oct. 10.-Reliable intelligence from Charleston announces the Suspension of the Bank of the State of South Carolina, C. M. Firmer, President. NEW YORK, Oct. 10.-A run was made on the Brooklyn and Bowery Savings banks to day-all demands were met. The Park Bank stood successfully. BOSTON, Oct. 10.-The Michigan Central Railroad have suspended until they realize from the proposed bond subscriptions. On the 10th of November their coupons will be paid as usual. CHARLESTON, Oct. 12.-The South-Western Railroad Bank, and the Bank of South Carolina, suspended this morning. There is a run on the other Banks. NEW YORK, Oct. 12.-Corning & Co., Bankers, in this city, suspended on Saturday. They are large stockholders in the Southern Bank of New Orleans. NEW YORK, Oct. 12.-The Bank of East River suspended on Saturday. A despatch says that the Grocers' Bank, of New York city, has suspended. Large Cotton factors at New Orleans have suspended.

16. October 20, 1857 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, October 20, 1857

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NEWS ITEMS, The new sugar crop is making its appearance in New Orleans. New York State has $343,611 67 deposited in the suspended banks within her borders. Ohio is the greatest wool growing State in the Union. Six millions of dollars worth have been raised there this year. The Siamese twins, now about 45 years of age, have fourteen children. They are about to proceed to Cuba to exhibit themselves. The New York State Fair at Buffalo closed on Friday. The total receipts this year have been $16,000. M The total valuation of Virginia, as shown by the recent returns of the assessor, is $214,000,000. 100 New York Banks have over fifteen millions of dollars locked up in railroad enterprises. The difficulty is that it is not immediately available." M The Central Bank of Brooklyn, which suspended on the 8;h, has gone into liquidation. A receiver has been appointed and the concern will soon be wound up. The Lyman Mill, at Holyoke, Mass., the Springfield Argus says, has commenced running again, six days in the week, and eight hours a day. This is certainly a good sign, if true. M Two brothers, Smith, proprietors of a splendid peach orchard near Sacramento, California, have realized between $60,000 and $70,000 this year from the sale of peaches. Attorney General Black has decided that if stamps are stolen or lost from the Post-office, the Postmaster is responsible to the Government for them. ET Hume, the American Spiritualist, is still creating great excitement in Europe by the wonderful exhibitions which attend upon his presence.

17. October 22, 1857 The Wyandot Pioneer Upper Sandusky, OH

Article from The Wyandot Pioneer, October 22, 1857

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A Day of Disaster in New York. The New York Post of Saturday evening, Oct. 10th, has a leading article from which we quote the following: THE DISASTERS OF THE DAY. The dark record of financial disaster has taken a yet darker hue to day. The Illinois Central Railroad, the most extensive single railway improvement in the country, has been compelled to make an assignment. They decline to furnish a copy of the instrument for publication, but they have prepared a statement, which will be found in another column. The following gentlemen are assignees of the company: Fredrick Schuel aidt, Joseph W. Alsep. Lethorp L. Sturges, Edward Cooper, J. No wion Perkins. Joseph H. Corlies & Co., a well known dry goods commission house, has also au pended. They are known to be worth three or four tin es their liabilities, and went to protest from inability to procure some seven thousand dollars. It is to be presumed that their suspension will be but temporary. Mr. Corlies, the senior partner, has been more than forty years in business in this city, part of the time ns a member of the well known Quaker firm of Corlies, Haydock & Co., and has always been disti guished for his prudent business habits. The Bowery bank of this city, and the Central bank of Brooklyn, stopped yes. terday. The particulars of these stoppages, so far as they have transpired, are noticed el sewhere. Henry A. Colt, who has long been regarded as one of our wealthiest citizens, and whose business operations have been very limited in proportion to his means, was obliged to let his paper go to protest yesterday for the want of some five or six thousand dollars. The character and extent of his liabilities beyond, has not transpired, thoughno ultimate loss is likely to be sustained by his creditors. John M. Genin, the hatter, has also been obliged to suspend. He has been doing a very large business, his sales amounting to some $800,000 a year.-He hopes to get an extension and to pay in full. One of the most painful indications that the times are out of joint is contained in the following statistics of the number of employees who, we learn, have been discharged by the cloak makiug houses of this city during the two weeks. Previous to that date, the Cloak Makers' As sociation were unable to supply the demand for labor. This list comes up to to day noon : A. M. & R. Davies, 395 and 397 Broadway, have discharged 510 girls and 10 cutters. E. Mills, 97 Chambers street, has discharged 300 girls and 4 cutters. Brodie, Canal St., has discharged 124 girls and 2 cutters. McKenzie, Canal St., has discharged 9) gir's and 2 cutters. Isadore Bernard, grand St., has discharged 420 girls and 8 cutters. M. Bell, 80 Canal St., has discharged girls and 2 cutters. S.M. Hendricks, Eighth avenue, has discharged 65 and 4 cutters. I P. M.-We understand that there is on unusual demand for specie at the Bowery Savings Bank to-day, and that a crowd of people beseiges its doors. 2 P. M.- the Erie Railroad has also made an assignment.

18. December 19, 1857 The New York Herald New York, NY

Article from The New York Herald, December 19, 1857

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Appeal to the German Citizens.-The N. Y. Infirmary and Dispensary for women and children, corner of Bleeckersnd Crosby streets, has treated 800 outdoor and 46indoor patients since its opening on the 12th of May last. Of these one third of the formerand one of the latter have been Ger mans. and as the institution is almost wholly dependent on subscriptions and private charities, our German citizens cer tainly owe something to a charity in which they are 80 largely represented. A good opportunity is now offered them for manifestingtheir interest in a material manner by visiting the fair which is now being held at the rooms of the Infirmary for its benefit, and thus contributing to the support of a useful charity. Holloway's Ointment.- For All the External injuries to which mechanics and workingmen, travellers. engineers, and others are hable, HOLLOWAY'S Ointment is the surest and most rapid remedy. It relieves pain, and re duces outward inflammation when all other means fail. FINANCIAL AND COMMERCIAL. MONEY MARKET. FRIDAY, Dec. 18-6 P. M. The tendency of prices in the stock market is still upward more than the Usual activity among speculators. ortunately for those who are looking for a much greater inflation the bull party operating for a rise is by no means strong, and cannot carry much stock. The strougest operators on that side have changed their tactics and are now pretty active sellers. The ease of the money market favors speculators for a rise, and they calculate upon a further inflation in all the leading railroad stocks, from the facility with which such securities can be hypothecated. At the first board to-day Virginia 6's advanced 1 per cent Missouri 6's; ½; National Bank, %; Delaware and Hudson. 1½; Cumberland, 1/4; Pacific Steamship Company, 1%; New York Central Railroad, %; Eric, M; Hudson Railroad, 1; Illinois Central Railroad, 2; New Haven and Hartford Railroad, 1: Reading, %: Galena and Chicago, %; La Crosse and Millwaukie, 1/4 Illinois Central Railroad declined ½ per cent. In State stocks there was a more active movement at better prices. Railroad bonds were freely offered. We notice sales of Reading Railroad third mortgage bonds at 66 per cent, cash. The upward movement in Michigan Southern old stock appears to have about ceased. The preferred has not been very active at any time since the greatest depression, and does not seem to be a favorite, even with the probability of the guarantee endorsement on the scrip of ten per cent dividends. The advance in Erie Railroad stock is perhaps the most extraordinary operation of the day. We understand that Mr. Moran, the new President, leaves for Enrope in the next steamer, for the purpose of making a final appeal to the holders of the 1862 bonds for sufficient help to carry out the new financial programme. Most of the bonds of that issue are held in Germany, and the only hope left is in being able to impress upon the minds of holders the importance of coming forward to the relief of the company. If they do not respond there is no other alternative but to place the road in the hands of receivers. In that event the stockholders will lose everything. In the hands of the mortgage bondholders the Erie Railroad might be made, with good management, a productive property. In the hands of active, practical men the road can be made, with economy, to carn just about seven per cent on fifteen, and perhaps twenty millions of dollars; but it will require very close, careful management to do even that. Much depends upon the success of Mr. Moran's mission. He may possibly prevail upon the Germans to extend the necessary relief and take the class of securities offered: but it will be only for the purpose of saving the investments already made in the road. At the second board the market was very dull, and a very small amount of business was transacted. Missouri 6's advanced ½ per cent; Erie Railroad, 36; La Crosse and Milwaukie, % Hudson River Railroad, M. New York Central Railroad declined % cent Reading, % Cleve. land and Toledo, % Chicago and Rock Island, %. At the close a very heavy feeling prevailed, and no one was disposed to operate. The Assistant Treasurer reports to-day as follows $101,282.56 Total receipts 68,747 24 Total payments Total balance 4,033,842 03 The receipts to-day include $50,000 from customs. The steamship Canada. at Halifax from Liverpool, brings us one week's later intelligence. In money matters there had been no change for the better. Consols had slightly improved. The comon market, since the departure of the previous steamer. had advanced a fraction, but was not sustained, and closed at previous prices. Breadstuffs were quiet, without change in prices. Several heavy failures are reported both in London and in Hamburg. A bill of indemnity to the Bank of England had been introduced into the House of Commons. The news is on the whole, less favorable than anticipated. The mails will be anxiously looked for. The steamer will be due at Boston to-morrow-Saturday-night, and it is possible that the mails may not reach us until Monday. The steamship Philadelphia, from this port for Havana to-day. carried out $300,000 in specie. The order appointing a receiver for the Central Bank of Brooklyn has been discharged, and the bank is now at liberty to continue business. The Washington Insurance Company has declared " somi-annual dividend of ten per cent, and an extradividend of five per cent, both payable on the 2d of January next. A meeting of the stockholders of the Hartford County Bank was held at Hartford yesterday to take into consideration a proposition to reduce the capital of the bank. The capital was originally $600,000, and the Bank Commissioners compute the losses at $240,000, leaving $850,000. In the course of the debate it was stated that a considerable amount would be ultimately realized from the assets set down as bad by the commissioners. The earnings of the Erie Railroad for the month of No. vember. 1807. were. $418,092 22 520,451 09 Earnings November, 1856 $102,358 87 Decrease " is stated that the Galega and Chicago Railroad Com-

19. December 19, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 19, 1857

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RAILROAD Island Railroad was killed at Jamaica yesterday afternoon by being run over by the cars as they started from the depot. He had left the cars to take some refreehments at the depot, and neglected to get on board until the cars were under headway. He was thrown under the car and the whole train passed over him killing him instantly. His body was left at Jamaica' THE MERCANTILE LIBRARY.-A meeting of the subscribers to the new library association was held on Thursday evening, at the Atheneum, A. B. Capwell, esq., presiding. The committee appointed at & previous meeting to solicit subscriptions reported that they had succeeded in obtaining subscriptions to the amount of $8,865, beside donations of valuable books from D. Appleten & Co. and others. A constitution was then submitted and adopted. Membership can be obtained by paying $1 initiation fee and $1 50 for the first six months; regular dues to be $1 50 semi-annually, in advance. Life membership can be obtained by payirg $50 in one sum, and on the payment of $100 the life member shall be entitled to draw two sets of books at cre time and the use of the reading-room for his family. Any person can join the association on paying the initiation fee and regular dues; also females shall be entitled to the privileges of the library on the same conditions. It was decided to accept the proffer of the proprietors of the Atheneum to establish the library there for the present, they having tendered it free of rent, and it being the most eligible location. SUNDAY-SCHOOL Anniversary.-The fourth anniversary of the Sabbath School attached to the North Sixth street Presbyterian Church, took place on Thursday evening, and was attended by 8 large number of persons. The exercises consisted of singing speaking and an address by the pastor, Mr. Magee. The Superintendert, Mr. Sangster, made the first annual report, from which it appears that at the commencement of the year there was an attendance of 121; at the last Sabbath, 387. The increase was principally owing to the exertions of the children who had become missionaries and induced others to attend. During the past seven months the children had committed to memory 29,660 verses of scripture, hvmns. &c. The exercises are to be repeated on Monday evening next. MASONIC ENTERTAINMENT Masonic entertainment and banner presentation by the ladies of the Eastern District, in bonor of Stone Square Lodge No. 5, F, A. M., on the evening of the 29th inst., in the Apollo Rooms in Meserole street. CLOSING OF THE EVENING SCHOOLS.-The evening schools in the Eastern District are to be closed on Wednesday evening next, the funde appropriated for that purpose having been exhausted. THE CENTRAL BANK OF BROOKLYN.-On Thursday Judge Davies granted an order discharging the order made by Judge Birdseye, appointing John L. Spader, esq., as Receiver of this bank; and granted 8 certificate approving of the statement of moneys received by bim as such Receiver. The bank is in active operation. FIRE DEPARTMENT CONCERT.-The concert for the benefit of the Widows' and Orphans' fund of the Eastern District is to be repeated on Wednesday evening next. At the first concert the hall was crowded, and many were unable to gain admittance. The receipts amounted to over $500. ATTEMPT TO KILL.-A young fellow named John Seibert, belonging in New-York was arrested Thursday night by Officer Gabriel of the Sixth District Police on a charge of stabbing, with intent to kill, John Baurman, grocer, corner of Leonard and Marshall streets. Accused, with two companions, entered Baurman's grocery and upon leaving stole a quantity of bar soap. Baurman pursued them. and upon coming up one of the party threw snuff in his eyes and another stabbed him on the right arm, inflicting a wound about an inch in depth and two inches in length. Information was given to the officer and he succeeded in arresting one of them. Seibert was taken before Justice Feeks yesterday and admitted having stabbed Baurman. He was accordingly committed for trial on a charge of stabbing with intent to kill. CHILD FOUND-A female child was found dead yes. terday morning in & vacant lot between Third and Fourth place. The Coroner was notified. FATAL ACCIDENT.-Biidget O'Connor, residing at No. 49 Main street, fell down stairs on Thursday evening, and fractured her skull in such a manner as to cause her death in a few hours. The Coroner was notified. ROBBING A MONEY DRAWER.-Two young fellows, named Wm. Smith and Wm. Adams, were taken before Justice Feeks yesterday and sent to the Penitentiary for #60 days, for robbing the money-drawer of Christian Schuschardt's butcher shop, corner of Marshall street and Grabam avenue.

20. December 19, 1857 New-York Daily Tribune New York, NY

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THE CENTRAL BANK OF BROOKLYN.-On Thursday Judge Davies granted an order discharging the order made by Judge Birdseye, appointing John L. Spader, esq., as Receiver of this bank; and granted 8 certificate approving of the statement of moneys received by bim as such Receiver. The bank is in active operation.

21. December 19, 1857 New-York Daily Tribune New York, NY

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Mr. R. A. Tooker, late of the Nassau Bank, has been elected Cashier of the Artisans' Bank. The order appointing & Receiver of the Central Bank of Brooklyn has been discharged, and the Bank is now at liberty to continue its business. The following sales were made at auction by S. Draper: .T for lat 13-3.101

22. August 3, 1870 The New York Herald New York, NY

Article from The New York Herald, August 3, 1870

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A FINANCIAL SMASH-UP. Suspension of the Central Bank, Brooklyn. Speculation as to the Cause of Collapse-No Money Paid Out, but Deposits AcceptedHow the Matter Now Stands. There was considerable excitement caused in business circles of Brooklyn yeaterday by the startling announcement that the Central Bank of that city had failed. Inquiry elicited the fact that the bank in question, which is situated at No. 345 Fulton street, had suspended payment in compliance with an injunction of the Supreme Court, granted upon the motion of the counsel for the stockholders, to restrain the officers of the Central Bank from paying out any more money until the financial condition of its affairs could be investigated. For some time past this institution has not borne the best reputation for its management in well-posted banking circles. The bank WAS ESTABLISHED IN 1855 under a State charter. Its capital was $200,000, in 4,000 shares at nity dollars each, par value. In 1857 it suspended payments, duridg the panic. temporarily, but after a few days resumed business again, and has since continued to meet its liabilities. The directors have been careless, it is said, in their supervision of the affairs of the bank, and the consequence was that a lack of confidence was engendered in the minds of those who had an opportunity of knowing the real condition or the bank. TMK PRESIDENT of the Central Bank, Mr. H. L. Pruyn, is an extensive speculator in real estate, who has within the past three or four years erected several costly buildings on Washington street and vicinity. He owns the largest proportion of the capital stock of the institution. The amount of loans and deposits for the quarter ending July 1, was $492,000, and the profits $29,000. This statement was considered sound enough provided the securities proved good. The latter, however, is believed by many, are made up of collaterals involved in the President's real estate transactions. THE ACTION OF THE MARINE BANK of New York recently tent the deathblow to the Cen. trai Institution, by notifying all other banks th at it would no longer continue to honor the checks of the latter bank. Thus the Central was cut off from the banking institutions of the district, and hurrted on to the damaging ultimatum of suspension. It is claimed, notwithstanding, that the depositors accounts can be settled in full. the assets of the bank being ample for that purpose. THE DISCOVERY OF THE DIFFICULTY was made yesterday morning shortly after the opening or the Central Bank, when a depositor who had $12,000 to his credit presented a check for $200. The paying teller candidly* informed the gentleman that there was only one dollar remaining in the drawer, and that he had but just paid over $2,000 to another depositor, which left them short. This was not considered as a satisfactory explanation, and further inquiry elicited the fact that they were unable to meet their liabilities, but would probably be all right again in a few days. MINDING THE MAIN CHANCE. While this conversation was taking place it was remarked that the uninitiated were allowed to make deposits, and that money was being taken as usual, though none was paid out on checks. Mr. John I. Spader, cashier, has been appolated receiver by the court, and, until the settlement of the affairs of the Central Bank, no money can be paid out. AN ANGRY CROWD of depositors were assembled on the sidewalk in front of the unhealthy financial institution in queswere in heads of clais. and emptying tion deep, yesterday The the upon viais afternoon the of devoted their wrath. who language the engaged bank loud oil. in stockholders have determined to take steps to have the affairs of the bank wound up, and thereby meet the liabilities.