3fa6138cAccommodated withdrawals
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Rumors of another Revolution in the Papal states are again current. NEW York, March 6. BANK PANIC. Reports unfavorable to the character of the Hollister Bank (at Buffalo,) Henry Keep's Bank, Lewis County Bank (at Martinsburg,) and the Hamilton Bank, are in circulation. There is quite a panic in the street.
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THURSDAY, March 13-P.M. There was a better feeling at the Stock Board this morning, with more disposition to operate. The sales of Reading were upward of 4,000 shares; Harlem 2,500 shares, &c. At the Second Board the sales of Harlem were also large, reaching 1,800 shares. Generally the prices show an improvement upon yesterday's sales. The most buoyant fancy was Reading, which improved cent. Erie improved cent. Portsmouth. Madison and Indianapolis 1. Canton 1. Norwich was fim at 63, and Mohawk at 90. A sale of Panama Railroad, at sellers option, 12 months, was made at 75. Erie Income Bonds were in good demand, and advanced to 931; Convertibles firm a 901. There is a rather better feeling in Bank Stocks. In Exchange there is nothing of importance doing, and the rates are firm. Sterling 93@101; Francs 5.10 @5.071. The supply of bil's is moderate. Freights are lower. Cotton has been taken at 3-16@d.; Corn, 5,000 bushels at 41d.; Wheat, 20,000 bushels on private terms; Dead-weight 15s.; Flour is 12d. To Glasgow, 4,000 bushels Corn were taken at 6d. To California there is a better business at 50@60c. There was an active demand for Money in the morning, but the market was afterward easler. We notice no change in rates. It being settling day with the Banks added to the demand. Paper goes at 627 cent for first class sixty day, and 7 cent for longer dates. Single name paper is difficult of negotiation. Loans on call are 677 cent on good stocks. Another draft for $200,000 on account of the Mexican Indemnity appeared to-day and was paid, the coin going into the Bank of the State. A draft for $145,000 in favor of the Disbursing Officer at Albany was also paid into the Merchants' Bank. The entire disbursements at the Sub-Treasury are $560,323; Receipts $88,136; Balance $3,930,290. The Bank of North America Stock is fall with-in $70 or $80,000. We understand that Mr. Williams, the present Cashier of the City Bank of Boston has been appointed Cashier of the Bank of the Metropolls. The Irving Bank is to commence business at 279 Greenwich st. on the 24th inst. The officers are Edgar H. Laing, Freeman Campbell, David B. Moses, Marshall Pepoon, Abraham Frazee, William Radford, Geo. H. Bell, Henry Conklin, R. R. Wood, Alex McKenzie, E. T. Blodgett, D. Morrison, Wm. M. Pullis, H. I. Hart, John Romer Directors. EDGAR H. LAING, President. John Thomson, Cashier. The Lewis County Bank continues to redeem at its counter. Washburn & Co redeemed them yesterday at Albany. The Utica Gazette says: The bills of this bank were redeemed in this city yester-day all day, by Mesara Hollister and Ballau. $20,000 in current bills were sent yesterday afternoon to the bank at Martinsburgh. There was a letter received in this city, from the cashier of the bank, stating that he would be able to redeem all the money that could be sent on to him. Hon. J. C. Spencer has addressed a letter to Mr. Allen, Chairman of the Committee on Canals in the Assembly, vindicating the constitutionality of the proposition to anticipate the surplus revenues of the Canals for the purpose of enlargement, as proposed in the bill introduced by Mr. Burroughs. At Boston there is more ease in the Money market, and loans are made with more freedom. Call loans are 9@10 cent, and first class name Paper at $29 cent. Small change is becoming more plentiful in Baltimore, and the premium on si ver is declining. The Eastern Sentinel of the 8th inst. states that the necessary arrangements have been made for commencing the Delaware, Lehigh, Schuylkill and Susquehanna Railroad. The work will be commenced on the sixteenth mile above Eastor, a short distance below the mouth of the Little Lehigh. A San Francisco Banking House estimates the amount of gold shipped from California, since the first discovery in 1849 at $68,500,000, A correspondent of the Philadelphia Ledger says: Pray, Mesars. Editors, explain how a "Safety Fund Bank can become "a bad concern." Your paper of this merning says the brokers of the City of New-York will not buy the notes of the Lewis County Bank; now I have been under the impression that the notes of the Safety Fund Banks were always made safe by the Register of the State issuing countersigned notes, equal only to an amount of State Stocks which have been deposited with him as collateral security. In commenting upon this communication the learned financial Editor of the Ledger proceeds to show that "Safety Fund" Baks may make bad failures, because the securities pledged to secure the noteholders fluctus'e in value, and may not sell for sufficient to pay the notes, &c. &c. The correspondent seems to have some lingering doubts of the correctness of his impressions, but the Bunsby of the Ledger writes with all the dignity of an oracle, and as if he really understood the subject upon which he is writing. The antipathy of the Ledger to all Banks leads it easily into errer upon the subject of Banking, and it becomes our duty to dispel its ignorance in this case. The "Safety Fund" system is the old system of Banking of this State, and the Fund consisted of per cent yearly contributions from all Banks in the State. This fund was pledged for the redemption of the notes of broken Banks, and was long ago exhausted by the demands upon it. The amount which is yet due up to the expiration of the last Safety Fund charter, is pledged for the redemption of the scrip issued by the Bark Department in payment of the notes of exploded Banks. The Lewis County is a "Safety Fund" Bank, and bas not a dollar of secerities pledged for the redemption of its notes. The "Free Banking" System is the new Banking System of the State, and under it all the notes of the Banks are amply secured by securities deposited with the Controller. Soon after the passage of the Law there were some swindling Banks organized under it, and brought the system into some discredit by exploding,-Stringent amendments have since been passed, and the system now affords perfect security to note holders. So ample is this security, and such is the entire confidence of the public in it, that when the failure of three of these free Banks was announced in the journals a few days since, and for a day or two generaily believed, their circulating notes passed from hand to hand with the same freedom as before, and the brokers bought them at the same discount as other uncurrent money. As far as the note holders are concerned, there is no safer barking system in the world than the present law of this State. A new Bank is about to be established at Fishkill Landing, with a capital stock of $100,000. On the 10th inst. 23 miles additional of the Atlantic and St. Lawrence Railroad, from South Paris to Bethel Hill was opened with proper ceremony. This makes seventy miles of road in running order. It is stated in the Burlington Free Press of the 8th inst., that Judge Bennett has granted the injunction prayed for by Mr. Byron Stevens, against the Rutland and Burlington Railroad Company, to restrain them from proceeding to construct the extension of their road to Swanton, A meeting of the friends of the Dabuque and Keokuk, Railroad was held at Iowa City, at which two companies were organized to wit: the "Dubuque and Keokuk Railroad Company north," and the "Dubuque and Keokuk Railroad Company south." The first is to build the line from Dubuque to lowa City, and the latter the road from City to F Committe