16740. Winslow, Lanier & Co. (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
October 17, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
39cdd115

Response Measures

None

Description

Winslow, Lanier & Co. (NY) suspended on Oct 17, 1857 amid the general panic of 1857. Contemporary reports describe the suspension as caused by panic/misapprehension (not insolvency) and state the firm had ample surplus; the house resumed payment and business on Oct 31, 1857. No clear, discrete 'run' triggered by a false rumor is described in the articles, so classified as a suspension with subsequent reopening.

Events (2)
1. October 17, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the nationwide financial panic of October 1857; accounts state the firm suspended due to panic/misapprehension and fear of heavy drafts from depositors/correspondents rather than insolvency.
Newspaper Excerpt
Winslow, Lanier & Co., have suspended and will go into liquidation. They show a large surplus.
Source
newspapers
2. October 31, 1857 Reopening
Newspaper Excerpt
The house of Winslow, Lanier & Co. resumed payment in full this morning, and will continue their business as usual.
Source
newspapers

Newspaper Articles (12)
1. October 17, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 17, 1857

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ty of raising money upon usual collaterate. These assets under any other state of the money market would have been abundant to meet three times its present liabilities, but are now entirely unavailable The house has never been a borrower, has not a piece of paper out and ewes nothing but balances due its correspondente, principally at the West. Since the 1st of September it has paid over $800,000 of deposits. Within the past three months its means have been invested in strictly first-class commercial paper and on call loans with stock collaterals. These call loans are not responded to and a large amount of the paper is in & state of surpension. In this state of things with their large means locked up in suspended but to & large extent eventually good assets, Measrs. Winslow, Lanier & Co. have been unable to meet the drafts of their correspondents. They have been gradually winding up their affairs for a year past and will now go at once into liquidation, abundantly able to pay all their liabilities and leave a very large surplas. Messrs. Winelow, Lanier & Co. have for several years past been extensively and intimately connected with Western banking and railroad interests, and in that section especially, this announcement will be received with surprise and regret. All remittances received since their suspension, from their correspondents, will be held for their benefit, and all collections in the bands of the house will be delivered on the order of the owners. There is more tone in the street and & general resolution to look on the cheerful side of things, and to aid in every way in working the country out of its present embarrasements. Much time will be needed before the relief will be marked and permanent, and much financial disaster must yet be endured. The fury of the storm is passed, but there is yet a heavy ground swell, which may wreck many a fair bark. The feeling, however, is decidedly better. The discounting Banks were liberal to-day, in every case, as far as we could learn loaning the full amount of their receipts, and in some cases considerably more. In the street money on call is very scarce and obtainable only on choice securities. In the discount houses there is nothing doing. The nominal rate of first-class names is 3 P cent, but the transactions are too few and irregular to furnish & quotation. Capitalists were driven a few months since by distrust of stock securities, to employ their money in paper and they are now driven back again to stocks by the uncertainty resting on even the best mercantile names. There is more activity in bulion to day. Much of the gold by the Aspinwall steamer has been bought by the brokers at 1@2 P cent premium. American coin is selling at 1@3 P cent, with more demand than existed yesterday. Some considerable parcels have been taken for New-Orleans, Baltimore and Philadelphia, and for some interior banks. Notwithstanding this premium, the city banks are receiving considerable amounts on deposit over their countersin one case we heard as high as $60,000. The specie line of the banks has been undoubtedly considerably strengthened since the suspension, and it is thought show $6,500,000 to $7,000,000 in the average next Monday. The settlements at the Clearing-House were regularly made to-day. The amount of Exchange was emall-$9,364,435. The country money used in the settlements is deposited with the Metropolitan Bank, who issues certificates for it, which are used at the Clearing-House as the specie certificates of the Bauk of America have been. The following is the form of the certificate: $1.000. METROPOLITAN BANK. No. NEW YORK, Oct. 16, 1857. This certifies that the has deposited in this Bank One Thousand Dollars in the circulating notes of the Banks of the State of New-York. to be held in trust as special deposit, payable in the circulating notes of the Banks of the State of New-York on demand to any of the following Associated Banks only, viz: Bk. of New-York, Fulton Bank, Am. Ex. Bank, North Am. Manhattan Co Chemical Bk., Bk. Commerce, Hanover, Irving, Merchants' Bank, Mer. Ex. Bk., Bowery, Metropo'n, Mechanica' Bank, National Br. Broadway, Citizens, But & Drov., Ocean, Union Bank, Grocer's Mech. & Trad., Mercantile, Bank of America, Nassau. Greenwich, Pacific, Phenix Bank, East Rlv., Lea Manuf., Republic, City Bank. Market, North Kiver Bank. Sev'th Ward, Chatham, Nich's, Tradesmen's Bank, Bk of State, People's, Corn Exch'e Comunowealth, Oriental, Shoe & Leather, Continental, Atlantic, Park, Marine, Importers' & Traders' Bank, Artisans. On presentation of this certificate, indoreed by the Bank de. Cashier. mending payment of the same. $1,000. Vice-President. The above named banks. number. now con-

2. October 18, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 18, 1857

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BY TELEGRAPH. CINCINNATI, Oct 17.-Chase is elected Governor by over 1000 majority. All the ticket except Blickensderfer run ahead of Chase. NEW YORK, Oct. 17.-Flour buoyant. Wheat, white 1.371, red 1.271 Corn firm. Pork quiet.Whiskey 21c. Sugar steady. Beef 12a14c. Lard 14}a15. Linseed Oil unchanged. PHILADELPHIA, Oct. 17-The notes of all solvent banks of Pennsylvania except the Anthracite and Farmer's are taken on deposit. CINCINNATI, Oct. 17-Flour $4,40a4,50; Corn 40c.; Oats 30c.: Whisky 13tc. The failure of Winslow Lanier & Co., unsettled the feeling in regard to Indiana funds. LOUISVILLE, Oct. 17.-The Jeffersonville branch of the Bank of the State of Indiana refused to pay specie for its bills. SYRACUSE, N. Y., Oct. 16.-The mail train was thrown off the track, West of here, last evening. The baggage, mail and four passenger cars were crushe1. All the mail bags except one are lost. Miss Brown, of Toronto, was drowned. Mr. Brownson, of New Britain, Conn., died of his injuries today. Twenty other passengers were wounded-six seriously. NEW ORLEANS, Oct. 16.-Corron.-Sales, 2500 bales at 91@91. Sales of the week 15,000 bales. Receipts 3,660 bales. Stock 113,230. Decrease in receipts 60,000 bales-decrease at all ports, 101,860 bales. Red Wheat $1.05. Corn 75c. Coffee 10c. Nothing done in exchange. No run on the banks to-day. Confidence is returning. No failures re ported. The suspended banks anticipate an early resumption. Affairs easier. PHILADELPHIA, Oct. 17 -The report that the Bank of Pennsylvania had made an assignment is positively contradicted by & director of that bank. NEW YORK, Oct. 17.-The steamer Asia has arrived with Liverpool dates of the 3d. She brings thirty thousand dollars in specie. She passed the Europa on the afternoon of the 3d, the Baltic on the morning of the 5th, and the Persia on the afternoon of the 7th. Her dates are anticipated by the Vanderbilt. ST. LOUIS, Oct. 17.-Nothing doing in Wheat, tobacco or hemp. Oats 35@40. White corn 65. AUGUSTA, Ga., Oct. 17.-The banks here suspended this morning. CINCINNATI, Oct. 17.-The returns from all the counties in. Each party claims the victory. At a meeting of the brokers this morning, they resolved to receive at par notes of all the New Orleans banks, and all bills bankable at N. York, Boston, Philadelphia, Pittsburg and Baltimore. This caused much improvement in the money market. NEW YORK, Oct. 17.-Winslow, Lanier & Co., have suspended and will go into liquidation. They show a large surplus.

3. October 19, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 19, 1857

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Suspensions. NEW YORK, Oct., 17.-Messrs. Winslow, Lanier & Co., extensive bankers, have suspended. They will go into liquidation, as they have a large surplus above their liabilities. AUGUSTA, Oct. 16.-All the Banks here suspended this morning.

4. October 19, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 19, 1857

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MONETARY AFFAIRS. CINCINNATI, Oct. 17.-At a meeting of the Bankers this morning, it was resolved to receive at par notes on all the New Orleans Banks and all the Banks that are bankable in New York, Boston, Philadelphia and Pittsburgh. THE caused much improved feeling in the money market. New Your, Oct: 17.--Winslow, Lanier & On: have suspended. They will go into quidati. n and have a large surplus, PHILADELPHIA, Oct. 17.-Some alarm was occasioned by the report that the Penna. Bank had made an assignment. The runor positive lv contradicted by a Director, who declares such a notion has never been broached in the board, nor entertained bv any members of the board now in session. They will probably give an official contradiction. NEW ORLEANS, Oct. 17.-The run on the city Banks has subsided and confidence in their sta bility being restored. Affairs have assumed a more cheerful appearance and the money market is ensier. The free Banks that suspended specie payments, anticipato an early resumption. No failures reported. There is still nothing doing in exchange. ACGUSTA, GA., Oct. 17.-All the banks of this city suspended this morning. PUILADELPHIA, 10 p. m.-The notes of all solvent banks before suspension in this State, excepting the Anthracité Bank of Tamaqua and Farmers of Lancaster, are now taken on deposit in all the Banks of Philadelphia and are paid out for their checks and notes. It is supposed arrangements will be made, also to take any Penna. and Virginia notes. Virginia notes are nt a discount of 1 to 10 per contuni. LOUISVILLE, Oct. Jeffersonville Branch Bank of Indian refused specie for its bills. CINCINNATI, 10 P. M.-The Brokers have had two currency meetings but arrived at no definite conclusions. BOSTON, Oct. 17.-Result of the Bank Directors meeting to day authorizes an increase of loans to the extent of three millions. Stocks better and more orders for investments com ing in.

5. October 19, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 19, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] STRACUSE, N.Y, Oct 16-The mail train Was thrown off the track, west of here, last evening. The baggage, mail, and four passenger cars were crushed. All the mail bags except one was lost. Miss Brown, of Toronto, was drowned. Mr. Brownson, of New Britain, Conn., died of his injuriesto-day, Twenty other passengers were wounded; six seriously. NEW Orleans, Oct. 16.-Cotton sales, 25000 bales at 9t a 91 Sales of the week 15000 biles. Receipts, 3,660 bales; stock, 113.230, Decrease in receipts, 60,000 bales. Decrease at all ports, 101,860 bales. Flour 5.25; Red Wheat 1.55; Corn 65; Coffee 10. Nothing done in exchange. No run on the Banks to-day; confidence is returning. No failures reported. The suspended Banks anticipate an early resumption. Affairs easier. Philadelphia, Oct. 17.-The report that the Bank of Pennsylvania had made an assignment is positively contradicted by a Director of that Bank. The steamer Asia has arrived with Liverpool dates of the 3d She brings thirty thousand dollars in specie. She passed the Europa on the afternoon of the 3rd. The Baltic on the morning of the 5th and the Persia on the afternoon of the 7th. Her dates are anticipated by the Vanderbilt. Sr. LOUIS, Oct. 17.-Nothing doing in Wheat, Tobacco or Hemp. Oats 35a40. White Corn 65. AUGUSTA, Georgia, Oct. 17.-The banks here suspended this morning. CINCINNATI, Oct. 17.-The returns from all counties are in ; each party claim the vietory. At a meeting of the Bankers this morning, they resolved to receive at par, notes of all the New Orleans banks, and all bills bankable at New York, Boston, Philadelphia, Pittsburgh and Baltimore. This caused much improvement in the money market. NEW YORK, Oct. 17.-Winslow, Lanier & Co., have suspended and will go into liquidation. They show a large surplus. RICHMOND, Oct 17.-The Custom House robbers, Wheeler and Somerville, have been arrested and a portion of the money recovered. WASHINGTON, Oct. amount in the Treasury subjectto draft is $12,896,831. NEW YORK, Oct. 17.-The Tribune has a despatch which says that Alexander Ramsey, the Republican nominee for Governor of Minnesota is elected and the whole Republican ticket successful. Iowa, Oct 17.-Twenty seven counties heard from, indicate that the Republicane, have elected, their ticket by 30,000 majority. BOSTON, Oct. 17.-The Bank Directors held a meeting to-day, and authorized an increase of loans of $3,000,000.

6. October 19, 1857 The New York Herald New York, NY
Article from The New York Herald, October 19, 1857

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Suspensions, Extensions, Failures and Assignests Reported since Wednesday, Oct 14. Front & Forrest, "cordage," New York; connected with New Orleans, and had large engagements of sugar. 8. & F Lawr, nee, dry 8 ods, New York, suspended. Bunn, Raiguell & CO, Philadelphia. Winslow, Lanier & Oo. bankers and brokers, New York, suspended. Largely connected with Indiana and other parts of the West. J a Edgerly & Co., grain dealers, Boston. Assets double the amount of their liabilities. Gregory, Tilton & Co., dry goods, Boston; ask an ex tension; have a sple means to pay in foll if not forced to secrides Tenny & Bill'ster, dry goods, Boston, suspended. Beldwis & Gillis. Bartsborn & Ames. J. W. Noy em Gage Warner & Whitney. These houses belong to Navhus, and ha 0 assigned their property to the Sounegan, Derry as and Indian Head banks, for the b ned: of sheir creditors Their assets are said so 10 be three times as great as their liabilities. be creditors of the Pactic Mile Com ,eny are granting the extension asked for. Holders of more than $100,000 of their paper have already called and acceded to the arrequement offered this is one of thelargest and bas. Coaduoted mills ID the country. sampson, Baldwin & Oo.. dry goods Boston, suspended. Another eport says they were "deaters in Yankee no tions" Ch ison, Gould & Co., furnaces and stoves, ask an exten sion. Curtis, Tobey & Sampson, dry goods jobbers, Boston, suspended. Another report calls the firm Cartis, Tobey & To D J. C Howe & Co. Boston, ask and will obtain an ex on sion. (They desire a renewal of their paper for Blx months, with interest. H. w. Derby "bock merchants," Circinnati, made an assignment.

7. October 20, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 20, 1857

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The Bank of the State. MR. EDITOR As your statement that Winslow, Lanier & Co. held large sums from the new and old State Banks is not correct as regards the new State Bank and may create an erroneous impression as right. regards the old, I beg leave to set you The new State Bank has not altogether over $40,000 in the hands of that house, which would be only $2,000 to each Branch, provided all had accounts with them. As the fact is, the largest balance held by them from any one Branch does not probably exceed $6,000 while on the other hand they own stock in all the Branches which kept an account with them, and in none in a smaller sum, I believe, than $10,000. As this stock is all paid in and is bound for any balances held by them, there could, in no event, be any loss. But as they are abundantly solvent. no loss could in the end occur even without estimating their stocks; and the amount they hold for the new Bank being SO small the temporary deprivation of it can give it no inconvenience whatever. To the OLD BANK their indebtedness is much larger; but the Branches having provided fully for their redemptions without regard to the balances in the hands of Winslow, Lanier & Co., will in sion. no degree be prejudiced by their suspenThe new State Bank can only preserve her franchises by maintaining specie payments, and being abundantly able to maintain them has decided to do it.Should a few Branches be unable to stand the pressure for redemption of their notes, still their suspension-should any occur-would not destroy the charter or effect the value of their notes. The other Branches would receive them in payment and on deposit as usual, and would be liable for their redemption should the suspended Branches themselves be unable to pay them in full. That the bank as a whole is very strong, and will sustain itself admits of no doubt, and no apprehensions should be felt in any quarter, even should a few of the banches most exposed be compelled temporarily to yield to the redemptions demanded of them. One word on another point. There are those who have urged that the new Bank ought to suspend to relieve the wants of the community by giving discounts payable in its own suspended notes. Such do not consider that a suspension would give the Bank no such power. Its functions as a Bank would cease, except in SO far as necessary to close up its business. The constitution settles this point. Hence, were the Bank at large to suspend, it would cease to exist, except as a Bank in liquidation. By maintaining specie paymenąs its rights will be preserved, and if properly administered it will become in the future what the Old Bank was in the past, a valuable aid to the business interest of the State. G. W. RATHBONE. In confirmation of Mr. Rathbone's statements we copy the following letter from the President of the Bank. BANK OF THE STATE OF Indiana,) Indianapolis, Oct. 17, 1857. To the Editor:-Messrs Winslow, Lanie & Co., of New York, are supposed by public to be intimately connected with the to Institution, and to be considerably indebte this our Branches for deposits. I take the lib erty of saying, that the total amount of thei indebtedness the to the branches of the Bank 18th inst. was about $40,000, which or amount is entirely secured by the stock of Mr Lanier in the branches. I regard Messrs. Winslow, Lanier & Co. although driven to a suspension by the their sure of the times, as amply responsible pres can this liabilities-but bank lose a. under no circumstance for al

8. October 21, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 21, 1857

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More Suspensions in New York. New YORK, Oct. 17.-Winslow, Lanier & Co., extensive bankers, have suspended and will go into liquidation. They have a large surplus.

9. October 23, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 23, 1857

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Winslow, Lanier & Co., extensive bankers in New York, suspended on the 17th inst., and will go into liquidation. They have a large surplus. Samuel Archibald, Chief Engineer in the U.S. Navy, has been promoted to the post of Engineer in Chief.

10. November 1, 1857 The New York Herald New York, NY
Article from The New York Herald, November 1, 1857

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FINANCIAL AND COMMERCIAL. MONEY MARKET. SATURDAY, Oct. 31-6 P. M. The stock market continues very irregular. The amount of daily business is large, but there is no decided movement in any stock, either upward or downward. At the first board to-day New York State 6's, 1873, advanced 1 per cent; do. 1865, 14; Erie bonds, 1871, 2; Pacific Steamship Company, 1; Erie Railroad, 1; Michigan Southern, preferred, 1; Panama, 1. Illinois Central bonds declined 14 per cent; New York Central Railroad, 2; Reading, 2; Illinois Central Railroad, 2; Galena and Chicago, 14; Cleveland and Toledo, Chicago and Rock Island,. There is no life in the market, and no new feature in the daily operations. The brokers of the board and the curbstone have the whole business in their hands, and it looks as though they would have a complete monopoly of it for some time to come. At the second board the market was much more buoyant. Illinois Central bonds advanced 1 per cent; Cumberland Coal, Erie, Reading,; Michigan Southern, old, 1; Panama, Cleveland and Toledo, 4. Galena and Chicago fell off per cent. The Assistant Treasurer reports to-day as follows:- Total receipts. $64,126 47 Total payments. 154,506 56 Balance. 5,403,396 54 Of the receipts to-day $37,234 11 were from customs. The Metropolitan Bank gives notice that the circulating notes of the Troy City Bank, heretofore discredited, will be received on deposit. The house of Winslow, Lanier & Co. resumed payment in full this morning, and will continue their business as usual. William Walcott, of Utica, has been elected treasurer of the Michigan Southern and Northern Indiana Railroad Company, and George H. Ford, of this city, as secretary and assistant treasurer, to reside at Toledo, as soon as the offices can be removed there. The Philadelphia Ledger of the 30th instant, says:- The State Treasurer has indicated very plainly to the banks of this State that he expects from them coin sufficient to pay the semi-annual interest on the State debt, due 1st of February next. In reply to a letter of inquiry from the cashier of one of the banks, the Treasurer says: "Under the power given to me by the fifth section of the suspension act, it is my intention to ask the banks to furnish the State with an amount of coin sufficient to pay the interest on her public loans; each bank to pay in proportion to its capital stock, and to receive from the State therefor its own notes, or the notes of other solvent banks. The sum required for interest purposes in January will amount to about $1,000,000. The capital stock of our banks amounts in the aggregate to about the sum of $25,000,000. If it be the pleasure of your Board to aid the State in her effort to pay the interest in specie, a draft on one of the Harrisburg banks will be received for the tax on your May dividend; if not, specie will be exacted for it, as well as for any of the notes of your bank which may hereafter be received at the Treasury." There seems from this to be no question as to the payment of the State interest in coin, or its equivalent. The semi-annual report of the Great Western Railroad Company, of Canada, states that the net revenue for the half year ending July 31 was £94,136, out of which a six per cent annual dividend on a paid up capital amounting to £3,324,144 was declared. The gross receipts for the year amount to £718,037, against £687,512 for the previous year. The working expenses are 53 per cent of the earnings. It was voted, after considerable discussion, to loan the sum of £150.000 to the Detroit and Milwaukie Railroad Company to aid in the completion of their line. Arrangements were made to repay a lean of £700,000 from the Canadian government, in four equal instalments, viz: July 1, 1858, January and July 1, 1859, and January 1, 1860. The road is represented as in good condition, and great confidence was expressed in its continued profitableness. The following are the receipts of the Morris Canal Company for the past week and season, as compared with the receipts to corresponding time last year:- Total to Oct. 13, 1856. $257,792 09 Week ending Oct. 25, 1856. 10,100 43 $267,892 52 Total to Oct. 17, 1857. $243,721 53 Week ending Oct. 24, 1857. 4,666 00 $248,387 53 Decrease in 1857 $19,504 99 At the annual meeting of the stockholders of the Orange and Alexandria Railroad Company last week, a committee recommended a suspension of work on the Lynchburg extension, in view of the necessity of raising $1,000,000 for its entire completion, and the pressure in the money market. After a long debate a resolution was adopted in favor of a continuance of the work, but leaving it at the dis-

11. November 2, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, November 2, 1857

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NEW YORK CORRESPONDENCE. NEW YORK, Oct. 26, 1857. F. Y. CARLILE, Esq.-Dear Sir: I have only time for a hasty letter by to-night's mail. There is nothing very new here in any way. There has been a steady drizzling rain for three days past, and business today, so far as out-door appearances went, was gloomy and dull. Whatever the newspapers may say, there is no perceptible improvement in financial matters. Indeed, there is reason to believe they are growing worse. We need but look to the low price of stocks and the fact that money can be had only in limited supply, on strictly first class names at from 2 to 2½ per cent. per month, to know that no ease is felt-that no relief has come. No important failures occurred to-day, either among bankers or merchants, yet this is not regarded as any evidence that failures are not yet to come. Gold which IS ruling so high in the West, is readily obtained here at from 1 to 1½ per cent. premium, and no great demand. The suspension of Winslow, Lanier & Co., proves to have been caused by panie and not by necessity. The house was under a misapprehension as to the drafts coming immediately upon them, and to prevent an advantage being taken to the prejudice of a ma jority of their depositors they concluded to suspend. It was a grievous mistake. No rush upon them was on foot, and the whole amount for which they were protested was $15,000-a sum so insignificant that it stems one of the wonders of the times that they should have been so deceived, as to the demands likely, at the moment, to be made upon them. From the 1st of Sept. to the 17th Oct.-the day of suspension-they had paid to depositors the enormous sum of over $800,000-a sum, the payment of which in so short a time, proved their great resources and ample means. At their suspension they were abundantly able to have gone on, and would have done so, but for an alarm that one or two large depositors were about to draw heavily on them, SO as to interfere with their immediate ability to meet their obligations equally to others. They have since suspension paid all drafts outstanding at that date as they came in ; and it is understood that in a few days they will resume e business as usual. It is certainly gratifying f to their Indiana friendsthat their affairs are 1 in so favorable a position, proving that the confidence in their ability and probity have S not been misplaced. The very fact that the e suspension (painful and mortifying as such a step must have been) was that the rights o y all their depositors should beequally protecty ed, is highly creditable to their character, and is will, when understood, strengthen rather than weaken the confidence felt in them l both by their old customers and by the pub. ir lie. From a confidential exhibit of their at d fairs made to their principal depositors, they ce show a reliable surplus over their liabilities of more than $1,500,000. of I expect to remain here a day or two long er, and if leisure permits will write again.0 In mean time, I remain, II Yours truly, G. W. RATHBONE.

12. November 11, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, November 11, 1857

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RESUMPTION OF PAYMENT BY Wisson, LA. NIER & Co.-A fortnight ago, this day, we an. nounced, with much astonishment to the pabria, as it certainly was to the newspaper reporters, the stoppage of payment by the well-known private banking firm of Winslow, Lanier & Co. We have now the pleasure to state, on competent authority, that the house will resume payment, in full, to-morrow (Saturday) merning, not only for the purpose of meeting promptly all existing engagements, but with the intention of continuing their regular business, as though no interruption had occurred, as indeed, mone ought to have occurred, two weeks ago. The suspension of the house with large and unques tioned means being one of the many disagree able, and under all the circumstances, disheart ening incidents of an extraordinary condition of money affairs-Inductrating the intensity of . panic which forced wealthy money-lenders to become borrowers, in turn, or step pay moutwe take it that their recumption will now be viewed by the public as an indication, the first of the kind since the panic season, that better times are in store for the usfortunate, and that all's not lost of private credit which seemed is danger.-(N. Y. Times, 31st ult. W sda no