7314. Hutchings & Co. (Louisville, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
October 1, 1857
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
1309a26e

Response Measures

None

Description

Multiple contemporaneous reports (Oct 1, 1857) state Hutchings & Co., bankers, 'suspended', 'failed' and 'made an assignment.' Article accounts attribute the failure to heavy debt from purchasing the Locomotive Works; assets reported to exceed liabilities by ~$140,000. 'Assignment' indicates closure/receivership rather than a temporary suspension.

Events (2)
1. October 1, 1857 Receivership
Newspaper Excerpt
Hutchings & Co., bankers, have suspended. ... They have made an assignment.
Source
newspapers
2. October 1, 1857 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy debt carried for the Locomotive Works (purchase to avoid a loss) that forced the house to suspend and make an assignment; assets reported greater than liabilities but firm assigned.
Newspaper Excerpt
Hutchings & Co., and John k Smidt & Co., bankers, have suspended.
Source
newspapers

Newspaper Articles (12)
1. October 2, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 2, 1857

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Telegraphed to the New Orleans Crescent. b GRATIFYING INTELLIGENCE. 9 I CAPT. HERNDON SAVED. SIXTEEN OTHERS RESCUED. [BY THE NATIONAL AND SOUTHERN LINES.] FIRST DISPATCH. The Agent of the Associated Press is indebted to Mr. G. W. Oliver, of this city, for the following pri vate dispatch : NEW YORK, Oct. 1-Commander Herndon, of the Central America, and sixteen others, have been saved by the Adelaide. SECONDDISPATCH. NEW YORK, Oct. 1st.-It is reported here, on the authority of a private message, that Capt. Herndon, the heroic commander of the ill-fated steamer Central America, and sixteen others of her company aresafe, but we are unfortunately not informed as to the time, place and means of which their rescue was effected. THIRD DISPATCH. WASHINGTON, Oct. 1st.-Rumors are prevailing here that private d'spatches have been received, announcing the safety of Commander Herndon. The most intense excitement is felt as to the truth and details of the saving of the gallant captain of the Central America. d [NOTE.-In consequence of the prevalence of a thunder storm on the National line East of Louisville, we are unable to get any further dispatches.-Rep.] Financial News. d LOUISVILLE, Oct. 1.-Hutchings & Co., and John k Smidt & Co., bankers, have suspended. There is g much excitement in financial circles. it BOSTON, Oct. 1.-Owing to the depressed state of trade, several Lowell companies have chartered a y y ship to carry 5000 bales of cotton to Liverpool. CHARLESTON, Oct. 1.-The banks have resolved h not to suspend specie payments. on PHILADELPHIA, Oct. 1..-Money is somewhat easier and trade is more active. in LOUISVILLE, Oct. 1.-A dispatch to the Evening ed e. Bulletin says that the Exchange, Shelbyville, Lawd, renceburg and Trenton Banks of Tennessee have is suspended. 00 The run on Hunt & Co., of this city, ceased before ore the close of business. They are considered strong. as Sr. Louis, Oct. 1.-The Bank of Belleville, Illinois, ay has failed. las Moore, Hollowbush & Co., bankers, Quincy, Ill., all ar have suspended. xLOUISVILLE, Oct. 1.-All the bankers here except Hutchings & Co. and Smidt & Co., have met all their for liabilities to-day. ch rWASHINGTON, Oct. 1.-Two banks in Williamsth burg have failed. The Philadelphia banks are harmonions and are hg discounting liberally. et. Explosion. he ce PHILADELPHIA, Oct. 1.-A steam-boiler in the Ice Knickerbocker Plaster Works, in West street, exth ploded yesterday evening, injuring the adjoining Icbuildings, killing one young woman and badly inn. juring seventeen other persons. lia Charleston Banks. m CHARLESTON, Oct. 1.-The Presidents of our banks, at a meeting this morning, agreed not to susepend specie payments. Death of a Ship Captain. c., ost CHARLESTON, Oct. 1.--Thomas Dewin, late Caprs tain of the steamer Nashville, died last night of cony, sumption. eThe Fraser Forgeries. to CHARLESTON, Oct. 1.-The reported forgeries on nd John Fraser & Co., are destitute of foundation. as River Intelligence. tly ciVICKSBURG, Oct. 1.-The Edward Walsh passed irl down at P. M.

2. October 2, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 2, 1857

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Failure in Louisville, Ky. LOUISVILLE, Oct. 1.-Messrs. Hutchings, & Co., and John Smidt & Co., bankers, have suspended payment. There is quite a heavy run upon A. D. Hunt & Co., who thus far have sustained themselves, and who, it is expected, will be ablo to meet all their liabilities.

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

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BY TELEGRAPH. LOUISVILLE, Oct. 1.-Hutchings & Co. and John Smidt & Co., Bankers, have suspended. There is much excitement in financial circles. PHILADELPHIA, Oct. 1.-The steam boiler of the Knickerbocker plaster works, on West street, exploded yesterday afternoon, injuringthe adjoining buildings and killing one young woman and badly injuring seventeen other persons. BOSTON, Oct. 1.-Owing to the depressed state of trade, several of the Lowell companies have chartered a ship to carry 500 bales of cotton to Liverpool. CHARLESTON, Oct. 1.-The banks have resolved not to suspend specie payments. PHILADELPHIA, Oct. 1.-Money is somewhat easier; trade more active. LOUISVILLE, Oct. 1.-The run on Hunt & Co. of this city ceased before the close of business.They are considered strong. It is reported here on the authority of a private dispatch that Capt. Herndon and sixteen others from the Central America, but no details as to time or place are given. ST. LOUIS, Oct. 1.-The Bank of Belleville, Illinois, has failed. Moore & Hollowbush, bankers at Quincy, Illinois, have suspended. LOUISVILLE, Oct. 1.-The bankers, except Hutchings & Co, and Smidt, met all their liabilities to-day. NEW ORLEANS, Oct. 1.-Cotton, sales of 5000 bales. Middling to strict middling 14a14}, being a decline of 21. New York excl ange 14a1}, very limited, the banks being unable to supply the dedemand. McDowell, Mills & Co., agents of the Northern Bank of Mississippi, are unable to redaem their bills to-day.

4. October 2, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 2, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] LOUISVILLE, October 1.-Hutchings & Co. and John Smidt & Co., bankers, have suspended. There is much excitement in financial circles. Philadelphia, October 1.-The steam-boiler of the Kuickerbocker plaster works, on West street, exploded yesterday afternoon, injuring the adjoining buildings, and killing one young woman, and badly injuring seventeen other persons. Money is somewhat easier. Trade is more active. BOSTON, October 1.-Owing to the depressed state of trade, several of the Lowell companies have chartered a ship to carry 5,000 bales of cotton to Liverpool. CHARLESTON, October 1.-The banks have resolved not to suspend specie payments. LOUISVILLE, Oct. 1.-The run on Hunt & Co., of this city e ased before the close of business. They are considered strong. It is reported here on the authority of a private despiteh, that Capt. Herndon and sixteen others from the Central America, but no details as to time or place are given. All of the Bankers, except Hutchings & Co., and Smidt, meet all their liabilities to-day. Sr. LOUIS, Oct 1 -The Bank of B liville, Illiuois has failed. Moore & Hollowoush, bankers at Quincy, Illinois have suspended.; NEW ORLEANS, Oct. 1.-Cotton, sales 5000 bales middling to strict middling 14.14, being a decline of 2t. New York exchange 1tilt, very limited, the banks being unable to supply the demand. McDowell, Mills & Co, agents of the Northern Bank of Mississippi are unable 10 redeem their bills to-day.

5. October 5, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 5, 1857

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Failures.-Messrs. Hutchings & Co., the oldest private bankers in Louisville, suspended paymenton Thursday. Their assets exceed their liabilities by $140,000 and they will resume business as soon as possible. John Schmidt & Co.'s German Savings Bank of Louisville, has also closed doors. The latter failure caused considerable excitement among the Germans, who were large depositors. A run was made on Hunt & Co., who promptly met their liabilities. The Louisville Journal says : As an evidence of the good standing of our principal banking houses, we may mention. that while crowds were at the counters of some of them dem: nding their deposits, some of our best and most influential and respectable business men made large deposits at the same counters. In addition to these evidences of confidence a number of our wealthiesteitizens and merchants have nobiy come forward and pledged their property to guarantee the full payment of the deposits at most of the banking houses.

6. October 7, 1857 The American Washington, DC
Article from The American, October 7, 1857

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Louisville, Ky., is in a feverish state of excitement, owing to the suspension of the banking houses of Hutchings & Co. and John Smidt & Co.

7. October 7, 1857 The Independent Harrisonburg, LA
Article from The Independent, October 7, 1857

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TELEGRAPHIC ITEMS. New York, Oct. 1.-Confidence continues strong, although financial circles have not yet felt the influence of bank extensions and the daily increase of gold. It is believed, however, that the worst is past. The city is constantly filled with all sorts of rumors. Boston, Oct. 1.-The condition of monetary affairs in this city is regarded as favorable. Cold Weather in New York. New York, Oct. 6.-The weather is cold. The thermometer at 6 o'clock this morning was at 40. Bank Paper|Refused in New York. New York, Oct. 1.-The bills of the Bridgeport (Connecticut) City Bank, and of the Bank of Lima (N. Y. are refused by our brokers. Money Matters at St. Louis. St. Louis, Sept. 30.-Complete quiet pervades monetary circles to day. John J. Anderson & Co. are making arrangements for an early resumption. Belleville (Ill.) Bank Suspended. The Bank of Belleville, Illinois, has suspended. Tippecanoe Bank, Indiana. The bills of the Tippecanoe Bank are thrown out. The Fair at St. Louis. The Fair grounds are thronged to-day, and the weather is delightful. Suspension in Louisville. Louisville, Oct. 1.-Hutchings & Co., bankers have suspended. Louisville, Oct. 1.-John Smidt & Co., have closed. Hutchings & Co.'s assets exceed their liabilities $140,000. There is a heavy run on Hunt & Co. They will certainly hold out. Louisville, Oct. 1.-The run on Hunt & Co., is nearly through. They are represented as still strong. Others are easy. Failure at Lexington, Ky. Taylor, Shelby & Co., bankers, Lexington, have failed. Boston, Oct. 2.-To-day, there was the largest meeting of Boston merchants at the Merchants' Exchange ever held, and it was unanimously resolved that the banks ought not to suspend. New York, Oct. 2.-The British steamship Arabia, which left Liverpool on Seturday, September 19, has arrived at this port. Liverpool Cotton Market. Cotton has advanced gd. The sales of the week amounted to 73,000 bales. Philadelphia, Oct. 3.-The Reading Railroad bonds went to protest yesterday. The Land Warrant Embezzlement. Chicago, Oct. 3.-A dispatch from Minnesota announces the arrest of the Fairbault Land Warrant thieves, and the recovery of all the warrants except five.

8. October 8, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 8, 1857

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daily DISPATCH. .OCTOBER 8, 1857. THURSDAY MORNING ANCIAL AND COMMERCIAL. At the New York Stock Exchange, on Monday, $1,000 Virginia sixes were sold at 80, and $2,000 at 79M-an advance of 1%. At A. H. Nicolay's sale, on Naturday, $10,000 Virginia sixes brought 7514@76, Intorest added. The Louisville Journal, of Saturday, says: The monetary condition of the city yesterday was remarkably quiet, with no run upon any of the bankers. with very little apparent demand for money.The banks quoted Kastern Exchange at I per cent., while the brokers' rates ranged from 3 to 5 per cent. Gold was in some demand at a premium of 3½ to 3½ per cent. over Kentucky money. The old Tennessee Bank notes pass freely as a currency, and we learn by a dispatch from the President of the Bank of Tennessee that the old banks will stand firm, let others do what they may. The suspension of Jno. Smidt & Co. will be only for a few days, as he has an ample fortune of his own, being hoir to one hunded thousand dollars in Bremen. Taylor, Shelby & Co., bankers in VLexington, were compelled to suspend, and a run was made on Tilford & Barclay, in the same city. They stood firm. The Louisville Journal states that the assets of Mossrs. Hutchings & Co. exceed their liabilities $140,000. Their failure has been occasioned by the heavy debt they had to carry for the Locomotive Works, which they were compelled to purchase about eighteen months ago to save themselves from a heavy loss. They have made an assignment. A committee of creditors, who invited to examine thebooks and accounts of the firm of John Smidt & Co., report that the assets amount to $119,532, and the liabilitiesare only $98,084. The committee report that this house will be able to resume in a week or ten days, and will be fully competent to pay all their debts in specie on or before the first of January next. The following is a comparative statement of the condition of the banks of the city of New York, September 26th and Oct. 3d, 1857: Loans. Specie. Circula'n Deposits. Sep)26 $107,791,433 $13,337,005 $7,833,308 $73,315,611 Oct. 3 105,935,499 11,400,413 7,916,102 $67,978,6.7 $1,855,934 Showing a decrease of loans 1,926,692 a decrease of spacie ** ....77,794 an increase of circulation .. 5,336,954 a decrease of nominal deposits, Showing a decrease of actual deposits of $1,120,621. The statement, saysthe New York Express, has ta. kou the street by surprise, and has given a more seriour appearance to financial matters. Noone expected to see the specie time sustained-still less did any expect to see a loss of $1,926,692. in the face of pay. ments from the Sub-Treasury of $2,013,489. To by sure, $400,000 of this sum went to the Philadelphia Mint, and the Savings Banks have in their possession the larger part of the proceeds of the Government "bonds redeemed. After allowing'f r all this. the banks have lost beyond the fair anticipation, and have made the conclusion irresistible that the pressure has at last produced an effect in a quarter capable of doing serious mischief, unless soon checked by 21 general return of confidence. Some coin has been seat to Boston to aid the banks there, but the great loss has been caused by hoarding on the part of the timid and ignorant. The banks have to-night $12,600,000, and the promise of speedy aid from abroadall of which they will require if the public is steadily draining their vaults of small sums of C in. The banks of New York are in no condition to be thus drained by "hoarding." The hundreds of millions coined siace 1849, beyon itheexports, and which represents the additional metallic currency in use from the gold discoveries, is not apparent to the comm -11 eye. It hasgonequetly out of sight, in an easy money market, andthe business of the county isstill carried on by paper money, to almost as large an extent as ever. The quantity of Tobacco inspected in Virginia, during the last twelve months. was 52,865 hogsheads-same time, 1855-26, 65,320 hogsheads. EXPORT'OF TOBACCO AND STEMS For the Inspection Year, beginning Oct. 1st, 1856, ending Sept. 30th, 1857:

9. October 9, 1857 The New York Herald New York, NY
Article from The New York Herald, October 9, 1857

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Hickox & Starr, hats, New York city, suspended. Drey & Sancers, findings, New York city, failed; Habilitica about 860 000 West, Caldwell & Co. hat findings, New York city, sur. pended; atk an extension, and will undoubtedly pay in full. Ballard, Sbute & Do., furs New York city, suspended, a on extension of eight month. and offer to pay to full. Starr & Underbill, hats, New York city, surprinded. Townsend, Romar & Oo., fancy goods, New York city, tus enced Walker, Worth & Co., grocers, New York city, sus pended. Sargent, Brother & Oo., hardware, New York city, suspended Van Valkenburgh & Oo., straw goods, New York city, suspended Frank & Strauss cio bing, New York city, suspended. A 0 Evans & Oo drugs, Now York city, suspended A G. Perry & Oo., jowellers, New York city, sus pended. Samuel Hotaling & Oo., salt, New York city, suspended. 8 Swan & B.O., dry g ods, New York only, suspanded. Vanderburgh, Bonnett & 30., fancy goods, New York city, sustended. James Cropsey, dry goods, New York city, failed and assigned. A. Peckbam, joweller, New York city, suspended. R. E. Halch, dry goods, New York city, failed and assigred. W. B. Mackenzie, mantillas, New York city, failed and comprombed. McCormick & Simpson, dry goods, New York city, fail. ed. John M. Clark, butter, New York city, failed. Charles 8 Mattbows, hotel, New York city, suspended. Brooks & Armstrong, dry goods, Now York city, sue rended Ide, Felt & Hall, straw goods, New York city, suspended Rors, Newell & Oo., fancy goods, New York city, failed. Blake & Brown, silks, New York city. suspended Harford & Brother, blothing, New York city, suspended. McArtbur, By rne, Gibbons & Co., dry goods, Now York city, surpended. Gage, Dater & Sloans, dry goods, New York city, sus perded. Livingston & Ballard, grocers, New York city, gus. perded. Ely, Bowen & McDonnell, dry goods, New York city, suspended, ask on extension, and propose to pay in full Yelverton & Welber grosers, New York city inspended. Chapman. Pike & Co., fancy goods, New York city, sus. rended, with l'abilities of $250,000, but have a nominal surplus of s 00,000. Lee, Murphy & Avery, straw goods, New York city, suspended. Melliss & Ayers, importers, New York city, suspended Willets & Co., bardware, New York city, susponded. Bowen, McNamee & Co, New York city, suspenied; ok an exten.ion; have a large surplas, propose to pay in full, wih interest. SP susten, Albany, N Y., assigned. John Morris Utice, N. Y., assigned. Edward Rogers, West Troy, N Y. assigned Recheater Nove Works, Rocher ter. N. Y., assigned. W. H Morgan Son. Plattsburg, N. Y. assigned. Poxell, Ramadell & Co., burg, v. Y, sea ended. Philip B Lingford, Rome, N. Y. anigaed. Charles O Hart, Binghampton, N Y., suspended. L. W Storms. Le Roy. N Y, assigned. Andrew Oatenon, Pulaski, N Y., assigned. Sold mon Rathbun, Verona, N. Y, assigned. wis Warren, Riga, N Y ass'gued. George Warren. Riga, N. Y., Alfred J. Wagner, Fort Plain, N. Y a signed. U. W. Churchnai & Oc., dry goods commission, Palladelphia, uspended. Regere, Sepnickron & Oo., coal, Philadelphia, suspended Lippinoctt, Coffee & Co., dry goods, Philadel, his, suspended White. Stevens & Co., sugar. Philadelobia, su pended. John Ely & Co., dry goods, Philadelphia. suspeaded. Alibone & Jenks, oil, Philadelphia suspended. J. Halacy & Moore, dry goods, Philadelpbis suspended. E Arnold, dry goods, Philacelphia, suspended. Lucien Foots, Penn, assigned. J M. Heghes, Westchester, Penn, failed. R H. Wascn. s'arnah, Geo., failed and assigned. Kennet, Dix Co, New Orieans. La, suspended. E W. Clarke A Bro, bankers, St. Louis, suppended. James H. Lucas & Oo., bankers, St. Louis, Mo., onepended. Chotean, Harrison & Valle, at Louis, Mo, suspended. George M. Willing Fulion, Mo., suspended. Hutchings & Co., bankers. Locisville, Ky., assigned. John Smid & Co, bankers. Locisville. Ky., suspended; nominal arsets $119,532, and liabilities $98,084; will probably BOOD resume. Simon Steinan, Louisville, Ky., suspended and assigned. Denlovy, Drake & Co, bankers, Cincinnati, Ohio, sus pended. Shreeve, Steele & Co., Circinnall, Ohio, iron, suspended; is thought temporarily M.A Raymond, Cincinnali, Ohio, assigned. I. P. B Jeweli, Cleveland, Ohio, assigned to G. E Herrick. A. & L. Smith & Co., Varion, Obto, assigned. V. C. Hanna, Indianapolis, Ind assigned Swift, Brother & Johnsion, bankers, Chicago, III, sur pended. Moore, Hollenbush & Co., bankers, Quiney, III., suspended R'shard B Landom, Roomington, III, failed; liabilities about $00.000 Burdell & Sarger, Rock Ioland, III, assigned Conner & Jolley, Fultos City, III., suspended and as. signed. Davis & Barton, Janesville, Wis., assigned. D. 8 Durile, Madison, Wis., assigned. Green, Thomas & Co., Barlington, Iowa, suspended. Wickersham & Wilrams, Daveaport, Iowa, aseigned.] Young. Smith & Jones, Oskelocsa Iowa, resigned H. H. Breit, backer, Toronto, C. W., assigned. W.B Alken, Oakville, C. failed and left the place.

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

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Failure of Bankers at Louisville and Run on Others. LOUISVILLE Oct., 1.-Hutchings & Co., bankers, have failed to-day, and made an assignment. It is understood that their assets exceed their liabilities by one hundred and fifty thousand dollars. The banking house of John Smidt & Co. also closed doors to-day. There is a heavy run on the banking house of A. D. Hunt & Co., but it is believed they will certainly hold out, as the firm is a strong one.

11. October 9, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 9, 1857

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A. G. Peckham, Jeweler," New-York City, suspended. R. E. Hatch, Dry Goods," New.York City, failed and assigned. W. B. McKenzie, Mantillas," New-York City, failed and compromised. McCormick & Simpson, Dry Goods," City, failed. John M Clark. Butter New York City, failed. Charles S. Matthews, Hotel," New. York City, suspended. Brooks & Armstrong, Dry Goods," New. York City, suspended. Ide, Felt & Hall, "Straw Goods." New. City. suspended. Ross, Newell & Co., Fancy Goods," New. York City, failed. Blake & Brown, "Silks." New York City. suspended. Hanford & Brother, "Clothing," New York City, suspended. McArthur, Byrne, Gibbons & Co., Dry Goods," New-York City, suspended Gage, Dater & Sloans, Dry Goods, New-York City, suapended Livingston & Ballard, Grocers," New York City, susvended. Ely, Bowen & McConneli, Dry Goods," New York City, suspended. ask an extension, and propose to pay in full Yelverton & Walker, Grocers,' New York City, suspended. Chapman, Pike & Co., Fancy Goods," New York City, suspended, with liabilities of $250,000, but have a nominal surplus of $100 000. Lee, Murphy & Avery, Straw Goods," New.York City, suspended. Melliss & Ayers, Importers," New-York City, suspended. Willets & Co., Hardware," New-York City, suspended. Bowen, McNamee & Co., New-York City, suspended; ask an extension; have a large surplus; propose to pay in full, with interest. S. P. Burton, Albany, N. Y., assigned. John Mornis, Utica, N. Y., assigned. Edward Rogers, West Troy, N. Y., assigned. Rochester Novelty Works, Rochester, N. Y., assigned. W. H. Morgan & Son, Plattsburgh, N. Y., assigned. Powell, Ramsdell & Co., Newburgh, N. Y, suspended. Philip B. Langford, Rome, N. Y, assigned. Charles C. Hart, Binghamton, N. Y., suspended. L. W. Storms, Le Roy, N. Y, assigned. Andrew Outtenon, Pulaski, N. Y, assigned. Solomon Rathbun. Verona, N. Y., assigned. Lewis Warren, Riga, N. Y., assigned. George Warren, Riga, N Y., assigned. Alfred J. Wagner, Fort Plain, N. Y., assigned. C. W. Churchman & Co, Dry Goods Commission," Phila delphia, suspended. Rogers, Sennickson &;Co., "Coal," Philadelphia, suspended. Lippincott, Coffin & Co., Dry Goods," Philadelphia, suspended. White, Stevens & Co., Sugar," Philadelphia, suspended. John Ely & Co., Dry Goods." Philadelphia, suspended. Allibone & Jenks, Oil," Philadeiphia, suspended. J. Halsey & Moore, Dry Goods,' Philadelphia, suspended. E. Arnold, Dry Goods, Philadelphia. suspended. Lucien Scott, Scranton, Penn, assigned. J. M. Hughes, Westchester, Penn. failed. R. H. Watson, Savannah, Geo., failed and assigned. Kernet, Dix & Co., New Orleans La, suspended. E. W. Clarke & Bro., Bankers," St. Louis, suspended. James H. Lucas & Co., Bankers," St. Louis, Mo., suspended. Choteau, Harrison & Valle, St. Louis, Mo., suspended. George M. Willing, Fulton, Mo., suspended. Hutchings & Co., Bankers," Louisville, Ky, assigned. John Smidt & Co., Bankers," Louisville, Ky., suspended; nominal assets $119,582, and liabilities $98,084; will probably scon resume. Simon Steinan, Louisville, Ky., suspended and assigned. Dunlevy, Drake & Co., "Bankers," Cincinnati, Ohio, suspended. Shreeve, Steele & Co., Cincinnati, Ohio, "Iron," suspended; it is thought temporarily. M. A. Raymond, Cincinnati, Ohio, assigned. I.P. B Jewett, Cleveland, Ohio, assigned to G. E. Herrick. A. & L. Smith & Co., Marion, Ohio, assigned. v. C. Hanna, Indianapolis, Ind., assigned. Swift Brother & Johnston, 'Bankers," Chicago, III., sus* pended. Moore, Hollenbush & Co., "Bankers," Quincy, III, suspended. Richard B. Landon, Bloomington, III., failed; liabilities about $90,000. Burdett & Sanger, Rock Island, Ill, assigned. Conner & Jolley, Fulton City, III., suspended and assigned. Davis & Barton, Janesville, Wis, assigned. D.S. Durrie, Madison, Wis, assigned. Green, Thomas & Co., Burlington, Iowa, suspended. Wickersham & Williams, Davenport, Iowa, assigned. Young, Smith & Jones, Oskaloosa, Iowa, assigned. R. H. Brett, Banker," Toronto. C. W., assigned. W. B. Aiken, Oakville, C. W., failed and left the place. The same paper has the following remarks on the Dry Goods Trade: Trade is brought to a stand in the midst of the Fall season. Collections are impossible, from the want of exchange in the interior of New-York, and the same want impedes remittances to take up notes payable in New-York, thus compelling the jobbers to take up both sides of their bill-book. Such a necessity as this imposes a heavy burden upon merchants. Many are staggering under it, and it is no wonder that many have succumbed. The orders sent out to Europe for the Spring importations are very small. The market is very irregular as to prices, both for foreign and home-made goods. In domestic goods there annears to be a very general suspension of production, which must in the end bring down the price of cotton, and induce an advance in the price of goods."

12. November 7, 1857 Mountain Democrat Placerville, CA
Article from Mountain Democrat, November 7, 1857

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News by the Steamer. The mail steamer./. / Stophens arrived at San Francisco on Monday night. The intelligence she brings is gloony in the extreme. There was a fearful pressure in the money market, and immense failures were continually taking place, "creating panic on all sides, producing ruinous depreciation in stocks and other propcity, and causing great pecumiary embarrassments and losses." All the banks in Philadelphia, Baltimore and Whee ling, and many other places, have "suspended specie payments that is, refused to redeem their bills in species Most of them are believed to be sound, yet the run on them was so tremendous they were compelled to suspend to avoid breaking. Many business firms of great reputed wealth, in Boston, New York, and in fact in nearly all the large cities, have suspended, and the pressure continues without abatement. What the result will be it is fearful to contemplate. The mania for reekless speculation, which was carried to an alarming extent and produced the present evil, is checked for some years at least, but it will take years of prosperity to recover from the pressure. The Atlantic papers state that the financial panic is as great if not greater than it was in 1836-7. The Governor of Pennsylvania issued is proclamation, calling an extra session of the Legislature for the purpose of legal. izing the course of the banks of 'that State in suspending specie payment. The Bank of Belleville, Illinois, has failed; and the banking house of Moore, Hollowbush & Co., at Quincy, III., has suspened. Hutchings & Co. and John Smith & Co., bankers, at Louisville, have suspended. The Charter Oak Bank, the Mercantile Bank and the Exchange Bank of Hartford, Conn., have suspended. The Bank of Central New York, at Utica, has closed its doors. All of the Washington City banks have suspended. The Banks of the City of New York withstood the shock, and most of the New England and Southern banks are reported to be solvent. In addition to those already reported, only three of the survivors of the Central And rica calamity have been saved. The names of the rescued are John Tice, Alex. Grant and G. W. Dawson. They were on the open sea for nine days without food or water, and were picked up by the British brig, Marg. The second day after the steamer went down they with is 11411+1ber of passengers on piéces of the wreck, but were unable to render them any assistance. The election in Georgia has resulted in favor of the Democrats.