0a2da436Full suspension
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THURSDAY MORNING, JAN'Y 3, 1856. SEE FIRST PAGE. To-day being recommended by the Governor as B day of thanksgiving, business with several of the public institutions will be suspended. The State Bank and Branch, the Bank of New Orleans, the Citizens' Bank and the Southern Bank, will be closed, and & notice was posted up on the door of the Bank of Louisiana that it also would be closed. The others, it is presumed, will be open as usual. i 1
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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 13 - It is reported on good authority that the Banks have all resolved to suspend. A meeting of the officers is still in session tonight. LATER.-The Banks have resolved to suspend, but make regular exchanges at the clearing house. A committee goes to Albany to confer with the Governor in reference to a meeting of the L gislature. BOSTON, Oct. 13.-L. Skinner, the largest dry goode commission house in the chy, has suspended. The Dews of the New York bank suspensions caused considerable excitement, but had no perceptible effect on the banks. NEW ORLEANS, Oct. 14.-The Union Bank has just suspended. A heavy run is made OD all Free Banks-great excitement. NEW ORLEANS, Oct. 14.-The branch mint pur chased from the Banks two hundred thousand dol. lars silver bullion, paying gold, thereby affording some relief. NEW ORLEANS Oct. 14.-The Citizens' "Louis"ana State," "Canal," and "Bank of Louisiana," were standing by each other this morning, and refu ed to take the notes of the Free Banks, namely, "Union Bank," "Mechanies' and Traders'," "Bank of New Orleaus," "Southern Bank," and James Robb. The run commenced heavy at half past two. The three first named free banks euspended. The two latter continued, and was considered sale, particularly the "Southern." The run on the Citizens' Bank Was heavy. It kept its doors open till 6 o'clock. Cotton sales, 1000 bales. Prices more irregular, mostly at yesterday's quotations. Receipts, 3000 bales. Nothing doing in exchange. There is some excitement, but mostly good humored. CINCINNATI, Oct. 14-Flour 4.35 a 4.75; Wheat, red, 75, white 90. Whi-ky 14. The Banks in the following places suspended specie payments to-day-New York, Brooklyn, Boston, Hartford, Trenton, Portland, and generally throughout New England. It is anticipated that Buffalo will follow to-morrow. WASHINGTON, Oct. 14-The Government of Nicaragua has not been recognized, as stated in a recent despatch. NEW YORK, Oct. 14-Cotton quiet; Flour firm; Corn firm; Pork heavy; Lard 101 a 15; Whisky 22. Wall street is comparatively"quiet. A moderate run was made on the Savings Bank, but was promptly met. But three in Brooklyn were obliged to close. The officers of the New York Sav. ings banks are consulting to propose to pay 10 per cent on deposits. The Bank of America and the Chemical Bank continue specie payment The Manhattan bank is said to be doing the sam . The other banks will probably follow, making partial payments. Nearly two millions of specie was paid yesterday exclusive of that paid by the Savings Bank. Gold is selling at 4 to 5 per cent premium. The Brokers board passed a resolution to receive certified checks for stock, which were on it 9 per cent. At the second board they were still firmer. The merchants had a meeting and expressed en. tire confidence that the New York banks will pay dollar for dollar.
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New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, Thursday Evening, Oct. 15, 1857. The Infernal panic which was started yesterday in our mids without any just cause, without reason, without a shadow ( foundation, reached and attained its culminating point to-day Whatever the consequences may be, we have the sincere gratit cation of announcing that the following Banks stood the ru and promptly complied with every demand until the usual her of closing, say Citizens' Bank, the Canal Bank, the Bank Louisiana, the Louisiana State Bank, the Southern Bank, the Bank of James Robb. The NewOrleans Savings Institution, street, was dense crowded at an early hour. It met all obligations according contract, and by 12 o'clock there was not a person present. Th was cheering. The Mechanics' and Traders' Bank opened, as went on in its regular business, with the exception of redeemin its circulation. So did the Union. The Bank of New Orlea was enjoined at the suit of one of its Directors. This is singnir very singular, and shows a want of nerve and sagacity in management. We desire to hear no more of such finances. a Bank's own Directors have no faith in its management, th surely it is time to close. There has been entirely too mu haste in this movement. At a quarter past 2 o'clock yesterd the Bank closed its doors. A short time afterwards it was p tested at the request of one of its Directors on a note of five hu dred dollars. In the name of God, is this the kind of harmo that ought to prevail among twelve managers of a Bank WI is the public to understand from it? Fortunately for the go of our commercial community this spirit does not prevail amo the majority of our Bank Directors. If it did, we might 1 adien to the prosperity of our city. We learn that the Mechanics' and Traders' Bank and t Union Bank will go on as usual with their business. The Pro ident of the Union Bank is absent. If, however, some for R creditors will push matters to extremes, jeopardizing t interests of the whole, then on them be the consequence. T Banks in question will recover, if allowed to proceed. The e t culation of the two together does not reach $900,000, and t porte fewilles are considered good. To suppose that the occurrences of the past two days . et tend to destroy confidence in the future is not warranted. y X consider the crisis is now past ; that the worst has been realize n and although we may expect a tight money market for son days longer, yet the decided action of the New York Banks 1 evil or for good, has tended to relieve the general anxiety, a d the telegraphic advices, received to-day, if they are to credited, give us to understand that an improvement has alrea taken place in New York. All the Banks in that city have 1 suspended. We learn from Mobile that the Banks in that et have BO thought of suspending. This augurs well, but it wor of have been highly gratifying to us to have had it to state that re our own Banks had manfully stood up to the pressure. as There was also a run on the Bank of Commerce, of which t sa patriarchal Jacob Barker is chief manager. It met the r on fearlessly, and paid with the same promptitude as the Bank e Louisiana. There were no other important movements duri the day. er Of course there is not much to be said of the paper mark st There were some shaves, the greatest of which was a $50 Ba of Louisiana note ing sold to a broker on Canal street at $ 50. and a $5 note of the Southern Bank of Alabama being 80 for $3. We aliude to these merely to show what a pauie will i There was nothing done in exchange. The telegraph advis of sales of sterling in New York this morning at 105, but this on a reduced standard of currency or value. It will be some ti of W before we have any similar quotation to note in this mark CWe, however. confidently believe we shall get to work again two or three days, unless our moneyed institutions get into ad snarl among themselves, which we fervently hope they v avoid. erThe following is the memorial of the Banks of the city Philadelphia to the Legislature of At a meeting of the Board of Presidents of the Banks of city of Philadelphia, held on the 3d day of October, 1857, in following preamble and resolutions were unanimously adopt and directed to be forwarded to the Honorable the Senate a the House of Representatives of Pennsylvania. Whereas, The banks of this city, in consequence of the effe of the sudden and universal severity of the financial crisis wh has overtaken the country, have been reluctantly compelled suspend the payment of specie for the notes and obligatio 18notwithstanding every effort has been made by them to av such necessity and whereas, the mercautile, manufacturi as agricultural and all other classes of our citizens are greatly e 17 barrassed by the existing condition of things, towards whi under existing circumstances, it is not in the power of the bar Pto afford such relief as the exigencies of the community requi in consequence of heir laboring under the forfeitures and per les ties of the act of 1850 and other acts and, whereas, it is esdesire of the banks to resume the payment of specie at esearliest practical period, and to do what they can towards storing the currency to asound and healthy condition. and in a meantime assist the business portion of the community. wh all objects cannot be carried out unless the Legislative forfeitu and penalties are temporarily suspended. Therefore, Resolved, That in order to enable the banks of this city, H, of this Commonwealth, to resume the payment of specie at ion earliest practicable period, and in the meantime render such sistance as may be within the power of the banks to the mere iz: tile and business community, it is essential that the penalties ow forfeitures imposed by the act of 1850, and other acts be 1 porarily suspended. are Resolved. That in the event of the failure of the banks to tain from the Legislature relief from the forfeitures and per ties under which they at present labor, their remains no alter tive for them but that of going into liquidation, a measnre wh they are most desirous to avoid, on account of its disastrous LE fluence on the community and the banks. ess Signed by order of the Board of Presidents. J. B. MITCHELL, Chairma mp 1y JOHN JORDAN, JR., Secretary. Philadelphia, Oct. 3, 1857. C. Some days since it was reported that the banking house of 15 E. Culver, Louisville, had suspended payment. It appe however, before the suspension, the following guarantee made for the benefit of depositors. Y. The guaranty which we publish below confirms the er om confidence existing on the part of the depositors with our fell citizen, William E. Colver. We have heard of no apprehen of a run upon this bank but this guaranty, procured in a 8 time by a friend of Mr. Culver, makes assurance doubly sur RT LOUISVILLE, October 1, 185 ing We, the undersigned, agree to guaranty the depositor in William E. Culver, in the payment in full of their dema y against said Culver, on account of money deposited with hir We have entire confidence in his ability to meet all dema REAMES THOMPSON, AMES GUTHRIE,
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THE BANKS IN NEW-ORLEANS. New-Orleans, Wednesday Oct. 14-A. M. The Union Bank has just suspended. There is & heavy run upon all the Free Banks. There is a great deal of excitement. The Branch Mint has purchased from the banks $200,000 in silver. It is paying out gold, and 80 affording some relief. SECOND DISPATCH-P. M. Affairs are yet very unsettled, and it is supposed that the run upon the banks will continue to-morrow. Great confidence is felt in all the banks now standing, and large sums were deposited in them to-day. No failures are reported to day. Appearances are more cheerful than in the morning. There are rumors that the Bank of New-Orleans will open in the morning. Its notes are taken by the Citizens' and Southern Banks and by James Robb & Co. The banking house of James Robb & Co., with others, kept open till 6 o'clock, and not & doubt is ex. pressed as to it or the Southern, the only Free Bank left standing. THIRD DISPATCH. Thursday, Oct. 15-A.M. The run on the Citizens' and Canal Banks continues heavy, but is to a less extent on the rest. There is much excitement, and business is paralyzed. FOURTH DISPATCH. The Citizens' Bank, the Bank of the State of Louisiana, the Bank of Louisiana and the Canal Bank all refused this morning to take the notes of the free banks. The run on the free banks commenced early in the day, and before 3 o'clock the Union, the Merchants' and Traders' and the Bank of New-Orleans suspended specie payments. There was no run on the Southern (free) Bank, and it is considered perfectly good. The bank of James Robb & Co. (free) is considered safe. Its circulation is distant and heavy. The Citizens' Bank held its doors open, paying specie until 6p. m. The chartered banks are standing by each other, and large deposits are being made with them and the Southern Bank. It is said the sums being deposited with them are larger than those drawn out. Although there is considerable excitement, good humor prevails. We have no failures to report to-day.
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NEW ORLEANS, Oct. 14.-The crisis reached its height to-day and a portion of the banks resolved to suspend. their names are the following:Union Bank, Bank of New Orleans, and the Mechanics' and Traders' Bank. The following banks continued to pay specie all day:-The Canal Bank, State Bank, Bank of Louisiana, Citizens' Bank, and Bank of James Robb. The last named, and also the Citizens' kept open till dark, meeting all demands as fast as presented. The panic has now quite subsided and there is little doubt but that the banks which paid specie throughout the day will be able to continue doing so.
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NFW ORLEANS BANKS. NEW ORLEANS, Oct. 16.-The Bank of New Orleans, the Union Bank and the Mechanics' and Traders' Bank have suspended. Cotton 91/2810 ets.
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The Financial Crisis. New Orleans, Oct. 15. The Citizens and Louisiana Bank, of La., and the Canal Bank, all this morning refused to take the notes of the free tanks. The run commenced early on the free banks, and before 3 o'clock the Union, Merchants' and Bank of New Orleans, had suspended specie payments.There is no run upon the Southern Bank, and it is considered perfectly good. LATER. Affairs are very unsettled. It is supposed that the run will continue to-morrow, and great confidence is felt in the banks which are now standing. They have had large deposits to-day. There are rumors that the bank of New Orleans will open in the morning. Notes of the Bank of James Robb are taken at the citizens and Southern Banks. St. Louis, Oct. 16. The reported suspension of Doane, King & Co., and Collins, Kerley & Co., of this city, published in the New York Express of the 12th, is authoritatively contradicted. No paper of these firms is protested here, and they are regarded as among the most solvent and responsible houses in the city. New York, Oct. 16. Our financial and business affairs appear to improve. Stocks of all kinds took a further advance at the first board. New York State S ining at an average advance of 9 per cent. Specie is almost unsaleable at a are premium. quiet and irregular, Rates of domestic but the exchange bulk of the F stern is done at about 3 per cent. Our importers have concluded the work of reshipping British goods from the bonded warehouses, there being no market for them at the 2d board. Bridgeport, Ct., Oct. 16. The Connecticut, Bridgeport, Farmers' and Hequinnock banks at this city have suspended specie payments to day. Boston, Oct. 16. Money market quiet, and everybody appears to be waiting the result of the suspension. Stocks show a little more activity. The specie brokers are realizing small gains, gold being plenty. Oswego, Oct. 16. Luther Wright's bank does not open today. All the other banks are paying specie as usual. Albany, Oct. 16. Samuel A. Foot and Samuel G. Ruggles were heard this morning before Gov. King, in behalf of the New York city banks, objecting to an extra session of the Legislature. The Governor sees no necessity for it at present, but will hold the subject under advisal.
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The Financial Crisis. NEW ORLEANS Oct. 16. The Citizens and Louisiana Bank of La and the Canal Bank all this morning refused to take the notes of the free banks The run commenced early on the free banks and before 3 o'clock the Union, Merchants and Bank of New Orleans, had suspended specie payments. There was no run upon the Southern Bank, and it is considered perfectly good. The chartered banks are standing by each other Large Deposits are made in all the charter ed and Southera banks. more it is said, than has been withdrawn. There is considerable excitement but good humor prevails. LATER. Affairs are very unsettled. It is supposed that the run will continue to-morrow, and great confidence is felt in the banks which are now standing They have large deposits to day. There have been no failures and there is more cheerfulness than in the morning. There are rumors that the Bank of New Or leans will open in the morning. Notes of the Bank of James Robbare taken al the Citizens' and Southern Banks St. Louis. Oct. 16. The reported suspension of Donn, King & Co. and Collins, Kirby, & Co., of this city pub lished in the New York Express of the 12th is authoritatively contradicted. No paper of these firms is protested here, and they are re garded as among the most solvent and respon sible houses in the city, LATER. NEW YORK Oct. 16. Our financial and business affairs appear to improve Stocks of all kinds took a further advance at the first board. New York State gaining at an average advance of 1 per cent Specie is almost unsalable at a premium Rates of domestic exchange are quiet and ir regular, but the bank of the Eastern is done at about 3 per cent. Our importers have conclu ded the work of reshipping British goods from the bonded warehouses there being no market for them. BRIDGEPORT Ct., Oct. 16. The Connecticut, Bridgeport, Farmers and Pequannock Banks of this city suspendent specie payments to-day BOSTON, Oct. 16. Money market quiet, and everybody appears to be waiting the result of the suspension. Stocks show a little more activity. The specio brokers are realizing small gains gold being plenty
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Money Matters. New YORK, Oct. 17.-There has been but little change today in the aspect of financial affairs. But two suspensions are announced, viz: S. & P. Lawrence, dry goods, and Lynes, Webb, & Johnson, carpet dealers. The failure of Bunn, Rairguell, & Co., a heavy Phitadelphia house, is also announced. Stocks at the first board were quite active, and the advanced prices of yesterday were fully sustained. At the second board the transactions were small, and prices were slightly easier. N. Y. Central 65, Erie 111-2, Reading 321-8, Cleveland and Pittsburg 12 1-2, Galena and Chicago 8. Missouri sixes 65 7-8, Virginia sixes 81 3-4, N. Y sixes 104. ST. LOUIS, Oct. 17.-The report that the bank of the State of Missouri has suspended, is untrue. The directors express confidence in their ability to weather the storm. There is no run today. NEW ORLEANS, Oct. 17.-Everything in the monetary line is more cheerful. The bank of New Orleans is paying some specie, and will resume entirely next week. Messrs. Oakley & Hawkins will resume on Monday. Messrs, J. A. Dougherty & Co., dealers in Western produce, suspended yesterday.
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Dew Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. Hew Orleans Money Market. CHESCENT OFFICE, No. 70 Camp street. Monday Evening, Oct. 19, 1857. The week commences very quietly. Some few transactions in cotton have taken place, but there is no change in the general position of the money market from Saturday. The difficulties in negotiating large sums of exchange are just as great as ever, and cannot be obviated until we are in receipt of coin, or a share of that which was drawn from the Banks last week is returned to them. The Canal Bank is now prepared to draw sight and short sight exchange on New York, and will take sterling exchange in pay. ment for any liabilities due it. Daylight is again dawning on us. We shall get to work briskly in a short time, if a few hundred thousand dollars incoin received. The Bank of Louisiana gives notice that it will receive ap. proved sterling exhange in payment of discounted paper by the Bank. That is, if the house of A B has a note or acceptance under discount, failing due in the Bank, it will take approved sterling exchange for it. This is a broad qualification, as the word approved can be closely or broadly construed. Now, we suppose factors can sell a few thousand bales of cotton, and the arrangement be a benefit for perhaps thirty six hours. As it will take only about $3,000,000 of exchange to cover the entire amount of discounted paper, maturing within the next 90 days, the Bank may have falling due on Tuesday, (to-morrow) Wednesday, the next day, and Thursday, the next regular discount day, say from $150,000@$200,000 in discounted paper. How much of this may be cotton factors acceptances, have not the means of ascertaining. Sterling exchange will, however, be received for it, provided the factors can effect sales of cotton take the bills and endorse them, provided, we presume, they keep an account in the Bank. This, however, would be to the factors no more than a return to the mode of selling cotton in vogne twenty to thirty years ago-that was, selling cotton direct for exchange. This will prove a very decided facility to a large class of buyers, provided the Bank considers them of an approved character. But this question of relief, partial only, may be of some service, though rather tardy. We can only say to the directory of the Bank that the question of relief to this community ought to have been considered on Monday, 12th inst., and carried through on last Wednesday. The President pro tem. of theBank of Louisiana and the majority of the Directory have or have not much to answer for in the public estimation. Which Bank it was that first discredited the notes of the three free Banks on Wednesday last will have to bear the greatest censure. The Bank of Loui siana was in line on that morning two hundred and thirty thousand dollars. This sum would have saved the commotion and panic which we have passed. It is idle to suppose that the free Banks were any less solvent on the above day than they were at d any other time within the last twelve months. The paper market is unsettled. Five per cent. per month continues to be offered for money. In fact, it is useless to talk of negotiating paper on the street. There will be no discounts made to-morrow by the Banks, and none this week unless the Directory of the Bank of Louisiana should repent on Thursday, and then it might do a little. The Canal may do a few thousands on Wednesday, but it is very doubtful. We can only add that our mercantile community cannot expect any aid of consequence from the Banks for some time, only in the way of renewals. This will do great service. Some share of the public seem to rely greatly on the course the Bank of Louisiana may pursue. We may as well remove the impression at once, and say, that isolated as the Bank is, being strong. very strong in its position, it must keep EO. It cannot, in the present state of affairs, render only very limited service. The other old chartered Banks cannot do anything, and it is idle, very idle, for people to think that the Bank of Louisiana can render them any essential service. The day for its good and benefit in this crisis is passed. It ought to have acted in concert with the other old Banks before the panic. Now it is too late to be anything more than partial service, and if we mistake not, it will take care of itself, and that with a few discounts and exchange operations, are all that can be expected at this time. We shall return to this subject again. An explanation is required from some quarter. Local causes have had much to do with the recent panic-more than the public are aware of. Very little done in exchange to-day. Some sales of sight on New York were made at par, ½ and 1 per cent. discount, and some small transactions in sterling at rates from 90@95. We heard of no transactions in francs, and the day in general closes very heavy. The following is the result of a meeting of Bank Presidents in New York on Monday last. It appears, however, that two days afterwards most of the Banks of the city suspended payment. It will be well enough for all parties to wait & day or two longer to understand the New York suspension. It is hardly possible that men of information (Directors of Banks) should pass so strong resolutions as the following, and within forty hours Safterwards the Banks represented suspend specie payments: as At a meeting of the bank officers, held this day, at the Clear17 ing House, Thomas Tileston was appointed Chairman, and James Gallatin, Secretary, when, on motion, the following resolutions were adopted Whereas, There is no demand for specie upon the banks of les this city for exportation, and can be none at present but, on the contrary with the present low rate of exchange, affording a esprofit of from to 10 per cent. on its importation, there must be a speedy influx of it from Europe-for whether anybody here a can draw for it or not, the inevitable laws of trade must be all eyedob-and specie will come to the point of greatest demand. And where as, All demands for specie upon the banks of this city from the interior, 80 far as they could arise from natural causes, have already been met H, And whereas, The exchanges with every-part of the country on are in favor of New York, creating a current of specie toward it for the payment of debts and the purchase of goods iz: And whereas, we are in the semi monthly receipt of large ow accessions debts: of gold from California, sent here for the payment of are And whereas, The United States Treasury is rapidly disbursing coin in the public expenditure, and for the redemption of the public debt: And whereas, In this state of things every natural and healthy tendency is to accumulate specie in the banks, and to LE enable them to diffuse it throughout the country, as the basis of credits by which the abundant crops rovidence has given, more mp bountiful than ever, may be brought to market, confidence may 1y revive, the circulation of commodities be resumed, the internal exchanges restored, the wheels of industry be set in motion, and employment once more be given to labor NO er. And whereas, In the jndgment of this meeting, there exists at the present time no obstacte whatever to the accomplishment f of objects 80 desirable, unless it be in an unfounded and unnecessary alarm which keeps specie from its natural uses, and from RT performing its appropriate functions ing Therefore, Resolved, That the banks of the city of New York in are determined, at all hazards and under all circumstances, to perform their duty to the country, and all its great interests, in the maintenance of all specie payments, and that all classes of the nation. community should sustain them in carrying out this determiResolved, That in the judgment of this meeting, even for this of object, no further contraction of loans is necessary, nor will there exist any obstacle to such an expansion of them, as will afford the necessary aid to bring forward the crops, and alleviate the present commercial distress, unless it shall be created by the demands of a causeless alarm. and TILESTON, Chairman. ive JAMES GALLATIN, Secretary. Monday, Oct. 12, 1857. ST and The following, from the New York Express, applies very well to a house in this city which performed the same operation last
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BY TELEGRAPH. m BICHMOND, Set. 17.-The Gistom House rob. 18 bers, Wheeler and Somerville, have been arrested, and a portion of the money recovered. WASHINGTON, Oct. 17.-The amount in the Treasury subject to draft, is $12,896,881. E NEW YORK, Oct. 17.-The Tribune has a desh patch which says that Alexander Ramsey, Republican Nominee for Governor of Minesota, is elected, y and the whole Republican ticket successful. n IOWA.-27 counties heard from indicate that the g Republicans have elected their ticket by 30,000 maf jority, e BOSTON, Oct. 17.-The Bank Directors held a e meeting to-day, and authorized an increase of loans e of three millions: NEW ORLEANS, Oct. 17.-Cotton sales 5000 bales opening at 91 and advancing to 10 for cash and advancing still higher for exchange; closed firm, factors asking higher. Receipts 1430 bales. Flour lower, $5,50. Freights more active; Ex. change better, but irregular. The Bank of New Orleans will resume next week. NEW YORK, Oct. 19.-Failures-S. & T. Lawrence, dry goods Lyons, Webb & Johnson, carpets. PHILADELPHIA, Oct. 19.-Bunn, Ragwell & Co., have suspended. ST. LOUIS, Oct. 19.-The steamer Trofic sunk at Waverly, Missouri river, last Thursday, and 8 or 10 lives lost. No particlars. Tesson & Danfer, Bankers have suspended. The weekly bank statement shows a reduction of coin circulation, and deposites of half. The State Bank decreased each more than seventy per cent. NEW YORK, Oct. 19-Flour opened active but closed dull at $4,70a4,85 for Southern; Wheat buoyant at a decline of 2 to 3 cents; Rye 75a80c.; Barley 70c.: Corn mixed 73a80c; Oats 47a50c.; Whisky 20a20jc; Mess Pork $21,75a22,50; Beef13a14c; Beef hains 16c.; cut meats 93c.; nothing doing in Bacon; Lard 12}a15c. Stocks and money matters quiet. The Metropolitan Bank will receive to-morrow New England bank bills on deposit at quarter per cent. discount, except Rhode Island banks. In Supreme Court, Judge Roserelt dismissed the motion for an injunction against the Bank of New York. Clearing house returns indicate the gradual resumption of activity in business. Barrs, Lyman & Co., dry goods house suspended. N. H. Wolf & Co., filour and produce dealers resumed. NEW YORK, Oct. 19-The Steamer North America has arrived at Buebeck, with Liverpool dates of the seventh. Sales of Cotton, for three days, 39000 bales. Large speculative inquiry. All qualities slightly advanced. Money tighter. A Russian Man of War was sunk in the Gulf of Finland, and 1400 lives lost. The Spanish Ministry has resigned. NEW ORLEANS, Oct. 19.-COTTON-Sales 3,500 bales Prices stiffer but unchanged. Sterling exchange 95. Red Wheat 90 Operations in Western Produce are nearly suspended. At a meeting of Bank Presidents it was resolved to still take certified checks on the Citizens' Bank in payment of debts. The Banks have lost two million dollars specie last week.
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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] New ORLEANS, Oct. 17.-Cotton-Sales 5,000 bales; opening at 9f and advancing to 10 for cash, and still higher for exchange; closed firm; factors asking bigher; Receipts 1430 bales. Flour lower, $5. Freights more active. Exchange better but irregular. NEW ORLEANS, Oct. 17.-The Bank of New Orleans will resume next week. New YORK, Oct. 19.-Failures-S. & T. Lawrence, dry goods; Lyons, Webb & Johnson, carpets. Philadelphia, Oct. 19.-Bunn, Ragwell & Co., have suspended. Sr. LOUIS, Oct. 19.-The steamer Tropic sunk at Waverly, Missouri river, last Thursday, and 8 or 10 lives lost. No particulars. Tesson & Dangen, bankers, have suspended. The weekly bank statement shows a reduction of coin circulation and deposits of half. The State banks decreased each more than 70 per cent. NEW YORK, Oct. 19.-The steamer North America has arrived at Quebec with Liverpool dates to the 7th. Sales of cotton for three days, 3,000 bales. Large speculative inquiry; all qualities slightly advanced. Money tighter. A Russian Man-of-war was sunk in the Gulf of Finlano: 1,400 lives lost. The Spanish Ministry has resigned. NEW Orleans, Oct. 19.-Cotton Sales, 3,500 bales. Prices stiffer; but unchanged. Sterling exchange 95 Red Wheat 90. Operations in Western produce nearly suspended. At a meeting of Bank Presidents it was resolved to still take certified checks on the Citizens' bank in payment of debts. The banks have lost two million dollars specie last week. NEW YORK, Oct. 19 -Flour opened active but closed dull, at 4 70a4 85 for Southern. Wheat buoyant at & decline of 2 to 3 cents. Rye 75*80. Barley 70. Corn, mixed 78/74. Oats 46a50. Whisky 20a20}. Mess Pork 21 75a22 50 Beef 13:14; Beef Hams 16; Cut meats 94. Nothing doing in Bacon. Lard 12ja15. Stocks and money matters quiet. The Metropolitan bank will receive to-morrow New England bank bills on deposit, at quarter per cent discount, except Rho le Island oanks. In the Supreme Court Judge Rosenvelt dismissed the motion for an injunction against the Bank of New York. Clearing-house returns indicate the gradual re. sumption of activity in business. Barrs, Lyman & Co., dry goods house, suspended. N. H. Wolfe & Co., flour and produce dealers, resumed.
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Financial Matters, &c. BOSTON, Oct. 19.-The following failures are announced : W. Greenough & Co., hardware; J. M. Holden, hardware; George Forsaith, chairs; Keith & Thornton, clothing; J. W. Carter & Co., grocers, and W. P. B. Brooks, furniture. ST. LOUIS, Oct. 20.-The State Savings Institution has opened a depository for the currency of the adjoining States; also of New York and the New England States, and the notes of the Banks of the cities of Philadelphia, Pittsburg and Baltimore. The weekly statement of the banks shows a decrease of 50 per cent. in the coin. The circulation and deposits of the State Bank have decreased during the week nearly 70 per cent., and its general decrease of coin is in a still greater ratio. MOBILE, Oct. 19.-None of the Alabama Banks are affected by the pressure, Cotton is dull; middling quoted at 10 per lb. Sterling exchange flat SAVANNAH, Oct. 19.-Cotton is quiet and receipts light. Sterling exchange fair. NEW ORLEANS, Oct. 19.-Everything in the monetary line is more cheering. The Bank of New Orleans is paying some specie, and will resume entirely next week. Messrs. Oakey & Hawkins will resume on Monday. Messrs. J. A. Doherty & Co., dealers in Western produce, suspended yesterday.
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The Brooklyn banks and saving institutions have all suspended. BOSTON, Oct. 14.-The Massachusetts Bank continues to pay specie. The banks met at one o'clock to consult upon the expediency of redeeming small notes in specie. HARTFORD, Oct. 14.-All the banks have suspended, except the Corn River Banking Co. Portland. MR., Oct. 14.-The banks have all suspended. NEW YORK, Oct. 16.-The California mail steamer Northern Light has arrived with 718 passengers and $1,664,000 in specie, of which about $28,000 is from Havana and Aspinwall. The principal consignees are Wells & Fargo, $238,000 : Howland & Aspinwall, $214,000 : American Exchange Bank, $181,000 : Duncan, Sherman & Co., $122,000 : Robert Hallett & Co., $110,000. There is no news of importance. In addition to dispatches received from New Orleans, a full list of passengers on the Central America has been received. NEW ORLEANS, Oct. 15.-The Citizens', Louisiana and Canal banks of La. have refused to take the notes of the free banks. The run commenced early on the free banks. and before 3 o'clock the Union, Merchants', and Bank of New Orleans had suspended specie payments. There is no run upon the Southern Bank. and it is considered perfectly good. The chartered banks are standing by each other. Large deposits are being made in them-more, it is said. than has been with drawn. There in considerable excitement, and good humor prevails. It is supposed that the run will continue to-morrow. Great confidence is reposed in banks which are now standing. They have had large deposits to-day. No failures, and more cheerfulness than in the morning. There are rumors that the Bank of New . Orleans will open in the morning. Notes of the Bank of James Robb are taken at the Citizens' and Sopthern Hanka ALBANY, Oct. 16.-Samuel A. Foote and Samuel G. Ruggles were heard this morning before Governor King on behalf of New York City Banks Objection is made to nn extra session of the Legislature. The Governor sees no nocessity for it at present, but will hold the subject under advisal. Sr. LOUIS, Oct. 16.-The reported suspension of Doone, King & Co., and Collins, Kellogg & Co., of this city, as published in New York Express of the 12th, is authoritatively contradicted.
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FROM INDIA. Gen. Nicholson defeated the Rebels at Magafghar with a loss of their guns. Havelock defeated the Rebels near Bithore, on the 16th of August. The garrison at Luclowe made a sortie, capturing the guns of the mutineers, and a supply of provisions. Maj. Egre was again defeated at Singapore by the mutineers. The Rebels are threatening Alla-Habad and Benares. Large bodies of troops are marching from Calcutta to Alla Habad. Troops are arriving at Calcutta from England. A dispatch to the London Post says the English attacked Lucknow castle and spiked the guns, and inflicted a heavy loss on the enemy. The Baltic brings sity-two thousand pounds sterling in specie, and 160 passengers. In the race with Saunterer, Baylon had the forfeit. The steamer Red Jacket, from Australia, arrived at Southampton with 70,000 ounces of gold. NEW YORK, Oct. 26.-The brig Mountain-Eagle from Sisol, reports that the Indians massacreed nearly all the inhabitants of a town about 60 miles from Merida Over 500 bodies were found in the woods horribly mutilated I ST. LOUIS, Oct. 26.-Several prominent citizens of Kansas have signed a protest against fraudulent returns from Oxford, Percival and Johnson counties. Walker and Stanton, after a personal examination, published a proclamation declaring their determination to reject the entire vote of Oxford county, and give certificates to the Free-State candidates. The excitement among the pro-slavery men is in tense. They threaten vengeance against the Governor and Secretary. On the 19th a mass convention was held at Lecompton, which protested against the assembling of the constitutional convention. The Repubiican publishes the discourse of Heber C. Kemball at Salt Lake City on August the 30th; in which the determination is expressed to resist the Government troops to the last extremity. The WOmen and children are called upon to arm themselves and to lay up grain and prepare for the conflict. Young made an equally bold [speech, declaring himself against the United States. NEW ORKEANS, Oct. 26-Cotton sales 1200 bales, extremley dull and irregular. The ruling rate for middling was 10c straight middling to good 10ţa 10}c.; Sugar irregular, 6a10c. Molasses 28a30; bulk of sales at 18 for premium new. Nothing doing in exchange. No change in money matters for the better. NEW YORK, Oct. 26.-Cotton and Flour firm, Wheat heavy: Corn dull; Lard 12; Sugar declined one-and-one-eighth. The Bank statement of the week shows an increase of specie, $2,568,000-increase of deposits $4,635,000. Decrease in loans $1,652.000. Decrease in criculation $1,202,000. CINCINNATI, Oct. 26.-Flour-Buyers refuse $4. Whisky 151. Grain unchanged. Money unsettled, The notes of James Robbs' bank, the Union Bank and the bank of New Orleans are thrown out by all the bankers. Missouri paper continues to be taken, notwithstanding the suspension. Business is moderately good. PORT STANNLEY, C. W., Oct. 26th-A fire this afternoon destroyed the steamer Free Trader, the schooner Buchanan, and the warehouses of South & Davidson, Williams & Thompson, with many other buildings-mostly insured. CHICAGO, Oct. 26.-James 0. Bryman, in the U. S. Oourt, plead guilty of the indictment of purloining letters from the Post Office Oepartment. Sentence is deferred. The ship Patrick Henry brought here the Captain and crew of the British bark Athenian from Quebec to South Sea Islands, Business is dull, partly owing to the storm. NEW YORK, Oct. 26.-It is believed that the steamer Baltic brought back no protested bills. WASHINGTON, Oct. 26.-Neaaly eight millions acres of land have been located under the act of March, 1855, up to the 11th of August. The Snake Indians are incensed because a drover killed a woman and child. They have been friendly hitherto.
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THE PANIC.-Considerable uneasiness and anxietyareprevalent in our parish in regard to the state of the New Orleans Banks, notwithstanding their notes are readily taken and received at their full par value. Yet inquiries are constantly being made, and the bills passed off almost as soon as received. Rumor, no doubt, is playing its usual part, but it is not at all unreasonable to give attention to the reports that are now quite common, as it is almost impossible to gather any thing from the only medium of intelligence-the New Orleans press. We have carefully scanned their last Saturday's issue, and the following paragraphs are the only ones that throw any light upon the state of affairs there: The Delta savs: The great gun of the day is the Southern Bank which has often been considered a weak institution, and yet in this crisis it is stronger than any Bank in the United States, not even excepting the Bank of Louisiana. * It cannot be broken this heat. The Mechanics and Traders', the Union Bank and Bank of New Orleans will resume next week.The Bank of New Orleans was paying its fives and tens to individuals. The bank of James Robb is also strong. We are all right, go ahead one and all. The Crescent has the following: The chief talk last evening was that the Canal bank had resumed the drawing of sight Exchange * * The Canal bank also takes on NewYork. foreign exchange in payment of discounted paper or liabilities due the bank. So cotton factors can go to selling to day, as there is an outlet for some exchange, and we sincerely hope in a few days some relief will offer, and our great trade commence moving. Our community will, however, for a short period miss the Achilles of the banks, the Citizens' It will however, rise ere long, and assume its great influence in the monetary world.
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Financial Matters, NEW YORK, Oct. 19-Gov. King refuses to convene an extra session of the Legislature. The determination of the Judiciary to interpret the constitution so as to deal as liberally as possible with the suspended Banks, obviates the necessity for an extra session. The committee of merchants and bankers who went up to Albany to communicate with the Governor, returned to-day concurring in this view of the case At the meeting of the Bond and Stock holders of the New York and Erie Road. held on Wednesday night, $70,000 bonds, proposed by the directors to be issued to relieve the Company's present embarrass. ments, to provide against the creation of the future Boating debt to carry out the proposed improvements of the road were subscribed. Nearly $600,000 have been previously taken. The subscription books, some sixty in number, are in active circulation. and the entire amount of subscription is not known. They will be returned next week to the office of the Company and a fourth meeting of stock and bondholders will be then called. A resolution will be offered and adopted in accordance with the views suggested on Wednesday night, renewing the coupons falling due this year, in the payment of bonds, where the amount is equal to 81,000, and when not. the scrip of the Company will be given for the sum due and the acceptances of the Company will also be taken in pay. ment. New ORLEANS, Oct. 19-9 P. M.-Every thing now looks cheerful. The Bank of New Orleans is paying specie in small sums, and will resume entirely next week.
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NEW ORLEANS, Oct. 17. Market for flour dull, at 5 cents lower.Freights more active, but unchanged. More doing in exchange ; prices irregular. Every thing now looks cheerful. The Bank of New Orleans is paying specie in small sums, and will resume entirely next week. Oakley & Hawkins will resume on Monday. A. Daugherty & Co., western produce merchants, suspended yesterday.
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Good News.- Fr THE Die Advocate of Thursday evening, we learn their the titues are every day growing brighter, confidence is becoming more general, and every department q.f business weere ing round i) to its u-umi channel of this In proof of f this, it given HM pirneuro to mention NA one that the Union Bank assumed spele payments Veterdur 111 full; the Bank of New Orienus IN DO longer in the hands of the R ceiver, and has resumed active operations in full, the Me banics' ment Traders' having done so last V erk. The are all ourbanke our on their lega again, standing HA erret NS - pind Non Orleans has like honor of being the date large CITY in the Uni. ted States that has NO suspended banks. A proud position. truly. And from the Crescent of the 18th : GOLD. The mailboat 0 ego, from Mythoat resterdar E: ming, brought : $30 400 in kohl exin, coin, consigned to Missr. Vz. Lecesse & Co... and $13498 77 consigned to Means. Purg & Avandano Top, ₹43,898 77.
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STILL BRIGHTENING.- - The times are every day growing brighter, confidence is becoming more general and every department of business Veeting round into its usual channel of thrift. In proof of this, it gives us pleasure to mention as one item, that the Union Bank resurred specie payments yesterday in full. the Bank of New Orleans IN no longer in the hands of the receiver and has resumed active operations in full. the Mechanics and raders. having done 80 last week. Thus are all our banks on their lega again, standing as erect as ever: and New Orleans has the bonor of being the only large city in the United States that has no suspended banks. A proud position, truly.1) Bulletin, 18th
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New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp, street, Monday Evening, Dec. 21, 1857. 5 The general money market to-day opened very quietly There was very little paper offering on the street though the offerings in bank were large, we learn that the discounts were free, but the best of security is required. The Exchange market was heavy. The banks were selling checks on New York at ½ per cent. discount. On the street there was no change from Saturday's figures, say 1@1% discount. Sixty days sight was taken at 3%@4 per cent. discount. Sterling opened heavi'y, and closed in the same way. We quote bills with shipping documents at 1021/203% ; clear good to A 1 bills at 103%@104 and 1043/2 though sales were made on Saturday at 105 to dealers, we did not learn of any sales at that figure to-day. Francs dull at 5.70@5.55. There were no transactions in stocks to-day. The Europa's mails were received to-day. We learn that many orders for cotton are countermanded. Many complaints are made, we may say iterated and reiterated, regarding the contraction of the banks, or as it is termed the want of disposition and willingness to grant dis counts and expand (possibly on the high pressure principle.) A great share of the public do not understand the mysteries of finance, and probably our commercial community, as well as the agricultural, will be surprised when we inform them that the eight banks of this city have now under discount and invested in exchange nearly fifty per cent. more than what they actually own, or what has been committed to the care and management of the several Board of Directors, directly or fiducially. The capital of these eight banks paid up is fifteen millions one hundred thousand dollars, with some surplus, is all that the banks can really and actually control. They have under discount and loan $17,818,222, and bills of exchange running to maturity to the amount of $3,256,929. Total, $21,345,151. Exchange balances or accounts may be deemed in the same category as paper discounted. The banks have nearly ten millions in coin in vault, and they owe depositors $11,000,000, which may be called for at any moment, and nearly $4,500,000 of notes in circulation. It is overlooked by the community that the depositors have something to say about the use-of their money or deposits. For instance, the State of Louisiana has on deposit in the State Bank about 750,000 dollars. Has this bank any right to discount or loan out this money The Citizens' Bank has the trust funds of the city on deposit. We think it will readily be acknowledged that the city has no money to loan, and that its deposits in bank cannot well be used for discounting, commer cial or other paper. To what extent it will be deemed good policy for our banks to discount on a line of deposits, one-half of which go in one day and drawn out the next, is not a mooted question, but is one that can be decided at once in the negative that deposits are not a safe reliance. We can point to the action of depositors in October with the Citizens' Bank, the Mechanics and Traders', the Canal, the Union Bank and the Bank of New Orleans-In fact to all the banks. The cry was gold, gold, coming from city depositors more than other sources. The mercantile community, including every merchant, trader dealer in every branch of business are refusing to sell on credit, even for the very best security, or what is termed good paper which will be paid at maturity. If sellers of merchandise have come to this determination to refuse the usual paper, how can it be expected that the banks will receive or discount the same paper, or paper of the very same character, which has been declined for merchandise or refused in the course of trade It is useless to refer to other cities for a mode of doing business, particularly where banks have been and are still under suspension. The banks of this city are restricted in all their movements by a supervisory statute, which is now receiving the highest praises throughout the country. It must not be overlooked that the free banking law of this State is very stringent in its provisions. Independent of the coin required to be in the vaults of the bank to meet deposits, an amount sufficient to meet circulation has also to be kept on hand, notwithstanding dollar for dollar is deposited in the hands of the State authorities to secure direclation. Some allusion has been made on the street the position of the Southern Bank on Saturday last, which returned in coin $374,918, when the law required it only to have $83,000. Even the law, as onerous as it is, will not shield the bank, nor any bank, from being called on at any moment for specie to the full amount of deposits and circulation. Thus the circulation of this bank was $152,195, and deposits $249,548. Total, $410,243. In addition to this, there is deposited in the Auditor's office $407.040 in bonds, Though It cannot be expected that an immediate demand for deposits and circulation could be made, yet the law implies as much, and during the unsettled condition of financial affairs in all parts of the world, it is incumbent on all banks to be watchful and guarded and as the majority of our banks, particularly the four old banks, have already loaned out more than they own, we think it will be some time hence before there can be any expansion of discounts. By the European mail, received to-day, we learn the result of
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THE BANK REPORT. We take from the N. O. Picayune, the following a. condensed summary of this report. begins with a rapid sketch of the tracing it to its sources in a commercial The report convulsion. recent system of credit, to the final failure of all 3. to postpone the day of and the attempts vitiated payment, general explosion, of which the effects over It takes pride in the with which both continents. New strength spread d Orleans, alone of all the great commeron cial. cities, breasted the storm, and the readiness with which her institutions and her merchants recovered from the damaging effect. The strength of New Orleant is attributed, primarily. to her geographical h. position as the great depot of the immense staples and, secondarily, to the prodence the West and foresight, firmness which guided the counsels of those who presided over her moneyed institutions. The report then reviews the condition in which the criss found the banks of this city, and attributes the way of the three free banks, and the of the Citizens' Bank, to an unreasonable and giving suspe nsion partial totally unfounded panie; and. it adds, that no bank in the world. except one purely of deposit, could meet. at once, all the demands of bill holders The committee, in offer the that the people, in their run on the comment, and showed depositors. passing, banks, their preference for chartered over free their distrust of the opinions entertained in financial tifying testifying the latter--thus quarters bank- "jusof high repute, as to the unavailability of bond ded issues." posits to secure the immediate convertibility of hank The report proceeds to state the figures, with which our readers are familiar, showing how thoroughly solvent the banks were during the crisis week. by what steps and with what aid from the community they rapidly recovered position, and the proofs that tegrity. they were managed with firmness, discretion and inIt is admitted that in their recuperative efforts the banks violated some of the restrictions of the laws. but the committee hold that these were done invo luntarily or from a pressing necessity. under circumstances which, regarding the spirit of the laws, would make it neither wise nor politic to visit on them the penalties they may have incurred. eral They think the banks might have been more that in the distribution of their accommodations. genit is hardly to be wondered at that the directors. but being ly one hundred and six persons members generalthe of commercial firms. should have had liabilities banks as drawers and endorsers to the amount of to one third of the entire discount line. The committee have several amendments to propose to the banking laws of the State. The first has referrence to the suppression of small notes, which they recommend as a corrective in degree of the tendency of paper to banish gold some and silver, in and thus derange exchanges : but principally, a social point of view. as a protection to the working classes. who under any monetary revulsion. how. ever ultimately safe a bank note may be, are always losers by a depreciation. bank They recommend therefore, the suppression of all notes under twenty dollars. The power to compel the banks to withdraw smaller notes is too doubtful to be exercised. the Committee, therefore, propose to concede certain The vileges to the banks, as a consideration for their pricepting is to the restriction. What they have agreed acexempt the free banks from upon the privileges of the two regard to interests. by and banks, tered to banks in equalize municipal allowing classes taxation: the char- of free to take the same rate of interest free banks, for all loans over ninety days, as the banks to take the same interest as and the on over one hundred and the banks withdrawal loans twenty the chartered days notes to be gradual-namely five dollar notes, after the first of October next: and ten dollar after or rather all notes less than twenty October 1st, 1859. It is to be dollars, very stringent provisions accompanied by denoand circulation of bank notes against of these the smaller introduction minations. from othet States. recommend In a subsequent part of the report the an amendment to the 20th committee law. by which a receiver general pointed, banking section may of the apbill. on application of any holder of a be more They think this section might be used protested that it harassing and serious injury of the to the of being used by the bank and the the public. They therefore to the jury law of is be capable recommend bank. that inbe instituted so amended as to allow no interested for a forfeiture, but by persons proceedings to may and that when once commenced directly of law. not be discontinued except under the they October, in The action of the Bank of New sanction pointing taking the lead of its creditors Orleans, in tion a receiver for itself, is quoted and apbut which had no improper motive or as evil a transacof recurring. from was a precedent that ought to be prohibited effects. which Another Dr. recommendation of this committee, dissented, is, Delony, that the no member more banks from East Feliciana. from law. They hold the of the to be sufficient for the banking the free capital banking commercial be created present under have State, and that if increased, the wants do not the power to give special charters. Legislature But the state that a special charter must they banks, constitution," the "deposit" feature have, of "under should and the proposition is only the free clation be close corporations and not one open that to banks assounder general law. W eral The committee further recommend that if the H individuals law be not suspended, the clause which genDa done to bank be expunged. It allows Th without trouble, as there is no individual can now bank be existing under the law. Jo Ga The report contains a careful review of the condi-
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60 days best bills, per cent discount, and commercial, discount, with loans of money being made at the rate of month. ner telegraph hourly brought accounts of the intensity and of the panic in distant cities. Our absent citizens rein numbers, giving dubious and doleful accounts of the financial condition of the country: Cotton arrived but was almost unsaleable, so much SO that factors had for foreign exchange, which they passed to the backs of their obligations. Parties who had been pr d+ denouncing the banks for their incapability of pure' 488change or extending discounts became still more c' amornouncing in unmeasured terms the course pursur d by the which course afterward proved to have beer the salva. our city. Stocks and bonds were almost unsaleable receded to 74 and 75 Bank of Louis Jana stock was 115@120. 13th October, we wrote as follo WS: "There is very be said about the money market this evening a large our community, instead of at sending to its own immeaffairs, are watching the tel sgraphic wires. This is unwe said three weeks "ince that 27 out of the 54 banks of New York, would suspend, and the advices this state 17 had suspended. This was not unexpected, and useless for parties to endeavor to create the im that these suspensions were not expected. We have along that we should receive the most unfavorable acor rather that bank suspensions and failures In Northern night ba considered a fixed fact." minor banks in New York began to close their doors, as their vaults on the 11th of the month, followed on the some of the larger ones. On the 13th 8 general run on all the banks, and Wall street was an excited which resulted in R general suspension of coin paywith the exception of one bank-the Chemical. Thus stood bankrupted, what else could have been expected followed the previous wild course and mismanagement of in expanding discounts to the extent of one hundred venty-two millions of dollars, one specie basis of the trifling of twelve millions of dollars, and then foreing curtailreduction to an amount exceeding twenty-tv millions in the short period of eight weeks, when the produce country could not be used. he meantime, say about the 10th of October, there had slent withdrawal of deposits from some of our banks, of their circulation being presented. This was folwith considerable briskness on the 12th and 13th. On of the 14th, intelligence was received here of the suspension of the New York Banks. And on the same some of our free banks could not liquidate their balwith the old chartered banks, which led to a reluctant rereceive the issues of three. The chartered banks were with a run, which had already commenced on the Bank, the Bank of NewOrleans and the Mechanics' and Bank, which led to a close of the doors of these instiuntil the following day. The closing of the doors of was forced on then by the action of depositors the bill holders at large did not take the alarm till the day. On the evening of the 14th, the run on the Citicommenced, which was continued the following day; day, the 15th, the run commenced on all the banks, Southern Bank, Louisiana State Bank, Bank of Louisiana, Bank and Bank of James Robb. On the Citizens' Bank the peared of the wildest kind, and we might say the poputhose who had a dollar on deposit, or held a note, were The brunt of the run was on this Bank, from what not to this day been learned. Its great popularity, its management, its liberality to the public the great which had attended its course the high value of $160; its connection with the State, through which over of dollars in bonds were to be liquidated its nuquessolvency-all, all were considered as naught, and a and unparalleled run commenced on the 14th of Octocontinued during the 15th, up to the close of which one million of dollars were paid out. The annals of do not contain another such instance of unprovoked and for assault, and one which was met with 80 much and alacrity. Though a temporary suspension to depositors followed, it must not be forgotten that alone was the panic against this bank mainly about. The same remark will apply to the three free which were forced temporarily to suspend. As to the dewe have yet to learn of a solitary indivi Jual who lost a is no doubt but the panic received its chief impetus discrediting of the notes of the three free banks on the was deemed A measure of prudence and safety to the themselves, for it was manifest that they had HS much could do to protect themselves and carry out their duties depositors and it was not known at what hour the burst on our ci y, Coupled with the refusal of the the accounts of the stoppage of the banks of New which came to hand the same hour. So much was said regarding the compulsory action of the old banks, to the course pursued towards the free banks S to, that it is not out of place to remark that some of been in arrears for a week or ten days previous to the a October. D close of the 15th, it was pretty well ascertained that f fear had done its worst. On the evening of that day, in our monetary column, as follows tl panic which started yesterday in our midst, with0 just cause, without reason, without shadow of found. and attained its colminating point to-day. Whatc consequences may be. we have the sincere gratification 3 uncing that the following banks stood the run and e complied with every demand until the usual hour of Citizens' Bank, Canal Bank, Bank of Louisiana, Lou1 Bank, Southern Bank. and Bank of James Robb. 1 Orleans Saving Institution, Canal street, was densely 5. at an early hour. It met all obligations according to and by 12 o'clock there was not a person present. This a The Mechanics' and raders Bank opened, and regular business, with the exception of redeeming So did the Union. The Bank of New Orleans in at the suit of one of its Directors. This is singular. e that the occurrences of the past two days will tend P confidence in the future, is not warranted. We concrisis is now past that the worst has been realized. we may expect tight money market for some di yet the decided action of the New York banks for good, has tended to relieve the general anxiety, and cadvices, received to-day, if they are to be credit to understand that an improvement has already in New York. We learn from Mobile that the banks have no thought of suspending. This augurs well, S have been highly gratifying to us to have had it to all our own banks had manfully stood up to the presT time affairs commenced to improve, confidence be and we might say, reason resumed its empire with e Individuals who appeared to have been bereft of it. di however, no paper nor money market. Some few ta were entered into, towards the close of the month, be aging from 2½ per cent. per month. Cotton came and the prospects for sugar were flattering. Under a J in cotton, factors did not offer the receipts freely, W to sell in large lots at which, thirty days be. D September,) commanded 14%@15c. Exchange was 01 demand only in small sums, large transactions only qt in the way of barter. Sight drafts on New York la made conditionally, that is, payable in the currency on they sold at the reduced rate of 314@ and 5 per CO Between the 20th and 30th of the month, eight