3b974541Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined
Other: Receivership was appointed; injunction by court placed bank into liquidation and later receivers reopened under court authority.
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Bank Difficulty in Boston. BOSTON, Nov. 21, 1855. The Bank Commissioners and the several representatives of other city banks, to-day examined into the condition of the Grocers' Bank, of this city, a report having been started that it had suspended payment of its bills. It was found that the difficulty was but temporary, caused by a rather injudicious extension of loan; and other banks having loaned it one hundred thousand dollars, it is again placed in a paying and safe condition.
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BANK DIFFICULTY. BOSTON, Wednesday, Nov. 21, 1855. The Bank Commissioners and theseveral representatives of other city banks, to. day examined into the condition of the Grocers' Bank of this city, a report bavir g been started that it had suspended payment of its bils. It was found that the difficulty was but temporary, caused by a rather injudi ious extension of loans, and other banks having loaned it $100,000, it is again placed in a paying and sife condition. The Cunard steamship Asia, Capt Lott, sailed at 10 o'clocs this morning with 122 passengers for Liverpool and 18 for Halifax. She takes out no specie.
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BY THE MORNING'S MAIL. The Grocers' Bank of Boston. BOSTON, Nov. 21.-The bank commissioners held a meeting to-day for the purpose of examining into the condition of the Grocers' Bank of this city, which was reported to have suspended. They found the difficulties only temporary, and the other banks have extended assistance that will place the institution in a sound condition,
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The business of the Clearing house was $17,897,000. The demand for currency which existed in the early part of the season, at the West, for the purpose of moving the crops, induced some of the Eastern banks to extend themselves largely, and the currency having returned more rapid'y than was convenient, the comeoquence has been difficulty in redemptions and discredit at the Suffotk Bank. The continued decrease is the specie line of the Boston banks had prepared us for some trouble in that quarter, but we did not look for so large is brood of bank discredits at one time. Aa Extra from Thompson's Reporter says: THOMPSON'S BANK NOTE REPORTER OFFICE, Friday Evening, Nov 23, 18% Telegraphs from Boston inform us that the Suffolk Bank has discredited or thrown out the notes of the following New-England Banks, viz: Orono Bank, Maine; Searsport Bank, Maine; Ellsworth Bank, Maine; Barl of Royalton, Vermont; People's Bank, Vermont; Monson Bank, Mass.; Rhode Island Cen tral Back. The Rank of Royalton" above is & chartered bank, and should not be confounded with the South Royalton Bank," which is a free and wed secured bank. The Monson Bank" above should not be confounded with the Mousam River Bank," of Maine. Itroes not follows that these banks fail; indeed we shall be disappointed if the Suffolk Bank does not, in & very few days, again take a large proportion of them. The holders of notes of the above backs will be wise not to sacrifice by & precipitate sale, for we cannot conceive that any bank which was sound a year ago can be insolvent now. At the Metropolitan Bank the Rhode Island Central. Searsport, Ellsworth and Royalton Banks are thrown ont. The brokers were buying the notes only at a large discount, but holders did not appear disposed to sacrifice them. There was a good deal of excitement to day in Beeton, which, if it degenerates into a panio, will doubtless increase the above list. The Orono, Searsport and Ellsworth Banks were correspondents of the Grocers' Bank of Boston, the embarrassment of which caused its refusal to receive the notes of those banks from the Suffolk, as It has heretofore done. In the case of the Grocers' its circulation is being rapidly redeemed and its deposits have frun down to $100,000. It pays promptly, If wound up it is believed there will be Fitt e or no loss to the stockbo ders. Judging from the last report of the Boston banks $2,100,000 only of coin with a line of loans of over $51,000,000, the specie too being almost the entire basis of the operations of all the New. England banks it is very evident there must be considerable contraction before a safe position can be attained. The aid rendered by the Suffolk Bank to its country correspondent bar be is shown by the fact that the discount line has run down to $1,185,000 only 181 . cent more than its capital, while the deb's due to it from other banks have increased to $1,985,000 or 981 P cent more than its capital and the amount due by the Suffolk to other banks is reduced to 6 fraction loss tban half & million of dollars. The earnings of the Indianapolis and Cincinnati Railroad for Oe ober were: $29,895.79 Mail end Express $1,202,08 Passengers 16 753 33 331 Freight $47,851.20 Total $33,944.78 For October, 1854 $13,906 47 Increase The price of Panama Railroad stock has risen cent within a short time, in consequence of the improved prospecte for a large dividend in January. The receip's in October were $120,000, and the November business, it is supposed, will be about the same The earnings for July, August, September and October were $382,057-leaving about $225,000 to be earned in November and December to meet the estimate of Col. Toten. The freight business, especially in express freight, is continually increasing, and the coal transportation has largely exceeded the estimates of the company. The Pacific Steamship Company will dispated, on the 12th January next, & freight steams from San Francisco, teuching of be ports all along the coast to Pasama,
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FINANCIAL AND COMMERCIAL. MONEY MARKET. SUNDAY, Nov. 25-6 P. M. The stock market during the past week has been very unsettled. Prices have fluctuated considerably, and operators on both sides of the account have had at times the movement in their favor. The arrival of later European advices gave for the time an upward impetus to the market, but it was not of long duration. In the midst of the inflation the announcement that several Eastern banks had been dissontinued, caused a reaction, and stocks receded full as much as they had previously gained. The apprehension that the New England banks, which had been flooding the West with their currency, had strained a point too much, and that several failures would follow, WAS visible among speculators, but It did not last long. It served to show how sensitive the public mind was, and how easily it was affected. This fact shows how dangerous it is to operate in fancy stocks for a rise. Almost any day something may occur to disturb confidence and produce a temporary panic, and seatter speculators like 80 many frightened fawns. It is, therefore, best to deal in nothing but what has real value, and has dividends in the prospective large enough to cover interest at least on the investment. Such stocks are not much affected by the bugbears of the day, and holders are not troubled by any temporary depreciation in market value. There were no shipments of specie from this port last week, and none that we hear of from Boston. There was a decrease in the Sub-treasury last week of $540,883. Notwithstanding this favorable movement, we do not look for any increase in the specie department of our banks in the next weekly statement. We have been sending specie out in almost every direction except across the Atlantic. Boston has been drawing from us largely, and considerable has gone South and West. The advices by mail from Europe are not NO satisfactory 0.8 reported by telegraph. The improvement in Consols and other stock securities are reported as entirely artificial while the probability of a drain of bullion continuing is as strong 165 ever. Payments on account of the Turkish loan, it was stringency in money matters, expected, would cause and keep up the exportation of specie. It appears that another arrival of gold from Australia bad been sent into the Bank of England, whi prevented the returns for the week ending Nov. 3 showing reduction in buttion. It was expected that the next monthly statement of the Bank of France would show a large and steady drain of specie. We shall not get the official returns until the next Curard steamer to Halifax. The anthracite coal trade has fallen off considerably the past week, particularly from the Schuylkill region. The shipments on the Lehigh Navigation for the week ending OR Saturday last were 33,751 tons, and for the 1,238,820 tons. The shipments by the Schaylkill Navigation Company for the week ending on Thursday were 30,413 tons, and for the sesson 1,045,092 tons, against 872,312 tons to corresponding time last year. The Reading Railroad brought down for the week ling on Thursday, only 29,388 tons, and for the season 2,188,154 tons, against 1,940,768 tons to the same time last year. The whole tonnage for the week from the Schuyl kill was 59,801 tons, and including that of the Lehigh, only reached 93,552 tons. The season, now protty well over, has been one of the most productive in many years for the carrying companies. There has been little or no interruption to any one of them from any cause, and prices, all things considered, have been more remuners. tive than ever before. The aggregate tonnage has been largely increased. The Boston Journal of the 23d inst says:The Grocers' Bank has promptly redeemed every de. mand made upon it, and will continue to to The bills are paid in specie on presentation The deposits have been reduced to about $100 000, and the circu att LA coming in rapidly. Should it be deemed best to wind up the affairs of the bank, it is confidently believed by those who have given its accounts a thorough investigati n, that but little if any loss can accrue to stockholders. An amount sufficient to redeem every liability of the bank matures in loans previous to January 1. We understand that bills of the Orono Bank, Searsport Bank. Ellsworth Bank of Maine, and Derby Line Bank, of Vermont, were refused yesterday by the Grocers', where they have bitherto been redeemed as fast as presented from the Suffolk. This will of course involve their refusal by the Suffolk. It should be understood however, that this is in consequence of an accidental over draft on the Grocers', which under other circumstances would have protected them, and doe not affect the safety of the bills mentioned. The result will be probably a delay of two 05 three days in the redemp In of the bills bere, until the banks have time to remit funds for their protection. The annexed communication from a stockholder, rets tive to the dishonest management of the Nicacagua Fran sit Company, is pointed and deserved. That men interested in such a concern will quietly look on and Fee a clique of financiers and speculators use their property, year after year, solely for private parposes, 1a even at this day, most extraordinary. Schuy er had the credit of managing the New Haven Railroad Company judiciously up to the last moment of his administration and the stockholders have nothing to blame but their neglect and blind confidence; but in the Nicaragus Transit Company it is 18 clear as day that a set of leaches have Exed themselves upon its vitals, and will only let go their hold when completely gorged. The following stidetures of a stockholder are perfectly correct; but as those most interested have the remedy in ther own hands, some action should be taken in the matter, and Fee If some change cannot be made before the meat is all extracted from the shell. It has been reported that arrangements were about being made to amalgamate the Pacific Mail Stesmship Company and the Nicaragua Transit Company, and we should think there might be some truth in It, but from the that such an arrangement would scatter the existing horde of leeches distributed along the line of the Nicaragua Company, from New York to San Francisco, both inclusive extracting Its substance at every pore. An amalgamation would be the best thing in the world for the Transit stockholders, as it would compel the present managers to give up their fine pickings. It is too good . goose to pluck to let go out of their hands. It has laid many a golden 'gg. which have gone into their pockets, and they will not part with It 90 long as the stockholders rest quiet under the squeezing process. Our correspondent clearly exposes some of the financiering operations of the past fifteen months. The Indianapolis and Cincinnati Rafiroad Company
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CLEARING HOUSE TRANSACTIONS. $130,253,726 Exchanges for week ending Nov. 19 120,817 656 ) xchanges for week ending Nov. 26 5,641,646 Balances for week ending Nov. 19 5,950,104 Balances for week ending Nov. 26. We hear that the Grand Jury have indicted all the Directors of a Mining Company, whose headquarters are in this city, for fraud, in declaring dividends which were not earned. There was more activity in call-loans to-day, two banking institutions having found it necessary to call in, which forced borrowers in other channels. One of the institutions alluded to was heavily drawn on from the West. This renewed activity will probably be only temporary. Paper goes 88 before noticed, 7@10 P cent, and is in good demand. As we anticipated, the bank troubles in Boston have been quisted. The Suffolk writes to the Metropolitan that all but (perhaps) the Edsworth will be taken again in a few days, the Orono and Royalton are already. A leading banker writes under date of Saturday as follows: " I see your papers are making a panic about Eastern banks. The only trouble which has happened has been with the Grocers' Bank, and certain country banks, whose bills were not taken by the Suffolk Bank for a day or two, but they have now all made other arrangements, and the matter is entirely settled. Money is again easy here, and the whole trouble is over.' The Grocers' and some other Boston banks have been getting some of their bills receivable discounted here, which has relieved them, and enabled them to draw some specie from DS. One bank took $100.000 to-day. It is said that the next Boston Back statement will show an increase in the specie line of $300,000 or $400,000. The Suffolk Bank is severely censured. even by its friends, and we think with good reason, for discrediting the banks thrown out last week, which act might have precipitated & currency crisis which would have swept through New-Eogland. Under the circumstances, the trouble in the Grocers' Bank, which was the redeeming agent of the banks in question, it was manifestly the duty of the Suffolk to send the notes of the banks to their counters for redemption, and if refused, it would then have been full time enough to discredit them. We see nothing in this act of the Suffolk but oppression and injustice, and such conduct on the part of that institution will do much toward the establishment of the projected Bank of Redemption in Boston. We there is some difference of opinion between the Grocers' and Rhode Island Central Banks &8 to the whereabouts of some $40,000, but the particulars have not reached us. In COL sequence of the omission of some of the heads of the Expenditure table of the Erie Railroad published this morning, we reprint it below corrected.
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in & trifle of 300 cent. Take the exhibit all in all, the the banks never appeared to better advantage. $6,994,111 The actual specie in vaulia, Nov. 17 6,797,178 The actual specie in vaults Nov. 10 $195,933 Actual increase for the week "The paper and money market continues easy; 45,000 of long dated paper was placed to-day at 9 P cert. "Domestic funds were firm at our quotations on Saturday, with one bank having advanced its checks to I P cent on New-York; time bills range for bankers' drafts, from 14 to 2 P cent discount; produce bills of general run 21@21 P cent discount; sight drafts on the street, saq discount. Sterling quiet at 62@74 for first-class bills, and 6@6f for bills with shipping documents. Rather more doing in Francs, at 5.38}@5.324; the general run ranges from 5.40@5,30." The Grocers' Bank, Boston, has received further assistance, to the extent of about $200,000, from the other banks.
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THE GROCERS' BANK, of Boston, gave up the ghost on Friday. The Telegraph of last evening, says: The banks of this city, this forenoon, refused longer to receive the bills of the Grocers' Bank, owing to its inability to make up its balances due the other banks in specie.At the late crisis of the Grocers' Bank, $150,000 were loaned to it by the several banks, while its circulation was fully $400,000. A run on the institution, for a few days past, has drained it of a large portion of this loan, 80 that in making up their balances on Wednesday, the other banks saw no prospect of those against the Grocers' Bank being paid in substantial coin. Hence, the refusal longer to take their bills, This procedure, of course, stops the bank for all public purposes. Its affairs will now pass into the hands of receivers, who doubtless will do the best they can to secure billholders and depositors from loss. We are inclined to believe that in time the creditors of the bank will be paid in full. The Bank Commissioners have put an injunction by grant of Chief Justice Shaw, of the Supreme Court. on the Bank till Dec. 4th, when an opportunity will be given the bank to show why it should not be perpetual. It is stated that there is an over-issue of bills by the late Cashier, Piiny E. Kingman. The Commissioners and Bank officers are now investigating the motter. Several rumors are afloat relative to the concern. one of which is that a "quantity of old bills have been put in circulation.
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From Boston. THE GROCERS' BANK-HEAVY ROBBERY OF JEWELRY. BOSTON, Nov. 30, 1855. An injunction was put on the Grocers' Bank at 9 o'clock this morning. The other banks refuse to take their bills. It in said there is an over-issue of bills by the Cashier, Pliny E. Kingman. The injunction is laid until December 4. An over issue of bills by the bank, to the amount of $106,000, has been discovered by the Bank Commissioners, who continued hard at work in the investigation. There is some panic about the matter, but the general impression seems to be that the bank will pay all its Ha. bilities and wind up. During Wednesday night or yesterday the store of Charles M. Paine, optician and jeweller, was robbed of property to the value of $6,000.
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E. F. Satterthwaite's London Circular of Nov. 16, says: There has not been much business in London in American securities during the past week. We note some small investments in Virginia bonds, New York Central 7 per cent convertible, Erte third mortgage, Sinking Fund bonds, Illinois construction, and Free Land bonds. Prices here had been so depres: by the tightness of money, and an anticipation of a decline in the New York market, and were 50 much below the late quotations on that side, that we have not much change to note, as they are now about current New York rates. Purchasers are deferred to some extent from operating by the late violent tone of the English press, which appears to have worked up an injury and insult to the dignity of England, on the part of America, of which the American press seems wholly unconscious. The Boston Transcript of Nov. 30th, says: The Bank Commissioners have been engaged durin; the last few days in thoroughly examining the affair of the Grocer's Bank. Finding many of the negotiations of the officers to be of rather a loose character and their affairs much extended, with no disposition on the part of the other banks to further lend their aid, the applied to Chief Justice Shaw this morning for an injune ti n on the institution. The Court granted the applica tion, and the bank is prohibited from doing further usi ness until the hearing of the case on the 4th of Decembe next, to which time the injunction remains. The presen trouble in financial affairs in State street will not be m ich helped by the break down of another of our banks, as it will have the effect of creating such a panic as will send home a large amount of bills for redemption from abroad. which would otherwise be kept out. As might be expected, this closing of the bank doors caused considerable excitement this morning, particularly among those who bad notes and deposits within; but, as we learn, the Commissioners have expressed no doubt of the abliity of the bank to pay its liabilities to the public, those who have claims should not sacrifice them, but wait the official statement which the Commissioners must make to the Supreme Court, at the hearing next Tuesday. P. S.-Since the above was written, we learn that an overissue of bills to the amount of $106,000 has been discovered, which was the immediate cause of the promot action of the Bank Commissi ners this morning. Various rumors are current in regard to this bank; but we believe the above statement embraces all the unaccounted for liabilities that have come to light. The current report that the stock account was overissued, is believed to be erroneous.
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Grocer's Bank, Boston. The Grocer's Bank, Boston, has been enjoined, and will be put into liquidation. About a fortnight ágo, a rumor of the unsoundness of the bank got into circulation, and soon spread so far as to cause a "run" upon the bank for specie. This run was promptly met, and had been almost checked, when Mr. Kilburn, one of the Directors, suddenly disappeared, and was reported to have committed suicide. The The panic hereupon broke out afresh, and the demand for a redemption of the bills became so extensive that the assistance of the other banks was asked for. This call was answered by a meeting of the banks on the 24th, when a committee of five was chosen to furnish all the aid then asked for, $100,000. This was promptly furnished on Monday, the 35th, at which time the condition of the Grocers', as reported to the Secretary of State, was as follows :-
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BANK TROUBLES.-The whole difficulty in regard to the People's Bank of Derby, and the Bank at Royalton, arose from the failure of the Grocers' Bank in Boston, acting as agent for the above and other Banks. The bills of Royalton and Derby are now received regularly, there having been a suspension of only one day. The Grocers' Bank is closed under an injunction. The examination of Mr. George M. Webber, as candidate for the pastorate of the South Congregational Church in this village, took place on Tuesday evening of this week. The examination was satisfactorily sustained. The ordination took place on Wednesday. The exercises were as follows: Invocation and reading of the Scriptures, by Rev. Mr. Barnum; Prayer by Rev. Francis Warriner ; Sermon by Rev. Mr. Sweetser: Consecrating Prayer, by Rev. Wm. Scales; Charge to the Pastor, by Rev. W. W. Thayer; Right Hand of Fellowship, by Rev. W. B. Bond; Charge to the People. by Rev. A. Boutelle ; Prayer, by Rev. H. Wellington Benediction, by the Pastor.
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A. H. Nicolay's regular semi-weekly auction sale of stocks and bonds will take place to-morrow (Thursday) at 12½ o'clock, at the Merchants' Exchange. The catalogue. we are informed, will include a variety of first class securities. The Mercantile Bank has declared a semi-annual dividend of five per cent; the Etna Fire Insurance Company of New York, a semi-annual dividend of eight per cent; the Long Island Insurance Company, a semi-annua] dividend of ten per cent; the Market Fire Insurance Company, a semi-annual dividend of five per cent; the Aretic Fire Insurance Company, a semi-annual dividend of five per cent. In the Supreme Court at Boston yesterday, there was another hearing in the matter of the Grocers' Bank. The receivers made a detailed report re'ative to the condition of the bank. As shown by the books on the 29th of November, the liabilities were $1,375,874 33, and the assets $1,370,864 62. This statement is copied from the books of the bank. The receivers, after a careful exami_ nation of the different accounts, make the total liabilities $1,626,673 97, and the total assets-including $125,000 secured to the bank by P. E. Kingman, the late cashier$1,522,740 69. The amount immediately available for payment of the liabilities is $339,063 78. In regard to the over issue of stock, the report states that thus far it does not appear that any exists. At one time there was an over issue of 284 shares, upon which a dividend was paid in April, 1855. The Hartford and New Haven Railroad Company will pay on the 15th inst. an extra dividend of five per cent. The surplus earnings or dividend fund of this road on the 1st September last amounted to $415,326, or rather more than seventeen and one-half per cent on the capital stock. A large portion of the stockholders were strongly in favor of an extra dividend of ten per cent, but the majority decided that fifteen per cent in cash was enough to divide in one year. This road has & double track throughout its whole length, and its construction account is closed. It has no fleating debt, and its outstanding bonds amount to less than a million of dollars, with twenty years to run, at six per cent interest. We learn from the message of Governor Morehead, of Kentucky, to the Legislature, that the receipts into the State treasury for the fiscal year ending the 10th of October, 1855, amounted to $883,707 49; to which the balance in the treasury on the 10th day of October. 1854, of $111,720 31, added, will make the sum of $995,427 80. The expenditures, including the transfers to the sinking and school funds, amounted to $639,996 25-leaving in the treasury on the 10th of October, 1855. the sum of $255,731 55. The State debt is $5,991,576 73. Of this amount $600,000 are held by the Southern Bank of Kentucky. the interest upon which it is bound to pay, and for which the State holds that amount of stock, and $1,369,664 73 are held by the Board of Education, the interest upon which only may be considered a perpetual charge upon the sinking fund. The actual debt, the principal of which has to be provided for, is, therefore, $4,021,912. There is now a balance of $316,816 22 on hand belonging to the sinking fund, which the Governor recommends shall be used in the purchase of State bonds. The Rochester American says the following statement shows the amount in value of the imports and exports at the port of Genesee, during the three quarters of the year since the opening of navigation:-
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The following gentlemen have been elected of the Sixth avenue railroad: Messrs. Sidney Mason, Frederick De Peyster, John P. Yelverton, George R. Howell, John H. Swift, Samuel S. Bowman, Daniel Van Dusen, Tennis W. Quick, Waldo Hutchins, Gedeon De Angelis, John B. Hall, Alexander M. C. Smith, and Hamilton H. Salmon. In money there is no marked change. The demand is very active, but after 2 o'clock there was some relief. We regret to hear that Mr. George Curtis, President of the Continental Bank, who is now in Florida for his health, has received no benefit from his visit to the South. He is not 80 well as when he left. The matter of the injunction on the Grocers' Bank, Boston, was up before Judge Merrick on Tuesday. The report of Mr. Warner, one of the agents appointed to take charge of the Bank, was read. $1,636,673 97 The total amount of liabilities 1,397,740 And the assets In addition to the above there are large amounts due to the Bank from P. E. Kingsman, late Cashier. Toard securing these amounts, said Kingsman has conveyed and assigned to the Bank various estates and securities which the President of the Bank regards as $125,000 00 security for $1,522,740 69 Total assete The total means available for liquidation of liabili$339,063 78 ty Bank are Less amount of necessary expenses. The business of the Clearing-House was $17,928,500. The track is now laid on the eastern extension of the Delaware, Lakawanna and Western Railroad to the crossing of the Delaware River, below Water Gap. The tunnel on the Warren Railroad is so far advanced that it is expected the board gauge trains of the Delaware, Lackawanna and Western Railroad will be able to pass through, from Scranton to Elizabethport, on or before the first day of March. Mr. Jewell, one of the counsel for the Bank, then read a memorial from the stockholders to the effect that from an examination of the condition of the bank, which may be verified from the report of the agents appointed by the Court, the liabilities of the bank are amply secured, and that the capital of the same is not 80 much impaired as to render it advisable to go into liquidation. He also stated that competent persons are ready to give bonds in a sufficient sum to guarantee the payment of all their indebtedness, which indebtedness there will be in sixty days a sufficient sum received from the assets of the bank to pay off. They therefore petitioned that the bank remain in the hands of the agents, as at present, until Wednesday, March 12, unless the bank shall desire another hearing at an earlier day, and that in the mean time the President and Directors have power to do any act necessary for the liquidation of the bank liabilities. Attorney-General Clifford did not object to the granting of the prayer of the petitioners. The Court said that the bond could not be taken by the Court, and that there was some objection to the latter clause of the memorial of the stockholders, as granting rather too extensive powers. He did not object, however, to give all necessary authority to make all settlements to obtain the assets of the bank, but if the Court allowed them to go any further it might possibly result in the payment of some creditors, while others were compelled to accept a reduced dividend. The Court, after some further conversation, said that he should consent to the postponement, and would sign a decree modifying to some extent the power of the agents some time during the day. The Buffalo Commercial Advertiser publishes its usual annual tables, showing the trade of that city for 1855. The quantity of Breadstuffs received by the
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The Boston Atlas of the 13th inst. says:-The annual meeting of the Boston Corn Exchange was held at the Exchange rooms on Tuesday. The annual report was read and accepted. It states that the amount of grain and flour received here shows Boston to be one cl the largest markets for distribution and consumption of breadstuffs. The total receipts of eorn, oats and rye for the year 1855, were 2,694,214 busbels; of flour, 1,014 268 barrels; of whent, about 300,000 bushels-which, at the average valua tich for the year, amounts to nearly thirteen millions of d allars. The Boston Transcript of the 14th inst. says:Judge Merrick, of the Supreme Judietal Court, gave his decision this morning upon the application of the stockholders to have the management of the Grocera' Bank restored to them. His Honor's decree was in favor of the application, to the effect that the receivers, Messrs. Warren, Slade and Shaw, should on demand transfer the property, accounts and effects of the bank into the hands of Messrs. Samuel G. Reed, of Boston, (President of the institution), and Edward Mott Robinson, of New Bedford, who are immediately to give public notice that they will forthwith pay off ad authorized
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Receivers of the Grocers' Bank. BOSTON, March 15-Judge Merrick yesterday made a decree appointing S. G. Reed and E. M. Robinson agents to receive the custody of the as. sets of the Grocer's Bank with authority to buy the liabilities. If a satisfactory settlement is made, they will be allowed to continue the Bank if they see fit.
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follows:$6.191 For the Treasury Department 28,137 82 For the Interior Department War warrants received and entered 71,984 81 35 07 War repay warrants received and entered 10,050 On account ot the Navy 325 24 Repayment OD account of the Navy 28 58 From miscellaneous sources The Grocers' Bank at Boston re-commenced business on Tuesday, under the management of the receivers, and during the day paid about $116,000 for their bills. besides about $50,000 on other claims. The steamship Persia, at this port from Liverpool, brings seven days later intelligence from all parts of Europe. The news is not in the least important. The only interesting feature is the fact that the Peace Congress was progressing favorably. Nothing of an official character had transpired, but the public mind was daily becoming more and more impressed with the belief that peace would be the result. The month of March will decide the matter. The armistice ceases at the close of the month, and the probability is, that before that time, if all the preliminaries of peace are not actually agreed upon, enough will have been determined to prevent a re. newal of hostilities. We have not the slightest doubt regarding the ultimate result. The financial and commercial accounts from Europe are of a favorable character. Quotations for Consols were without change, and the money market continued stringent. The Bank of England returns show an increase in bullion, and there had been large arrivals from Australia. The London Times of the 7th inst. says :Out of the £362,000 of gold brought by the James Baines, £120,000 has already been taken to the Bank of England, and it 14 possible a further sum may yet find its way there. the French rate of exchange continues fs. vorable for this country, and hence the purchase of the amounts of gold taken within the last few days for the Bank of France must have involved a heavy loss. Tae pressure for money, however, in Paris, onsequent upon the speculative mania, is such that any sacrifices are borne for the moment to prevent a check being given to public confidence. The cotton market was active and prices firm. The advices from this side relative to the crop were considered fa vorable for higher prices. From the manufacturing districts the accounts show greater activity. Prices for goods and yarms were steadily advancing and orders were abundant at improving prices. la breadstaffs a very moderate business is reported, generally at lower prices. The heavy losses realized had already created distrust. A desire to realize was general on account of ae anticipated further reduction. Towards the close price: were steadier. In American securities there had been no change. The London circular of E. F. Saterthwaite, of the 7th inst., says :We have not much change to note in American INCUzities in Loaden curing the past week. During ine early part we bad . strong inquiry for Illinois Construction bonds at 84% but the drinked was fully met by parties was realize# proble, and the Inguiry at - close is leas active, unless at reduced prices, Freelands have been dealt in to a limited extent at 84% ex coupon. We note males of Eria sinking Fund bends at a slight advance. Third Mortgage booox are offered at 85, with few buyers. There have been moderate sales of New York Central : per cest bouds at previous rates Grand Trunk of Canada shares and bonds are very havy at lower prises. The Liverpool Times of the 8th inst. says:In the money market there has been an active demand. In general, the supply has been equal to it; but occassedmily the pressure has been excessive, and consequently there is 00 abatement in the rater which weigh no heavity upon commerce. On the Stock Exchange $% per cent may be quoted the average rate for advances for short terms on government securities. in the discount market 11 has valied according to the quality of the paper offering, but sothing has been done under the Bank minimum.
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RESUMED OPERATIONS.-The Grocers' Bank at Boston recommenced business on Tuesday last, under the management of the receivers, and during the day paid about $116,000 for their bills, besides about $50,000 in other claims.
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RESUMED OPERATIONS-The Grocers' Bank at Boston recommended business on Tuesday last, under the management of the receivers, and during the day paid about $116,000 for their bills, besides about $50,000 in other claims.