15883. Fulton Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
3ba12130

Response Measures

Accommodated withdrawals, Partial suspension

Description

Contemporary accounts show Fulton Bank faced heavy withdrawals (a run) around Oct 13, 1857, then joined other NYC banks in suspending specie payments (mid-October). By Dec 14, 1857 Fulton was listed among banks participating in the coordinated resumption of specie payments. Cause of the initial run and suspension is the wider 1857 financial crisis/panic (macro news).

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Heavy withdrawals driven by the wider financial crisis/panic of October 1857 and runs on many New York banks
Measures
Paid out specie to depositors (paid out $60,000 prior to suspending specie payments; paid $16,000 to the Clearing-House on one morning), accommodated small legitimate specie requests while refusing specie for speculative purposes.
Newspaper Excerpt
The Seventh Ward and Fulton Banks held out under a tremendous pressure
Source
newspapers
2. October 14, 1857 Suspension
Cause
Macro News
Cause Details
Collective suspension by New York banks in response to widespread runs and the October 1857 financial panic; Fulton Bank suspended specie payments while continuing other business operations according to contemporary reports.
Newspaper Excerpt
the banks have all resolved to suspend specie payments, as far as paying at the counter is concerned
Source
newspapers
3. December 14, 1857 Reopening
Newspaper Excerpt
on and after Mon next, the 14th inst. they will resume specie payments ... The fourteen banks ... Fulton ... are parties to this movement and will resume specie payments on all their obligations on the 14th inst . . . . (circular dated Dec. 10, 1857). (resumption notice dated Dec. 10; resumption effective Dec. 14, 1857).
Source
newspapers

Newspaper Articles (7)
1. October 14, 1857 Evening Star Washington, DC
Article from Evening Star, October 14, 1857

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From the Associated Press Agent. The Pennsylvania Election. PHILADELPHIA, Oct. 13.-The general elect for State officers -Governor, members of the L islature, Canal Commissioner, Judges, &c his State-came off to-day. In this city it pas off very quietly, and with no disturbances of peace. Only a small vote appears to have b polled Williamsport, Lycoming county, gives Pack Dem., for Governor, 469; Wilmot, Rep., 278; Hazlehurst, Amer., 139 Columbia, Lancas county, gives Packer 319; Hazlehurst 211, Wilmot 85. Phoenizville, Chester county. gi Packer 295, W ilmot 237, and Hazlehurst 12. PITTSBURG, Oct. 12 -Returns from three I cinets in and two in Alleghany city sh a falling off in the Republican majority of m than half, and it is believed that their major in the entire county will bereduced still more LANCASTER, Oct. 13th.-The returns from city, complete, give Packer a majority of 730 large Democratic gain Northumberland-Packer's majority in t borough is 110. Harrisburg -Thiscitygives Packer a major of 419-a Democratic gain of 370. Dauphin cou gives 79 majority for Packer-a heavygain Danville gives 92 maj. for Packer; Tama 215 do and Mount Joy, Lancaster county, gi Wilmot a majority of 119. Honesdale, Wayne county, gives Wilmot majority. Scranton gives Packer 107 majority York county-This county is reported at 2 majority for Packer. It gave Buchanan over 2 majority last fall Lycoming county gives ,000 majority for Pa er. It gave Buchanan about the same. Carawissa, Columbia county, gives Wilm majority. West Chester, Chester county, gives Will 198 majority Luzerne county 1,500 majority for Packer, ag of some 400 on the last Presidential election Berks county gives 6,000 Democratic major Reading alone gives 1,000 majority for Packer gave Buchanan about the same majority Montour county gives Packer 450 majorit about the same it gave Mr Buchanan Northampton county gives Packer about 3 majority-a gain. PHILADEDPHIA, Oct. 13, midnight. From character of the returns received here there is question of Mr Packer's election. Be has m SO far considerable gains on Mr. Buchanan's when he carried the State over the Republi candidate by 83,200 plurality and over all by I majority The Democrats are now parading the str contident of victory. They have elected their Legislative ticket. and also their county tic The entire ticket for Democratic State and cou officers is elected in this city and county by largest majority ever known PHILADELPHIA, Oct. 14, 1.15 m-Paeker majorities in the following wards: Fifth WE 750 majority; Eighth Ward, 588. The city le lative ticket. for Senate and Assembly, has Democratic majority. Carbon county gives Packer600, and Montg ery county 2,000 majority. PITTSBURG, Oct. 13, midnight.-Wilmot lost in this and Allegheny county 1,400 vo The Democratic county ticket is partly elec here. YORK, Oct. 13, 10 m -Packer's majority o Wilmot, in this borough, is 303, and over I candidates 77. Buchanan's majority last fall only one. The election passed off very quietly [SECOND DISPATCH.] PHILADELPHIA, Oct. 13-The complete turns of this city foot -Packer, 27,749; Hat hurst. 13,817; Wilmot, 9,609. The Democratic candidates for Canal Comi sioner and Supreme Judge have about the si majority All the Democratic candidates have been elec to the Legislature and county offices. Ludlow (Dem ) has 5,300 majority over Con (Rep.) for Judge of the Court of Common Pl In Northampton county, 18 districts show 3 majority for Packer In Lehigh county Packer's present majorit over 1,000 In Cambridge county the Democratic gai twelve hundred Indiana county gives a thousand majority Wilmot. The Financial Crisis, &c. NEW YORK, Oct. 13-To-day has been a \ exciting one in financial matters. Up to2 fifteen of our city banks had suspended, of wh the following is a revised list, namely:-Banl New York, Artizans, St. Nicholas. Chath Ocean, Market. Butchers and Drovers', M chants' Exchange, Irving, Citizens', Trad men's. Buil's Head. New York Exchange No River, and Marine Bank. Wall street, at two o'clock, was crowded w an anxious mass of people. The steps of all banks were also blocked upby the people fore their way into the banks There were rumors during the morning aff ing nearly all the banks in the city, but the ab list gives all that had certainly suspended up 3 o'clock. The sales of railroad stocks at the first bo were small, at a general decline. In State sto the business done was quite large at a decl excepting Virginia and Missouri stocks. B stocks were all sold at a decline The run on the Brooklyn Savings Bank was newed to-day, but with less vigor and the be paying promptly There have been several failures in the goods line announced to-day, but none V prominent. LATER. The run upon the Mechanics', Bank of Ameri Manhattan and American Banks was very seve and continued up to the close of business The Broadway Bank held out till nearly th o'clock and paid out $140,000 in specie, when gave out. The Leather Manufacturers' Bank subsequer closed its doors The Seventh Ward and Fulton Banks held under a tremendous pressure The People's Bank closed at 2 o'clock. al paying out $19,000 in specie during the day The Bank of the State of New York paid out last dollar and certified all checks presented, then yielded. The American Exchange Bank paid all mands upon it. but several others shut out tb customers at o'clock The Bank of North America suffered prot this afternoon The Corn Exchange Bank refused to pay spe or bills, but certified checks. The Oriental. Mechanics and Traders', Bow Savings, Shoe and Leather, Continental, America Exchange and Metropolitan paid every dema up to the usual hour of closing A bank meeting was held this afternoon, which it is understood the proposition of age

2. October 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1857

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gold on deposit, not more than $10,000. Several pas. ple came for their specie in the morning. The besiness generally was more healthy than it has been for come days past. DRY-DOCK BANK. All is perfectly quiet at this institution, and it con Linues, for the present, to meet all demands against in gold. EAST RIVER BANK. The excitement which was manifested about this bank when it first suspended specie payments appears to have subsided; but the officers decline giving my information relative to the affairs of the institution. FULTON BANK. This bank is doing business as usual, specio ments alone being suspended. Before refuing spocia, pay. they had paid out $60,000 in gold to depositors, have $122,000 left. They did not refuse specionalM ME Wednesday morning. Several small specie deposits were made yesterday morning, and before the bank closed & large amount of gold had been deposited One house put in over $6,000. There seems to be a very general impression that business improve. The bank paid to the Clearing-House in the morning $16,000 in gold. In cases where billholders required small sums of specie they were cheerfully accomme! dated. Where it was evident that the gold was wanted for brokers and speculators, it - refund. The receipts were $125,000, payments $225,100, up to GROCERS' BANK. This bank was doing no business. Mr. Charles Denison, the President, was on Tuesday appointed Receiver for the institution, but it has not yet been decided to go into liquidation, as the decision of the Courts will admit of the vacation of the order, and permit the Bank to resume business if its managers desire to. GREENWICH BANK. The amount of deposits and money paid out at this institution was about one half of that on the preceding day. On Tuesday, the deposits were, in round REALbers, $60,000, while on the following day they amounted to not far from $30,000. The amount drawn out yes. terday in bills exceeded the deposits by perhaps $20,000, while on Tuesday-the eventful day of the week-the drain on the treasure in their vaults was $100,000. They express themselves perfectly satisfied with the present appearance of financial matters, and calmly await the progress of events, being assured that the worst has passed. HANOVER BANK. The Hanever Bank has received some ten or twelve thousand dollars in gold on deposit, according to the statement of its President. Our reporter was requested not to interrupt the tellers, and was able to learn nothing more than that the transactions were not extraordinary. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank received some $8,000 in gold on deposit. Many depositors are drawing out their deposits in bills in the fear that a receiver may be appointed, and their deposits be locked up. IRVING BANK. This bank opened at the usual hour yesterday morning for the transaction of all business except redemption in specie, and its counters were visited durirg the day by numerous depositors. Confidence appeared to be entirely restored among its customers, and they were returning for the usual business transactions. LEATHER MANUFACTURERS' BANK. The business of this institution was resumed on Wednesday morning, with the same restrictions as in the case of the other banks. The Teller was directed in his discretion to pay specie on the bills of the bank when presented in small amounts, and when the transaction seemed to be in good faith. When the bank suspended on Tuesday they bad over $40,000 in coin is their vault and $90,000 in the Clearing House. MANHATTAN COMPANY. The line leading to the teller's wicket of the Manhattan Company numbered near fifty persons within a few minutes after the doors were opened; there WES no excitement however, and the usual business was transacted with the exception of paying out onin. Many were present to have checks certified. MERCHANTS' BANK. But few persons were present, and these manifested LO evidence of distrust or excitement. No change was perceptible in the business, except in the non-payment of coin. NATIONAL BANK. There was no excitement about the doors of this institution. The usual routine of business was followed with the exception of paying coin. In some instances bank bills were paid on checks, but this was avoided by the bank as far as possible. There were but few persons in attendance at the bank during the day. There was over $500,000 in coin in the vault of the bank when the doors were closed. BANK OF NORTH AMERICA. Everything was quiet at this bank, and business was conducted as usual-the payment of coin to depositors excepted. When bills of the bank were presented in small amounts, they were redeemed in specie. In cases where it was evident that the coin was asked for purposes of speculation, it was refused. MERCHANTS' EXCHANGE BANK. This bank is continuing business as usual, with the exception of payments in specie. They yesterdey morning paid their indebtedness to the Clearing House, and opened their doors for business as usual The officers state that the Bank is in & situation to move along with the customary business without barrasement. While our reporter was in the Bank yesterday & number of deposits were made, and all was quiet outside, there being no crowd or excited ment. MARINE BANK. Before closing this bank paid out, in the two days' run, to depositors and bill-holders, $50,000. They have now less than $25,000 in the vaults. Business goes on as usual, specie payments excepted. The receipts yesterday were $64,000, of which $5,000 was is specie, and disbursements $44,000. To accommodate legitimate business the bank paid specie for bills is small amounts. MARKET BANK. This bank is doing business as usual, with the exception of refusing specie payments. Current bills are received on deposit and checks certified and paid

3. October 16, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 16, 1857

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MISCELLANEOUS. THE BANK FAILURESIN NEW YORK-MEETING OF BANK OFFICERS. NEW YORK, Oct. 13, P. M.-To-day has been a very exciting one in financial matters. Up to two o'clock fifteen of our city banks had suspended, of which the following is a revised list, namely:-Bank of New York, Artizan's, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine Bank. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked up by the people foreing their way into the banks. There were rumors during the morning affecting nearly all the banks in the city, but the above list gives all that had certainly suspended up to three o'clock. The sales of rail road stocks at the first board were small at a general decline. In State stocks the business done was quite large at 8 decline, excepting Virginia and Missouri stocks. Bank stocks were all sold at 8 decline. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor and the bank pay. ing promptly. There have been several failures in the dry goods line announced to-day, but none very prominent. GREAT RUN ON THE BANKS AND FAILURE OF SOME OF THE STRONGEST IN THE CITY. The run upon the Mechanics, Bank of America, Manhattan and American Banks was very severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, and paid out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under 8 tremendous pressure. The People's Bank closed at 2 o'clock, after pay. ing out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands upon it, but several others shut out their customers at 3 o'clock. The Bank of North America suffered protest this afternoon. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders', Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to the usual hour of closing. STILL LATER-THE BANKS RESOLVED TO SUSPEND. NEW YORK, Oct. 13-11 P. M.-The following official announcement has been made from the bank meeting: The banks have all resolved to suspend specie payments, as far as paying at the counter is concerned, and to make a regular exchange of each other's bills at the Clearing House. It has also been resolved to send 8 committee to confer with the Governor in reference to calling a meeting of tha Legislature. The committee will leave for Albany to morrow at 12 o'clock. It appears that the Marine Bank was stopped by an injunction, at the instance of one of its customers. It is presumed that the other stoppages were effected in the same way. By this means the penalty of winding up which attaches to suspension under the banking laws af this State is evaded, and it is rendered probable that the suspension in most cases is only temporary. This understanding relieves the excitement.

4. October 22, 1857 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, October 22, 1857

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the Times of last Friday: OF THE CITY OF NEW YORK HAVE SPECIE PAYMENT!-This This announce yet official, but practically it is the the case at the close of bank hour We have never, in a long expe essed any catastrophe 80 sudden, of with such wide spread popular ex The public were not generally preby the weekly Bank averages of the rhich appeared this morning.howed an average specie reserve, o -not well distributed to be sure no more inequality than had ofter exhibited. But the average of the to he a declining one. The chich might have been the true test in the middle of the week had millions on Monday (yesterday The generally quiet but steady yun and the pressing redemptions n par- the are supposed to have reduced stually on hand at the close of busin $8,500 000. The Clearing-House it seems, failed to secure unanimity mutual aid, such as were reflected and resolutions published this They did not stand up to the mutual least one, if not two, of the im on the West or North River were virtually denied assist all probably concerted together last the suspension early to day of with a capital of $1,000,000, ppage of the Merchants' Exchange, 00,000, the North River, Irving and Exchange Banks. This was well street by the hour afnoon. Then run. and for three hours the solutely indescribable, attended as popular commotion that brought in from Broadway to Hanover a could only be numbered by fives Every Bank was crowded, the boasted) impregnable.and the weak. Exchange, one of the redeeming New York State county bank and circulation, was first set upon.eavitt the first President (now an Director) of the Bank appeared of No 52 Wall-street, street, and ad owd. He mani ested game, speak for his own, but for six or eight banks. crowd pressed into each bankingvicinity. The paying ing tellers were employed. The gold went out by dreds of thousands. The old Bank chartered seventy years ago, and of $2,000,000, gave way about 2 struck the crowd as the giving keystone of the arch, and the sucincements of the suspension of the Leather Manufacturers, Tradesa dozen up-town banks, ceased Attention was turned to the run upon the other large constreet. The crowd at the Bank of New York, William street and place, was the most quiét; yet paid out in gold. At the Bank of Mechanics the pressure was more lost heavily. At the Union and in the day, the applications for merous, each yingabout $75,000. hants', the drafts were considerable The Republic and Metroheavily run upon, as well as the change. But-we believe that near street banks, except the old N. conference this alternoon only laout-right. was not seriously molested.though not esteemed strong, close. or the banks on Broad Metropolitan, the Mercantile. Chemical, Shoe and Leather, and into conterence without letting Broadway gave way. On the east and Nassua paid through. The payment at 2½ o'clock. The paid through. The Fulton and stopped. Further up town, on the Oriental paid through, and Traders', we believe, The Cit chers' gave way early in the fore. the New York County. The clock, P inted to a general declara in the morn n.4. and the reoof the banks as close their doors as to the course ofthe great body The currency from the Spe be changed to one of Current reurrent funds,and business transdepartment of trade, will at rined to the change. of writing, we do not question the bank conferences now going is not likely, in any event that in the conclave to be prolonged. lard has ceased to be the rule of York for the present The in the Clearing House might averted this catastrophe a week or yielding to counsels that symclosely and surely with the poputhe controlling minds in the asis even probable, as intimated in of yesterday, that and by Laided making by

5. October 22, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 22, 1857

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ing the day-irrespective of the vague rumors with reference to others flying around through an already over excited community -it is no wonder that the equanimity of the city should have been seriously disturbed. In another article the Herald of the same date.-the 4th-says: Considering the tremendous pressure brought to bear upon these banks, the course is, perhaps. the best which they could have adopted. But for the overwhelming demands by mercantile depositors of the speculative and overtrading class, resolved upon forcing the banks to an expansion or a suspension. this alternative of a substantial suspension of specie payments might have been avoided. The result, as it is, will probably be equivalent to the direct loss of a hundred millions to the business community of this metropolis, from the inevitable reaction of this movement upon the banks and the financial and commercial interests of the State and the Union. Thus, in the interval to the meeting of Congress and the several State Legislatures, our city, our State, and all the States will be reduced to an irredeemable paper curreney ; for the example of this metropolis will doubtless be seized upon immediately by the interior banks of the State, and by the remaining open banks of all the other States, resting upon the faith and solidity of our city banks. Thus we approach the climax of the revulsion. On the evening of the 14th. ameeting was held by representatives of the various banks at the Clearing House, at which the following resolution was adopted : Whereas. in view of the excitement prevail ing in this community, and the fact of the ac tual suspension of a number of the banks of this city, Resolved. That it expedient that the banks of this city suspend specie payments to morrow. A Committee was also appointed by the meeting. to wait upon the Governor of the State, and request him to convene an extra ession of the Legislature. In accordance with the resolution adopted on the 13th, on the morning of the 14th. the following banks suspended : Merchants, America. Mercantile, Am. Exchange, Metropolitan. Atlantic. Nassau, City, National. Commerce. Commonwealth, New York County, North America. Continental, Oriental, Corn Exchange. Park. Dry Dock. Pacific, Fulton, Phonix, Greenwich. Hanover. Republic, State, Imp. & Traders. Seventh Ward. Manhattan. Shoe and Leather. Mechanics, Union. Mech's and Traders, In reference to the excitement on the streets, the Herald says: "The crowd in the street was no greater

6. October 24, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 24, 1857

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preserved. Bank Failures in New York. NEW YORK, Oct. 13. To-day has been avery exciting one on financial matters. Up to 2 o'clock, 15 City Banks havn suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks. At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar.He also announced that an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, that the suspension will be general. It is understood that some of our heaviest houses have thdrawn their gold from the banks and replaced it as special deposits. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspendep up to 3 P. M. The others, it is believed, continued to meet their liabilities to the close of business hours. The sales of Railroad stocks at the first board were small at a general decline. In Statestocks business was large at a decline, except in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of any great prominence. LATEST.-The run on the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at 2 o'clock, after paying out $190,000 in specie during the day. The Bank of State, of New York, paid out its last dollar, and certified all checks presented and then yielded. The American Exchange paid all demands but several others shut their customers out at 3 o'clock. The Bank of North America was protested this A. M. The Commercial Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics & Traders, Bowery Savings, Shoe & Leather, Continental, American, Exchange and Metropolitan, paid their demands up to 3 o'clock, the usual hour for closing.' The whole number of banks suspended today with those included in the returns of yesterday, is 16. A bank meeting was held thts afternoon at which it is understood propositions for general suspension was dis eussed, as also the propriety of urging the Governor to convene an extra session of the Legislature. At the 2d Board of the Stock Exchange, stocks all took 3 rise, under the belief that the banks will suspend specie payments tomorrow. There was no run of any account on the Savings, except the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quanties of specie. The former had $100,090 in available means. The following country banks are discredited to-day: Oswego River Bank, Goshen Merchant's Bank, Syracuse ; Briggs Bank, Clyde; Bank of Commerce, Carmel; Eagle Bank, Rochester Bank of Newburg, Anderson ; Bank of Poughkeepsie, Ulster Co. Bank, Sussex Bank, Farmer's and Drover's Bank, Bank State of N. Y., Hobhoken City Bank, Farm. er's Bank of Montague. The following are in substance the official resolutions passed at the meeting of the Bank Presidents this evening That the Banks of N. Y. suspend specie payment as far as the paying it over their counters is concerned, but make regular exchanges of one another's bills at the clearing house. That committees be appointed to confer with the Governor in reference to the calling an extra session of the Legislature to realize the suspension. That such mitA

7. December 12, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 12, 1857

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in forces of this party having been divided, and a portion of their stock having found its way back into the street again, the bears in their turn have beco ne the influential parties, and now, strengthened by moderate success and the continued indifference of their rmer opponents, their movements become more determined and confident for a decline. Thus the market stands in its essential points, and while entsiders keep 80 entirely clear of the field, the chances for improvement do not appear encouraging. A more decided fall, together with cheerful accounts from Europe, may stimulate a reaction rapid and strong; but the market needs some items of nourishment of this kind to start from the lethargy which now hangs heavily upon it. At the First Board, lthe went at lower qotations, including New.York Central, which opened at 73% but fell to 731, Erie, which went down to 151, Reading and Toledo. La Crosse was one of the firmest at & practical advance over opening sales, which, however, was lost in the afternoon. At the Second Board, the decline continued as & general thing, and without any special effort on the part of the bears, the market seeming to fade out more in consequence of the "typhoid" state into which the stock business is for the time gradually set thing rather than on account of the movements of those supposed to be interested in producing & depression. As the session tapered off, there was a elight improvement in the tone of the market, prices leaving off with tolerable steadiness. At & later hour, in the street, quotations were given at a trifling improvement. Reading closed at 501 bid; Toledo, 411; N. Y. Central, 721: Erie, 151; Michigan Southern, 181. The floating debt of the Reading Railroad is gradually being absorbed in exchange for bonds of the Company 70. We understand that about half a million of dollars have already come in, and holders of the paper are beginning to be more disposed to the exchange as money becomes easier and rates of interest decline. Bond transactions were light during the day, with a moderate decline in several of the prominent State Stocks. Illinois Central bonds were a little firmer at quotations. The transactions in bills have been very light for the steamer to morrow. The supply is fair and rates are steady. Sterling 108} 1092; Francs, 5.30 181. The non arrival of the Europa checked transactions. Freights are better and more active. To Liverpool, 2,500 bble. Flour at 1s. 6d. 1s. 71d 27,000 bushels Grain at 41d., in bulk, and 5d. in ship's bags; Cotton at 5-32d.; 300 bexes Cheese at 22a. 6d.; 100 bales Oakum at 3-16d. To London, 1,200 bbls. Oil Cake at 2a. P bbl 500 do Rosia at 2a. 6d.; 1,000 do. Flour at 2s.; 50 hhds. Tobacco at 20s.; 50 tes. India Beef at 4a. 6d.; 300 tes. Navy Pork at 4s. 6d.; 400 bbls. do. at 3s. To Glasgow, 40 tuns Oil at 35a.; 75 pkgs. Tobacco at 28 6d. To Rotterdam, 400 bbla. Rosin at 3s. 3d.; 50 bble. Spirits at 4c. P gallon. A bark of 260 tuns to Windward Islands for $1 300. A brig of 350 tuns to Turks Island and back, with salt, at 13c. Sold, by Henry Moulton, ship broker, the superior new ship Augustus, built at Bath, May, 1857, 737 tuns register, on private terms. The business of the Sub-Treasury was: Receipts, $431,218 91, including $54,000 from Customs; Payments, $118,171 21, including $300,000 for tranfer draft on New-Orleans; Balance, $4,230,987 72. The most important financial event of the week is the movement of & portion of the Banks toward specie resumption. A meating of the fourteen Banks which voted at the Clearing-House meeting on Wednesday in favor of settling balances in specie, was held to day, and a Committee was appointed to invite the City Banks to resume specie payments on Monday next. The Committee have issued the annexed circular to the Banks of this city: 'NEW-YORK, Dec. 10, 1857. "SIR: The annexed is a copy of a proposed agreement for the resumption of specie payment by the banks of this city. The concurrence and cooperation of your bank in this important and most desirable ob. ject is earnestly solicited. The agreement itself will be presented on Saturday next for your signature. Your obedient servants, "GEORGE NEWBOLD President. JOHN A. STEVENS, President. C. O. HALSTED. Prendent " JAMES GALLATIN, President." On the third page 18 the following notice, to which the signatures of the various bank officers of the city are solicited In view of the present strong condition of the bar ks of this city, and of their duty to the community and to themselves, the undersigned banks of the City of New-York do hereby give notice that on and after Mond next, the 14th inst. they will resume specie payments on all their obligations. New York, Dec. 10, 1857 The fourteen banks which are parties to this movement are the Commerce, America, Manhattan, Merchants', American Exchange, Phenix, National, Fulton, Chemical, Greenwieh, Leather Manufacturer's, Broadway, Mercantile, Irving. All the banks will probably join in this resumption if it be persisted in, in which case the suspension will have lasted just two months. There will probably be & Clearing-House meeting to morrow (Saturday), to take the matter into consideration. It is understood that an istimation had been received from Gov. King that resump ion was very desirable before the meeting of the Legislature, and he has been telegraphed that it will take place on Monday. Communication has also been had with the Boston banks, which are prepared to resume as soon as New-York is on a specie paying basis. The action of the banks was the prominent topic of conversation on "Change, and that the gereral sentiment appeared to be that it was premature. Some of our leading financiers expressed fears that mischief might grow out of it. The Commerce, the National and the American have been the active movers in this step, these institutions having been desirous of resuming some time since. Those banks which have been opposed to resumption have, however. only urged a short delay on the ground that