The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-12-23

telligence
"Your obed;ent servant,
(Signed) assigned S. JAUDoN
"Apent of the Bank ofthe u. States.''
1t must be highly gratifying to AL persons
interested in the affair Of Mr.. BiddIe's bank
TO observe the extreme sensitiveness on the
score of credit which is cvinced in this let
ter. Nothing has been more currently talk
ed of in the city for the last month or six
weeks .hon the fact, which is not denied,
that Mr.. Joudon has been compelled by the
want of funds, or the want of remittances, to
ressw, or TO exchange for other piper of the
class, the post-notes and bonds Of the bank
for which he is agent, called ssthe United
States Bank but which holding charter
only from the separate State of Pennsylva-
MIA, can have no just claim 10 such title.
Oft various obligations for which such an
institution is liable, the more sacred would
be in such a case its post-notes and bonds,
which only differ from the notes of its ordi-
nary circulation in not being payable on de-
mand. With respect TO bills of exchange,
which are essentially more OF a commercial
than banking character, the rule as to
credit would be, if any thing, rather less
strict, but it seems that any imputat'on OF
failure or hesitation on this point IS much
more keenlv felt With private individuals
the case would be otherwise, and they
and they would not have WINGED at one
charge after quietly sustaining the other
They would have considered that the fact
of being able to renew bills of exchange at
all will, at least, some evidence OF remain
ing credit.
LIVERPOOL, 10Th Nov. 1899.
Since our last prices current, the British
Queen will have put you in possession OF
the movement of our market to lst inst.
shelving decline in American Cotton gen
orally Of to "A per ID. with AN average OF
26,lSO bales sold in the two weeks-since
thea the sales have been 27,940, and the
trade have taken the weekly average OF
1880 bales during the past month.
In the early part of the week ending Sth
inst. the demand from the trade was good,
and Americans. particularly the lower quail
ties. advanced to I'd per lb., but after
the arrival of the Liverpool. holders evinced
more disposition to sell, and prices again re-
coded, closing with I'd advanceionly upon the
nreyious week. The demand from the
trade has continued steady, and they have
bought freely during the past week, and a
speculative demand springing up on the 9Th,
the sales have been large, the market clos
ing with good feeling, and our quotations
raised from to Id per Id. upon tar and
common qualities; the good not participating
in I've advance.
We have no alteration of any moment to
note in our money market, nor are the pros
poets of relief in that quarter any nearer
than when we last addressed you. The very
heavy engagements of Mr.. Jaudon falling
due early this week were all met, but the
utmost exertions of the friends Of the Bank,
and those interested in its support, were ne.
cessary to effect this; and it is pretty well
understood it was only done at an immense
cost in interests and commissions. Since
The publication of balance sheet by Mr..
Jaudon, there has been great dlmlnutlon
Of confidence with respect to the winding up
of its affairs; indeed the market for Amerl-
eau securities is wholly spoiled, and it is I'M
possible to effect large sales OF them upon
any terms. We are quite at loss to ac-
count for the speculative operations OF the
last two days, nor does there as yet seem to
he any light thrown upon the source from
which they spring. Surmise has been busy
and from the circumstances attending the
buying and selling of one or two of the large
lots recently disposed of, it seems generally
to point in one direction; particularly as the
time chosen for this demonstration IN favor
If The staple was just two days prior to the
smiling Of this steamer, tending clearly Il
lead the American merchants to hope tor {
rise similar to that obtained in like way
last season. The circumstances OF thu
case however arc very different in every
way-and we wish all our friends clearly t
see this; and save themselves from thu
great losses which must inevitably follow |
speculative rise this winter. Any materia
Improvement would Immediately stop con
sumption; and we know that some spinner
| have gone back this day without maxim
their purchases, rather th,n submit to tn
last prices, small as the improvement ma
been. The demand has been freely me
1. by all the holders, and will be SO long as
but we fear the sailing Of this packe
remove the cause Of the excitement an
zee us to our previous steady demap
the trade, quite sufficient however,
combined, to support at least present rate:
Long stapled cotton has not rastaken of thi
improvement, and lower prices have bee
accepted for most sorts.
Citizens Bank Of Madison County. -Th
institution suspended specie payments on i