Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-10-21
The Financial Distress.

The Financial Distress. d5~,J
There is no abatement in the strngency of the
money market, and we yield reluctantly to the be.
lief that we have not seen the worst of it yet,
The decrease in the New York banks for the week
ending October 10th, was follws; Of loans $4.-
1880; of deposits, So, ,O53 I9O of circulation,
1924, ,66s; by failure Of capital $685. ooo Increase
of specie for same time, $75 sS1. The New York
Times of Monday last says: "a .. ,;lgag Il
1.-THE mercantile failures to. day are numerous
and particularly important in the Dry Goods inter-
est where the feeling Of discouragement On account
of the embargo on the Western exchanges and the
and worse every day. Two large ard we'll known
firms, who have not suspended, resort to-day to a
new course of business to be rid Of their stocks
hand for cash. Messrs. S. B. Chittenden & Co.,
Dry Goods obbers, put up their stock at auction in
their own store Messrs Edward Lambert & Co.,
extensive Silk Goods jobbers in Chambers street,
have opened an establishment in Broadway for re-
failing out their goods for cash at the lowest market
prices! The suspensions reported are: Messrs L.
o. Wilson & Co., Dry Goods jobbers and importers,
an old house that weathered the storm of 1887, and
regarded wealthy until the present time; Messrs.
Bliss, Douglas, Wheelock & Co., Dry Goods jobbers,
also old house under various firms and of high
standing up to the present time Hall, Dana Co.,
Domestic Goods house of old standing and an ex-
tensve trade; j. A. Hearn. Dry Goods; Blackwell,
through 1887; w. Langdon & Co., Dry Goods;
Carhart, Bacon & Co., Cloth house; w. 7. H Dun
can Dry Goods; Herrick. Ferris & Co., Gentlemen's
furnishing goods; Ludlam, Leggit & Co., produce
dealers; and Ames, Herrick, Barnes & Rhodes, sta
stioners. Among the names, omitted in our morn
ing list, should have been John n Genin the WELL
known fashionable halter in Broadway. Among the
old members of the Stock Exchange, Dykers, Ais
tyne & Co., reported being unable to meet
some of their loans on demand. The firm is under
f1h av,l, h,o, A. H.
mand upon them to-day was accommodated to their
convenience
This formidable catalogue of individual disasters,
and the breaking down Of the Grocers Bank is un-
happily not relieved by any appearance of improve
ment in the exchanges either domestic or foreign
The Cotton Market here and at the South is utterly
prostrated for the time being and the few sales ma
king at decline Of four cents from the top rate
few weeks ago. and without the change of a frac.
ton in Liverpool. The Corn Exchange to-day suf-
Tered severely from the same cause though it is sat
isfactory to note increased receipts, and evidences
that very large amount is still on the way BY lake
and canal. The business IN Sterling is done 95
lO1 per cent. leading banker is Offering to draw
short sight at 102 1924 per cent.
The only redeeming feature in the Money Market
and certainly an important one, rallying point
is the steady specie strength and determined spe-
Gle basis Of the City Banks, as shown on the aver
age of the past week, and in the following preamble
and resolutions, moved in the Association this
X,
North America, and unanimously adopted. The de.
claration is more important, negatively, evil
dence of united purpose and mutual action and s.
sistance, than for any positive promise it holds out
of relief to the mercantile community.
AT meeting Of the Bank Officers held this day,
at the Clearing House, Thomas Tileston appoin-
ted Chairman, and James Gallatin Secretary, when,
on motion, the following resolutions were adopted {:
Whereas, There is no demand for specie upon the
banks of this City for expectation, and be none
hnfpr fho Al
low rate Of exchange, afording q profit of from 7
to 10 per cent. its importation, there must be
speedy influx of it from Europe-for whether any
body here draw for it not, the inevitable laws
of trade must be obeyed-and specie will come to
the point of greatest demand:
Amd ~hereas, All demands for specie upon the
banks of this City from the interior, far they
could arise from natural causes, have already been
met;
And schereas, The exchanges with every part Of
the country arc in favor of New York, creating a
current of specie towards it for the payment o
debts and the purchase of goods;
And sohereas, We are in the semi-month,y receipt
of large accessions of gold from California sent
! here for the payment of debts;
| A1a1 sohereas, The United States Treasury is rap
idly dsbursing coin in the public expenditure, and
for the redemption of the public debt;
And whereos, In this state of things every natu.
raj and healthy tendency is to accumulate specie in
the banks and to enable them to dituse it through
ont the country, as the basis OF credits by which
| the abundant crops Providence has given, more
bountifu than ever, may be brought to market, con-
fdence may revive, the circulation of commodities
be resumed, the internal exchanges restored, the
wheels of industry be set in motion, and employ
ment once more be given to labor;
And uhereas, In the judgment Of this meeting
there exists at the present time no obstacle whatev
to the accomplishment of objects so desirable un
| less it be in unfounded and unnecessary alarm
which keeps specie from its natural uses, and from
performing its appropriate functions;
| Therefore, Resolced, That the banks of the City
| of New York are determined. at all hazards and un
der all circumstances, to perform their duty the
country and all its great interests in the mainte
of specie payments and that all classes of the
community should sustain them in carrying out th.
| determination.
Resoired, That in the judgment of this meeting
for this object no further contraction Of loans
is necessary, nor will there exist any obstacle t.
! such expansion of them, as will afford the nee
essary aid to bring forward the crops and aeviat,
the present commercial distress, unless at shall b
created by the demands Of causeless ALARM
T. TILESTON, Chm'n
| JAMES GALLATIN, Secy.
Monday Oct IL, 1857.
| There is no market for paper, from which to MAKE
| reliable quotation of rates. There is some money
being raised upon pledges Of New York State Stocks
or Country and City Bank Notes, secured by suci
Ohio Skies were in demand at the Brokers' Boart
to-day and moderately firm. But the sacrifices oil
some of the other State Stocks perfectly fright
full, and there effectng large sales but by
concession on one sale after another At the Secont
/ Poord M;ccouri Siyec dnne nor AM