Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-16
Affairs I'm New YOrk-Fallure of importers
and Others-Meeting of Merchants and Call for In
creased Discounts by the Banks.

Financial Affairs In New York-Fnllure of Importers
and Others Meeting of Merchants and Call for In
creased Discounts by the Banks.
New YORK, Oct 7, P Mn financial affairs there
is but little change to-day Several failures are report
ed including Buckley Co., importers Blake & Brown,
silk dealers NJ j. King, fur house. and Meiss Ayres,
lace and general British goods importers.
The Bank of Addison, in the State of New York. is
thrown out here to-day. The money market generally
closes with less excitement and with more steady feel
ing.
At the second board to-day stocks closed weak The
payments at the sub-treasury amounted to $200OO0
and the receipts to $26OOO0 including 100000 from
Philadelphia mint.
There was meeting of the merchants this afternoon
to consider upon the crisis at which several bank Off
GERS were present Mr. Tileston the president of the
Phoenix Bank declared that in his opinion the true
remedy for the pressure prompt and liberal en-
argement of discounts by the banks and that this was
the conviction OF the merchants also. Resolutions were
adopted recommending the banks to increase their loans
to seven millions of dollars and from that to ten millions
at an early day. A committee was appointed to meet
the representatives of the banks and hopes enter
tanned of favorable result The city banks favor the
policy of receiving and paying out the notes of the
country banks which are secured by State stocks.
From the Baltimore Sun.
Financial Affairs at New York-GIoomiest Day Yet
Decline In Bank StOck-Many Failures-A Strong
Pressure for Bank Expansion.
New YORK, Oct. 8, P. M.-There is a gloomy and
Respondent feeling here. The Commercial on this af
ernOon regards this as the worst day yet There is
strong pressure upon the banks to expand literally
the only means for preventing general bankruptcy
There is heavy decline in bank stocks under present
circumstances. The Merchants Bank is quoted at 80 ;
Bank Of Commerce at IS Metropolitan at 81, and the
American Exchange at 49, The stock OF the Delaware
and Hudson Canal fell 10 per cent? Illinois Central
Pennsylvania Coal Company 2 Reading Railroad !;
Pacific Mail Steamship Company 3, and Hartford and
New Haven Railroad per cent.
The Pine Plains Bank, of the State, was thrown out
here to-day The Central Bank of Brooklyn, was also
thrown out.
The total number of failures announced for the last
week is one hundred and twentythree. The wellknOwn
house of Bowen & McNamee and of VIM. G. Lane &
Co., both dry goods, ask extension. The latter has
The amount of grain board of vessels here ready
for clearance to Liverpool is three hundred and eighty
thousand bushels.
The payments in the sub-treasury to-day were $780,
600, and the receipts $4,000.
The Albany bankers have been in consultation with
the New ork bankers to-day to induce them to expand
sufficiently to bring forward the produce from the lake
ports. Unanimity of action however, found impos-
sible, and the project failed.
| Stocks after second board, further declined. Bank
stocks are excessively heavy The American Exchange
declined 10 per ct. since yesterday.
There are numerous failures today but the are
not made public.
Finance and Business New Orleans-Heavy Decline
In Cotton and Exchange.
New ORLEANS, Oct. 9.-The excessive stringency in
the money market has caused further heavy decline in
cotton the reduction from the highest point being
81 cents. The sales the past three days amount to
5000 bales including middling at Is. Receipts con-
tnue to pour in rapidly, and the indications are that
lower figures will be submitted to- All branches OF
business are more less affected by the pressure but
the merchants using their utmost endeavors brave
the storm. Sterling has still further declined and sales
of bankers bills made at 81. Money is more in
demand and rates daily hardening Freights dull
nominally at I'D