The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-10-15
MONEY ana Trade.

The St. Louis Leader OF Wednesday re-
ports Currency and Money as follows:
MONEY AND CURREEoY.-Business to.
day in every department quiet and very dull.
No further runs upon banking houses have
occurred. Yesterday the Mutual Savings
Institution found itself obliged to suspend.
Its business was not widely extended, and
the Treasurer is confident of depositors be,
ing fully paid.
The question Of currency continues to
attract the principal share OF public atten-
iiun. A considerable nualber of dealers
have determined to follow up the resolution
adopted yesterday, by taking funds of that
description fer produce and one broker in
groceries offered on Change two Hundred
hogsheods of sugar, at The lowest cash
price, for currency at par, but without meet
ing purchaser during the hours of basi--
ness. Many retail traders to day receive
such notes for goods, some charging dis.
count in minor transactions, or which is the
same thing in effect, advancing proportion.
ately the prices of small loss of goods.
CINCINNATI. The financial writer Of the
Commere ial still notes events and draws
unfuv cradle conclusions. Some of the let
ter have been verified, and the rest look
probable. lie speaks as follows on Friday
evening:
The day opened calmly, and becauso of
the general apparent quietress, some i'm
dgined things in the financial world looked
brighter, and towards noon the nope be-
came strong that the news from New York
would be favorable. But the hope was
only given TO be shattered on 'Chnnge by
the UNLOCKED for, though not undre&ded, in
telFigeBce that The New York Banks were
in trouble, with heavy run on the Park
Bank, which, however, it had succeeded in
standing, up to two O'Clock P. Nj. The pos.
tive failure of Harper&I Brothers, AID the
rumored failure of several other houses, al.
80 the failure OF the Central Bank, Brook
Iyn, together With most severe pressure in
The money market, business paper selling in
the street al z to ten per cent. per mona
Cradicated all hope of any Improvements
The run on the Park Bank was considered
the initiatnry step to run on most of tht
other Banks tomorrow, because it will b.
seen by the tubfe we publish elsewhere
that this is far from being the weakest BUM
; in New York. Those Who hoped agains
hope that The country would not be disgrac
r ed by general suspension, now give up
and acknowledged this TO be the neVjtabi
: result. We have for some weeks regarde
: general suspension, as our readers know
simply question of time, though we hay
0 always, und do now look upon it as nu
! tiona calamity. We believe it will Civ
nI.A o., h., h,,f \. L. 4.
that evils mast ariso from it, serious in III,
nature ard disastrous in their tendency =
Having ceased to act in concert, re- we sta
a ted yesterday, we do not think all the Me-
e, York Banks will be suspend; some of theI
+ are very strong, and will make desperut
eff rt - weather the storm. but the gre,
. bulk Of them must fall, and this; with II
= doing business under the general Bank la
= of that State, will be equivalent t. cStin,
t ton. We publish on the inside Of cur pit
per tie last weekly statement of ties
Banks, so that onr readers may have the OF
= pcrtlriy Of examining the strength {
= weakness OF each Of th"m. To moro
- will probably decide this matter, because,
will be seen. but very few Of these Bank
= can stand protructed 'r,n."
u In arriving at npinions regarding tie fai
= OF any Of them, the capital and loans tnu,
- be lett out OF the question, as the spec
alone is what each of them must rely upo
to meet their depostors and note holders.
New YoRk.-The following paragraph
, are from the Times Of Friday morning:
!. The Discount and Foreign Bill Broker
report pretty nearly a dead lock to-day
There is no steamer on Saturday, and it
7, yet too early to talk of terms for tho Ar
t bia on Wednesday: Some les OF Cru
r for export have been made, payable on ne.
J. packet day-the buyers being provided wit
" undoubted English Bank bills. The tern
j. on London are nominal Ut par @l021.
few parcels Of very choice mercantile papt
short and strongly indolscd, have been so
i a th' rate of 80 y Sent. y annum. I'll
:. Banks are understood to be Giscountng the
r. receipts this week; though these are fnllr
/ short by the daily SUSPENSIONS. The Sioc
Il market IS less steady than yesterday, cr
:, the changes in CITY Bank shares and Dell
ware and Hudson Canal shares are qlte T.
- olene. The latter IT feet the eXtrems prel
4 sure for Money among our best merchants
. weo are being helped, or helping themseive
= by forcing off thi, old and iavorte inves
. nent at 82,So@76 y cent.
y The Committee on Depositories and F
nSuce of the American Sunday School u
ion have issded statement in reference I
the recent defalc0tion OF the Correspondin
Secretary Of the Union, Frederick w. Po
ter. They state tkat every dollar of til
a contributions to the SOciety's iund has bee
= scrupulously applied to the benevolent OF
? p ects to which the donors designed to pre-
8 mote-so that whatever losses or sastel
may have betalen the business interests
the Society, its charity fund has been 8,
q credly protected. Distrust Of Mr.. Porter
, faIthtulness was first aw. kened by the al
proach to maturity of acceptance which di
. not appear upon the books, and Oh invest
!. CATION, it was nsccrtained that he had use
:, the Suciety's credit and his official positiu
for priv te purposes to the amount as far q
;, uscertaned, OF $88 993 o..
n The Money embatras, ments have broug
% down two OF our most prominent dry goo,
,. (irms, Bowen g. McNamee aud w. G. Lal
"a u Co. Their stopplge of payment was al
\. ncunced yesterday, and added to the excit
ment already prevailing in regard to II
|. hnnncial storm. The bankers of AlbaI
% and Troy met with large party of CT
+ Bank officers at the Merchnnts' Bank,
~ reference to the tmbarrasSed movement
"a Produce from the West. Ano her meetir
"a cf merchants and brnk officers was he
- last night, in Lafayette place, of a strict
private character. Tho negotiation of fc
- eign bills aad mercantile paper was near
at stand. The Domestic Exchanges wit
d. out improvement. Stock market unsettl
he on City Bank Stocks, steady for Sta