The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-08
Financial Matters.

New York ard Philadelphia, regulates to
considerable extent that Of the balance Of
the country, the following condensed state
ment we clip from the New York Times Of
the Goth:
FRIDAY, Sept. 25-P. VI.
The business day in Wall street was'one
Of the mos, unsettled Of the present panic
season. The trouble, however, was mainly
if not wholly a reflected one, creating at
once pause in all peDding money negotia-
tions, and unfxing public opinion as TO the
course and probable future bearings Of the
financial storm. The transactions ut Bank
went on satisfactorily the exchanges
through the Clearing House smoothly, and
there were no additional failures, "a far as
we are advised, up to O'Clock among our
own merchants. The offerings at most OF
the large banks that held their discount seq
sions this morning, denoted less pressure
among their ordinary dealers than last week.
At an early hour came the first news by tel
egraph Of the Bank suspensions in Phila-
dclphia still leaving the extent and dura-
ton OF the heavy trial which has fallen To
that city in doubt. 1t was previously sur
mised in particular quarters, that the crash
among the old domestic commission aud job
bling firms, whose heaviest sales are dlstrb-
bnted to the most solvent States in the
Southwest, from which no general complaint
Of backward collections had been heard,
could not have been produced without the
agency Of some important, though until TO-
day hidden local cause Of weakness.
Thorc we've even confidential hints thrown
out Of Bank iroab'fc ~ parties - WHO had
recently made direct inquiry on the subject ;
but the public here were not prepared for
the simultaneous explosion Of the Bank Of
Pennsylvania, Grard Bank, aud CONNER
cial Bank with an aggregate capital OF four
millions Of doiioy,, and it would be afiecta
tion to attempt to conceal the profound sen
sation which the news created in Street
somewhat used OF late to unpleasant excite
mcnts of the sort 1t is not surprising
therefore that the question as TO the effect
all over the country, should at once suggest
itself and that Stocks should have lost the
whole improvement Of the past day or two
under the doubt and apprehension as 10 its
solution. The same feeling produced hest
tation in the purchase of mercantile bills
outside Of Bank though, happily, there
was less cagerncSs 10 press sales, owing to
the rather more quoting accounts which
came this morning from the Fast. We
make no change in the quotation Of rates,
as when transactions were made at all, they
were on prime bills at the currency OF Thurs
day, say lsa2i per cent.
The Bank Of Pennsylvania is an ins,itu-
ton Of sixty years standing. II was The
transfer agent and one Of the treasury de-
posi,ories Of the Commonwealth The cap
ital 81 $4,000. Until late years it was
under Quaker management. II bad lis trou.
blcs in the United States Bank panicS OF
1887 -3o~il, but rapidly recovered after
1888 when the Commonwealth resumed
payment upon tn public debt. The circu-
Iation was usually about Ss00U:o. The
Girart Bank had capital Of l,2500o0,
reduced to this sum after the great breakup
Of the Initcd States Bank with which il
was unfortunately connected IN its Missis
sppi. Texas and local Post Note operations.
from 1887 to lsi2. The circulation about
$4,000. The Commercial Bank of Penn
sylyania isan old Institution. with 81 100000
of capital never had serious trouble before,
and managed for great many years with
extreme prudence by Mr.. James Dundas.
who left about the year 1876 or lsi1. The
circulation S2G0o0o
As u further indication Of the market in
New York, We copy tue following para.
graph:
The Stock Market. which had shown e, iden
ces Of reaction, spl had brought forward some
few speculative BUYERS, earlier ia the week.
hattenei oat 20 day, and closed under deprc,
SION New York Central Gjt; Erie Is. Reading
37t; Illinois Central, -. New York Central. - E:
Michigan southern, L. La Crosse, Calena.
81. Toledo. y; Nirginias, =. Missouri, 20. Hi
uois Central Bonds. 81 AMI New York Central
SXes, "a.
On Saturday tn Peoples Bank Of MI
waukcc, and the Badger State Bank OF
GAINESVILLE suspended. Both thcsc banks
will resume as soon as the pressure is over.
and have considerable assets over iabilltios.
The other Wisconsin Banks which have
closed their doors are the FCN River Bank.
and Farmers Bank, o! Hudson.
The following paragraph indicates very
sensible move ON the part Of Milwaukee
Bankers. and We are gad To announce that
tit SAINT postum has bt'I tdh'D Nv tue
Bankers of ST Paul. We copy from the
Milwaukee Statpid OF Monday
We are glad 10 learn that at a meeting Of the
officers OF our CIty Bank, held ou saturday
evening at the Farmegs Nillers Bank, Il was
decided to receive AMI pay ont the h,li- Of the
suspended Bank m tAls STATE. precisely a. 9TH
e. currency. ~ the circulation OF 0ur W 5. on
,a Bank. IA Vel secured. this action of ont
ely Ranks u NOT ru!y tight IN itself. hui VII
prevent great deal Il iisicalty and en,Nar.
fAssmeut that KAT otherw-s occur. oar
tfy Bankers are So good coalition, and lc.rf,
eily ENJOY the Do9h itr-e % ogr "u-.ae-> lh-
&c..
The Bankers in tbs city all take the ,'s-
credited lllinoj. Banks. The stock banks
# Illinois and Wisconsin furnish u by Ear
the saas, currency and all their notes .hoald
be kept current.
FI>,NtrA There l. nothing specially
,,..ky a, f.. "a, .r..t.l