Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-10-17
The Financial Distress,

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 as follws; OF loans, 81.
Oi7,s30; Of deposits, 80, O5S, 100; of circulation
s224,ess; by failure of capital, 1896 Increase
Of specie for same time, $75,ss1. The New York
Times Of Monday last says:
1.-THE mercantile failures to-. day arc numerous
and particularly important in the Dry Goods inter
est, where the feeling Of encouragement on account
Of the embargo on the Western exchanges and the
severity of the pressure at home is becoming worse
and worse every day. Two large ard well known
firms, who have not suspended resort to-day to
new course Of business to be rid of their stocks on
hand for cash. Messrs. S b. Chittendcn Dc Co,
Dry Goods jobbers put up their stock at auction in
their own store. Messrs Edward Lambert 4 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.
%. Wilson Co., Dry Goods jobbers and importers
old house that weathered the storm Of 1887, and
regarded wealthy until the present time; Messrs
Bliss, Douglas, Wheeock Co., Dry Goods jobbers
also an 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-
tensive trade; j. A. Hearn, Dry Goods; Blackwell,
Whittemore & Co, an old cloth house, who stood
through 1887; W. Langdon Co., Dry Goods ;
Carhart, Bacon Co., Cloth house; W. T. II Dun
can, Dry Goods Hcrrick, Ferris & Co., Gentlemen's
furnishing goods; Ludlam, Leggit & Co, produce
dealers; and Ames, Herrick, Barnes & Rhodes, sta
siioners 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 Dykcrs, Ais.
tyne Co., are reported as being unable 10 meet
some Of their loans on demand. The firm is under.
stood to have large means, and hear that the dc.
mand upon them to-day accommodated to their
convenience.
This formidable catalogue of individual disasters,
and the breaking down of the Grocer's 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
Frustrated, for the time being. and the few sales
king at decline of four cents from the top rate
n few weeks ago. add without the change of lrac.
ton in Liverpool. The Corn Exchange to day suf.
iered severely from the same cause though it is sat
isactory 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 at GOA
l0l per cent leading banker is offering to draw
shor sight at l02 1921 per cent
The only redeeming feature in the Money Market
and certainly an Important one as raying point
is the steady specie strength and determined spe.
Gle basis of the City Banks, shown the
age of the past week, and in the following preamble
and resolutions, moved in the Association this NOR.
ming, by Mr. William +. EIavemayer, of the Bank of
North America, and unanimously adopted. The dc.
caration is more important, negatively, as an evi.
dence of united purpose and mutual action and as,
sistance, than for any positive promise it holds cat
of relief to the mercantile community
AT n meeting OF the Bank Officers, held this day.
at the Clearing. House, Thomas 1ilcston was appon.
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 can be none
at present; but, on the contrary, with the present
low rate OF exchange, allording n profit of from
to 10 per cent. on its importation, there must be
speedy influx of it from Europc--for whether any
body here can draw for it not the inevitable laws
Of trade mr. be obeyed-and specie will come to
the point OF greatest demand
and nhereas, All demands for specie upon the
banks of this City from the interior SO far they
could arise from natural causes, have already been
met;
Ind Dh1eas, The exchanges with every part Of
the country are in favor Of New York, creating
current of specie towards it for the payment Of
debts and the purchase of goods;
Ind mheyeds We are in the semmonth,y receipt
of large accessons of gold from California, sent
here for the payment ct debts;
ind aohereas, The United States Treasury is rap
idly disbursing coin in the public expenditure, and
for the redemption of the public debt;
And ~he'eos In this state of things every natu-
raj and healthy tendency is to accumulate specie in
the banks, and To- enable them to duse it through.
ont the county, as the basis of credits by which
the abundant crops Providence has given, more
bounlifuI than ever, may he brought to market
idence may revive, the circulation Of commodities
be resumed, the internal exchanges restored, the
wheels of industry be set in motion, and employ
nent once more be given to labor;
And whGreds, In the judgment Of this meeting
there exists at the present time no obstacle whntcy
TO the accomplishment of objects so desirable, I'M
less it be in an unfoundcd and unnecessary alarm,
which keeps specie from its natural uses, and from
performing its appropriate lunctions
Therefore Resoired, That the banks Of the City
of New York are determined. at all hazards and un
der all circumstances, to perform their duty to the
country, and all its great interests, in the mdjnte
nance Of specie pdyment and that all classes of the
community should sustain them in carrying out this
determination.
Resotced, That in the judgment of this meeting
for this object, further contraction Of loans
is necessary, will there exist any obstacle to
such expansion of them, as will afford the
essary aid to bring forward the crops, and alleviate
the present commercial distress, unless II shall b.
createa By The demands Of acaUsciess alarm.
I. TILESTON, Chm'n.
JAMES GALLATIN, Sec'y.
Monday, Oct. H. 1857.
There is no market for paper, from which to make
n reliable question of rates. There is some money
being raised upon pledges Of New York State Stocks
Country and City Bank Notes, secured by such
stocks, but the terms are private New York and
Ohio Skies were in demand at the Brokers' Board
to-day and moderately firm But the sacrifices on
some Of the other State Stocks were perfectly fright
ful and there was no eIecting large sales but by
concession on one sale after another At the Second
Board Missouri Skies were done at 80 per cent, and
NirpjuiaS at b7 On the Share list New