Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-02
COMMERCIAL.
Monetary aud Commercial.

The London Times of the 9Th inst thus notices
financial difficulties
The financial advices from New York on this occa-
sion are more disastrous than any received for sever
al years Ever since 1853 there has beena continu-
Gus tendency to destruction of confidence IN Amer
lean railroad securities and, from time to time, as
each announcement of fraud or insolvency has &C.
Cured there has been further fresh fall in all des
criptons while the instances of reaction have been
feeble and temporary. Holders, however, have con-
stantly chung to the dea after each new revelation
that the lowest point must have been reached at last
and latterly this feeling has been strengthened by
belief that the adverse operations were confined
chiefly to an organized knot of spectators who
were endeayorng to increase the dstrust by circulate
ing any statements that might suit their purpose
Yet not only do their prediction continue to be con-
6rmed by the breakdown of each weak and suspect
ed undertaking, but we have by the present man
news of the stoppage of large institution against
which q single premonitory doubt had been WINS
rered One day the shares were worth nearly lOO,
and on the next day they we're utterly unsuitable.
The concern in question is the Ohio Lie ana trust
Company, established in 1888, with capital OF
e4O0. OO0 and constitution in some degree analog-
Gus TO thai of the more modern banks Of Credit Mo-
bilier They received deposits, which they employ
ed together with their capital in loans on real estate
and railroad bonds, discounts and advances OF all
kinds. Only few days before the event they de-
elsred and paid their usual halfyearly dividend
The amount due to deposiors and others supposed
to be at least 81 000 and the prospect OF hqul-
dation seems to be uncertain. Possibly creditors
NAV get paid although even on that point nothing
is known; but it would be against all experience 10
suppose that the shareholders will recover single
dollar.
The New York Courier and Enquirer, IN an article
upon Paper Money" thus refers to the effect OF the
recent bank contraction in that city:
"We peroeiye similar effects here following SINH
I staa oTat nf fpT
Der cent Tor only twelve millions of dollars) has
deprecated property forty fifty millions IN market
value for the time being The losses submitted 10
by merchants in order TO sustain credit are lncredl
| be- Many persons of wealth, II real anu personal
property be considered a criterion OF wealth, nave
been compelled stop payment for the want OF DahA
notes or bank credit; and we can point 10 many IN
stances where, of late persons holding large prop
srv and showing surplus of huHdreds Of thousands
of dollars could not meet their engagements IN col
sequence of the sudden curtailment OF loans II is
! not the weak only that have fallen, but numer-
Gus firms of establish credit and abundant eventual)
/ resources The bank contraction is not confined 10
| loans merely, but contemporary decline prevails
in bank circulation. 1t is true that this arises from
panic but it shows that the equilibrium OF CONNER
caD forces is too readily disturbed, OF that revul
sion occurs from very slight causes thereby lnyolV-
inc the value of waste properly and vast interests
The bank circulation, 1t appears, should De Piaceu
| upon frmer basis and above the influences OF
slight causes to depreciate lessen it. In New Or
leans the bank law compels retention OF specie by
the Banks to the extent of one-third of their habl
tiles We hear of no revulsiOn there; and we cannot
but think that broader specie basis IN TINS state
would serve to maintain greater uniformity and re-
liability in bank issues"
The Washington correspondent of the New York
Herald writing in regard to the Cotton crops OF l09t
and 1857, says:
ssWhile the exports of Gotten from the Unltet
States for the year ending 80 OfJune last, has fal
len short of the proceeding year by $40, las, ~
lbs, the value of the last crop exceeded the othe
bv Sc. 1886, COS. The accuracy of these figures ha
not yet been proven by the government othelais
but the official report will not vary them much,
any, when it issues. -
:. The following details will be found to be sum
GENTLY correct for practical purposes
EXPORTS OF COTTON FOR THE YEAR ENDING JUNE 3D. D
/ Sea Island. All other kinds. Value
Foregnvessels, lbs. 1856 255,6534A S55'siS'Is
Domestic d" - se0RO4o 'sOooo@O '0'1o''
Total ....... I2,g3u 725 1853 $50 l3l,7IS,s
Am't exp'd 1856. Il 725 ,33S 634,476 Sl25,So3 =