The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1860-12-04


,Omnl erciaI and Financial Summary I
for the Week.
Financial affairs became daily more unset |
ed during the week, and want OF conf |
ence, or more properly speaking, fright |
'ecame wide spread and general, reaching
II classes, and inducing a pretty general
uspensien of business in all the leading |
ities of the country, the prevailing convic-
ion being that it is not safe to incur any
lew obligations until there are some indi-
atIons of this panic storm having culmi-
ated. The week opened with the suspen-
ion of the Virginia banks, then followed
he suspension of the Baltimore banks, next
bose of Pennsylvania, with the exception
II the Bank of Pittsburg. This was follow
ID by the Tennessee banks, and the next
sill be the Missouri banks, which, indeed,
ire now virtually suspended, as New York
Exchange is up TO prem. in ST. Louis
rhe Illinois and Wisconsin banks are in a
rery critical condition, because, should the
,ouds, with which their circulation is secur-
q. become of mere nominal value, the value
il the notes must therefore become NOM
nal.'
This Of course must be but a temporary
hing, even though such decline should
AXE place, except dissolution of the Union
ihould occur, and a civil war, in such a
Ease the bonds of all the States would be-
come worthless, and those of the United
States permanently so. The New York
Jity Banks. in order TO arrest this CONNER
.ial and financial fright, in the early part
IF the week, entered into an agreement to
4xtend their loans largely, and did so, dis
counting very freely, or as the papers pub
ished there express it, with a lavish hand,
Wednesday, Thnrcda1y EriHax nd
Saturday but it seemed to have little eff
feet outside New York, so that at the close
t was considered quito probable they, to-
zether with all the New England Banks,
would be forced TO suspend aud it was
thought that inasmuch as the other banks
bad suspended it would be better to make
the suspension general. This Seems hardly
probable, because of the general soundness
Of the trade of the country, and of the
fact that our foreign commerce is largely in
our favor. No one, certainly, supposes that
it is not perfectly safe to buy sterling ex-
change at to o discount, or doubts that it
is the safest possible manner in which to
make money rapidly. And then it is q
well known fact that since 1857 speculation
and undue expansion have not existed, but
on the other hand, high conservative prin-
ciples have governed the commerce of the
country and, perhaps, at no previous
period did the country possess more essen
tial elements of solid wealth and general
prosperity, than at the present time.
The Ohio, Indiana, and Kentucky Banks
are considered safe, and will be the last to
yield, should the storm continue. Their
condition is admitted to be safe, and should
any demand exist at the East for produce,
their position cannot we'll be shaken The
exchange market has been quite unsettled,
and rates generally higher The Ohio Val
ley Bank continues to supply its Gus
TONER'S at prem. for New York and
Boston checks, but with the other banking
houses, . prem. was the current rate the
last three days of the week, and even at
this rate, the demand was far IN excess of
the supply. The shipment of produce hav-
ing ceased, there was no way to make ex-
change but by shipment of gold. 1t was
thought that the ease III the money market
in New York would increase the supply of
exchange 10y enabling the factors of Western
merejiauts to negotiate their drafts but this
has i been the case, except to a very linn
tied teut; but on the contrary, the gen
eral order from all the Eastern cities was,
''don' draw" and we may add, from New
Orleans also. The course OF the New YORK.
Banks caused an advance in stocks in that
market of to IA per cent. during the
week, but towards the close portion OF
this advance was lost.
The rates of discount on uncurrent mon
~ are exceedingly irregular, and cannot be
relied upon from day 10 day. There was
an active demand for Illinois, Iowa, and
Wisconsin money yesterday, and it could
have been sold at per cent dis. to parties
who want to use il in the purchase Of pro
-
We omit quotations for the present, how
ever.
The feeling in the money and exchange
markets, at the close, was rather more IA
vorable, though the news from New YorB
last evening was regarded unfavorable ant
caused il heavier market
In our market, generally, business ha;
been very dull during the week. dispO-
sitiou to keep out of new engagements ha:
been the prevailing sentiment. There seem
ed to be no confidence in the permanency
of prices of most of the leading articles, Sc
that in order to effect sales as any time, i
was necessary to submit to q decline. Su
perfine Flour sold as low as 81 %, and u
the close could not be sold at this rate ant
extra was taken sparingly at 81 1904 81
for fair 10 good brands. Wheat went dowl
to SIC and 95c for prime red and white, bu
again advanced 10 oOc ana Spl. lSecelpt
very light Corn is lower and dull at 200
32c for ear No shelled to be had. Ry
declined to 55c and dull. Barley very dull
and prices little better than nominal, at 80
M85c for prime Oats 28c. Whisky de
ciined TO lac, but the demand became Yer.
active and prices advanced to l53c, closin
firm.
The market for Hogs became more dc
pressed and packers having pretty general
ly withdrawn from the market, they becam
nnsaleable, except TO very limited exten
towards the close of the week, even at til
reduced prices, but drovers having paid
price for their hogs above the current rate!
showed a great disinclination to sell at til
decline, so that they also withdrew the
stocks from the market, and the receipt
since Saturday have been quite light, an
the number in the market small, but larg
enough to supply the existing demand. Sa
urday and Monday s. 1905 so were abol
the rates obtainable for good hogs, and n
anxiety to buy or sell at these rates.
The course Of the market during the pa;
week has been irregular.
q -