Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1862-06-30
From Cincinnati Price Current June %.
Financial and Comu rcial Su mary
for the Past Week.

/
Treasury notes, continued throughout the week,
although not with that energy which we noticed
in our last there being some backsets, gold hav-
ing declined, in the early part of the week, very
considerably; but this decline was fully recovered
toward the close. Soon after the issue of the let
ter of the Secretary of the Treasury, asking for
the power to issue one hundred and fifty millions
more of notes, public sentiment, in and out of
| Congress, seemed to be greatly divided regarding
the expediency of allowing the new issue, but
within the past week a marked change has taken
place in favor of the measure; also in favor of
taxing the issue of bank paper, so as to stop it
altogether, in order to make a clear field for the
Government currency; and that this will be the
final result, we have no doubt, because it is both
desirable and necessary. The people are in favor
of National currency to the exclusion of that
of bank paper altogether. 1t is only bankers,
money dealers aud capitalists who are opposed to
it, with regard to this there can be but one opin
1 ion on the part of those who have been in posi-
ton to ascertain what is the sentiment of the
masses.
The money market as regards dscountng, or
demand for loans, continues remarkably easy,
and there is no trouble in placing good paper at
to per cent, and paper not strictly first class
| is taken at 10 per cent.
The demand for exchange has been quite
light and the market dull with a slight decline in
| rates Quite a speculative demand has prevailed
ury notes; but excepting gold, the rates have not
essentially changed. Gold closes decidedly
higher. In consequence of the low rates for ex
change, the notes of Eastern banks have been
placed at a discount of "a of l per cent. The
quotations for all at the close were as follows:
Buying. Selling.
New York. ....... 1s@4 dis. par.
God....-..-. 614@1 prem 724@ss prem.
Silver. ...... 31a prem. 5prem.
Demand C3. Drem
3 10Th do -. 5@514 prem. 80.
The market closed very much unsettled for
gold and demand notes, and our quotations are to
| some extent nominal.
The tax bill has at length passed both Houses
of Congress, and now needs but the signature of
the President to become law. The tax on
whisky has been fixed as we have long supposed
it would be, namely: on that distilled after the
time when the act goes into operation, which is
the lst of August, and the rate is 20c per gallon
The clause taxing rectifed and manufactured
liquors has been stricken out
1t is though that the committee made mis-
take in deferrng Its operations till the first of Au
gust, but it will probably take all the intervening
time to appoint officers and put the machinery
into operation.
The passage of the bill produced great excite
ment in the whisky market, and prices advanced
&c per gallon in New York and 2l5c per gal
Ion in this market yesterday. Distillers had
gwen out the general understanding that as soon
as the tax bill went into operation they would, as
a matter of necessity, have to stop; but this we
| regarded doubtful. 1t is true they could not
compete with the stock on hand in home mar
ket, but they can successfully in foreign mar
ket. in the shape of alcohol, in this way. On all
the alcohol shipped after the lst of August to
| foreign countries, the bill allows a draw back
equal to the tax; but the shipper must prove that
it has paid this tax which he can not do if it has
been made from whisky distilled before that date;
| therefore no alcohol made from whisky on hand
now or distilled before August can be shipped
abroad, thus opening the foreign market TO dis
tillers, and this foreign demand will be good as,
owing to the low price of grain, spirits can be
made at l4c per gallon and pay fair profit, and
at this rate the foreign demand will be very large
1t is quite likely that the consumptive demand
for whisky for home use will be extremely light
after the tax law goes into operation, but specu
lation between this and that time will probably
force the price up to 30c, and this will induce a
desire to realize, the profits will be large, and
a consequent reaction.
The weather has been unusually cool, aud on
last Wednesday night there was light frost, but
not enough to do any injury. Rains have fallen
at intervals, keeping the earth moist, which
would have produced rapid vegetation had the
temperature been high, but this was not the case
Corn is doing well, the plants being very healthy
|
is, the temperature has not been up to the point
suitable for corn; still there is ample time, and
with average July and August weather large
crop may be looked for.
The complaints respecting spring wheat con-
tinue to reach us through our exchanges, and it
may result seriously to the crop of that variety
in some districts of the Northwest. We intend
to have definite advices OH this point in due time
Flour has ruled very dull and the demand
light Superfne has been offered at SO SOa3 80,
and extra S4a4 10, inspectors standards with
| out meeting with much demand. Family and
and fancy brands are taken to a limited extent by
the city trade at 81 25d4 75.
Wheat closes dull at 60ae5c for red and Goa
Csc for white The advance in whisky induced
an advance of lc on and rye, the former
closing at 32c and the latter at Acc. Both had
been ruling cent bushel below these quota
tions during the greater portion of the week.
Oats advanced to 32c. Whisky advanced to 24c
Yesterday and closed buoyant.
Butter declined lie per 10 and is in large supply.
Linseed oil advanced to 69a90c but the de-
mand is moderate; the stock, however is quite
| light. Cheese declined 1ac
Beet cattle have been in large supply and de-
clined SOC per GENITAL gross. Hogs are 25a3Oc
per GENITAL lower and dull good slop fatted sold
at 50 25, and the best fatted would not bring
over 81 IS per GENITAL gross. Sheep in better sup
ply and prices easier S2a2 so per Genital gross
are the quotations.
In the provision market there has been a con-
tinuaton of the depression, with the exception OF
lard and sugar-cured hams.
Mess pork has not been inquired for, and city
brands have been offered at SO to $40 50, and
country at 50 so to $40. Bulk pork neglected,
and no demand. party who needed some to
fill his smoke house, paid Size yesterday, for
about rs, 900 lbs. rib and clear sides, about an
equal portion of each; and this was the only
sale we heard of during the week Bacon has
also been neglected and prices are merely nom-
inal. Shoulders can be bought at 315a35sc, and
sides at 6a614c the latter for clear. Common
hams canvased, sold to a moderate extent at 551
a614c, according to quality, and there has been
quite an active demand for sugar cured at SC, and
at the close the best brands we're held at Sic. |
A very light demand being anticipated for these
hams in the winter, but a moderate amount were |
cured; the demand, however, was much larger
than had been expected owing to the low price, |
and hence the stock Oh hand now is unusually
light and the impression prevails that prices will
be considerably higher.
There has been quite pressing demand for
lard and about 300 tierces were procured at
| 715a731c, closing at the latter rate for prime.
holders asking SC, and not much offering even at
this rate.
In the grocery market, if we except the receipt
| of some sugar and molasses from Memphis, moth /
ing has transpired of importance. Sugar sells at
s1za9Ic Molasses at Soc, and coffee at 20a22c. |
Small sales of prime New Orleans sugar were
made at 9a91lc, and of molasses at 46c. but
dealers buy sparingly, and strictly with reference
to their current wants, SO that large sales of Ell
ther. sugar or molasses are out OF the
question except at prices below those
who bought at Memphis can afford /