The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-03-15

N. ID.
WENT TO SEA YESTERDAY
Br. bark Florence Chapman, Liverpool.
COMMERCIAL AND FINANCIAL.
AUGUSTA, March 1O.-Thc cotton market
ls depressed and unsettled, so much SO
that we are unable to give correct quota
tions. The offering stock is light, while
purchasers have withdrawn in a measure.
from the market. Very little is being done
IN consequences. Gold-buying at 3l@32,
and selling at 81. Silver-buying at 25'
and selling at 80.
NEW YORK, March 10.-The gold market
continues weak, owing to the spcculators
IN 1T being almost exclusively on the s.bear''
SIDE The floating supply Of coin is gra-
dually becoming scarce, in consequence of
the absorption of coin by the Sub-Treas1,ry
for customs duties. The opening price
was 1919, followed by IL decline to 1904 at
the close. Loans were made mainly with
out interest, but, in the afternoon, the bor
rowing rate was three per cent. Foreign
exchange was dull. Bankers bills at sixty
days on England we're quoted at 1OSl@s;
at short sight, 1094@&; commercial 1870
1881; francs, 1T long date, 5.2eIM5. .25; at
short date, 5.1fs@151S}.
CINCINNATI, March 9.--Flour dull. and
prices nominal wheat tirmer, for higher
grades, but the lower grades arc dull. and
prices nominal, closing at s1.75@1.S0 for
No. new red; corn dull and nominal, at
Soc for No. L; provisions tir1ncr, yester-
day. There are buyers for city mess pork
at S27, but no sellers at less than s27. 80.
Bulk meats dull at 11c.; 13I and 15a for
shoulders, sides and clear sides. Bacon is
offered at 134 for shoulders, 152 for sides,
and l7917+ for clear sides lard frmer, and
In demand at 1Sc. for prime city, but hold
ers asking an advance of 4@9c.; groceries
quiet: cotton dull, and prices nominal
whlskey dull, at 1925, duty paid gold 131.
NASHVILLE, March 9.-Thc cotton mar
ket was more active on yesterday than for
several days previous: nevertheless there
was slight decline under the recent de-
pressing news from Europe. Advices from
New York quote nliddling at ~ The prices
here range from 81 to 3lt. The grocery
market is inactive, and shipments small,
owing in part to the difficulty Of procuring
transportation over the roads. We have
no material changes to note Since our last
quotations. Dispatches from New York
quote sugar dull and unchanged. Coffee
unchanged. Flour and grain quiet. Pro-
visions very dull, and accurate quotations
difficult to be given. Mess pork quoted al
S26: %, but lard firm, and holders asking
higher rates.
GoLD.-The National Iateni5ence,', OF the
10th, says:
"The gold premium has declined to
about thirty-three per cent, and is likely
to fall, as it did last spring, to thirty or
lower; The Secretary of the Treasury is
reported to have said that he could easily
cause further decline but the fail, during
the last week, WAS without any exercise Of
his power over the market No gold has
been sold by the Treasury for week past,
though, during the previous week, the sum
OF $4,000, 900 was put into the market. The
Treasury still commands large amount of
gold.
- Money ls so abundant in the CONNER
cial centres that speculation hourishes.
though regular business is at a stand
Speculation in the city of New York has.
for a week past, been directed strongly to
real estate at advancing prices, the auc-
rpi, 1lon sales sl amounting to s25o,0o9 day.
Ihls shows not only the abundance of mo-
ney, but the want of employment for it in
any regular business.
Many persons marvel at the fact that
the prices of living are still maintained at
the same rate which prevailed when gold
was 2UO. An actual scarcity Of commodi-
ties, caused by diminished production anu
suddenly increasing consumption, has been
and still is among the causes of high
prices, as well as the redundancy Of paper
currency. But prices tend downwards, and
must decline very sensibly, even without
any reference TO the success of any scheme
OF contraction. Hundreds of thousands of
men, lately in arms, and large consumers,
must now become producers, and, besides
these, the vast current of immigration
brings daily accessions to our means Of
production.
Dry goods, both foreign and domestic,
have fallen heavily wholesale prices hay
ing declined 20 per cent.-during the past
week. The Southern demand for goods,
which was so brisk during a few months
following the. close of the war, has sub
sided, and the supply has exceeded the
means Of payment. The South has nearly
exhausted the resources which remained
to 1t, after the war, in cotton, tobacco, ma
val stores, etc, and the prospect of pro-
ductlon for 1867 is far from being good.
Some business men anticipate i gene
raj decline of prices, and as q consequence
OF it, contraction Of bank loans, which
will fall with severity upon bank debtors
Banks are generally increasing instead of
diminishing their loans. The loan line of
the New York city banks before the war
was $120 900, 900, and it is noS S24G, 200, 900,
though legitimate business is falling off.
When the banks SHALL from prudential rea-
sons, contract their loan line, everything
upon which these loans are based will suf-
fer great decline in price.
New YORK, March 13-Cotton dull, and
declined 1W2c. Sales, 900 bales at 41c
Gold 293.
NTED