Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-10-22
A "COrn' Panic Out West.

There is excitement and downward
tendency" in the grain market at Chicago
The Monday evening papers OF that city
furnish the following particulars. The
Chicago Journal says:
"Grain comes in more rapidly thar
wanted for shipment, under our recent
pecuniary arrangements, and there have
been but few here who could command
money enough to buy to hold. Our weak
ness has reacted on New York and SEM
that market down, while Liverpool has
caught the same infection. Wallstreet
gamblers was the primary cause. but the
proximate cause arose in Chicago. There
was good deal of short trading to-day
many being anxious to sell and others
equally willing to buy, but with decided
preference for the buyers option, which
made buyer the month worth great deal
more than seller do"
With reference to the condition of the
banks, under this unfavorable condition
of things, the writer says:
"The strain on the banks of this city
produced by the large amount OF grain
which has accumulated here has been
heavy. The panic in New York deprived
the grain and -four dealers Of New York
city and State of the facilities for doing
business, because they could not get &C
Communications TO pay sight bills drawn on
them to pay tor grain shipped from here.
There has been any quantity OF orders here
to buy grain, to be paid for by bills drawn
at thirty days, and it is useless for the
banks of this city. without an increase OF
capital, to attempt to furnish funds for
the whole of the transactions in grain from
the hands of the producer to the consumer
in the eastern and foreign markets.
IL
wheat
"Advices from other points have been
of an unfavorable character, and the or
ders have generally been withdrawn. The
city millers are, in most cases. limiting
their purchases to Immediate wants, as
they have not much confidence in prices,
and the present rates for flour afford them
no profit. The receipts of wheat have not
been large, and the supply has exceeded
the demand, and there being mere d's!o-
sition TO sell, concessions We're in some
cases granted.
"Corn Prices are lower. The distillers
have been buying pretty freely at interior
points, and are not in the market to any
extent at present, and the demand from
the local dealers is not e1nal to the re-
ceipts."
The New York Express says:
The late financial crisis in Wall street,
which has demoralized speculation, is now
gradually extending to the channels of lie.
ultimate business. The New York mer
chants complain of steady falling off in
| trade, when the fall business ought to be
very active. In Baltimore it is very fair.
Advices from different sections of the coun'
try speak of business being unsatisfactory
while in some cases great depression ex
lists. The latter is particularly apple Die
to the grain trade at Chicago and Other
lake ports. Under the heavy decline il
grain at the West producers are not send
ing their grain to market freely at pres
ent, and this is clearly seen in the lecreas
ing earnings of the Western railroads.
while the farm continues in debt to the
Western merchant. and the Western mer
chant in turn is unable to liquidate his in
debteduess to the Eastern merchant. Thus
it will be seen that the depression in the
grain trade affects injuriou>ly the great
| railway and mercantile interests of the
country, the notifications of which are
| extensive"