Norfolk day book. [volume] (Norfolk and Portsmouth Va.) 1868-1880, 1869-10-19
A Corp Panic Out West.


ltendepcyp in the grain market at Chlca-
20. % The Monday evening papers OF
that city furnish the following partIcu-
liars. The Chicago Journal says:
"Grain comes in more rapidly than
wanted for shipment, under our recent
pecuniary arrangements, and there
have been but few here who could
command money enough to buy to hold.
lOur weakness, has reacted on Ne"
lYork and sent that market down.
while Liverpool has caught the same
4;nfection. Wall-street gambling was
the primary cause, but the proxlmate
cause arose in Chicago. There was q
good deal Of short trading to-day,
many being anxious to sell and others
equally wiling to buy, but with de-
uided preferencefor tpe buyers option,
which made buyer The month worth a
{ereat deal more than seller do"
J With reference to the condition OF
the banks, under this unfavoraole
condition OF things, the writer says
"rhe 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 de-
prived the grain and flour dealers of
New York city and State Of the facili-
ties for doing business, because they
could not get accommodations to pay
sight bills drawn on them IT, pay for
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
ofcapital, 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" ..5r-r.... ,..5 se
At Cincinnati the Euquirer says of
wheat I. taii
"Advices from other points have been
Of an un(avorable character, and the
orders have generally been. withdrawn.
The city miliers are, in most cases,
limiting their purchases to immediate
wants, as they have not much conf.
|dence in prices, and the present rates
for -four afford them no profit. The
receipts of wheat have not been large,
and the supply has exceeded the de-
mand, and there being more disposition
to sell. concessions were in some cases
granted. Il
"Corn-Prices are lower. The dis
t illers 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 equal to the receipts.
The New York Expresa says
"The late financial crisis in Wall
street, which has demoralized spccula--
ton, is now gradually extending to the
channels'of legitimate business. The
New York merchants complain of a
steady falling off in trade, when the fall
business ought to be very active.
Adyices from different sections of the
country speak of business being unsatis-
factory, while in some cases great de-
preston exists. The latter is particu-
larly applicable to the grain trade at
Chicago and other lake ports. Under
the heavy decline in grain at the West
producers are not sending their grain to
market freely at present, and this is
clearly seen in the decreasing earnings
Of the Western railroads, while the far
mer continues in debt to the Western
merchant, and the Western merchant in
turn is unable to liquidats his indeb-
dness to The Eastern merchant. Thus
:eefwill be seen that the depression in the
u ain trade effects injuriously the great
goilway and mercantile interests of the
untry, the ramiacation Of which are
oxtensive " .r5lLf gs