The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-07-29
FINANCE AND BUSINESS.
WEEKLY BUSINESS REVIEW.
MONEY MATTERS.

The condition of financial aHalrs i very
much the same both in this country aud in
Europe. Heavy failures and lack OF con-
fidenee by capitalists are on both sides Of
the water alike. A private letter from an III
teIligent Philadelphia, under date of July
:. from I,oadon, says credit and confidence
were never, within his knowledge, so pros
trste a. they now are in London, the result
of the recent numerous and heavy failures
there. He says the great bankers ana cap
italists saw but little, bot stand severely
aIoof from everything looking toward con-
tracts or Investments. Money is extremely
abundant there, ana the rates very low,
with a probability of touching still lower
figures 50 distrustful are holders IN putting
IL out.
Soaking Of the late great failure in New
York The Courier-JOurnBl says: This firto
belonged to the fsw houses which are re-
ported by commercial agencies as entitled
to unlimited credit, and IL constituted an
important part OF the system of
international exchanges which ex-
tend to all the centers OF the CON-
msrcisl world. Their drafts were good on
sight Tor immense amounts the world over,
and the house was ranked among the Bel
mOnts Browns and Drexels, of the OItsd
SAFES, and the Hopes and Blriug5 of
Europe Their business has always Deen
considered IF the soundest character. As to
ascribsd to speculation in cotton or cotton
pspar. which amounts to the same thing.
Ib~ - who are acquainted with the course
G. cotton, during the current season, who
have admired TIE admirable structure OF
cotton statistics. and have witnessed with
DISNEY the numerous evidences that figures
will lie, who rave see1 the statistical posi-
ton gradually stre12then while the market
gradually weaksnt d-such people would
not be surprised at hearing OF
the Rolhscdild'J failure, II interested
in the cotton market. The main course has
been steadily downward, while immense
stocks hive been gathering in the hands Of
spectators At the beginning Of last April
middling upland was l6H cents in New
York, and it is now l47s cents. This is a
decline of So 80 per bale on about 100000
in sight, and, as a Liverpool writer wlttily
SAYS, the question which has so long been
sgitating the trade, as to who must shout
der this loss, the commission merchants,
the spectators, the spinners, or the banks,
it has been finally determined that the
banks must do so.
THE ENGLISH FAILURES
within the last ix'weeks aggregate about
one hundred and twentv-seven millions of
dollars, and from their extensive foreign
connections, it appears probable that D.. s..
81 Co. were involved in the immediate con-
sequences. Several of the suspended houses
were in the cotton trade. TIE results upon
the London money market of CONNER cial
suspensions footing up so enormous an ag-
gregate furnish an apt parallel of the prOba-
ole consequences of the failure of Duncan,
Sherman & Co. upon the trade imam
ces of America. At the first failure,
that OF the Aberdan Iron Company, the
London Times, the financial oracle of
Europe, predicted that the result would be
similar to those which enSued upon the
failure of Overend, Quincy 81 Co. in 1866.
Instead of such q panic as that, however,
we have witnessed, commercial depression
indeed, but profound calm in the money
market, and, instead OF a run upon the
Eoglish banks, TIRE latter nave continued to
accumulate money on reduced rate OF in
terest, until the specie reserve OF the tank
OF England is to-day tbs largest in its
career Of ore hundred and eighty years.
It may be as we'll to expect further failures
OF large and small concerns, which are not
firmly based on their own capital. They must
come, and it is only a question OF time as to
the end. Toe money of those who have it
is almost wholly inactive, and capital is
seeking tor securities that are undoubted.