Commercial.
Yesterday all the Banks suspended specie payments.
Of course, everything is at sixes and sevens for the present.
The rate of Northern exchange could not be settled.
There was little for sale in the city, and that was sold for 6 per cent. premium.
North Carolina notes fell to 5 per cent. discount and
South Carolina to 10 per cent. Gold was not offered except in very small amounts, and was held at 6 per cent premium.
The
Banks had questions to settle among themselves as to what notes they would receive on deposit, and what they would not. It must be some days before things are settled upon a systematic basis.
The business community, however, seemed more cheerful and satisfied, and a better feeling prevailed generally.
People still, however, look forward to political affairs with doubt and anxiety.
Chicago, Nov. 19.--Our banks to-morrow will throw out the notes of the following banks:--American Exchange Bank, State Bank (
Shawneetown,) Bank of the Commonwealth, Bank of Raleigh, Corn Exchange Bank, National Bank, and Bank of Aurora.
New York, Nov. 20. --Business here is very dull to-day A dispatch from
Albany announces the suspension of two or three flour and grain houses there.
The commercial report (Tuesday, Nov. 20.) of the Baltimore American says:
‘
Financial affairs today wore a more cheerful aspect; at the same time we would remark that there is still an active demand for money.
The rates, however, on the street, were not quite so high and we quote first class endorsed paper at 1 ½@1 ¼ per cent.
The banks are doing all in their power to relieve the wants of their customers; but our merchants, as a general thing, are not much pressed for money at present, and unless something turns up to further derange commerce, no danger need be apprehended.
At the
Corn Exchange flour again ruled lower; but, with a good export demand, sales to some extent were effected for cash, but none of the holders were disposed to sell on time.
At the close of 'Change a stronger feeling prevailed, and holders were not disposed to sell any more at the decline.
Grain of all kinds ruled dull and heavy, and we have to note a further decline of 10 cents per bushel for wheat, and 5 cents per bushel for corn; but it was really a difficult matter to effect sales to-day at any price.
The millers are not disposed to purchase wheat, for they say that it is impossible to convert it into flour without sustaining a loss; and shippers, although they have plenty of orders to fill, find it impossible to do so, as they cannot do anything with exchange unless at ruinous rates.
In all other branches of trade (not excepting coffee,) there is nothing doing, and prices of mostly all kinds of merchandise have a declining tendency.
At the Stock Board there was a much better feeling evinced to-day, and the sales were quite large, footing up a little more than $140,000.
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A correspondent of the Philadelphia Bulletin, speaking in reference to the
New York Bank action, says:
‘
"The arrangement entered into by the
New York Banks to discount £500,000, (say $2,500,000.) was regarded, by those who accept things without reflection, as a relief of some importance.
A little thought upon this matter dispelled the illusion, and it was soon discovered that even if the amount, $500,000, was an addition of new capital, it would be but a drop in the bucket towards cooling the commercial fever and excitement.--But so far from being an additional capital, its operation is simply the taking, by the Banks, of Sterling Bills in exchange for Domestic Bills already discounted by, and in possession of the Banks.
The
Banks felt it imperative to do something; first, to check the terrific declining tendency of prices in stocks, large amounts of which (New York Central,
Erie and others they were obliged to take on Tuesday last from parties who had borrowed on them from the Banks; and secondly, it was an attempt at a
coup d' etat to restore confidence and snow the public they had a strength which, in fact, they don't possess, and thus divert a suspicion which is fast gaining strength, that the public had better handle its own money."
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The N. Y. Journal of Commerce, of Tuesday afternoon, says:
‘
The money market is without change; there is a little more buoyancy of feeling, but no increased currency for business paper, and rates, outside of the Banks, are not only very high but quite irregular.
The following is a fair average of the street quotations, but many are paying higher rates.
We quote: Per ct. per annum.
| Loans on , stock securities | 7@9 |
| Loans on , other good securities | 9@12 |
| Prime endorsed bills, 60@90 days | 10@12 |
| Prime endorsed bills, 4@6 months | 12@15 |
| First-class single signatures | 15@18 |
| Other good bills | 18@24 |
| Names less known | --@-- |
Foreign Exchange is nominally better, and drawers are a little firmer, awaiting the action of the Bank Committee.
There are some practical difficulties in the way of carrying out the plan adopted yesterday, but the friends of the measure are confident of its ultimate success.
The fact that the Banks have shown a willingness to inaugurate some plan of relief, has produced a favorable effect upon the market, and this good has thus been accomplished, if nothing more.
The
Stock market was very buoyant in the street before the meeting of the Board, and prices at the first session opened at a material improvement; but this buoyancy was not sustained, and there was a gradual decline as the call progressed.
At the Frat Board
United States 5's sold at 95, the same as yesterday;
Tennessee 6's advanced 1 ½;
Virginia 6's 1;
Missouri 6's 3 ¼,
Illinois Central bds. 3; LaCrosse and Mil. land grants 1; Del and
Hudson Canal 1; Pacific mail 4 ½; New York Central 2 ¼, failing back 1;
Erie 1 ½, falling back ½;
Hudson River ¼, losing ½;
Harlem ; Reading 1 ¼;
Mich.
Central 2 ½, losing ½;
Mich.
So. ½, falling back for old stock; o. guaranteed 2 ½, falling back ;
Panama 5;
Cleveland and
Toledo ;
Chicago and
Rock Island ¼; Mil. and
Miss.
1; Det. Lack and Western 5 The following declined:--
Erie Con. of 71 fell off 1;
Hudson River 1st mtge.
3;
Mich. Cent. 1st mtge 1;
Michigan So. 2d mtge.
½; American Exchange Bank 1; Continental 5;
New Jersey Central R. R. 3, recovering 2;
Illinois Central scrip ½, afterwards recovered;
Galena and
Chicago ¼;
Chicago,
Burlington and
Quincy ½; and New Jersey R. R. 2.
The exports for the week have been enormously large the total clearances or produce and merchandize having been more than twice as large as for the same period of last year, and more than four times as large as for the corresponding week in 1858.
Sales in New York.
Nov. 20, of $19,000 Tenn.
's at ; $5,000 do. at 75 ½; $20,000 Va. 6's at 80; $3,000 do. S. N. W. K. at 80, and $33,000 Mo. 6's at 70.
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