previous next


the New York Journal of commerce, of Wednesday afternoon, says:

‘ the pressure among borrowers outside of the Banks has probably been greater to-day than at any previous moment, every one being disposed to wait for further developments in political and financial affairs before embarking in any New undertakings. Fortunately, the distress is much less than might have been apprehended under such a state of things, as the payments due from all classes of traders are unusually light. The unfavorable news from New Orleans, communicated yesterday in private dispatches, is confirmed today. There have been a number of failures, and if the Banks continue specie payments there, it is evident that there must be much distress among the merchants and factors.

’ Foreign Exchange is nominal, and, at the moment, is almost entirely unsaleable.

the Stock market is lower, and there has been considerable anxiety to sell.

Boston Weekly Bank Statement, Dec. 5.--the Weekly Statement shows the following footings:

Capital Stock$38,231,700
Loans and Discounts62,069,800
Specie3,553,000
Due from other Banks7,993,000
Due to other Banks7,886,000
Deposits17,328,000
Circulation7,459,800

Mobile,Dec. 4.--Cotton — sales to-day of 4,000 bales at 9 ¼@9 ½ for middling; sales of three days 9,000 bales. Receipts 10,000 bales. Sterling Exchange 98@100. Sight Exchange on New York ½ per cent. discount.

Boston Money Market.--The Banks have but a meagre holding of coin, in view, especially, of the 15 per cent. law, nearly all of them try to keep more or less, and they have no united action, except in the matter of half-bill settlements, a measure of little relief to the public. About all the real improvement that has recently been exhibited results from the abatement of the mere panic-feeling by the talk of bank union, and because people have got used to secession talk from the leniency of the New York Banks, which have not drawn their Boston balances of late; and from actual discounts obtained in New York by Boston bankers, brokers and merchants, or from those, which somehow or other, have inured to Boston benefit.

The country banks are now drawing heavily, and under the present regime it will be a great thing if the city banks can continue to discount receipts, while it is evident that any further contraction would be dangerous both to debtor and creditor. Nobody wants specie, for the moment, and the banks hold nearly three millions and a half. But there is little but stagnation between them and suspension. With the aid of New York and credit settlements, they could expand moderately and beneficially; but as before remarked, they do not readily act as a unit, and their meetings amount to nothing. Outside rates are irregular, ranging from 12 to 18 per cent, for paper of about the same quality. Call loans are not readily effected by street borrowers, and the grand question of who carries all the copper stocks is oftener asked than answered. New York funds are in fair supply, but full demand, and naturally domestic exchanges must rule against Boston.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

An XML version of this text is available for download, with the additional restriction that you offer Perseus any modifications you make. Perseus provides credit for all accepted changes, storing new additions in a versioning system.

hide Places (automatically extracted)

View a map of the most frequently mentioned places in this document.

Sort places alphabetically, as they appear on the page, by frequency
Click on a place to search for it in this document.
Stock (United Kingdom) (1)
hide People (automatically extracted)
Sort people alphabetically, as they appear on the page, by frequency
Click on a person to search for him/her in this document.
Banks (2)
hide Dates (automatically extracted)
Sort dates alphabetically, as they appear on the page, by frequency
Click on a date to search for it in this document.
April, 12 AD (1)
December 5th (1)
hide Display Preferences
Greek Display:
Arabic Display:
View by Default:
Browse Bar: