Article Text
COMMERCIAL. Monetary and Financial. d THURSDAY EVENING, Dec. 20, 1860. e We have heard of nothing new in financial circles to-day. a While we occasionally meet with zgentleman who thinks he sees & better prospect not far ahead, the market is still as stringent as at any time during the crisis. In New York on the 15th, at the second board, $6000 Tennes. see 6 per cent Bends sold at 71c, and at the first board on the 15th $3000 at 71c Virginias sold at 750, North Carolinas at 79c, and Missouris at The New York Kvening Post of the 17th says The stock market is higher to day but continues dull. The supply of cashstock on the street is greatly reduced. and the difficulty in making the daily deliveries has for some time past greatly interfered with the operations of the bears. The speculative shares are 1@2½ per higher than on Saturday. State and federal stocks are decidedly better, especially the speculative descriptions, which are wanted for daily delivery Tennessees close at 72½, Missouris at 65½. New York State Sixes of 1872-77 are 100 bid. For Gove nment Sixes of 1867 and '8, 95 is bid. The fives of 1874 sold at 90, and that bid for more. The Railroad Bonds are stronger with a more general inquiry. Western Bonds are rather neglected. EIn the discount marke there is no perceptible change. The old buyers continue tystand aloof, and the pressure of bills is still very great. Exceptional transactions ske place at 12 per cent, while the buls of first class names are not negotiable below 15@ 18 per cent. At bank, however, there is a more comfortable feeling, though the offerings continue heavy. On call outside of bank there is a good supply at 6@7 per cent. The exchange market for Wednesday's steamer open reather lower than the last mail for bankers' bills, and butter for mercantile. Choice document Sterling has been done at par, which is an advance of one per cent. The leading drawers are selling at 103/2@194. Commercial sterling is quoted at 101@102%. In francs there have been large transactions. one house having drawn one and a half to two million at 50@5 The top rate on Paris is $5 45. The telegraph reports sales of Tennessee Bonds in New York yesterday at 75c, showing a considerable improvement. Three of the Alabama Banks-the Central Bank at Mont gomery, the Eastern Bank at Euraula, and the Commercial Ba: k at Selma-suspended specie payments on the 17th inst., at the suggestion and request of Gov. MOORE of that State. Strongappeals have been made to the Governer by many eltizens from dif. ferent sections of the State to convene the Legislature for the I purpose of providing the ways and means of protecting the inter eats and honor of the State in the impending crisis, and for the further purpose of authorizing the Banks to suspend specie pay. ments, to enable them to furnish greater facilities for moving the Cottoncrop, and thus relieve, to some extent, the embarrassed condition of the cotton market and the people, but after giving the subject the fullest consideration, he determined not to convene the Legislature, because he thinks the convention to meet on the 7th of January'next, will, determine that Alabama shall withdraw from the present Union at an early day, and that the Legislature will then have to be codvened, when the suspension by the Banks can be legalized. After inquiring into the condition of the Banks and receiving satisfactory assurances as to their ability to meet their liabilities, he recommendel a suspension of specie payments, with the assurance that he would institute no proceedings against them, and in his messages to the Legislature and Convention would urge them to sanction the act, which he feels sure they will do. The suspension was recommended by the Governor as a prudential step. He says, in a letter addressed 0 the Banks: " From present prospects there can scarcely be & doubt that Alabama will secede from the Union before the fourth day of March next. Should that contingency occur. it will be necessary for the State to raise not less than a million of dollars, in specie or its equivalent. Under the circumstances which surround us. we could not sell State bonds, either in the North or in Europe, except at a ruinous discount; and it would be inexpedient to tax the people immediately for that purpose. How, then, can the State secure the money that may be necessary in her emergency? But one practicable plan new presents itself to my mind, and I that is to call upon the Banks of the State to come up to her aid." The response to this saggestion was favorable. The Bank w Mobile and the Southern Bank of Alabama, at Mobile, declined to suspend specie payments, but pledged themselves to raise their proportion of the amount suggested in the Governor's letter, should there be a necessity of it. The Northern Bank, at Hunts viile, also declined to suspend on account of peculiar circumstances which surround it. Of the condition of the Banks that have suspended, the Governor says in an address to the people of Alabama: It is due to those Banks, that I should say, (being advised of A their condition,) that they are able to sustain themselves through the crisis, and that they have taken this important step with the high and patriotic motives of sustaining the State-as shown by 1 the response of each of them to my letter. Their letters are filed in my office and would have been published but for the length n they would give this communication. There is no neecssity for any depreciation of their notes, as there can be no question of their solvency. of a The following is a comparative statement of the exports of spe a riefrom New York to foreign ports to the 15th of December in
