The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-09-23
COMMERCIAL.
From our Commercial Correspondent.
NEw YoRx. Wednesday. Sept 20. 1871, p

j
pears that some twenty five important firms failed,
with aggregate liabilities amounting fS O64 900.
OF this fl,9OO,OOO distributed among twelve London
houses, t27ooo in Liverpool f624 900 in Ireland and the
balance In other cities. The proximae of these
stoppages is the fall in grain investigation shows that
most OF these concerns have had for years, fraudulent
stencethatl mat actual inability meet their debts has
been concealed under false credit aud the explosion has
taken place by reason of continued and pressure
upon the money market rather than through actual
losses, which have doubtless been great The failure of
the house oil Robinson Co., of which the senior partner
was governor OF the Bank OF England disclosed the disrep
utabe condition of its existence during the last few
years The London Times is particularly ugubrious
over the iact that the house of Robinson is the srth
instance OF fraudulent bankruptcy in governor of the
i Bank OF England. The house OF Harman-whch came
10 q dishonest end year since, from absolute
inability 10 keep up the fraud any longer-was for
quarter of century British commercial oracle. When
reflect that precisely that class of men they which
have kept up the loudes camor against American credit
estimate rightly the value thing called Brit
sh honor II Lord Palmerston carries into effect his threats
against foreign delinquent debtors he had better his
armies from London bankrupts The United States have
lost money through consgnments of produce to Eng
ish houses, that have slaughtered" without remorse in
tight markets for their benefit, than would probably
pay all the States debts This has in former years been
particularly the in and tobacco but during the
past probably much larger proportion has been sold on
this side, and therefore, the export value here will more
nearly represent the amount realized In how many cases.
where shippers have taken advances from foreign houses
by the consgnees privately their account rate
less than the advanced, and recamations back
upon the firms here! 1t would appear however, that
there have been far less losses during the past
among those houses at Liverpool engaged directly with
the United States than among those, Irish and London
whose dealings with the Black distant Euro
pean ports In Liverpool the failures small and New
York does not appear to have been much affected New
Orleans may possibly suffer in greater degree; but the
profits there very large the early part of the season
The acceptance of the bills of Prime, Ward e. Co., BY
Overend, Quincy ~ Co., after putting them off for further
advices have the effect of raising the dividends that
| that house may make
The pressure for money in England appear by the ac-
counts to have continued very and supposed
arise more from an utter loss of confidence in relation
bills than from real scarcity of capital This distrust
grew naturally of the astounding disclosures that had
taken place in relation the affairs of the nsovent houses
The bank il was supposed, would reduce the of in
eres and loan more freely, with view more to
age return OF confidence than because keep its
line full at the high rates. which 81 81 for bills of
exchange while the out of doors was7a8 however
announced loans exchequer bills per cent On the
continent, particularly Hamburger and Frankfort money
was more scarce, and the rate advanced Al per cent,
The Bank of France it stated, although in pre-
carous condition. about to reduce the of interest from
to per cent, with view to aid the government in pro-
curing its loans of $4,000 O00 This connection of bank
and ruin the finances of both France Great
Britain. The exchanges still against England and
the import ofgran into England continued very large For
the month of July it follows.
Grain Grain ass l; Sss ss LESSER PIP
For the first three weeks August the import wa, over
900 quarters These large arrivals ordered when
wheat very high, and the losses fell corn houses
The prices have now fallen level less than the CONT
nent and the receipts may be expected fall and by so
doing, tend to relieve the money market Prices for wea
were in London August 80, 56s Danzic Angus. a. SIS
a Cos for new wheat Hamburger new red sos Genoa
Ss The exports from the United States had been mod
through August and will less from the continent
he in had
districts where the pressure money was 40
as to compel many mills to stop work and the ba ns of
Manchester instead of paying money gave 3months
bills on their London agents. which hand ed over
pinners get the money them as they could to
operatives Under these circumstances prices produce
are very high Notwithstanding the fall. s
Money in this city is Slight" nor difficult To he oh
tanned at less than the legal ratios good For
eign bills have not altered materially; sterling sells at 81
|9-mosly 81 The Britannia brought $67 81 in specie
In regular branches of business there nothing remarka
ble There considerable number Of dealers in town
from the western States-Mchigan Illinois, Ohio and
ndiana-as well from Vermont, and the sales of goods
Free Foreign dry goods are however, not in GOOD
assortment by reason Of the cramped the manu-
features the other side and arrivals have not add
ed much to the variety of desirable goods or the COM
mon styles there has been fair supply prices have
gone ow but appears to be the that the agents of
foreign houses do conne their efforts to the CITY houses
but send samples and solicitation for orders direct far into
the interior Domestic goods duh for heavy goods and
the Boston market has somewhat given way The pro-
ducts of Massachusetts, limited in this
above what they sell for in Boston, probably cover trans.
port and commissions There southern goods in
the market however, that bid fair rival the products
of the best looms, and will succeed against their
Competition" capital and 'ong establishment" with
out protective tariff, much better than the eastern manu-
acturers against those of Manchester with all protec
ton they clamored for and enjoyed.
In connexion with the trade, PROJECT is on
foot by which New York promises be greatly benefited
mentioned in my last that lots of flour had been
sent this city via Oswego from Montreal and that was
found the cheapest way Large Canadian interests are
exertng themselves for direct connexion with this
city great deal of Montreal capital is employed buy
ing produce and facilitate this interest the
Weland canal constructed ship canal, which ad-
mts of lake vessel (say from Chicago) reach Montreal
without breaking bulk From the ST. Lawrence opposite
Montreal, to Lake Champlan, the distance is nineteen
miles, The Canadians propose connect these by
ship canal which shall allow Illinois vessel after reaching
Montreal to pass into Lake Champlan. That lake Is
ped at Burlington by the Boston railroad and direct
ket is thus opened but the Champlain canal from
Whitehall 600 mies) to Troy; and the interests of New
York. well of the west require that to be enlarged into
ship canal that the Illinois vessel may complete her
voyage New York via Montreal, Lake Champain, and
the Hudson without breaking bulk BY these means not
only will freight be cheapcned so 60 barrel but
the trade secured to New York in spite of Boston railroads
md moreover, the mutual interests of Canada and the
Union so promoted that 4" annexation" will have com
menced The Champain canal can be cheapy wdened and
speedily under constitution As thus; the comp.
roler reports the of the canals for fiscal year
ending September 30. S3470,9Ot; less expenses of col
lection at 2s709Ot of this the constitution approp,ates
einE,n E,,1 1nle .