The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-26

Nxw YoRx. Nov. H. Wednesday, 4, p. m.
The money market has been very stringent since the de-
Parture OF the packet OF the 10Th and money has been
more difficult to obtain for the last week than for
years previously The continued demand for specie
port began justly to alarm the their extended
condition, and they vigorously called loans, curtaied
discounts, and promptly demanded all balances of each
other in specie each striving avoid liabilities that night
balance against it, and increase by all in
its power the amount of specie in its They
in curailment That institution which got the
of its Liabilities, would be creditor the others in the
largest amount and then be entitled the largest share
of specie Loans stock not to be had all, and
existing loans were promptly called In. On one OCCASION
an active broker, in mornings application to all the
banks and insurance companies in the street, could no.
borrow a dollar New York stock &c. at per cent in
and high 10 per offered yesterday FOL
money on New York stock. The best class OF COM
mercial paper would command Ii IL per cent. per
month in the street; and individuals far as their
means went. supplied the market almost alone III
such pressure, stocks forced upon the market
and the of money increased by the holding back Of
individuals take advantage of the probable low prices
that might be reached Money from the country flowed
freely into the city, however, and became abundant thai
the discount hreequarers and cash could
be borrowed on it, Payments have thus far however,
been freely although the intensity of the has
been such give to fears should be prolonged
The failure of large German cotton house reported
yesterday The general condition of the mercantile inter-
sound. There has been a remarkable freedom from
speculation, Notwithstanding the abundance of money
Co., Boston, appears be the only important failure
that has taken place. The sound state of the mar
kets is doubtless be ascrbed in eminent de.
gree, the conservative influence of the independ-
ent treasury. 1t has kept active the precious metals
and compelled all transactions follow the actual goods
Wherever there has been any speculative action there
has been dificulty-such in the case OF Prime,
Ward, e. Co., and James Mccullough, and in the
of several railroads. The Harlem Company, in
stance has been for long time twisting and turning
money for the prosecution of the road Among other
MEANS pledged 800 shares ofits stock with
for of money, and 1850 shares with bank Tor
another When the pressure came, it notified to pay
up the loans 1t coud;not do could 1t place them
elsewhere The stock therefore sold for the benefit oil
lender and the price fell in the market 10 to IL cent
Accommodation loans of this always ruinous
times like this The Reading railroad, is stated, has
some 900 of stock pledged with the Grard and
other banks Philadelphia. These, with some other lots
may be forced the pressure and there has been an
effort make market in New York on WHICH to put the
stock
There has been however, very little speculation in rail
roads here, demand for money for their construction
The Hudson river railroad, which had $3O0O,OOO sub
scrbed has had three of 80 each paid and
now calls fourth although the stock is given apay; that
is say has been $50 per share paid and the price
per In the of scrip the nstalments TO be
paid deducted from the price, and the buyer pays the
balance In this case there 70 per to be paid and
deducng from the price, TO- leaves nothing for the sub
scriber Who pay the commission for selling it in ad
dition The Syracuse and Utica railroad called in $40
per SHARE payable the 20th The New York and New
Haven also called in $40, payable on the 22d instant
The condition the banks of New York. under the free
law is such as very strong when money plenty and
very weak reyusion threatens The circulation Of the
banks secured New York stocks, which pledged
with the comptroller for equal amount of bills the bank
drawing the the stock. When New York stocks
fall comptroller stops the interest and requires larger
deposite from the banks the notes. At the
tme the bills begin for SPECIE and with
small capital is in slight place." bill has been be-
legislature allow United States stocks to be made
security for notes. and has been defeated by this bank in
teres because admit United States stocks would aid In
depreciatng New York stocks, and weaken the position
of the banks As index to the position of these banks
,;x, NJ hair fo,tr,r