The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-09-16

MONEY MARKET.

MONEY MARKET.
Friday, Sept. 1916 p. Nj.
Quotations for stocks have again come to Q stand
still. There a slight decline yesterday, after the
arrival Of the steamer but the downward has
been arrested, and the sales have become much re.
duced At the first board, to-day, the sales were limit
ed and prices the tt current at the close
yesterday
The receivers Af t. Farmers and Mechanics Bank,
of New Brunswick N. j.. have given notice that they
will pay to holders of certificates and other
claims against said receivers tho principal due with
interest thereon at the rate Of six per cent per
mum, from the date of said certificates to the prefer
date upon presentment and surrender of said ceriH
cate at their office, in the city of New Brunswick.
The receipts Of the New Haven, Hartford and
Springfield Railroad Company for the year ending
August 81 1S4s $43o 212 o6 against $353264 40
for the previous year. showing increase Of $76e4S
%, the year just closed.
The receipts of the Madison and Indianapolis Rail-
road Company, for the onth Of August this year.
were $16e34 o. against $1,000 20 for the correspond
ing period in 1S47 sh owing an increase Of $3.50 93
equal to about one hundred and eigh per cent.
Within the past week or two there have been hume
failures ong the dry goods houses Ct this city,
principally among the jobbers including of the
Oldest concerns in the city Most Of the failures how
ever, are new houses, which have not been in opera
ton more than two or three years, and have upon q
moderate capital. done q very large business. We
have doubt but that of the obbng houses
this city at present. and have for sometime past
been in an insolvent condition The system of doing
business practsed among that class of merchants is
such as to ruin three out of every FIVE and 1t is not
astonishing that such changes take place In every
few years among them. In passing through the
section Of the city occupied by the dry goods
hons to oIvc
nize the name Of a single concern, familiar to US
few years previous. revolution appears to be con-
tnually going on among these houses and few, very
few, retire with even moderate fortunes The revu-
sion Of 1887 made nearly clean sweep, and the
changes made since have brought into existence hun
dreds Of houses which futter the surface short
time, and then sink, and are heard of in
the commercial world few creditors, for a brief
period, keep them in view, till they finally disappear
altogether, and give place to another lot The first
cause of this liz, have already stated the system
Of credits adopted the small profits obtained in con-
sequence of the competition in trade the anxiety
exhibited to eclipse each other in the of bust
ness transacted More attention paid the amount
of sales made each day, than to the quality of the
paper received in payment is only when looking
over the contents of their pocket books and classify
ing their bills receivable during the dull season of the
year, that they have any idea of their position the
value Of their assets This reckless deperate way of
doing business, Is the first great cause of so many
failures among the dry goods jobbng houses of this
city. ge
The second is the extravagant mode of living prac-
tised by nearly every member of every firm doing an
active business. Some of these concerns are COM
posed Of three and in many instances four partners
all Of whom live at the rate of from three to five thou
sand dollars per annum, which, with the yearly ex
<Lzs-
nual aggregate Of from twenty to thirty thousand dol
lars This large sum must be derived from the profit
Of the concern, drawn from what capital they com
menced WITH from their creditors and, from what
have seen, the last named method is in majority
of cases adopted AS strange as 1t may appear, this
rate of expen dture is kept up for years, after the
original capital has all been lost and the profits have
dwndled down to the smallest fraction until finally,
explosion takes place. and the creditors do not get
the first cent the dollar. This criminal extrava-
canoe among the commercial classes of this city will
swell the list of bankrupts every year, and keeps up
that continual change which we have noticed for
many years among the mercantile community gene.
rally.
In Of the suspensions which took place in Eu-
rope within the past year. was shown that members
of Of the nsolvent houses had for long time
been living at the rate Of and thirty thou
rand dollars per annum, and that their assets would
pay their creditors sixpence the pound In the
of Cockerell Co. of Calcutta it appeared that each
partner had lived at the rate Of fifteen thousand
pounds sterling per annum, and their creditors
ceived but sixpence on the pound for their claims
This is about fair example of the result of failures
generally, and unless radical change takes
place in the system of credits in the system Of doing
business in the style Of living, and in the personal
expenses Of merchants, generally, there will be no
permanency in ante houses and no stability in
commercial matters. The disease has become so
general that It will be very difcult to ind healthy
starting point to apply the remedy but, when fairly
in operation, the danger will soon be removed. 1t is
full time something done to this curse upon
the community.
The amount Of railway calls in Great Britain for the
month ofSeptember this year WILDE f2 2s7 1885, which
only 100000 for foreign companies. This amount
is 81 600 GEO below the calls for the corresponding
month in 1s47, and f1s5,764 below the monthly ave-
rage in 1s47 The foreign calls in the month Of
September, 1s47, amounted to ESoo,00o.
The annexed statement exhibits the principal arti
cles received at New Orleans from the interior, for
the year ending September 1st 184s showing also the
average price Of each article ct that port ag-
gregate value compared with prevous years. according
to returns made out by the prices current of thai
city
COMMERCE OF New ORLEArs-QuANr1ry AND VALUE
OF IMPORTS FROM THE lyrERIoR.
@ "a, As 49, Sss
Bacon hams, sSds and ti.rces 1888 SO SStSS
Bacon in bulk, pounds. sll4o Il 1925
BsgsirE pieces. ......... ISS2 1890 looS$6
Bale rope, coils. ......'.. IS6 l0oO 1880
Butter Butte" Isss and hiinss sssls SO 2a;oss
Bee.w,x, barrels. =. eas 1000 N9so
Beef barrels. ...... 5oSS ,s0 SA1Sa
beefs a,tsS rornr.i: - 80 1900 Sio0 a.