The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-07-22

The quality required for the purchase of these
articles, one-thrd that of last year. The result has
been, redundant paper and pressure
upon issuing banks for redemption Some of these nt
tons have paid and paying, per cent. per day. for
money to carry over redemptions Among the modes
sorted to to procure circulaon is the purchase OF bonds
Thus the Erie railroad instance, issues per cent
bonds par bank will buy these bonds for its notes,
condition that the latter shall be paid the abores
the interior OF the State. In this it may be 30 60
days before the get back for REDEEM The bonds
purchased by the bank Immediately sold perhaps 81
the dollar 1t has, then, the of the money
til the in if they keep 90 days, the
loss the bonds with brokerage, is fully per per
month. Frequently two banks conflict in the opera
ton, when the bills of one come back immed iately
and it is compelled to make purchase to. take
thcm up Some of the institutions go to the contract
public works. and give their notes in exchange
for their drafts the company that employs them In
instance recently, the bank burst before it could collect
drafts while the then stopped and rendered back
the broken bills This general pressure arises well in
this State in others, particularly Ohio from the falling
off of the active export trade of last year, showing
of "exbiy in the paper issues and necessarily affects
the money market here.
The several markets exceedingly dull both Tor pro-
duce and merchandise. Cotton has Huctuated
tent. The Caedonia's caused improvement,
which that by the Niagara destroyed During the present
week inquiry has again revived, and prices are shade
better, as follows
ordto Mid.to Mid. fair Fully fair to
Inf good ord good mid. to fair good fair
Ss';ne an. and sl'5a' .ss tsst sI Sa n.a
The receipts all the ports are 2232,76l against
l,745 220an increase of 1854 bales Breadstus have
been depressed in price, through the apparent superabun
dance production The grain crops have been mostly
secured in good ORDER and probably exceed in magnitude
those of any former year. New -four has appeared at
several points but is also that the potato has de-
veoped itself to on Long island, Staten Island
and Massachusetts.
Flour has, however, fallen l2A l8a cents straight State
Ohio and Michigan, 81 sA, IS l2A SIS 1871 Roches
ter, Sc Is old New York city, S5 Is Richmond is
on hand; Georgetown and Brandywne. IS S7k SO Rye
-four, So so 50 62a Corn meal 81 So superior western
Wheat s lowersales white Ohio ll2i fair Illinois
and Wisconsin, 80 l0i white Genesee, 100 cents
New southern Of superior quality to hand July lzh
and sold at 1870 Last year, the first LOT came '
18th, and sold at 1870 cenn 1885, July 9th, 80 cents ye
steady at So 60 cents. Southern oats, 81 80 cents fo
Il Al New Jersey, ~ ~ cents Corn Is more
fmsaes rs 900 bushels northern and New Jersey at d
IS round yellow southern fat yellow % % cents
mixed western, 20 80 cents white southern oi cents
Hemp has been more in demand at Silo Si2o, dewrot
ted part superior dressed do 81 $l6S Porrhas been
active with speculative inquiry for Ohio; and has
advanced l2s ots prime 6AA cts-sales mess at SlI
81 I2t closing latter price sourdo $40; prime SO 37
50 Ialses at 50 Beef is scarce aud firm at previ-
bus ratesS6 80 a6 rs for prime river mess Sl2 50