The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-01-21
COMMERCIAL,
From our Commercial Correspondent.

NEW YORK. Jan. l9-W Wednesday 4 o. m
The arrival Of the Cambria this port with dates the
LIST ns announced this morning, and her advces
of favorable character The Bank Of England had gone
on gaining strength the bullion had again risen TO
fl2 236 526 and the of hand I'll 1870
in consequence of which, the rate OF money reduced
per cent at which the railroads again legally
borrow The commercial failures had continued to
extentfour having been reported in London the 3ls
whom were Durand, Mckenzie a. Co., and Co,esworb.
Powell Pryor The whole number of failures from the
10Th sls Is and consequence the distrust
of secondrae paper continued to some extent although Tor
undoubed paper which, through the stagnaton OF bus
ness the supply is very lmted) money was easy Bust
ness was beginning The orders for goods Tor The
Mediterranean, and India and China, considerable,
and confidence in the manufacturing districts was mprov
ing. Produce Of all kinds finn and showing
tendency 10 advance-more particularly tobacco cotton,
rice, and breadstus all Of which higher in price In
Paris the money market easier and it understood
Bank of France about put down the of inter
per Should the cheapness of money speedily
revive the railway expenditures the consumption of
duce will again be renewed advancing Indeed.
the forced nonconsumpton has been the only means OF
restoring the bank position Of safety and strength
This of affairs in Europe highly favorable to Amer
lean interests and will doubt promote relaxation OF
the present pressure upon the markets here, which in
deed severe-he best commercial paper selling at per
per month The effect of this has been decrease the
orders for goods for the spring trade and the imports con-
much less than last year for the During the
last week they were follows
slssss s sS sss
Decrease lOasso 7o4774 ss9,72o 2oss47
1t must be Observed that last year erpoo, London,
and avre packets had arrived the close of the week
mentioned and they had not arrived this year. which
fact makes difference in the amount OF imports Some
since arrived, and viii come in the present
weeks great many goods ordered early IN the
season were countermaned account OF the pressure
among the importers, OF whom still hold the notes
they for sales last fall, having been unable to use
them 1t is doubt the that from the ability OF the
country pay up, soon as the spring business
moves fairly money will become easy. The country deal
ers will pay up well place the obbers in funds for their
heavy payments which due in the latter part OF
February and March. These, with the diminished inn
ports and growing exports the active elements OF re-
turning ease markets. Many of the banks already
more disposed lend, and they keep up good line Of
paper The packet of the 10th carried but $2OO,0OO
and the accounts from England now such as to
show the tide about to be turning With money abun-
danl in London per cent, the rate for commercial
discounts in New York cannot continue at 10 "a per
cent per Indeed OF the English houses that
have been selling their bills as high lla have recently
shown disposition lend the proceeds treasury to
enable the holders pay up specie the final instalments
on the last 1t is evident that while England can be
drawn 1l4, and the proceeds employed here att
"a per cent? and the money worth there but per cent?
large profits result from supplying this market from
the London The money hereafter be remit
ted after being thus employed in bills at perhaps per
1t to be remarked that all the shipments OF coin
TO England have been made in sovereigns-no American
gold has gone forward and soveregns scarcely be
any price, How important it is, that when the tide
turns and the soveeigns flow back they should d
recty into the mint which vape in preventing the
gurgitaon of the metals.
The spring business has opened with less actv
ty in Philadelphia, where is usually three weeks earlier
than in this city. Buyers of goods have been here from
that city, and have paid fair prices The prospect now is
that by reason of the diminished supply Of foreign goods
growing out Of the ghness OF the money market, prices
will decline, and with fair payments the part Of
the country trade steady business may be looked for
The rates of exchange and money all points
are falling, being as follows on the leading places:
Dec To- Jan. 10.