The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-05-18
COMMERCIAL.
Nnw Yoax. May Is. 1919 Wednesday, 4


Nnw Yonx, May l6. Is4s-w Wednesday D. m.
Money has become decidedly easy-that is say the
banks discount readily legal rates the paper offered
good character coming within their limits; but owing &c
the absence of business enterprise, tho quantity offering
less than usual this and paper not accepted by
the institutions done Of doors nine per cent
The amounts of money seeking employ however, In
creasing both in number aud magnitude aud the dlspo
ton to create capital stock Of moneyed corporations ve
rfe Thus, the late session of the
ture there passed laws charter banks and
TO increase the capitals of thirteen old Also nco
porate thirtyscven featuring companies Of different
kinds In the face OF the ruinous tariff and ten in
sarance companies There passed thrynine laws
concerning railroads, mostly Charters and raising the
capitals OF old Those make hundred and nine
laws which authorize the appropriation by special pr~i
ege oil at least *SOOO0O OF capital In Pennsy vana the
legislation was quite prolific and probably SIS, OOO,-
OOO including tho State loan of 0O will DO demanded
for capital banks railroads. &c. In New York the formation
Of institutions under general laws rapid but requiring
special legislation in the matter, the results less
spicuous although their effect upon the demand
tai the less felt BY the constitution of the STATE
no now charters be granted banks and existing
ones expire they have the choice OF going into liquidation
organizing under the general law, which requires them
to deposite New York stocks with the comptroller
curity Tor their calculations One OF hesethe Merchants
Exchange Bank-charors eApres juno lst and its capital
was $750O0O 1t proposed organize under the general
law with capital of 81, 0O0 000gving the ldsockhod-
the priority of subscription The is that all the old
stock subscribed. and stock, which
makes the capital ~ 40 $50, nearly quarter of mil
lion more than ut first proposed. This result is the
more remarkable when reflect that such structures
the Hudson River and Erie railroads, which only
promise to be the profitable but have the great
est influence upon general business well upon the
value OF other property in the State, have filed their
subscriptions with great difficulty The prompness with
which the bank capital raised indicates confidence
in the working of the general law, we'll in the
success OF banks generally Notwithstanding tho operation
OF the independent treasury, specie clause and all
be Observed that this large and growing bank influence
altogether opposed to the creation of any
federal bank influence in the renewal of any United
States Bank project The commercial interests all
are also convinced by the operation of the independent
treasury that 1t Is preferable the bank system and in
dcaton Of this REPRESENTED in the OF the Journal
Cominercc, which increasingly denounced the indopend-
ent treasury plan as humbug until corrected by the voice
OF its readers; and it now strongly opposes national
bank greater humbug. 1t is to be remarked, that the
demand for capital indicated in the number Of charters 10
this and neghboring States is very important exceeding
perhaps, when remember the demand ON California
account, the Accommodations, and becomes important
element in the high Of interest The arrivals of specie
from abroad mostly England, reach ~, 5OO, 600
and without having in any degree affected the money
ket Of London checked the accumulation of specie
the bank This stood 81! 707 1866 the 18th April
has produced rise in bills here, however, which may
probably prevent the import from exceeding 81 900
The rise has been for top bills as follows;
Sterling. Paris. Amsterdam. Hamburg. Bremen
April H. H. s:s ss'sssI ss':s s s7
Thisrise is about which is equal abou,
per barrel flour in favor of the shpper and
this is about the Of the fall in the market price here
within that period. The rise in bills will be likely to
equaze the rate of money between New York and Loa.
DON II is here 10 g. and in London "a B. difference
per per annum. As bilscan be sold at
par the large houses may draw money from London
per lend here at per cent, trusting fall in
of bills send it back, when wanted, further
profit. When bills are, in April, per under
par this operation is not so feasible.
The importaons at this port continue CONSIDERABLE af
ectng the iavoraby although the tendency of the
prices goods is TO fall under such supplies late in the
The duties received this port and the drafts
the treasurer for the weeks have been foows
Week ending Maya May H. Total weeks
Duties, $8l0786 So &527,07 - 1867, 1856 81
On ' hand 1,sss,Ts 6 2iSisis 70 '''0'1 %
II will be observed that the accumulation of money
the hands of the accompanied by
ing in the money marketasan evncng the absurdi
of those who attributed the high of money
the retention in government vaults OF smaller than
they now hold. tap Na-
The quantities of dry goods imported this port for
weeks, compared with the corresponding weeks last
year, follows: i3s
Weeks Wool. Cotton. Silk Flax. Mis- Total
May4 es.ssa ss6sI $4,000 1854 sl79o sasss7
May IL 9S,osO 1880 o., 40 lOso7l 1909 $3.50