The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-01-06
COMMERCIAL.
From our Commercial Correspondent.

HOLIDAY week in New York is not generally faughl
either with commercial activity financial but the
past been rather exception particularly in this
respect At this transfer books generally
closed and Institutions, well as individuals, are
closing their for the year and the is
Of contraction, with disposition TO put off applications for
accommodation discount until after the LIST AT such
times sellers Of stocks tme-contracts seize the moment
deliver in the hope that the takers viii be unable 10 meet
the payments without forced sales othe stocks and that
fall will result in prices This strategy has been this time
foed through the great facility with which money is pro
cured and the confidence which many operating
conspe strengthen. Nearly all the city Institutions thai
declare profits in January pay enhanced dividends, the
proceeds OF the past six months of prosperity This refers
we'll railroads and Insurance companies banks
The mutual Office. as an instance pays of the dvi
dend scrip of the years 1872 and has
a demand Of $4,000 upon the federal government for
duties goods consumed the great fire in 1915 The
of the dividends payable in the present month
this and neghboring cities is i'm portant, and it is the
gratifying reflect that the product of the general earnings
has been greater in this last year. which, according the
nanciers of the Lawrence school, have been OF
general individual insolvency and corporate bank uptey
do refer the representations of those persons
spirit of triumph much impress the fact that the
principles Of commercial policy which they condemned
injurious have been productive OF amount Of general
prosperity be ore attained There a time
when enterprise was well rewarded, the markets
free from unsound speculation, the general distribution
of national wealth more equal than and this has
suited mainly from the pursuance Of that policy which the
prophets of evil" would have avoided is peculiarly
necessary that this fact should be borne in mind
much that efforts will be made disturb the general
progress in order that machinery by which the
products OF the industry of the many may be tuned into
the Golfers of the few.
The advces from Europe such, ALSO have
improved the general aspect of The peaceful
election Of Prince Louis in France have impaired
confidence to industry in that country evinced in the
demand for materials, hich became very on
the result the election being known The fears which
engendered in relation to Louis Napoleons probable policy
emnnated mostly from the indy ing enmy of the English
Bonapare and from the adroness of rival candidates.
and the part chmerical. All that has hitherto
proceeded publicly from Prince Lons indicates consider
able talents, and recognition of sound economic pnct
Piles perfectly refreshing amid the sophstical quackere
that have been rife in France for the last few months
and there is doubt but that grounded such
principles, he will follow the progressive commercial spirit
of the age and develop the industrial resources of France
by removing those restrictions and miscaled projections
which than anything else have held the of
the people in hraldom and wasted the national wealth
upon the favored few The change in the Austrian gov
excites hopes that the old Meternch protective
system will there also be abandoned and that industry
may thrive as becomes freed from govern
mental restraints The markets OF England well OF the
evince the fact that the shrewd vision of
in the late changes opening for i'm
provenent and the demands of annacturers, well
in Havre in Liverpool, have wrought improvement
in the value OF long depressed by inadequate de-
mand and while large sales OF United States breadstu
and provisions will be necessary to maintain healthy
level prices Tor food in Great Britain, the due
United States for the yeas w be swollen by the rising
prices of cotton, large as the crop may be.
Owing progress which the export OF food has made
in the few years the great staple (cotton) has
bv lost that paramount influence upon financial affairs
which it few years since. Formerly full 60 per
cent of all the foreign bills offering in the market were
drawn against cotton and 1t resulted consequence that
heavy decline in that article affected the credit OF draw
ers and frequently buyers, through the OF unpo
tected bills, and financial panic, accompanied with
srngcncy the money market which Affected all classes
was result In the year 1871 the amount OF bills
sold in the United States, represented in the value
of domestic goods exported $50 637iSl OF this
amount $685. ll5 si3 only drawn against cotton and
$6S lS3 43O against foodtha is say, of the bills 35
per drawn against cotton, 10 per cent against
food and 20 cent against other aces consequent
w. the condition of the market far less i'm
portant the general interests than in lSf5 when OF
800 of EXPORTS SOL, 6i3, So per cent,
of cotton. In 1913, $37.472 IS drawn against food
ported, 30 per cent OF the whole amount In the
year. probable that 50 per will be drawn against
food 1t evident that when so per oLthe bills oile
ing independent the of the cotton market both
exchange and money must become steady
and also internal trade, which formerly collapsed
the cotton planters declined with the fall
staple, to rest upon the prosperity OF the
farmers enhanced by the improved value of their
products, influenced by extended foreign markets
These OF the why the depression of
last year did produce serious results For the
coming the rising value of cotton will
dance Of and promote greater buoyancy in the gem
eral markets. Cotton which firm before the news,
has since become active advance of cent at
which 5000 bales sod and the prices close
follow
Inferior Ord. good Mid to good Mid fair Fully fair
ordinary. middling to fair to gid FIR.
Ssss Fla q sIaa '5aasss ssssi az Hsa
Flour has also been buoyant at advancing prices-a
further OF Ct having taken place yesterday Sales
art about 5000 barrels per days say Oswego vs. 62a
Brooklyn SIS 56l; New Orleans, S. 80 IS SOL;
State and mixed WESTERN SIS 62t IS 65l straight and
good brands IS 6Sa So rs; pure Genesee, SIS s7A Sc
Southern is held firmly, with tendency rise George
town and Howard street, 5 s7l Buckwheat dull s7A
a So l2A Rye -four is little higher-S3 ISL SO 25.
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