The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-09-28
COMMERCIAL.
FROM oar Ce.an.srel.I Correspondent.
Nrw Yoan. Sept. as-wednesd.y, 4 ?.

NEW York, Sept 26-Wednesdsy, p. m
The general state Of business remains very satisfactory
and money abundant The banks discount freely, and
money has been offered upon government stocks, " al
call At per cent This abundance OF money does not,
however, dispose capitalists TO encourage the New Eng
land railroad borrowers, who getting rather numerous
undoubtedly the that those companies have rather
overdone the thing In the Boston Market and have abb
sobed 80 much of the accommodations as to keep
money scarce for commercial and productive purposes
This has begun TO enlist those interests against them, while
the facts connected with the projection and construction OF
many II not Of the roads. such shake public
confidence serious All the roads necessary TO
the present prosperity Of New England have been built
and the general welfare demands that appropria-
tons for these purposes should cease, much and
more capital than could well be spared has been in
vested In the machinery of trade; to employ that
chnery advantage will require all the remaining
that can be commanded for some years In New York
there has been no special demand for extra capital since
the federal government ceased to borrow. The Hudson
and Erie railroads and the State have borrowed
lively unimporant but sales of goods have been
large, and promptly paid for and capital has become
abundant-more particularly that the western States, in
stead Of former years. being large and constant bor
rowers, lenders and payers. Considerable sums
constantly accommodating here for State and company
dividends, and seeking temporary employment until pay
ments The State of Ohio, as an eminent exam
pie, has 59s65s of stocks falling due after ls50tha is
to say has the right redeem after that time. Or
these of per stock falls due in January
1862 This stock negotiated in lS43 in order to close
up the States indebtedness and stop further loans was
par in New York for Ohio funds and payable in
New York in New York funds. Now, the State passed
law that the United States surplus fund.- amount
ing which had been loaned out in the several
counties real estate, should be called in in instamen
and placed with the fund commissioners for the redemp
ton of the per stock considerable portion of this
fund has been paid in, and tho commissioners in
New York. prepared to invest the money advantage until
the stock natures, purchase the stock fair pre-
MUM, perhaps two per cent. 1t is thus seen that New
York is getting back the money formerly loaned by it to
States the prosperity Of which, growing of the
extended foreign market for produce, enables them not
only to cease borrowing, but to pay up Illinois paying
back the loaned to il in l8i3 to complete It's
canal and this makes $3000,0O0 which these two
States Their wheat crops threaten badly this year
but the is very abundant and the market for it
abroad extends In volume, their prosperity will increase
It il to be remarked that including this per
stock, which the State has the pay Ohio has
duced her debt since July, 1885, from $2OOl85 l5 to
SIT S5say ~ 92O OF the aggregate debt $65O7
1928 was held abroad January, 1913. These favorable
changes in western State finances call up reflections
upon the state of the country now and ut the time,
(lS43 under the wing dynasty when those short loans
were contracted Then all discredit insolvency,
AND ruin. The federal government could not borrow
dollar; its did not, under the tariff of 1872,
half meet peace expenditure commerce paralyzed,
trade depressed, and all the indebted States struggling
against repudiaton The lapse of four ending with
March the federal credit stored simultaneously
with the conquest OF empires, and credit
evve the rise expenditures, and
he produce Of the States pour Of the country
profitable markets Their internal increase
hat they forward to pay their debts, and pave the
way for diminishing while farmers and merchants
participate with manufacturers in the general prosperity
Although Ohio against the general policy which has
wrought these wonderful results she does the less
reap It's advantages Pennsylvana has also only
,red her credit, and promptly her interest," but the
operations OF the newlyestabshed sinking fund already
begins to diminish her debt BY releasing capital from stock
for OF years. the facilities offered
business by the competition OF funds for employment
enhanced This may operate in favor of New York
business; while the Boston money market is cranped.
by the Unsuitable demands Of railroads, for funds for
permanent investment, the New York dealers freely
supplied with the Of operating 10 advantage.
The enterprise of Boston has thus, in respects,
outrun itself; by making much haste, 1t makes
less speed. There Is undoubtedly now means
the command Of New York advance upon the pro-
uce Of the West hher and influence that trade in
this direction, which, different Of things might
have sought Boston. The operations Of the Independent
treasury large they have BEEN have ceased
ention and the impudent cannot in the present
Of affairs charge upon any adverse influence. The
amount in hand the Assistant Treasury Is 81, $780,
$685. against "a 436 last year. and S5,2sl5l the
ame time In l5H This of nearly four millions paid
vaults by the impo Of goods here,
has already been repaid them from the sales Of the goods
city from the pockets OF the Of goods. The dlvi
dends Of Boston banks for the six months ending with
October, show results as follows