The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-08-24
COM NJ ERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.

NEW YoRK, Aug ~, 1854.
That the coming year to be OF dear food seems to
be certainthat is higher than the years, and
much higher than the prices which usually succeeded
crop year II the crops of France and England
as it is now supposed they WILL turn out fair aver
age the supply will suffice much to diminish present
prices England has imported 800 900 quarters OF wheat
it estimated that the stocks of old British wheat
now quarters and of foreign wheat 1000 quar-
ters than year. Hence the British consumption has
been Is 800 900 quarters extra or bushels equal
the whole United crop and prices are 69s now
average harvest viii leave her in want OF large quantity
with Europe closed and the war To be fed from
Egypt United States the crops have greatly suffered
but should the wheat crop from its extended BREADTH turn
well last year, there will be demand for the whole
o while the great damage which has been done other crops
will keep all food high
The effect high prices of food will be felt in the markets
abroad apprehended ourtailng the home consumption
and mpeng exports At such times the increase OF the lat
ter from England is indication of prosperity but the
particularly when the goods exported come
upon the New York market consgnees account through
auction houses losses In the United States when
large crops of grain sell WELL good prices 1t is the basis OF
good trade, being indicative of agricultural prosperity
prices arise from deficient harvest the reverse
however, and while the of farmers not
improved by the advance the ability of the people In the
and manufacturing districts to buy other articles
than food diminished and trade suffers Something like
such of affairs apprehended for the coming year.
producing nposon among dealers to lay in stocks OF
goods Hence although the imporatons continue large the
through the auction houses low rates and
obbng have been forced to suspend Many Of
them as usual carried sail than ballast. Money
is however, abundant and the supply in the street fully
equal the demand for commercial purposes The bank
turn indicates contraction the part of the banks, fol-
lows;
City Baak
Loans. Specie. Ceannss Actual
August II ~ 34a5 O57 ias21U23 I7O43,93t 57.5S24S5
August 49, 81 $50, 1903 4,2i3g7a l6e6,S4l S7,047U
The specie has apparently increased notwithstanding that
during week 900 has been exported and $780, 600
sent into sub-treasury The TO be- that
when the Mexican funds placed with the banks 0OO
was held by them special deposite. That has
been counted with the mass making apparent increase
The collapse which has taken place in railroad securities has
money generally become abundant but the shock
given confidence induces great caution particularly
position of the Erie railroad which tends to
that class of securities favor The Erie
road has well maintained its credit to the present pres
sure under which its stock has sunk gradually to SEA-
point than it has been before. Fears
entertained that it will be able its accrung
liabilities between and February. Hence the ind
position to buy ut the present low figure The
bear party have made great profits On Saturday lead
ing operator delivered 1000 shares, which he had sold
hort months since 80 Taken in the price of Satur
day. gives profit of $40 900 the single transaction So
Judgment however, that the late of
the road T. Townsend esq., supposed to have lost $780, 900
BY buying the bonds within nine months The losses in stocks
generally must This week the great railroads
have held convention strike for 'hgher pay This Of
course will amount to nothing such things do The
roads represented were follows