The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-11-09
COMM ERCIAL.
from OUR COMMERCIAL CORRESPONDENT.
NEW YoAx. Nov. Z, 1854.

NEW YoRK, Nov. T. 1854.
The first week in November usually the turning point in
the exchanges under the increase Of the produce bills and
the diminished imports goods also marks the maturity
the largest payments of business paper and the quantity OF
this outstanding this has been large but it has been
with fidelity perhaps before general when the
depreciation in various descriptions of property is taken into
consideration. The soppage of Jacob Westervet Co..
shpbuders the senior partner being mayor of the city has
been announced That description of property estimated
has deprecated nearly 80 cent in short time That
there have been great losses sustained here well as in Eng
land upon merchandise crops, and stock securities mani
fest yet the losses in this country TO have fallen upon
the surplus funds in stocks and corporate companies
rather than upon the active working capital of the commu
nifty. The large consgnmens of goods that have been sent
here and sold losses heavy to affect the standing OF
consgnors reters here be cautious OF
certain class of bills have the low prices concern
ed profit the country large lnasmuch however
low prices promote consumption it is argued IN some
quarters that obtain large quantities of industrial products
from Europe low relative rates is In the end no proh
such of affairs liberal of goods
that say when large quantities obtained for the
same equivalents formerly, it is the besowing
larger revenue upon spendhrit. This is the obJee
that made the modification of the English corn
laws proectionists afraid that the OF the
people who before stint Diet should now be
ruined overlooking There is marked feature OF the
large mportaon the past eighteen months which Trbu
do allude to, viz that domestic manufactures are
not, formerly, affected by them. Notwithstanding vast
for what they will bring auction, the demand for do
nestle manufactures continues steady, and for the most
part lucrative the producers In former years when short
crops and distress abroad compelled holders of goods to sell
them here under the hammer at sacrifice the domestic
goods felt the competition and sustained losses heavy
That this is the is in eminent degree due to
the present tariff which greatly modified the duties
those dry goods that in competition with the domestic
article. Under low tariff, tariff at all manufactures
grow up against competition that labors only under the cost
rtpfipu lhlyI NOR harty
growth and the general level of prices at which they
protaby made lower than when that level is raised by
inordnae tariff Hence, when foreign goods sacrificed
the damage done to the American article is far less than
when the range OF prices has been afcal sustained by
legislative 1t has also be true that
American ee has of late years developed which sup
Piled American factories mostly and foreign supplies
the orders who make sku selections
prompted by experience 1t no longer the
complained of twenty since, that when Manches
had supplied the world with ordered goods the
houses were swept the New York auction houses and
commanded the markets. convusng the money market
by the demand for specie in which to remit the proceeds of
those sales The system OF credits, then extended by
bank affiliations the by which those goods reach
ed the hands Of long after the foreign had
rot pay specie To pay goods consumed credits
production necessary but the fact that goods
could be easily obtained credit caused production
produce and materials to diminish and the continued
material and food under the double action of
credit and diminished supplies pressed heavily
heavily than did the competition of the
foreign goods At present find that consigners and
importers have suffered but the home manufacturers
and the jobbers generally have done bad bust
ness The latter class have mostly followed the market
down, buying from hand to mouth and holding large
stocks. They therefore pay up with wonderful prompt
and the market daily becoming less stringent under
the diminuton of outstanding obligations by payment with
the disposition paper. The bank returns
for the week 0llovs:
Leans EIpcis tIeuYin Dppo-i