The daily union., 1854-07-27
COMM ERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.

New YoRK, July 25, 1854.
The railroad speeuations be entirely crushed
species of property than coming under the ban
lenders Yet the great crash and revulsioA which
have attended the breaking down of bonds does to
manifest itself 10 any considerable exennohng like the
revuson which the London market when the
beadsus in ls4 brought end those tupendous bubbles
which had hoaed the railway king Hudson. In three
ending with ls4 there had been expended in round
numbers, thousand million dollars upon railways, many
of which, actively competing with each other had not
ted any business but simply divided up the old causing
diminished ratio of profits at moment when the rise in
food parayzed internal trade. The excitement which had
allied, and which had carried Hudson such point
power had drawn in all ranks of citizens owhom there
few who had cramped their legitimate business in order to
speculate in shares At such the harvest failed
yolvng loss of ESQ 900 000 ireland Obliged feed
expense to England of fl2 900 900 and the year
progressed grain dealers failed losing estimate of GA
0OO while several hundred British merchants
turmoil England has since recovered most Of the railways
that continued pay fairly, and losses in the others
made up In the United States the excitement
ed far and the fall is not disastrous In the
1853 the operations pretty large and it has
been ncerained millions of public money loaned
upon the bubbles until change of administration compelled
settlement The market thus received check which
the srngeney of in the strengthened and
the consequent depression in railways received inn
pulse the failure of Dwight and of Patchn's rail
ways. The downward tendency continued amidst the
desperate borrowing, until Hudson found
erpar in Schuyler whose frauds added TO those of Kyle
and the Parker Vein have killed up both mines and
all railroad securities of which borrowers make
Odd people these banks,' said ex-money
king of Wall street. Last year they would touch
Delaware and Hudson being railroad securities they said
Now they will take Delaware and Hudson but will not touch
the best railways at half price There must be great deal
wisdom among them If it could only be discovered" This
now, is the but the circumstances of the invest
like those of England Instead of there having
general dissemination of the shares among peo
pie ruined by the rise in food and consequent sagnaton
business the bond part Of the railroad expense has fallen
upon institutions and large lenders, while the shareholders
in agricultural districts have had otherwise very lucrative
Indeed those roads that in operation moi
deerooted in value but have according their returns
increased in value, while the profits of farm produce have
enabled to hold. 1t probably owing these facts
that the railway panic marked by distress greater
it is The large field for the employment of money which
railways presented is closed and money accumuates
very rapidly prior to any direction. The chances
that real will again into favor particularly
that gold to increase in supply from California. Ths
receipts and exports of gold have been as follows
Receu ExpO