The daily union., 1854-10-19
COMMERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.
New YoHx oct. ". 1854.

NEW YoRx Oct. II, ls54
Almost all business has during the week been greatly Af
eeted by the awful catastrophe OF the Arctic No ercum
hardly which generally elected the
sympathies Of the commercial world a. that At
the Merchants Exchange the Corn Exchange business
suspended for the day. and the has been broken
The peeunary connected with the Arctic not
great here apprehended may reach 81 600 600
ship and cargo of which oneha is held abroad The item
IS however Important when added TO the losses
youy sustained during the year shipping This in
terest for the moment is exceedingly depressed through the
Of which for several year. have combined TO
confer great prosperity upon that interest," The Mexcaa
caused demand for vessels the part Of the
and that demand has been sustained in various the
present time The famine Of 4 put requiston all the
mercantile navy of the world and shpsofwar
qured transport food The California fever continued the
demand vessels improved by the Australian excitement
year. when also the recurring short crops OF Europe
again gave extensive employment 10 mercantile tonnage In
all these seven the building of ships has not ceased
largely increase, until the tonnage owned in the
Union 407 COS against 352I IFS in is50an increase
Of nearly million tons, so per cent, in three
years. With such of transportation the demand
has fallen of. The trade California and Australia
is next to nothing The exports Of produce to Europe,
which last active, nearly ceased,
while the cotton not vet active and European
which it hoped would demand for the neu-
a bottoms the United States has ceased to have any
fuence. Ii is not therefore, matter OF surprise that
eights very low and the value Of shipping diminished
in such proon have also undergone reaction and three OF
them have gone down during the week The difficulty with
the that they forced into existence by the
the capitals in stock notes which have not been
paid up and the banks have struggled for existence by at
tempting live credit Opposed to this three diff
cutes Ist could be sued wthou actual security
being deposited with the comptroller I'd, weekly publ
cation OF the condition required These legal regu
latons The old banks established OF their
clearing house where every bank required TO settle
It's balances in cash every day. This fatal needy
directors could get nyhng Of the bank for longer than
day, because whatever he got would certainly appear
next morning the clearing house against the Institution
The clearing for long time very indugent BY
which that the strong banks not disposed to
press the weak This however, became
impossible and is longer tolerated The knicker-
booker the Suffolk and the Eighth Avenue have been
euded and failed Some Of the officers Of the sup
town banks displayed good deal of feeling and resorted tc
queer tricks the old banksas thus the city funds
are kept the Mechanics Bank and usually checked
out by the proper officer in favor OF the city creditor, On
"Wednesday there hundred hands to be PAID
small sums and influence induced the drawing o.
the checks ORDER, which required each to endorse his
check This, many, impossible performance, and
ii was suggested them that it only trick OF the bank
to avoid payment symptoms Of became manifest
nored that there the Mechanics Bank p that
bank had stopped. The activity Of the bank officers
however, got the difficulty and the plan fell through
The returns Of the banks to-day as follows
4 Vork CRY Bcaks,