The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-11-22
COMMERCIAL.
rRo4 OUR ooMMERcIAL CORRESPONDENCE.

Sxw Yoax, Nov. 20, 1865.
The continued stagnaon Of business although this is
ally the dull season. is still matter OF complaint The whole
sale trade Of the fall has indeed been fair bat it has not been
supported by corresponding revival Of the retail business
for which three prominent cited, the decline
In immigration from abroad the high prices Of food not
whstanding considerable supplies and the migration Of per-
sons and families westward from the Atlantic States The
immigrants from abroad bring usually considerable sums OF
money OF which the expenditure is felt in the Atlantic cities
This is Missed while the continued sales Of property by
who SEEK to carry cash capital to the western States
aid depresson thai by the fact that food
nues to absorb unwond proportion OF the earnings of the
Of people, 1t is also the that the lucrative sales Of
produce in considerable quantities accumuate greater than
ordinary credits the service Of the agricultural States pro-
dncing less pressure Ii is the also that as
most Of the minor manufacturing industries prosper in the
new States the demand for those articles the Atlantic
border very papably declines. While the West has
produce to SELL il gradually buying less in proportion of
eastern manufacturers and the state markets generally
indicates that while New York has been lavish Of capital in
the construction of western railroads, she has overlooked
the necessity Of subssng the great OF labor in her
cities that is lying almost useless for want of the app
cation OF capital to it. Railroads have absorbed very
large Probably $500 600 have been invesed in
stocks and bonds without adequate returns to the hold
of such securities On the other hand the quantity Of
stock which dividends continues to increase and the
whole OF securities to depreciae number OF roads
continue pay dividends but it is at the of capital
that is to the cost OF the roads increases annually TO an
amount greater than the supposed profits paid out.
The efforts to raise money gradually placing all the
real property companies in tho hands of preferred cred
tors, causing deterioration in the value Of astupendous
amount of property The fact to be making itse
manifest that whole railroad system failure hnan-
ciay and hence excite the socude of prudent capita
lists abroad well home Mechanically railroads have
contributed greatly to the prosperity of agricultural districts
and to the growth of cities, but financially they have IN no
maintained the capital expended in their construc
ton On the other hand the continual absorption of CAPT.
tai TO be necessity of their existence Even those
roads which apparently and large dividends are
those which most rapidly enhance their costs In how far
this state of affairs the inherent difficulties attending
the works themselves to the corrupons which to
corporate companies where large amounts
property by not directly responsible
remains be tested but it apparent that the vast Of
railroad obligations hanging the commercial world is in
quarters regarded with hardly less interest than the
whole funding system Of the European governments in the
political and financial world The present it is feared,
will compel suspension of the Bank of England if paper
money circulation is possible after that event. the present
and increasing debt be sustained but Mt diminishing
real value. After the Of Napoleon ended in 1915 it
found that although the law required the Bank pay specie
within six months after peace declared it impossible
and at the time pay the interest the public
debt The to specie payment did not take place until
years after in 1921 and the effort produced
revuon here which very nearly resulted in the suspension Of
the United States Bank at that time in which period of
the national wealth had far recovered to enable the
ona dividend to be paid in SPECIE Since then tho debt has
reduced but has begun to increase
If suspension resored to- and paper money can be made to
circulate the funding system gradually be cxtipguished
and With all corporate credits lfrredesmabe paper will
not circulate formerly, but the boarding of gold and
silver results then that state of barter and national bank
ruptey which England declared by director Of the
Bank be the in 1875 must take place. Disasters of
this nature which loom the future, out Of the existing
Europe and the uncertain position Of even the strong
strongly dispose prudent capitalists to keep
command cash MEANS ard avoid entering into credit OBJ
legations which place property at the control of the creditor
in case evuon. The greater the revusion the larger
gains of him who commands cash hence the gen
era OF enterprise which marks the present moment
There state OF the money market The
specie the banks has according the weekly returns
increased the previous week. and the banks
consequently again disposed to discount their oerngsa fact
which has usual diminished the caution Of private lend
ers and money falls in value 1t is easily obtained at
CALL the for good business paper II cent
The bank returns as follows
Loans. Specie. Clearings. Deposies
Nov. lo..... Sga4aia9o $l0,e55526 Sa224N S5i 3s99
Z" I1..... 92,02a920 IL ,3j29i7 2l,iOo62 3JbiI,fao
Decrease. d2.370 5l7,6l3
increase' 4f7sol 7s,TI
Both the specie and the deposes have increased for the