People's Bank (Paterson, NJ)

Article Text

COMMERCIAL AND MONEY MATTERS. For Sales of Stocks, &c. see Fourth Page. SATURDAY, March 10—P. M. The Fancy Stock market was rather buoyant this morning, but Government Securities were heavy, and at the Second Board $50,000 Treasury Notes sold at 10¼, which is a decline of ¼ per cent from the highest point. In Exchanges there is nothing doing, but the rates remain quiet at 7@8, and perfectly nominal. In Freights there was a moderate activity. The Havre packet of the 10th is full, and the next packet has some Cotton engaged at ¾c, and some Bark at $10. To Liverpool, Cotton is engaged at 5-16d. Within a few days there have been engagements of 300 tcs Beef and Pork at 6s; 800 bbls Pork, 2s 9d; 700 do Oil Cake, 2s 6d; and a small lot of Tobacco at 30s per hhd. To Liverpool, 200 bales Bacon, 27s 6d; and some other Provisions, 4s 6d@5s per tierce. To Glasgow, 50 tcs Beef were taken at 6s. To Antwerp, 500 bales Cotton at ¾c. The receipts at the Sub-Treasury were large to-day, reaching $145,030 Payments 15,265 Balance 1,797,629 New advices 50,000 The Money market continues easy on good securities, and loans are made at 6@7 per cent. Paper is 8@10 per cent, and not in very good demand. The Banks are doing most of the good paper offering by their customers. The private letters by the steamer give favorable accounts of the state of trade abroad. The commercial world was buoyant, and the gradual restablishment of a sound state of business affairs was going on. Almost all branches of industry in England were active, the Cotton and Iron interests especially. Our Breadstuffs were depressed, but Provisions were doing pretty well. Flour from Nantes could be laid down in Liverpool at about 27s, which interfered with the American Flour, as it was preferred by consumers at 2s or 3s higher per bbls. Money was abundant in London, and commercial bills could be discounted freely at 2@2¼ per cent. It had been reported the Bank would reduce the rate of interest, but this has not yet been done. There was a good demand for American State Stocks at improving rates, but Government Stocks remained without improvement. The London market had been swept of our National Stocks by the demand from the Continent, and consequently the market was quiet. The accounts in regard to Government Stocks were not as good as were anticipated in the street, and prices fell back a little. As, however, the London bankers want a new supply, it is thought that the circulars have been made as unfavorable as truth would allow, in order to operate upon this market. The subscriptions to the stock of the new Insurance Co. the Astor, reach $215,000. The Specie exported from Vera Cruz, by Messrs. Hargous, 100,000 Mexican Dollars, has been received. It arrived to day in the Nenuphar, and was deposited in the Bank of Commerce. By the Legislative report we perceive that the bill allowing the deposit of Government Stocks with the Controller, as a basis for banking, has passed the Senate by a large vote. The bill allows one half the Securities to be deposited with the Controller to consist of Government Stocks, and one-half of New-York State Stocks. As a large amount of Safety Fund banking capital expires within two or three years, some arrangement of this kind was necessary, as the Banks must rerganize under the Free Law, and New-York Stocks are becoming very scarce. There has been a small run for Specie during the week on the People's Bank of Paterson, and we have received the following card in relation to it from the Cashier: PEOPLE'S BANK, PATERSON, N. J. March 10. An answer to a statement in the Money article of the Herald of this morning, I state that there has been a demand on the People's Bank of Paterson for Specie for two or three days past, which, it is well understood by the business community here, was not started from any distrust in the ability of the Bank to meet its indebtedness, but originated from other motives. The Bank has promptly redeemed, in Specie, everything that has been presented. Spanish quarters are much in circulation in Paterson, and have always been received and paid out at par by the Bank. The redemption of some bills in that coin has taken place, but not from any intent to pay in a depreciated currency, nor for want of other Specie. H. C. STIMSON, Cashier. A correspondent writes us in regard to the debt authorized by the last Legislature of New-Jersey, that it is only the usual temporary loan to keep money in the Treasury for current demand, accruing at times when the Treasurer may not be receiving anything from the ordinary revenues of the State. At each session, if the sum thus borrowed be not likely to be liquidated during the year from the regular receipts into the Treasury, a State tax is levied at once to meet the deficiency. Thus no debt is allowed to accumulate, and no doubt the next Legislature will, as previous ones always have done, levy a tax to meet the above loan, and such deficiency as may appear. The Tehuantepec Road is being pushed with much vigor, and, when completed, Messrs. Hargous intend to put steamers on from New-York to the Gulf end of the route, and from the Pacific end to San Francisco. This will then form a favorite route to and from the Pacific possessions, being much nearer than the Panama route, and avoiding the dangers of the Chagres climate and the annoyances of the Isthmus transit. A New-York correspondent of the London Daily News has the following paragraph in relation to another route: An agent sailed in the Crescent City for Nicaragua, on the 5th inst. who bears authority to contract with its Government to make a Ship Canal between Lake Leon and the Pacific, a supposed distance of 12 miles. A capitalist who is worth $3,000,000, which he has acquired by his enterprise in steam navigation within the last 15 years, has determined to execute this work himself, if it can be done in no other way. He proposes to improve the San Juan for large vessels, though he believes it is navigable for steamers of light draught already. It has been suggested here that a fine opportunity is now offered to the owners of the Great Britain to turn her to account. All they have to do is clear her for Panama, with liberty to touch at New-York. When she gets there there she can ply between that port and San Francisco, and she will have as much business as she can do. Propellers and screw vessels are admirably adapted to the gentle waters of the Pacific. She could get round easily with freight and passenger list of £60,000. One ordinary steamer, such as the Falcon, running to Chagres, realizes gross £15,000 without difficulty every voyage. The Great Britain would soon clear herself in this business. I am authorized to say, for a rich house in this City, that they will put in £20,000 in the purchase and fitting out of this vessel if any English capitalist will join them. Who can this capitalist be who has acquired three millions of dollars in fifteen years in steamboating. The people are moving at Auburn to get the stock taken up for the Auburn and Binghamton Railroad. The Pennsylvania Canal opened on the 10th and navigation will soon be brisk. The merchandise and number of emigrants awaiting transportion at Philadelphia is represented to be unusually large, indicating a prosperous Spring trade. The Coal transported on the Reading Railroad last week 15,312 tons, and the total this season is 102,690 tons. The capital Stock of the Middletown and Berlin (Conn.) Railroad, $150,000, has been subscribed, and the following gentlemen elected Directors: Ebenezer Jackson, Charles R. Alsop, T. G. Mather, W. Jarvis and Charles Woodward. The receipts of the Lowell and Boston Railroad, for the year 1848, were $461,339 35, as follows: Passengers $201,218 63 Freight 252 609 36 Mails, &c. 7,511 36 $461,339 35 Running expresses, repairs, &c. 266 515 73 Net income $194,823 62 The capital of this Road is now $1,800,000—the whole cost of construction, with double track, (including the Woburn Branch, $46,643,) has been $2,013,687. There is a funded and floating debt of $59,000. The cost, therefore, is $154,687 more than the capital and debt together. The income and expense account shows a surplus of $179,196, which is principally invested in the