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The receipts of foreign dry goods at the port of New York, since January 1st, are less than in any preceding year for a corresponding period, and are $22,315,945 less than for the same period last year :-

IMPORTS OF FOREIGN DRY GOODS AT THE PORT OF NEW YORK, FOR FIVE MONTHS,

FROM JANUARY 1st.

ENTERED FOR CONSUMPTION.

Manufactures of wool.
Manufactures of cotton.

Manufactures of silk..

Manufactures of flax..

Miscellaneous dry goods..

Total....

Manufactures of wool....

Manufactures of cotton..

Manufactures of silk....

Manufactures of flax..

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$18,288,395 $37,609,416 $33,631,112 $15,807,181

WITHDRAWN FROM WAREHOUSE.

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Miscellaneous dry goods..

Total withdrawn.....

Add entered for consumption.

505,887 213,567 339,537

$5,407,725 $4,228,025 $4,929,618 $9,178,825 18,288,395 37,609,416 33,631,112 15,807,181

-

Total thrown upon the market.. 23,696,120 41,837,441 38,560,730 $24,986,006

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Total entered at the port. $22,340,846 $41,305,259 $42,082,586 $19,769,641 The quantity thrown on the market during five months has been $5,216,365 more than the quantity brought into port in the same period, showing the considerable reduction in stocks which has taken place, and indicating a better actual business than has been generally supposed-the quantity put upon the market being actually greater than for the same period of 1855.

The exports of domestic produce from New York to foreign ports have been less than for many years previously, owing to the decline in breadstuffs. The shipments of specie were remarkably large last year; have been very small all this year; indeed, but for payments on extended paper, probably none would

have gone.

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR THE MONTH OF MAY.

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This leaves the exports from New York to foreign ports, exclusive of specie, since January 1st, 7,271,245 less than for the first five months of last year, and less than for either of the two previous years. The specie shipments for the same time also show a great decline :

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR FIVE MONTHS, FROM JANUARY 1ST.

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Total exports.......

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$40,402,541 $41,122,360 $46,480,633 $36,516,465 Total, exclusive of specie... 27,190,139 31,198,887 32,021,925 24,750,680 We have likewise prepared a comparative summary of the exports from New York to foreign ports for the expired portion of the fiscal year. The total, exclusive of specie, is $16,165,305 less than for the corresponding eleven months of the preceding year. We have added the exports of specie for eleven months at the foot of the summary, in order to show the total foreign exports for the period indicated:-

EXPORTS, EXCLUSIVE OF SPECIE, FROM NEW YORK TO foreign porTS, FOR ELEVEN MONTHS ENDING MAY 31ST. 1855.

1856.

Six months, ending Jan. 1st.. $29,892,747 $39,915,729 $43,596,501

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1857.

1858. $34,702,441

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$71,114,616

$75,618,426

$59,453,121

34,195,941

20,474,418

36,409,114

33,727,897

Total, eleven months..... $57,082,886 Specie.....

Total exports, 11 months. $91,278,827 $91,589,034 $112,027,540 $93,181,018

The cash duties received at the port have greatly declined, but for the last month are not so much less as compared with the same month last year; since then, a large amount of goods went into warehouse.

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Total, 11 months. $30,342,408 23 $39,101,082 77 $41,593,834 45 $25,749,003 12

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

CREDIT MOBILIER.

This institution of Paris has attracted much attention of late, in consequence of its great pretensions, its great temporary success, and the great fluctuations in the value of its shares. It has been regarded in some quarters as a remarkable emanation of genius, adapting itself to a peculiar want, developed by the vast aggregation of credits in Paris, and which encountered the danger of stagnation for want of some means of, so to speak, condensing public confidence in them. The great mass of real capital that goes into investments is earned and saved by persons who have not the means of ascertaining the exact values of the multitudinous securities offered upon the market. This idea was supposed to have been embodied by the leading bankers of Paris-the heads of the financial world -who were, as a company, to issue stock and bonds which should be known to everybody, and apply the proceeds to the wants of the most useful company. After the idea was well matured a grant or concession was made to the financial magnates of Paris, including Emile Pereire, Isaac Pereire, Benoit Fould, Adolph d'Eichtel, Ernest Andre, Le Baron Scilliere, Henri de Noailles, Le Duc de Monchy, Le Duc Raphael de Galliera, Jose Louis de Abaroa, Charles Mallet, Gedeon Marc des Arts, and others. The charter dated November, 1852; duration, 99 years. The capital is 120,000 shares of 500 francs each, or 60,000,000 francs, or $2,000,000. The powers of the company are to purchase public securities, shares and bonds in companies or corporations, particularly railroads, mines, canals, &c., established or to be established; to issue its own bonds for a sum equal to its subscriptions and purchases; to sell, pledge, lend or transfer, or exchange for others, all securities that it may acquire; to lend on stocks and to grant credits on pledge of stocks; to receive deposits; to act as agents for any other companies, make collections for them, pay the coupons or dividends, and all general business. The company is never to sell stocks short, or buy on time privileges.

With these powers, the company had that of emitting its bonds to the extent of ten times its capital, or 600,000,000 francs, at long dates. If these, under such high names, could command public confidence, the means of the company would be almost unlimited.

64

When speculation runs high in stocks, embracing all gambling transactions, a company possessed of such powers is at once recognized as of the highest utility. It is in fact a mere stockbroker. A chief part of its business is what is called report" in Paris, "continuation" in London, and no distinctive name in New York, because stock gambling here, great as it is, is not sufficiently organized to permit of classification. The operation is simply to buy a stock for cash, and resell it at a higher price, the buyer to call for it in 30 a 60 days. Thus the stock list quotes New York Central at 84 cash, and 844 buyer 60; the per cent is the "report." The French 3 per cents being at 69, the holder sells them to the Credit Mobilier at that rate cash, and buys them back at 69 end of the month, paying interest in addition. The company employ from 50 to 80 millions in this way. In New York many stockbrokers operate in the same way when

the market is active for a rise, because then the time price is high enough to pay. When the market is falling, as last year, the "bears" would give a high price for the cash stock and throw it upon the market at less rates to produce a fall; the time price is then less than the cash price. This in Paris is called "deport.” Speculation ran so high in 1855, that the company was forbidden to issue its bonds for the present. The operations of the company each year since its organization have been as follows:

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126,878,452 133,291,848 192,567,708 176,316,727 141,616,803 The year 1855 was the great year, and the profits were very large, mostly on "reports." This item of profits has subsided with the diminution of speculation. According to its charter the net profits are to be divided-1st. 5 per cent on the capital for interest to stockholders. 2d. 5 per cent for a reserve fund. The surplus then belongs one-tenth to the directors, and the remainder to the stockholders. Under this arrangement the dividends have been as follows:-

792

-Dividends. Per share. Gross Five per cent Per receipts. Expenses. Net. on capital. Extra. Francs. c't. Price p'r share. 1853.. 7,582,723 2,158,561 5,424,161 3,000,000 1,200,000 40 8 640 a 960 1854.. 10,335,040 2,556,477 7,779,563 3,000,000 4,080,000 59 12 430 a 1855.. 31,870,776 3,788,775 28,082,001 3,000,000 22,627,901 213 43 1856.. 17,216,424 1,966,443 15,249,981 3,000,000 10,800,000 115 23 1857.. 7,982,905 849,172 7,133,733 3,000,000 none. 1858..

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........

722 a 1,650

1,140 a 1,982 25 5 1,410 a 712 962 a 725

... ..

After paying as high as 43 per cent on its stocks in 1855, the profits have rapidly fallen, and this year, although the company received nominal profits of 7,133,733 francs, they confined their dividends to the 5 per cent required by the charter, intimating that the attempt on the Emperor's life had produced such an adverse state of affairs as to make this course prudent. The sources of profit in three years were as follows:

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These large fluctuations show the gambling nature of the investments. In the same period where this has risen 400 per cent, the funds have varied 10 per cent. The profits have now declined on "reports;" last year they were under 700,000 francs, against 4 millions in the previous year, and this source of profit is now nearly extinguished. The directors of the society are some of the greatest financial speculators of the age, and can buy for the company, as directors, securities from themselves as individuals. In 1854 the company had invested 57,000,000 francs in rentes and bonds, and nothing in "shares." In 1857, after the panic, it holds 71,175,000 francs of "shares," and 12,300,000 francs only of rentes and bonds. The investment is evidently for the worse. In 1857, on the employment of 141 millions the profits were only 7,133,000 francs, while in 1854, on the employment of 133 millions, the profits were 7,779,000 francs. On the large amount of shares and advances which the concern holds they show but 177,000 francs depreciation, which would be per cent, whereas the fall on all stocks has been severe. The company have, however, reserved the nominal surplus of 4,133,733 francs to meet depreciation to be yet ascertained, and which they intimate may have resulted from the attempted assassination of the Emperor, January 14. The shares of 500 francs of the society that were at 1,982 francs in May, 1856, are now at 700.

Jan.

Loans.

CITY WEEKLY BANK RETURNS.

NEW YORK WEEKLY BANK RETURNS.

Actual

70,477,751 70,561,405

70,4 25,909 72,003,657 71,729,805

Average Specie. Circulation. Deposits. clearings. deposits. 2 $98,549,983 $28,561,946 $6,490,403 $78,635,225 $13,601,357 $65,033,867 9 98,792,757 29,176,838 6,625,464 79,841,362 13,899,078 63,942,284 16 99,473,762 30,211,266 6,349,325 81,790.821 14,066,412 67,723,909 23 101,172,642 30,829,151 6,336,042 82,598,348 13,074,762 69,523,836 30 102,180,089 31,273,023 6,369,678 83,997,081 13,519,330 Feb. 6 103,602,932 30,652,948 6,873,931 86,000,468 15,439,083 13 103,783,306 30,226,275 6,607,271 84,229,492 13,803,583 20 103,706,734 31,416,076 6,542,618 86,778,222 14,769,565 27 103,769,127 31,658,694 6,530,759 87,386,311 15,657,056 March 6 105,021,863 32,789,731 6,854,624 90,382,446 18,002,665 72,370,781 13 105,293,631 32,961,076 6,755,958 90,063.432 16,511,506 72,552,926 20 107,440,350 31,902,656 6,853,852 91,238,505 17,064,588 74,173,917 27 109,095,412 30,929,472 6,892,231 90,644,098 16,429,056 74,201,709 April 3 110,588,354 31,530,000 7,232,332 98,589,149 17,567,160 76,021,989 10 110,847,617 32,036,436 7,245,809 93,566,100 16,775,237 76,790,863

111,003,476

17

111,341,489

24

May 1

8

16

111 868,456
112,741,955
114,199,288

33,196,449 7.190,170 96,448,450 17,329,431 78,121,025 34,113,891 7,140,851 95,340,344 16,141,451 79,198,893 35,064,213 7,431,814 98,438,506 17.875,203 80,563,308 35,453,146 7,735,056 101,165,806 19,438,661 81,727,146 34,780,728 7,502,975 101,884,163 18,284,868 83,599,295 22 115,658,082 34,047,446 7,307,445 101,917,869 17,620,131 84,297,738 29 116,650.943 31,496,144 7,252,616 99,351,901 16,199,657 83,152,244 June 5 116,424,597 82,790,333 7,547,830 101,489,535 17,982,648 83,506,887 12 116,022,152 33,367,253 7,367,725 100,787,073 16,503,899 84,283,194

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