COMMERCIAL CHRONICLE AND REVIEW.

CONDITION OF THE MONEY MARKET THROUGHOUT THE COUNTRY-PROSPECTS OF THE FALL TRADE -STATE OF THE MANUFACTURING INTERESTS-BUILDING AND OTHER IMPROVEMENTS-RECEIPTS OF RAILROAD COMPANIES, AND PECUNIARY EFFECT OF CARELESS MANAGEMENT-EXPLOSION OF THE PARKER VEIN COAL COMPANY-NECESSITY OF GUARDING AGAINST FRAUDULENT ISSUES OF STOCK-CONDITION OF THE BANKS AT NEW YORK AND BOSTON-COMPARATIVE RECEIPTS OF LEADING RAILROADS FOR MAY-DEPOSITS AND COINAGE AT U. S. MINT FOR MAY-FOREIGN IM

PORTS AT NEW YORK FOR MAY, AND SINCE JANUARY 1ST-CAUSES OF INCREASED RECEIPTSCOMPARATIVE IMPORTS OF DRY GOODS FOR MAY, AND DURING THE LAST FIVE MONTHS-REVENUE OF THE COUNTRY, WITH A STATEMENT OF RECEIPTS AT NEW YORK AND PHILADELPHIA-EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR MAY, AND SINCE JAN. 1ST-EXPORTS OF LEADING ARTICLES OF DOMESTIC PRODUCE TO JUNE 17TH-IMPORTS AND EXPORTS FOR ELEVEN MONTHS OF THE FISCAL YEAR, ETC.

THERE was more ease in the money markets throughout the country early in the month, but toward the close the stringency again increased, and full rates are now paid in all parts of the country. The banks are forced to be cautious, while at the note-brokers capital commands nearly double the legal rates. A few of the most desperate class of borrowers for railroad companies are pressing their bonds upon the public; but most of the projected roads, not approaching completion, will be obliged to postpone their operations to a period when the money market will be more compliant. There appears now to be little prospect of a general decline in rates of interest during the current year. There will doubtless be times of partial relaxation, but the uses for capital are so numerous, and the causes for disquiet so general, that lenders will be enabled to exact their own terms.

The prospect for the Fall trade is less encouraging than at the date of our last; but we can see no reason to apprehend any disasters to our mercantile interests. The country may be affected to some extent by the stoppage of payment upon many works of internal improvement, but the farmers have had a season for profits without a precedent in the previous eight years, and their consumption of merchandise will not be materially diminished. The supply of foreign goods has been very large, and much of it must find its way into the channels of distribution at a very low price; but if there is an active trade at any price, our merchants will have no right to complain.

Manufacturers are still actively engaged, but with very unequal success. Most of the cotton spinners have made money; and if any have not done so, it has been the fault of their own mismanagement, and not of the public markets. The new improvements in machinery of course give the advantage to those mills of later construction, other things being equal; and many of the older establishments, which have not kept up with the spirit of the age, cannot compete with their more enterprising neighbors. The joint-stock principle is not favorable to cheap production. Except in cases where a heavy outlay is involved, beyond the compass of private capital, any enterprise is always more successful under private management than in the hands of a corporate company or joint-stock association

Hitherto the individual adventurers in this field have been without means to compete with their more wealthy rivals; but whenever a manufacturer can combine in his own person a knowledge of the business and the requisite capital, his chances of success are greatly increased. The woolen manufacturers have met with less encouragement. The broadcloth looms are still to a great extent at work upon foreign wool, or cotton warps, and their fabrics find a dull market. Fancy cassimeres are in large stock, and only the choice of styles are selling at a profit. Blankets are offered at a decline of 10 a 15 per cent upon the prices of the previous season.

The erection of buildings, which received a check from the high prices of both labor and materials, has been more extensively prosecuted during the current month, contractors having made some concessions from the previous extreme rates. There is, however, in most of our principal cities, less encouragement given to expensive structures for any purpose.

We do not perceive such extensive preparations for Summer travel as were generally anticipated, and we fear many of our railroad companies will find their receipts from this source considerably short of their estimates. One reason of this has been the constant succession of accidents, more or less serious, which produce a far more important effect upon the aggregate of travel than generally supposed. The migratory crowd are easily diverted from established routes of travel, and a long chapter of accidents, of which a verse is served up in every morning's newspaper, has a great effect upon the weak nerves of the votaries of pleasure. The heavy verdicts obtained against the responsible corporations are not as much in the way of a good dividend as the cause itself, which checks the current of travel.

The community were somewhat startled during the early part of the month by a report of something wrong in the management of the Parker Vein Coal Company; soon after which the company made an assignment, and various legal proceedings were instituted by interested parties with a view of securing their several claims. It appears to be generally conceded that the amount of stock issued, if not beyond legal limits, was much greater than innocent stockholders sup-, posed, and there is about the whole affair an odor of fraud which must be very annoying to the managers, if they have not actually transgressed. This matter has brought up the whole subject of issues of stock, and various checks have been proposed to prevent the use of fraudulent certificates. Officers of corporations, who are responsible for the issue of stocks, should have a book of certificates, regularly numbered, with a wide margin, and should never sign one of the documents after it has been detached by a subordinate. If some check upon the superior officer is deemed necessary, an Act of Assembly might be passed, requiring the registration of all stock certificates, and thus limit such issues to the legal amount. The present loose way of managing such matters is a temptation to fraud, and some reformation is sorely needed.

The banks throughout the country are discounting with more caution, and the stock of precious metals on deposit in these institutions is gradually decreasing. At New York, the average of specie in each weekly statement since August 13, 1853, has but once been below $10,000,000, until the 10th of June, when it was only $9,617,180; it has once more recovered, but has not yet returned to the average of the last few months:

The Boston banks have now commenced weekly statements, and the following will show their condition at the date of the last report which has come to hand:

WEEKLY BANK REPORT.

AVERAGE CONDITION OF THE THIRTY-SIX BANKS IN BOSTON WEEK ENDING

We annex the following statement of the comparative receipts for May on a number of the leading railroads of the country, which generally show an increase over the corresponding month of last year:

The following will show the deposits and coinage at the Philadelphia and New Orleans mints for the month of May:-

The mines and washings in California are now being worked with renewed diligence, and the gold production during the latter months of the year will probably show a large increase upon last year.

The constant downward tendency in the prices of most descriptions of goods in Europe, with the falling off in the demand there, owing to the confused state of political affairs, which has nearly paralyzed legitimate trade, have produced an increased current of foreign merchandise toward our ports, and the imports of May are larger than previously anticipated. The total at New York is $2,640,938 greater than for the same month of last year; $9,461,446 greater than for May, 1852; and $6,193,273 greater than for May, 1851. The receipts of free goods (tea and coffee) have largely increased, while the stock thrown into warehouse is also greater. We annex a comparison for each of the last four years:

IMPORTS OF FOREIGN MERCHANDISE AT NEW YORK FOR THE MONTH OF MAY.

Total entered at the port..... $10,987,908 $7,719,735 $14,540,243 $17,181,181 Withdrawn from warehouse..

858,519 1,380,371 1,049,550 1,588,652

The withdrawals from warehouse, it will be seen, are $1,563,312 less than the total entered for warehousing, showing that the goods were not brought out because they were needed; and the sales of such as have been offered by auction have proved that they were crowded upon an unwilling market. It was generally expected that the imports for the first half of the current year would show a very material decline, in comparison with the heavy totals for the same period of last year; but this expectation has not been realized. There was an important decline during the months of February and March, but the total from January 1st to May 31st is a little more than equal to the imports for the corresponding five months of 1852, the excess amounting to $649,870. The difference is greater when compared with previous years, the total for the last months being $28,489,512 greater than for the same period of 1852, and $18,567,111 greater than for the same period of 1851, as will appear from the following comparison:

IMPORTS OF FOREIGN MERCHANDISE AT NEW YORK FOR FIVE MONTHS FROM JAN. 1ST.

Total entered at the port.

1851. 1852. 1853. 1854. $50,290,562 $39,418,731 $63,242,647 $61,971,984 6,420,842 4,387,027 8,496,277 10,721,104 4,468,928 6,281,838 7,851,707 7,083,241 1,278,099 1,448,434 785,041 1,249,213

Withdrawn from warehouse.

$62,458,431 $51,536,030 $80,376,672 $81,025,542 4,994,708 7,615,298 5,343,258 9,285,372

The increased receipts of foreign merchandise during the month of May have not been composed of dry goods, although the total of this description is nearly half a million of dollars in advance of the corresponding total of last year. The increase in receipts of dry goods has been altogether in stock entered for warehousing, the total which has passed into consumption being actually less than for May, 1852. We annex a comparison for the month of May and since January 1st in each of the last four years:—

IMPORTS OF FOREIGN dry GOODS AT NEW YORK FOR THE MONTH OF MAY.

Total thrown upon the market.. $2,371,481 $2,017,690 $3,717,155 $3,660,546