17049. White Plains Bank (White Plains, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 28, 1846
Location: White Plains, New York (41.034, -73.763)

Metadata

Model: gpt-5-mini
Short Digest: b8569d15

Response Measures

None

Description

Multiple contemporary New York newspaper articles (Apr–Jul 1846) report the White Plains Bank forced 'under protest', its issues 'under protest', notes trading at heavy discounts, and references to it being wound up. No article describes a depositor run or later resumption of business; coverage indicates suspension and likely permanent closure/liquidation under the Comptroller. The bank is identified as a 'free bank' organized under the New York Free Banking Law (state-chartered). Dates estimated from the publication dates and in-text references (Apr–May 1846).

Events (1)

1. April 28, 1846 Suspension

Cause: Macro News
Cause Details: Tight money conditions / money market pressure in April–May 1846 forced the bank 'under protest'; its issues were reported 'under protest' and the bank was said likely to be wound up; circulation secured by stocks and mortgages held by the Comptroller but insufficient to redeem fully in face of suspension and strained market liquidity.
Newspaper Excerpt: The money pressure has forced the White Plains Bank under protest.
Source: newspapers

Newspaper Articles (8)

1. April 28, 1846 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, April 28, 1846

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COMMERCIAL AND MONEY MATTERS. For sales of Stocks. &c. see fourth page MONDAY, P. M. The rapid rise of last week has been followed by a alight reaction to day. Some of the large holders were realizing the profits of the late rise, and the market was as firm under it as could have been expected. The sunshine was strong and bright on the broad side-walk where the Free Corps of the Exterior Board most do congregate, and the croupiers were raking in the moneys of the green ones with an implement called an Option. It has two edges, and is calculated for cutting the fingers of any of the inexperienced who meddle with it The dust of that side-walk is stirred by many thousand feet daily, and many fortunes are made and broken there within the circumference of a decent sized grass plot. The Sterling Bills have gone up to 10 per cent for the best bills. The range is 91@10. Some first rate Southern bills unendorsed were sold at 94 per cent. Francs are 5 The advance has not Leen produced so much by the demand for Exchange as by the scarcity of bills of an undoubted character. The receipts at the Custom House were moderate last week, $305,908. The aggregate collections of the month thus far have been $1,259,579. The earnings of the Norwich and Worcester Railroad for the first sixteen working days in April have 12,029 61 been 11.457 59 Same time last year $572 02 Excess in 1846 Money is rather more stringent again, partly by reason of the advance of Exchange to the specie point and partly by reason of the approach of the Bank report day. The money pressure has forced the White Plains Bank under protest. This is one of the free banks the securities of which are partly mortgages. Should the money market become easier, it will probably he resuscitated. The circulation of the bank in February was 851,317. The securities are $17,000 Bond and Mortgages $35,252 N. Y. Stocks. We have received a communication stating that this bank has not suspended opperations," we know not upon what authority. Of the free banks of this State the following only have their circu. lations secured by New. York State Stocks, making the

2. May 1, 1846 The New York Herald New York, NY

Article from The New York Herald, May 1, 1846

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Navigation of the Ohio River, River Places Time. State of bet 11 & 12 feet. Cincinnati. April 21 Wheeling. April 15 feet, inches. Pittsburgh April 22 feet scant. 6 feet Sinches. Louisville, April 21. MONEY MARKET. Thursday, April 30-9 P.M. There is nothing of importance going on in the stock market. Quotations have not materially varied, bu prices are heavy, tending towards a decline. Sterling exchange was firm this morning, at ten per cent premium,"with a very fair demand. W. hear of no ship. ments of specie. At the first board, Norwich k Worcester and Canton closed firm at yesterday's prices. Ohio sixes improved 1 per cent Pennsylvania fives Morris Canal fell of Long Island 1. and Harlem t. The transactions were limited, and the market rather heavy. Very little was done at the second board, and we notice no variation of consequence in prices. One dol lar bills altered to one hundred dollars, and two dollar bills altered to fifty, of the Hartford Bank, are n circulation. The Brooklyn Fire Insurance Company have declared a dividend of four per cent, payable on the 10th of May A bill has passed the Senate of Michigan to suspend indefinitely the provision of the Butler act requiring taxation for the payment of interest on the State debt. The interest has been fully provided for by the sale of the Central Railroad The Miner's Bank, Pottsville, Pa., has made arrange. ments to redeem its notes at par in Philadelphia. It is said that the Manufacturers' Bank, Nantucket will again sosume business, and pay its notes in full. There is some difficulty in regard to the issues of the White Plains Bank. They are under protest, and it is reported that the bank will be wound up. Its circula. tion is about $32,000, which is secured by stocks, mort gages, &c., in the hands of the Comptroller. Congress has now been in session five months, and not a single important measure affecting the commerce of the country has yet, been perfected. The only thing ac. complished as yet is the passage of the Oregon notice resolutions; and although the city is filled with rumors that the President has carried out the spirit of these reso lutions, by giving the notice,we have little faith in them It also reported that negotiations have been resumed batween the Secretary of State and the British Minister; that the Caledonia brought out new offer from the British government, of a character so favorable that there was very little doubt but that it would be accepted; that a treaty in relation to Oregon was in the course of preparation, and would soon ba sent to the Senate for ratification: and dozen other things connected with this matter-all of which require confirmation. One thing in relation to this question we do know, and that is, that it is losing its interest on this side of the Atlantic; all fears of a collision between the two countries upon the matter in dispute have disappeared, and there is not that anxiety manifested for a speedy settlement, heret fore experienced. Other matters, of more immediate importance, have taken its place, and the people of this country will in a short time, be so occupied with other things, that were it not for the clamoring of politicians and their ef. forts to ride into office on some hobby, we should sink into that masterly inactivity so much talked of in Con gress. Whether the notice is given immediately or not, the affair will never again (unless a rupture should grow out of it) agitate the country as it did when first brought forward. We get used to these things in time, no matter how important the influence they exert upon commercial matters. and long for a change-something new, something to change the current of our ideas is required; and the moment it is found. it ocoupies all minds and for a time rivets the attention of the masses. In the midst of the excitement produced by the Oregon question, the commercial and financial classes throughout the country were panic struck by the announcement that the independent treasury bill, with the most re stricted specie clauses, to go into full ope ation on the 30th of June 1846, had passed the House of Represents tives by large majority. This announcement, as un expected as it was important, came upon the banks and upon the speculators of the country with such force that it absorbed all others. Everything else was lost sight of-the debate in Congress in relation to the Oregon notice lost its interest, and it was predicted by the organs of the opposition that the country would be hopelessly, irretrievably ruined at once; that there was no possibility of surviving the shock of the re-establish. ment of the odious bill; that it would not only ruin any party adopting it, but would prostrate the country into utter ruin. For a time these predictions had very alarming effect, and a panic greater than we had experienced for years, spread through our commercial cities. At one time it had reached such a height that the notice resolutions were considered use less, as the country could not possibly survive the enforcement of the independent treasury bill. After a little time, the second sober thought prevailed, the messure assumed a more favorable shape in the minds of these opponents, and many arrived at the conclusion that we were not going to be so completely ruined as they at first imagined. The dark clouds began to disperse, the face of commercial affairs began to brighten a little While this gradual improvement was going on, it was announced in the Senate, by the Chairman of the Finance Committee, that it had been unanimously agreed upon to recommend that the independent trea. sury bill go into operation on the 1st of January, 1847, instead of the 1st of July, 1846, as recommended by the lower house. This committee suggested this extension. with view of affording the banks time to prepare for the new order of things, with the supposition that they would,in the interim, prepara the mercantile community or the full operation of the law, so that even a mere tem porary pressure upon the commercial interests of the country would not be experienced. It was also an nounced that precedence would be given to a warehous ing bill, also to bills for the establishment of branch mints in New York and Charleston, as remedial measures. An immediate relief followed these announce ments, and the public mind became once more quieted. All these measures are before Congress in an imperfect form. The lower house has disposed of the Independent Treasury bill for the present; its concurrence upon any amendments the Senate may make, will, how. ever, be required. The Warehousing bill, which originated in the Senate, has not yet been acted upon in that body. It is set down for the 11th of May, and as it takes precedence of all other commercial measures, we cannot look for any action upon the Treasury Bill for seve. ral weeks. The new tariff bill is before the lower house, where it originated. Several unimportant bills take precedence in that body; it is, therefore, uncertain when it will come for disposal. We have very little doubt but that many necessary and important modifications and reductions will be made in the present tariff act, and that the ad valorem principles will be adopted; but at present it is impossible to point out where the al terations will be made. Considerable opposition to any alteration will be experienced in the lower House, account of the great variety of interests there repr sent ed; but in the Senate we look for more unanimity of ac. tion, and a more speedy settlement of the question. The annexed is the substance of report made by a select committee of the lewer house of the Legislature of Texas, on the subject of the public debt and public domain. The following resolution had not been acted upon at the date of our latest advices Resolved, That our delegation in Congress be requested and authorized forthwith to open negotiation with the government of the United States in such form as they may think fit. for the cession of the public lands of Texas to the United States for con-

3. May 23, 1846 The New York Herald New York, NY

Article from The New York Herald, May 23, 1846

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Navigation of the Ohio River. Places. Time. State of River. Cincinnati May 11 Deep water. 13 feet. Wheeling, May 8. Pittsburg, May 14 74 feet, falling. 11 feet, 2 inches. Louisville, May 14. MONEY MARKET. Friday, May 22-6 P. M. There was a very great improvement to-day in the stock market, and quotations for the fancies, in some in stances, went up one and one and a half per cent. Harlem advanced 1) per cent, Reading 11, Norwich and Worcester 1, Morris Canal i. Farmers' Loan 1, Pennsyl vania 5's t. Long Island fell off 1, and Canton 3 per cont. The decline in Canton was caused by the sales being made dividend off. This company has declared a divi. dend in scrip. sales of which were made to-day at three dollars per share. At the second board, a further improvement was made. Harlem went up 1 per cent, Norwich and Worcester 1, and Long Island 3. The sales at the first board were large, and there is an upward tendency in prices. The advance in stocks to-day was attributed to the favorable commercial news from Europe, received by the steamer It is hardly possible, under existing circumstances, for this improvement to be sustained. The rate of interest in the street rules too high, and the demand for money from the commercial classes too active, to permit any improvement in the stock market being permanent. The scarcity of money in the southern and western cities is very great, and so much embarrassment has already been experienced in those sections, that several failures have taken place. We must soon feel the effects of this in the Atlantic cities, and, when it comes, we expect it will be severe enough to create considerable difficulty. The government must, before long, draw largely upon their deposites in the North and East, to meet the heavy expenditures growing out of the Mexican war; and the banks will be compelled to draw in their short loans to meet the drafts. It was reported throughout the city to-day that several country banks had suspended payment; but the reports are without foundation. They probably arose from the announcement made yesterday, that the Lewis County, the White Plains, and the Farmers' and Drovers' Bank of Buffalo, had suspended, and gone into líquidation; and that their notes were only redeemed at a large discount. In these war times, when a general suspension by the banks is looked upon as being inevitable, the public mind is very easily alarmed upon this point. The Bowery Fire Insurance Company has declared a dividend of 5 per cent, payable on the 1st of June. The Bartlet Steam Mills, at New buryport, have declared a semi-annual dividend of 71 per cent. The Croton Mutual Insurance Company has exploded. It has failed to pay its losses in full, after issuing its own notes for about seventy thousand dollars, over and above its other resources. to meet all demands as they come along, and notices have been issued to those holding unexpired policies, to have them cancelled; but nothing is said about returning premiums. It was supposed, up to the latest moment, that this company was doing a large and productive business, but its insolvency must have been known to the board of directors months ago, notwithstanding which, new policies were issued, and old ones renewed, up to within twenty. four hours of the declaration of bankruptcy. This system of conducting business is, to say the least, rather of a questionable character. We can sympathise with the nnfortunate holders of scrip or stock in any company becoming bankrupt through a series of severe losses : but we have Tery little confidence in any body of indivi. duals, complaing company, endonyring w maintain m

4. May 26, 1846 The New York Herald New York, NY

Article from The New York Herald, May 26, 1846

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of the susp tensions in this State, the White Plains and the Farmers' and Drovers' Bank of Buffalo, were established under the Free Banking Law, and their bills are therefore partly s yeured by the deposit of stocks and bonds and mortgag's with the Comptroller. We say partly secured, because a foreclosure of the mortgages and a forced sale of the State_ stocks would not net proceeds sufficient to redoem the notes in full. The Lewis County Bank, is one of the Safety Fund clique, and the value of its bills is of course less than either of the other two, as the Comptroller has no other security for their redemption than the Safety Fund gives, which at present amounts to nothing at all. The demand upon this fund for previous suspensions is so large that its receipts for the next ten years will hardly suffice to meet the claims. Holders of the bills of the Lewis County Bank should therefore get rid of them, in some way, as soon as possible. This bank failed in 1842, but was galvanized in 1843. Advices from New Orleaus to the 15th instant, state that several failures have taken place, and in the present cramped condition of the money market, it is only surprising that so few stoppages have actually occurred. The coursejwhich the banks have pursued in steadily refusing any discounts, has forced borrowers into the market, where they are compelled to submit to the most onerous rates for accommodations, ranging from 1} to 2) per cent per month. It is out of the question that such a state of things can continue much longer, without seriously compromising the solvency of the mercantile community; and we sincerely trust that the moneyed institutions will perceive the propriety of immediately adopting some remedy to this unfortunate condition of affairs. We annex a_statement showing the movement in the leading departments of the banking business of each bank in the State of Connecticut, in April, 1846, compared with the corresponding period in 1845. It will be obse. ved that the circulation and discounts have increased the year in about the same proportion :with BA. WKS OF CONNECTICUT, APRIL, 1815 AND 1816.

5. May 26, 1846 The New York Herald New York, NY

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MONEY MARKET. Monday, May 25-6 P. M. The stock market was quite firm this morning, and the quotations of Saturday were at the early board sustained; but the account of the news from the Rio Grande knocked the market completely into a corner and prices fell off about one per cent; and every thing closed heavy. Harlem declined 1 per cent; Nerwich and Worcester, t; Reading. t; Penn. 5s, ii Morris Canal, North Am. Trust, Long Island, Farmer's Loan, and Ohio 6's, closed at Saturday's prices; Canton, t. The advices from the army of occupation have given all the markets a quietus, as the impression among business men is, that, as the war. extends, the effect upon commercial affairs must become more unfavorable. At the South everything is unusually stagnant, so far as commercial transactions are concerned, and we are beginning to feel the depression here. It will come upon us very gradually, but its operation will be steady and general. It appears to many very surprising that the effect has not been more immediate; but we can hardly expect to escape embarassments similar to those already experienced in those cities nearer the scene of war. We have no doubt but that the effect of a war between the United States and Mexico, upon American credit in Eui ope, will be bad; and that remittances from this side, to amount, will be required immediately. Should to a lar. case, it will check importations to a great exthis be the act the revenue of the government very tent, and restr. x to come into the market for a loan, and much compe. much mooner than it therwise would. The controversy which has existed for some time past, between the Mechanics Banking Association, and Samuel A Willoughby, in Chancery and the Court for the Correction of Errors, growing out a stock and mortgage transaction, has been amicably adjusted, and the suits on both aides withdrawn. There are so many reports in circuiation, in relation to the suspension of country banks, that h is necessary for those holding uncurrent bills or notes of country banks to be very careful, where they go to redeem them. The reports alluded to have been started by the petty Exchange brokers in the upper part of the city, and we learn that in many instances, printed lists of the banks reported as having failed, have been made which contain the names of some of the best banks in the county. These lists are exhibited to those not much acquainted with the standing of banks generally, for the purpose of inducing them to part with any bills of those banks they may have, at a very largo discount, and in this way bills which are at a discount of only one-half or three quarters per cent. in Wall street, are redeemed by these petty brokers, at ten, fifteen, or twenty per cent. Bill holders should go to Wall street, if they have any bad or doubtful paper to sell, and not permit themselves to be ahaved by the little brokers in the upper part of the city Only three banks in this State have suspended lately, and these have been for some time past in very doubtful credit. The bills of these three, with those of banks in other States which have lately suspended, are redeemed in Wall street at the following rates: 20 per at. discount. White Plains Bank " 50 Lewis ( panty Bank 16 Farmers' and Drovers' Bank, of Buffalo 10

6. May 27, 1846 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, May 27, 1846

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Bought at. Sold at New England... dis. dis. Albany. Troy &c" N. York country" New Jersey. Philadelphia...." Baltimore.. Virginia N. Carolina.... 24" S. Carolina.... 2 Georgia. 2 Bought at Sold at Mobile, sp. pay'g 1 dis. ¿dis. N Orleans. Ohio. Indiana Kentucky Tennessес. Missouri Michigan Canada.... 34" 34" 34" 3 3 34 2" 2" 2" 14 3" 2½" 3" The Wheeling banks are 24 per ct. disc't. Local currency at the following discount: St. Albane ..1 dis. Plainfield.. dis. Delaware Bridge....1" Georgia Lumber " Lebigh "Farra & Millers Table of Country Banks, 'de Notes of which are se- cured wholly by New-York State Stocks: Amenia Bk, Leedevil... nam Co. Drovers' Bk. Cattar AugusCo. NY State Stock Security Bk Exchange Bt. Cuffalo. New-York Stock Bank. Farmers' & Mech Bank, Og Oliver Lee & Co's Bank. densburgh. Prattaville Bank. Huur erford's Bk, at Adams Suttolk Co. Bk, Sag Harbor. Me.chts Bk. Canandaigua. Unadilla Bank. Perchants' Bk, Erie Co. Warren Co. Bk. Johnsburg Merchants' Bk. Po'keepsie White's Bank, Buffalo. Merchants' & Farm Br Put! The indea of any of these Banks failing is perfectly preposteroue. ### LIST OF FAILED AND DOUBTFUL BANKS, WITH THE PRICES PAID FOR THEIR NOTES: White Plains Bank. 20 per cent. dis. Lewis County Bane.. .50 Farmers' and Drovers' Bk, of Buffalo. Manufacturers' & Mechanics, Nantucket 62 Bank of River Reisin, Michigan....75 Bank of St. Clair, Michigan. .75 The Reporter advices the public not to sacrifice the notes of the Bank of the River Raisin, as the Bank will probably be resuscitated. The following is the statement of the failed Lewis County Bank, as rendered to the Comptroller on the 1st inst. Resources. Liabilities. Loans & Discounts $121.337 Circulation.. $85.720 Specie.. 3.035 Deposits.... 9,025 Bills of other Bks. 1.822 Capital stock. 100,000 Due from Banks... 24,129 The same scoundrels who attempted to get up a panic here in relation to various Banks have been oper- ating in Albany also. We can assure our readers that no Banks but those mentioned above have failed within the last two or three months. In regard to these vile attempts of bank paper incendiaries the Albany Argus ваув: Several Banks have been added to this list of failures. the proprietors and managers of which will be astonished to find themselves gazetted while their business is going on as usual at home and their liabilities without an ex- ception promptly redeemed at their counters and by their agents here and in New-York. Not a Bank in this State, except the three above named, is any way deserving of the suspicion of discredit for any thing yet known to its correspondents in this city or to the public, and it is but just to them promptly to refute any unfavorable reports respecting them which may come from irresponsible sources, and to caution the pub- lic against submitting to loss by reason of such reports, which are probably originated by persons interested in deranging and depreciating the currency for their own profit. The Western Banks of this State have passed through a severe trial during the Spring, and have paid off an un- precedented amount of their indebtedness to the public, under the most unexpected difficulties and embarrass- ments, arising from the stagnation of the produce mar- ket, the delays in canal navigation, and the unsettled state of business generally, with a promptnes which is a gratifying evidence of the sound business principles and ability with which they have been managed. ### THE CHARLESTON NEWS OF FRIDAY SAYS: The Bank of Charleston and Southwestern Railroad Bank are checking on the North at per cent. prem.- Freights have again advanced-another engagement to Havre having been effected at 1 1-16c. for Cotton, and 83 for Rice, per 600 lbs. nett. English vessels are filling up atid-and American ships refusing 9-16d. for square bales. ### THE PHILADELPHIA LEDGER SAYS: Money is in demand, and is commanded only on good paper at a high rate of interest. The Banks feel that they must narrow their liabilities, and are wisely yield- ing to circumstances that may save to themselves and to the community much loss and inconvenience. Best pa- per is rated at from 9 to 12 per cent. and that which is more doubtful at from 12 to 20. In relation to the unnatural position of the money market, in New Orleans, the Tropic says: The pressure on the money market, at this present time, is unprecedented in the history of commercial affairs, as we unhesitatingly say, it is not only local but unnecessary. The advices received by the Cambria were the most favorable received this season; the news from the North is, that money matters are more easy'-yet, in our city, money cannot be obained-Cotton and pro- duce piled up in warehouses, no longer represent value- What can be done? Who is to blame? Have the Banks no power to relieve our substantial merchants, men of undoubted solvency There is money enough in New- Orleans for all business purposes, plenty for every pur pose. We ask again, who is to blame for the present ex- traordinary pressure? We shall inquire.

7. June 2, 1846 Southport Telegraph Kenosha, Southport, WI

Article from Southport Telegraph, June 2, 1846

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SEARS & GRIFFETH. Look out for bad Money.-The Bank of River Raisin, Michigan has gone by the board. As usual we are told, the assignees advise holders not to part with their Billls, at a sacrifice, as, say they, the Bank will pay dollar for dollar. We rather think the people are too old for these tricks. Every sane man knows that the Bank will pay just about no:hing on the dollar and we advise all who hold the Bills to get rid of them as fast as they can and for what they can. We copy in addition the following from an exchange. Dishonored Banks.-The notes of the Lewis Co. Bank are not redeemed at the Albany agency. This is a safety fund Bank, which was in dishonor some years ago, but was brought into credit again. The White Plains Bank does not pay, and its notes are only bought by the brokers at 75 and 80 cents on the dollar. The Farmers and Drovers Bank of Erie county, must also be added to the list of delinquents. The notes are 10 per cent discount.-[N. Y. Jour. of Com. In addition to the above, private advices received from the East by the Illinois last evening, report the following Banks. as having suspended payment: Dansville, Fort Plain, Essex county, Whitehall, and St. Lawrence county, and Oliver Lee's bank Buffalo, as being doubtful. The notes of all these banks are secured by State stocks in the hands of the comptroller: but whether the securities will COVer the full face of the outstanding notes, remains to be seen.

8. July 3, 1846 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, July 3, 1846

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COMMERCIAL AND MONEY MATTERS. THURSDAY, P. M. The business of the Stock Board was confined to-day almost exclusively to Reading, Harlem, Norwich and Worcester, and Long laland. Of Reading the sales were large-sales at the seller's option being made by the broker of the Union Club. The market, in despite of the bearing, was buoyant, and the Fancles improved materially. The Summer session of the Board promises to be unusually active, as the recent transactions in the Fancles have been sufficiently large to keep the ball rolling actively all Summer. The demand for foreign bills is very light and the supply much beyond the wants of remitters. Sterling is 7⅛@8; Franca 5 36¼. Freights are not active, and the amount of tonnage in market is larger than it was. There are considerable engagements of Flour, but Cotton is not offered freely. Cotton is 1d@5-16d.; Flour 2s. 6d.; Grain 8@8½d. Two or three ships were taken up to load at the South for Europe. The large payments of dividends now being made has thrown considerable sums into Wallst. for employment, and borrowers on first class securities find not much difficulty in meeting their wants. The Banks continue to do for their regular dealers nearly all the good short paper offered. There is some kind of a screw loose in the administration of the Harlem Railroad. Three or four of the moneyed men who were elected only six weeks since have already resigned in disgust. The reasons given by rumor for these resignations are not definite anough for point, but indicate true self-respect upon the part of those who took the step. The earnings of the Boston and Worcester Railroad for the last six months show a highly satisfactory condition of the business of the Road. The passenger receipts were $109,128, showing an increase of $13,239 over the corresponding period of last year. The freight receipts were $111,108, showing an excess of $11,929, making an aggregate increase in six months of $25,168, or about 12½ per ct. The Road is now doing more than it has ever before done. Various branches are under consid-eration, which if built will add materially to the business of the Road. The above increase has taken place not-withstanding a reduction in the proportion of receipts on the joint business with the Western Railroad Co. The exports of Specie from this Port for the month of June were nil. The imports in the hands of immi-grants were considerable. Upwards of fifteen thousand shares of the stock of the Central (Pa) Rallroad have been subscribed for. The work of relaying the track of the Somerville, N. J. Railroad has been commenced. The rail used is of the best quality. The Boston money market will be relieved by the payment of half-yearly dividends. The half-yearly re-turns of the Massachusetts capital invested in factories and railways, will amount, it is estimated, to over a million of dollars. The seven Railroad Companies will alone yield over half a million in dividends, besides the collateral advantages which they impart to all the vari-ous channels of business. The arrivals at Boston for the month of June reached 1035, of which 236 were Foreign. The clear-ances were 469, of which 223 were Foreign. Of the clearances 2 ships, 3 barke, 18 brigs, and 137 schrs. were British. The earnings of the Eastern Division of the Erie Railroad for the month of June, 1846, were as follows: From Freight $10,433 04 From Passengers and Mail 5.491 85 Total $15,924 89 Same time last year 13,854 05 Increase $2.070 84 Increase from freight on Milk $896 99 other freight 421 01 Passengers 752 84 Total $2,070 84 The Bank of Monroe and the City Bank of Ro-chester have declared dividends of 3 per cent. payable on demand. The Merchants' Bank of Baltimore 3 per cent payable on demand. The Morris and Essex Railroad 3½ per cent. payable on demand. The Bank of Pennsylvania a semi-annual dividend of 4 per cent-The Girard Trust a semi-annual dividend of 3 per cent. At New Orleans there has been a decided im-provement in the money market. Capitalists are more desirous of making investments, and the rate of interest out of doors, for undoubted signatures, at short date, has receded to 10@12 per cent. per annum. There is not much paper offering in the street, as the Banke, of late, have been generally disposed to discount the greater portion that is tendered. The market for Texas Se-curities has been rather quiet, but without change in the rates. Red Backs 14@15c.; Interest Notes 16; Eight Per Cent. Bonda 18@19c.; Ten Per Cent. do. 23@24c, on the dollar. The demand both for Foreign and Domestic Exchange has been extremely limited, and the market wears a very heavy appearance. Sterling 7@7¼ per cent. prem.; Francs, 5 35@5 40. Bills on New-York, at 60 days, 1½@2½ per cent, dis.; Checks, par@½ per cent. dis. Application having been made to the Canadian Government to permit the importation of American Wheat for grinding, under bond, the Inspector General answered that under the circumstances under which was enacted the Provincial Act. 6 Vic. Ch. 28 and which the bill introduced this session if sanctioned by the Im-perial Government will materially affect, it has not been considered expedient to advise his Excellency to antic-Ipate the course which the Home Government may think fit to adopt. Speaking of the exports of Cotton Goods from this Port, the Montreal Courier has the following sensible reflections: And this has been one of the consequences of that system which some revile so much, a nation encourag-ing its own manufactures. Those goods are destined for markets which Great Britain hitherto had the mo-nopoly of, in which the United States now not only compete with her, but which she bids fair soon to supply entirely. We leave it to political economists to calcu-late how large a number of hands have been employed In making these febrics, the amount which their produc-tion has caused to be circuisted at home instead of being spent abroad, and the quantity of provision and fuel thus brought into profitable consumption. Thompson's Bank Note Reporter, speaking of the White Plains Bank says: We have good reason for belleving that the circulat-ing notes of this Banks will be redeemed at par, after some three or four wecke, from the proceeds of the se-curities in the Comptroller's hands. The Bank De-partment at Albany, act with energy in closing up the broken Banks, and evince a determination to save the people from being shaved. All Banks under the Free Banking Law which have been organized since foreign stocks were rejected as securities, will pay par for their notes, or the Comptroller will, from the securities in his hands. The arrivals at Philadelphia during June were 387, of which 15 were foreign. The clearances were 572, of which 48 were foreign. These figures show a consid-