Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-10-11


Barngs among the number including also the views
of eur private correspondents. From these and other
means of information, it will be that most ex
uasrdinary contest has taken place in London and
Liverpool respectinglthe value Of American products
and American securities First, Of cotton. Hum
phreys & Biddle, especially, with few other houses,
held large stscks of coltoa-and, if possible, de-
ermlned TO hold for the present prices On the con-
trary, the Manchester spnners very anxious for
redu chon of the price-and to these efforts in re-
duclng the price of cotton, were added the influence
of all those houses who had disposed of their stocks.
VI this latter class the Behring'S, the Browns.
Hoford & Co, and many others of less import
ancs
In this position stood the cotton market in Liver
pool at the last dates For details we refer oar read
ers to the circulars.
In intimate connection with this subject was the
money and corn markets of London, bat particularly
American stocks. American securities of certain
kinds had become exceedingly heavy. 1t is renaika-
able however, that during the last six months pro.
badly more American state stocks had been nego-
clated IN Londen, than in the same period in any
former year. It's estimated that during the present
year, at least $4,000 900 of American state secur
ties had been negotiated in London The latest ne
the South Carolina Rail Road and that of one half Of
the FLORIDA loan by the banking house of Holford &
Co. The latter portion amounted TO 81 600 ooO For
the other half, the agent, Colonel Gamble had pro-
ceededto Amsterdam, but il was doubted in London
whether he could effect a negotiation in con sequence
OF the great opposition which had set in upon Ameri.
can stocks IN London, and the movement which CAPT
tai had taken in the corn trade.
General McDufie, Of Sixth Carolina was at Liv.
erpool, on the goth ut, on his way 10 London for
the purpose of negotiating loan created by the city
Of Charleston TO rebuild that portion of the city
which was destroyed by the fire. This loan amount
ed 10 ~ 100000 or over. IL was alse doubted how
ever, whether, in the present state OF feeling preva
lent in London it could be effected We ourself are
of oplnen that it will be diicult-f not impossible
Among the London capitalists strong feeling has
been generated .s.in-s corporation SUCKS from the
United States. Several tempts were made in Sep.
TENDER or August to raise loans on the bonds of the
new banks in New York. now organizing under the
recent bank law. We saw several applications for
such loans coming from New York, but little conf
dence was reposed in III, This want of conden &c
arises from various cause.-the influx of American
securities causing gut-the peculiar state of the
cotton market in Liverpool-and, though last, not
least the position Of the corn trade in Mark Lane
and throughout England.
A great effort is making in London to tarow obs,a.
clcs in the way Of Mr. Jaudon, and 10 impede the
operations ofthe United States Bank, for the purpose
of compelling Humphreys Il BiddIe to throw their
cotton into the market in Liverpool and thus cause
a fall IN the price of cotton. The spinners in Man
chester are loud in the camor that it is the bill bro.
kers and money dealers of London, who, by their
facilities 10 American parties and on American securi-
ties, enable the American holders Of cotton in Liver
pool TO keep up the present prices.
In addition 10 this pressure upon the holders of
cotton, the corn trade has tendency TO Withdraw
capital from that direction, and thus aid the Nanches.
ter policy. For the present position of the English
corn trade, we refer our readers 10 our commercial
extracts. This branch OF trade for the first time in
many years, has started into the hi hest importance
TO the United States. The high prices OF grain in
England will undoubtedly draw supplies from this
country Nor is this new position transient one
We are fully persuaded that il is permanen-iha the
population of Great BttaiR, under the stmulu. Of
trade has begun 10 outrun the means Of production
IL the present rise IN the trade springs from this
cause and net deficiency the harvest then il will
open prospect for commercial treaty and
fresh commercial relations with the United States.
We are Of opinion, from Gata personally collected
in England, and from frequent interviews with high.
ly intelligent dealers in Mark Lane, that such is the
true solution Of the rise Of the prices Of corn in Eng
land In day or two shall give our fall views
on this subject.
Rail ROADS, &c.-The extraordinary impulse
caused by rail roads and steam navigation, farther
strengthens these views Of highly important sub
lect. On this matter we have numerous valuable
facts. few days before the sailing of the Royal
William the rail road from London TO Liverpool was
opened throughout the whole distance We ourself
travelled il on the second day after opening We
took breakfast in London, and had dinner in Liver.
pool. The effect Of this and other lines of communi-
cation will be prodgious trade both internal and
foreign.
STEAM NAvIGATIos.-In conjunction with this, we
may also refer the of Atlantic steam navga
lion. In q few months, we shall have three large
steamers running between New York and the three
leading ports in England-London, Liverpool, and
On the 10th inst the Liverpool steamer, of
nearly 1900 tons, will be ready for sea. In few
weeks after, the British Queen will be also ready
Nearly SIX large steam vessels are building and pre-.
parirg to be bullt-two in London-two in Bristol |
md two in Liverpool In one year or eighteen
months we shall thus have eight English steamers
Al