The New York herald., 1844-10-18
MONEY MARKET.
Thursday, Oct. IL

stock makstquotatons show quite advance and ope
ratons were quite large particularly in Ohio 6s and Nor
wich and Worcester Railroad Stonington up Il
Norwich and Worcester 81 East Boston Long Island
! Illinois q Indiana II Ohio 6's Ohio rs Read
ing Railroad j; Farmers Loan. Pennsylvania 5s Erie
Railroad, and Illinois State Bank closed firm at yester
days prces The great abundance of money in Wall
street seeking employment is finding outlet in real es-
tate investments This kind of property daily mprov
ing and sales to any extent at the present time would
draw out large amounts of capital remaining idle
and relieve the market eta deal Of the abundance Of
money now endangerng the regular Of trade
The large aud heavy whis real estate on
this leland is subject to- deters many large capitalists from
Investments in this species opropery Productive proper
heavily taxed but the burden weighs on land
ed property from which not farthing of income ia deri
we'd Many who woua purchase houses for their use
aren consequence of the heavy rate oaxation driven
Brooklyn which city is rapidly improving through the
effect of mismanagement in the financial affairs Of the
Corporation of this city. Those owning unproductive
landed property in the upper wards Of the city, say above
Twentyhird and Twenty.fourth streets are somewhat
in the situations of many proprstors of Virginia planta
tions and Virginia negroesthe they the poor
er they are few years will suffice for the taxes and
assessments to consume the whole substance The evil
had become aggravated previous the election last
spring that the party promising the greatest economy in
the administration Of the municipal affairs and reduc
ton o all the expenses Of the city, received the support
OF those directly suffering from the prodgaty of former
governments, without regard party feeling and the re
suit the election of those now in ONCE Real esate
holders have since anxously looked for some decisive
movement on the subject in which they particularly
interested and their suspense has fnaly been removed
by public report, stating that the necessary
TO be raised by tsxaon is nearly $500 900 more than
required last year. Rsrenchment and reform upon this
system longer asked for This has been practced
SO long by the other great parties that change de-
manded Notwithstanding this increase in taxation it is
true that recent sales of real show quite an i'm
provement in prices compared with those Of few months
since We account for this Of things unless
the great abundance Of money in the market has satisfied
capitalists that Is impossible to find employment for all
that offers in commercial affairs, in the speculative
bubbles the stock market The very reduced rate Of
interest caused by the large amount Of capital shoat
and permanent investment of large in real
tate at this me would relieve the market of the surplus
advance the rate Of interest and remove all dangers that
now likely to derapge the regular Of trade
and promote speculation and over trading.
In the early part Of the present year. when the impor
taions to nearly ten millions ofdoars
and tho from customs to fall third of that
immense sum, could not resist the conclusion that
very short time would suffice bring about state Of
things somewhat similar to that experienced in 1884 and
as when the overrading which resulted so seriously
was just commencing We locked upon the immense i'm
portaons great evil, and upon the accumulation OF
large surplus revenue, if anything greater and
dangerous evil than the first but when we became satisfied
that quite thirds Of the value of the was
Of the manufacturers OF Europe greater por
tion Of our fears dsspated and greater confidence
in the stability of commercial affairs established
Early in the month Of August the iobbng houses of this
city laid in large and heavy stocks of goods both OF
foreign and domestic manufacture, in anticipation OF
much larger trade than realized in the spring. For long
time ser this principal obbing houses become supplied
the mportaons continued large the consgnees
being principally commission houses, and the owners
manufacturers in Europe. SO large amount of goods
arriving here after the demand fully supplied and
surplus still left had very injurious effect prices
reducing the value OF all those in the market and
since the middle of August prices for all descriptions Of
dry goods, Of both foreign and domestic manufacture,
have been steadily declining caused by supply much
larger then the demand. Up to the LIST OF October the
mportatoss Of foreign manufactures into this port
to an immense amount at the same time no
acturers were actively engaged in turning out all the
goods they could produce and from the two sources all
our markets have become guted and prices very much
reduced The losses most Of the foreign goods in this
market now in first hands, will fall upon owners on the
other side but very serious losses will be experenc I'd on
many OF the large stocks in the hands OF the obbers
foreign goods from commission houses which have been
forced into the market at prices much less then those
realized early in the season, which tends reduce the
price for all that may be in the market If obber buys
largo lot OF particular kind of goods early in the
season, at forty fveccns rer yard and month after
wards goods precisely like them forced into the
ket from under the hammer at thy6ve cents PER yard
the obber must reduce the price what he may have to
that level ard experience loss Of cents per yard
In this way very serious losses must fall upon oil parties
The sacrifices submitted in sales daily made Of foreign
manufactures does not show that goods cannot be
imported into this country under the existing tariff act
and pay fair remunerating profit The experience OF
the past season shows that this country is not yet in
state TO dispose Of such amount of merchandise
prohtably and was the quantity out and not the
rate of duty that produced great reduction in prices
Tho markets have been flooded, and domestic manufac.
nres have experienced great red c,ion In price as
goods Of foreign manusctlre. Even with the great