The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-25
MONEY MARKET.
Sunday, Oct. 24-6 p. M.

Since the arrival of the steamship Cambria from
Liverpool the stock market has been very unsettled;
prices for stocks have been steadily settling down. and
there appears to be disposition to engage in any very
extensive operations either In stocks merchandise
We do not expect to any improvement in financial
commercial matters, until favorable intelligence
received from Europe, and hardly look for any
thing Of that kind for weeks, perhaps months
The next arrival from England WILL without doubt give
another long list Of failures and the effect upon this
market will be similar to that experienced upon the
rival Of the last packet No fears entertained that
shall be drawn much deeper into the difficulties which
surround the commercial classes of England but the
atons of the two countries intimate that must
be indirectly affected by the ruin which Is spreading
raddly Great Britain If the effect goes further
than the destruction of confidence, in market
it is of very serious nature but must go beyond
that. There is doubt but that have been serious
sufferers In pecunary point Of Views that have lost
millions Of dollars, and may lose more, and that
trade with that country must for time be seriously
stricted prices of products 2seriously reduced
and the demand seriously reduced in extent
These things cannot but have important influence
upon the commercial classes of this country and
tend to the contraction of foreign trade to great
extent. AL these things may be realized to the
many anticipate but do for such results
unless almost universal state Of bankruptcy takes
those already reported and the real nte
rests and the most substantial portions Of the people Of
that country become affected by the financial embarrass
ments Of the times.
The suspension Of hundred two of the mercantile
firms Of England who have for many years been in
state Of bankruptcy, will not have any material nhu-
upon this country and the effect there cannot but
be temporary and the result will be exceedingly bene
ncia to the world at large. The artificial, fictitious
rotten system Of credits, which has existed for
many years in London, has given q position in the
commercial world to many houses, which has enabled
them carry immense business dependent Of any
actual capital to extend their operations into every
corner of creation and involve themselves in immense
speoustions depending entirely upon bank facilities to
carry their plans The downfall of these
and their determination from the commercial world
must ultimately have a very favorable influence upon
commercial affairs generally. The nrst effect Of these
suspensions could not be otherwise than disastrous
commercial revuson to extent from any cause pro-
duces at first panic and for time after distrust
and loss of confidence, which for time exerts de-
pressing influence upon all classes but as soon as the
shock has passed the rotten concerns
have been cleared out, healthy reaction takes place
and the recovery although Slow is and steady We
look upon the revuson in England which at the last
accounts was in full blast In this light and the result
will be similar to that predicted.
We have heretofore found the best markets for our
most important staple productions in Great Britain
whatever tends to cramp cripple that demand is Of
course for the time great evil Our cotton has been
the most important material one country fur
nished another The industry Of England has depended
upon IT, and her wealth has been Increased enormously
BY the addition of that industry to the first cost II
has given employment and subsistence to millions Of her
people, and afforded important item Of transporta
ton to the commercial marine Of that country Eng
laud has been such important customer for this
staple, that all others have been made subserven and
We have been In measure controlled In prices by the
will Of her manufacturers 1t therefore appears plain
that whatever Affects the demand for this staple Eng
turers Of Europe curta their operations, must
duce the supply OF the material II does not how
ever follow that the consumption Of cotton Is reduced
In proportion to the reduction In the demands from
the manufacturers of Great Britain. A demand for
the raw material springs in other sections and
the markets Of the world supplied from other sources
II the manufacturers Of Great Britain work short time
and nethrd less cotton than usual, the sup
ply Of manufactured goods from that SQUIRE becomes
reduced and the consumption must be supplied
from other sources reduced to corresponding ex-
tent Notwithstanding the deficiency In the harVsSts
of Europe generally, the masses have been IN very
prosperous condition. and have been In position TO
consume these ssbvas o. largely I" usual and ne ~