The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-23
MONEY MARKET.

MONEY MARKET.
Wednesday, March 22-6 p M.
The panic In the stock market, noticed yesterday,
has completely subsd.d, and the bulls again in
the ascsndency Purchasers at the height Of the panic
and those who lad now enough to hold were foztu-
mats Compared with prices current at the first board,
yesterday, there advance to. day in Long Island
or ~ per cent Canton, farmers Loan, e Harlem,
s Norwich and Worcester, q; Morris Canal /; Read
ing Railroad, Pennsylvania Is, Treasury Notes,
At the second board the transactions were to very
moderate extent at prices current in the morning The
improvement in treasury notes will doubtless annoy
the banks they have made desperate efforts to get
them down 10 par, for the purpose of rurch using
speculation. This the prime of the tghtnees
In the money market; and the commercial community
will be cut short in applications for discounts, until
these concerns have got all the treasury notes they
want, their prices Whether they will be able TO
press prices down to par not depends great deal
upon the nature of the next news from Europe.
The value of merchandise imported into this district
from the LIST to the 18th instant both nou,vs in each
OF the past three years, was as annexed -
IMPORTS PoRr OF New YonK.
ysas Of msrehsnd.s SO iss a7a ssss47se s4o54 $40
nm.i :.;a 900 Sy 900 S1, ,soss ,s11
This statement shows great reduction In the
1886 was about thirty per cent and In s4e about twen
ty.four per cent The imports for this month likely
to be small and the amount Of duties proportionaby
smaller, than for the corresponding month In the pre-
vious two years.
The income of the Old Colony Railroad Company
for thirteen weeks ending February &C. ls4s wss $780,
442 o. against $2s al 50 for tho corresponding period
In the previous year. showing increase equal to sex
per cent this year.
The general railroad bill, which had p.eviously
passed the House has been in by the Senate
without amendment. There is therefore, general law
under which capitalists may associate to construct rail-
roads The Legislature has net however, conferred the
right ofeminent domain upon any subordinate tribunal
We notice that several Of the English papers aude to
the emigration Of operatives in the manufacturing dis
tricts to the United States in large numbers Hundreds
ofoperasves in every branch of manufacture leaving
the manufacturing districts of Great Britain seeking in
this country employment at prices that will keep hunger
from their DOORS which is denied them at home This is
astartling announcement that must make the manu-
fac,urers of Great Britain trembe for the
of their remacy in this branch industry Thousands
preparing to abandon their present sbodes to follow
those who have gone before thom; and it will not be
many years before the manufacturing interest of Great
Britain sensiby feels this drain upon this important class
OF inhabitants.
II appears that committees have been specially organ
Fed in Lancashire, and meetings have been held in many
towns for the purpose of raising weekly subscriptions
among the operatives 10 increase emigration There
probably oh scs than in these organizations
for the purpose OF encouraging emiara,ion the rst
doubtedly ia to seek employm abroad instead Of
manning idle and starving where they are; the Sc.
cond is desire among the operatives themselves
to reduce their number, that those remaining
command better wages and the third is wish 10
live under more liberal form of government, where
they can, by industry, accumulate competency and
avoid those drains upon their earnings which the uni
versal taxation of all monarchcsl governments con-
tinually keep up. The emigration OF operatives from
Great Britain to this country is yet limited to what
it must be- The competition the manufacturers Of
Great Britain already experience in this country. and
the Continent compeIs them to restrict their
expenditures as much as pcsibe and as this compet
ton increases and becomes Formidable greater
reductions will have to be imposed, and the operatives
become oppressed Every accession Of this class
of emigrants this country much capital and gives
an impetus this important interest Tho msuufactur
ing monopoly of Great Britain Is about being transfer
red to the United States It is about fixing itself where
1t naturally belongs tina. is where the raw material is
produced aud 10 few years. tbs manufacturers OF Eng
land will have to depend almost entirely upon their de-
mestic consumption. The informal competition which
they have heretofore suffered severely from and which
has been the prime of the suf,riDgs among opc
raves tra, compared with what they destined
to feel in the shape of competition from abroad and the
duction in the foreign demand for their fabrics They
monopoze their markets, and they are consolng
themselves with the idea that all the profits heretofore
derived from the business, have been entirely upon The
supplies furnished the markets of their own territories
They assert that in nine cases out of ten tho 3ri-
fish manufacturers do not realize in foreign markets the
cost Of their productions This may be truo certain
extent; far this country is concerned IL tact;
but rot so with the continental markets. Even in the
event of tho state beirg true in every particular
is evidence that the foreign trade Is not
1t not even profs be- under the circumstances II is
well known that limited foreign demand for any staple
production has a wonderful influence upon prices a.
homes it is estimated that foreign demand for tenth
part of the aggregate supply Of any staple article, will
raise the price Of the balance at least twenty per cent
and tho manufacturers producers materially bens
fitted by disposal OF portion of tbs supply. We
have experienced In this country the beneficial effects
of an external demand for products; have seen
prices for breaistu In all markets. raised
nous per cent merely by expectation Of iaing pr
cent of tbs aggregate and upon tho principle that the
Dutch destroyed ,rtion of their supply OF Spices
understand tho value of foreign markets in relieving the
domestic markets Of an over productions
It fortunat, that the anufsctursrs OF Great Bri
tain have through the protection of the British govern
ment, immense markets to supply; markets which they
can monopclize. The immense population OF their pro-
vuces dives them domestic consumption for th.ic ia
brics greater tn any 9th nation but Il will require
much protection To preserve them. We may be able TO
secure tbs monopoly OF Cur markets, without arv
ploteotion cr the government than we now have
and successfully compete with Great Britain in nil otbsr