The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-03
CONN ERCIAh AFFAIRS.
MONEY N1ARKET.
Thursday, March &c r. M

The stock market opeeed heavy this morning and
there was general decline in prices At the first board
Treasury notes fell of per cent; Reading Bonds IL;
Farmers Loan u Norwich and Worcester Il Canton
y; Harlem u; Long Island III Reading Railroad Ia
Ohio 6s advanced x, and Pennsylvania SIS
At the second board Treasury notes declined Y Fer
cent? Pennsylvsnis SIS q; Ohio 6s y; Reading Rail
road Ii Harlem with large Gales Of Harlem and Trea-
sury notes Within the past three four days there
has increasing stringency in the money market
and the banks have refused nearly all the paper offered
for discount Tt ere is evidently determination on
the part of the Wall street banks to make money as
scarce possible for the purpose Of influencing the
bids for the loan CT Ava miono advertised for by the
Secretary of the Treasury Bids for the full amount in
Teasury notes. at quarter per cent advance have al
ready been made and they doubt were made by the
bruks of this city, and it is the general impression that
these wish to prevent bids for higher rate
bling made and they have, therefore determ med to
the value OF and make the market tight un
I'll the time in which bids to be received expires
Every day confirms in the opinion long since formed
and frequently expressed that the banks are the great
est any country was inflicted with
We have received = communication from stockhold-
the North American Trust and Banking Company,
stating that there is considerable doubt in the minds Of
many relative the disposal Of the amount collected by
the receiver trainers of tn. stock made by him It be-
inc their opinion that the funds from that source go
into the receivers pocket We do not know what dispo
sal nay be made of these receipts but the receiver
has salary of Eve Thousand dollars per snnum, We
should think 1t was his duty to transact all the business
of the company and then much better paid for his
services than the president or Gather OF any bank In
Wall street There must be rome power regulating the
appropriation of the amount of money received for trans
fers.
h. {1,o fNnts
Yesterday that within tho past fourteen years large
balance has accumulated against us on the foreign
trade of tina couary Although this balance is merely
nominal there IL no why 1t should ever be So
The balance should be largely on the other side OF the
account and We should be annually drawing from the
nations Of the world millions of dollars more than they
receive fem us. We must attribute the present and
past position Of foreign trade to the universal OK
trAvagance of tho people of this country to the over
production of principal staph artiolesof EXPORT to
the want of capital in the manufacturing interest," and
consequently this absence of strength and sodity In
that branch Of industry The two frs named are not
incident to young and growing country while the lat
ter Is one Of the evil, invariably encountered by an en-
terprsing and energetic people This result Of these
is an Of foreign fabrics and PRO-
ducts of every description. Our markets are almost In
varaby sutted with foreign dry goods and at times
pric.s become reduced to point runous to ths manu-
acurers and frequently to dealers from the importer
down TO the retailer.
Wihn The past year sincs tho commercial revulsion
menced Great Britain prices for every species OF
properly in almost every section OF the woris, nave
been steadily depreca,og Every interest mas more or
e,s suffered from tbs depression 10 prices Tor the raw
rs.srlal and the manufactured goods oar com~eresl
nsr.ns has been comparatively unsnroysd aud rsshe
have been runossis lew II 10 Estimated snst the az