The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-11-08
MON EY MARKET

.
The stocksmarket was rather quiet to-day. Quotations
without much alteration and the limited extent Of
the operations induce believe that spectators are
waiting the result of the election before they move much
one way or the other. Stoningon improved per cent
Norwich and Worcester II Reading Railroad 4; Penn.
sylvania IS !; Ohio e. Erie Long Island fell OF
Farmers Loan I Indiana Illinois II Kentucky J.
Harlem Mohawk and Canton closed at yesterdays prices
Stocks have not touched the lowest point yet The move
msns going on in the moneymarket indicate further
depressoDn stocks and theeecon of Clay or Polk can
not prevent decline Perhaps, for time the election
OF one may have more favorable influence on the stock
market than the other hut would be but temporary
and the result more of the general feeling in the
minds of operators than from an actual change that
may grow out Of the administration Of tho general
government The shipments of large sums in
precious metals, gold and silver, must have very as
tringent effect on the money Market raise the rate OF
interest to the highest legal point call Tor loans out
standing follow as a natural consequence This will
compel those holding large amount Of stocks purchased
with loans obtained by hypothecation of stock, to
throw into the market sufficient to the amount 70
auired and II carried to any great extent break down
must be the result out Of which another panic will be
produced We can trace the Of this result to two
great sources The first is the immense importations
OF foreign manufactures since the commencement,
OF this year, and the second is the state OF
the cotton market and the immense losses that
must continue to be realized from the large sup
plies and surplus ond above the consumption. With
stock in Liverpool of at least million bales and
crop coming forward Of perhaps three millions bales
more how is possible to sustain the market and keep
prices Up to a remuneratng point The total consump
ton OF the material throughout the world dses not
exceed 800 900 bales which will leave on hand in the
fall Of ls45 stock Of full t,co millions bales In view Of
theseacts operators and peculacrs in this staple must
move very cautiously. In estimating the new crop at
2sOoOO0 900 900 bales take as data the annual
per cent increase allowed from year to year In ls42 the
crop amounted to 237s s75 bales in 1913 with the adj
don OF fair per cent for additional land brought under
cultivation, the yield should have been 100000 bales
but 1t was, by storms, freshets frosts &C reduced to
1880 4o9 falling off Of 500 SOL bales from the estimate
Sc far this year the season has been everything that could
be wishedIby the consumers very large surface com
pared with former seasons has been devoted to the cult
walton Of cotton and the picking came along un
usually carly With all the favorable things in favor Of
enormous yield cannot conceive how an estimate
below 00e bales be made and we think the pro-
ducion may reach three millions This staple has been
shpped to Europe rapidly this season than in any
previous and the receipts up pretty close to
those TO the period in le42 Cotton has no doubt
b:en forced forward account of the high rate OF
foreign exchange in this market. We annex a table
showing the movements from Sept st 1884, to the latest
dates.
EXPORTS OF CorroS FROM PoRrs or THE UNITED