The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-06-01

MONEY MARKET.


Sunday, May 3l-6P. M.
The stock market during the past week has been very
much depressed, and prices have been gradually but
steadily sinking dullcr week than the just closed
has not been experienced in Wall street for many
months. and the amount Of business transacted
would, in ordinary times. hardly give employment
to half a dozen brokers. This inactivity be
attributed principally to the uncertainty that hangs
over our foreign afairs-to the state Of tho mo-
nsy MARKET and the anticipated scarcity of money, In
the event Of the government requiring. and drawing
from tho public funds in specie II reported yester
day. that there large specie DRAFT in the street from
tho South and the demand for money in that quarter
both public and private account give currency to
the report
About two-thrds ofthe surplus IL deposit
in this city, Boston and Philadelphia Tho immense
penditures Of the government growing out rupture
with Mexico must require heavy drafts upon those de-
posits and largo transfers be made to the principal
point of disbursement These transfers must be made In
specie tho nature Of the expenditures 10 such that
nothing else will answer We. therefore. posi-
bity preventing large and immediate shipments Of the
precious metals the North to the South The effect
of such shipments upon the money markets Of the North
ern cities 10 plainly to be we cannot anticipate
return Of specie from the South and West rapidly,
when business Of all kinds is stagnant when greater
activity Of trade exists. II Is not probable that i'm
provement upon the present state Of things will DO
allied many anticipate; but on the contrary,
look for difficulties and embarrassments III the oom
mercial world more serious than any realized within
the past Ave years.
The East and North becoming largely indebted 9th
South and West and the balance Of thS rate,
must soon be against Us. Under the present state Of
things this balance only DO iquidated by remit
tances there little disposition extend credits
branch out in any line which the balances
sections Of the country could be equa
lzed by the regular operations of trade The reduced
price for produce In the Western and Southern cities,
will set the current of shipment toward the Atlantic ports
for a market; and we have doubt but that the
cepts Of produce at this port from the West Direct and
via New Orlcans during this will be unusual
ly large, without corresponding trade with those
tons in return Tho accumulation of principal ag-
rcultura staples in this port without actual external
demand of any importance, must produce similar evils to
those realized in the Western and Southern markets; and
these arc, reduction in prices and increase Of sup
plies Forced shipments to Europe and elsewhere, WILL
without doubt be made to extent on speculation;
but departure from the Irregular Of trade win
rather strengthen and increase the evil than reduce it,
There has been limited business transacted in this
city with tho South and West this spring Merchants
from the country have purchased very cautiously. and
have not become largely indebted anticipated.
early in the On the whole, business has been
comparatively limited; and instead Of those sections Of
the country being in the aggregate indebted to the East
and the balance Of exchanges in favor Of the East the
thing is reversed and the debtors In tho face
ofthis fact the shipments Of specie appear in
favorable light there is probability Of immediate
return There being prospect of immediate revival
of business, or reestablshment of confidence,
possibility Of preventing draiu Of the precious
metals and Of that drain being permanent Another har
to the position Of the producing States Their
become multiplied and their ability to retain possession
Of the specie they have may receive, 10 increased
their products to lqudae any indebtedness they
may have contracted tends to reduce the ah
lies Of the producing classes improves their condition;
their being uniform in extent leaves larger
surplus on hand.
The probability Of the money market being contracted
for length Of time and the doubt that surrounds the
movements Of the government in relation to Its financial
Affairs have very depressing influence upon the stock
market not only upon prices, but upon operations and
the appearance Of things generally connected with stock
speculation Many Of the fancy railroad stocks rule
very low; but when take into confederation the con-
dton Of several Of these companies their imnsnss COST
largo debts limited receipts, the mysterious managemsn
Of their financial affairs and the little confidence caPi-
aliss generally have in them permanent investments
It il a matter of much wonder that they are
tanned we'll they When money in Wall street
Is worth two and three per cent per monthand the best
business paper aAost is discounted at that raswe see
good reason why fancy stocks-those Of the most
equivscal chascter-which have. and. perhaps
will pay the rst per cent dividend, should range
10 high. and 20 much above their redl value.
We give below usual table of comparative quota
tons for the principal stocks used in this market for
culaton, for each day Of the week just clossdd At
the close Of the week previous It will be psrcsivsd
that there has been very little variation in prices, and
that the business dayswas confined three four
Of the principal fancy stocks in the list
rna rlar Aroc II rur NrN