The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-29

MONEY MARKET.


ly activity In the stock market 1t unusual OF
any Prices for most Of the fancies have been
gradually but steadily settling down during the past
six weeks, and the tendency 10 still to lower depth
The downward movement will not be arrested until
these stocks have reached level corresponding
with their real value II would be very dicut thing to
tell what this value IT, varies very materially from
time to time Take. for instance, railroad stocks upon
which dividends have been paid, and in ell human
probability will be paid embarrassed with large
debts liable at any moment to be demanded the incomes
Of which have reached their maximum what would be
the real value Of such stocks In the marks7 There are
several Of these in Wall street. and there spscua
tors in that vicinity desperate enough pay or agree
to pay forty hhy and sixty per cent for them These
operators, however, do not keep these stocks any
longer than they possibly help. They are not
purchased for investment but for tho purpose of
holding for advance II matters therefore, very
little to this class Of speculators whether these stocks
have any actual value or not; if they can draw in
outsiders upon advance, they very to give
them every share they want anil then leave them to get
rid of their supplies at their leisure Thousands upon
thousand of shares of fancy railroad and other fallow
stocks this moment in the hands Of outsiders pur
CHASED at prices much above those current These
stocksare daily finding the r way into the market the
holders having abandoned every hope of realizing prices
paid and preferrng to part with them at present quota
tions than to the risk of greater loss ultimately In
view Of the existing state of financial airs this il
very wise conclusion Underline existing financial system
of the is impossible 10 get up imitation
any of the fancy stocks but the contrary there is
every probability of conracon,n the currency which
will sweep many of them out of existence. There is
no surplus of the amounting to ten
or twelve millions of dollars in the hands ofthe banks to
be loaned stock speculao Tho banks have not the
roF mir vAd nd froaI
used and there not therefore, those incentives to
those facilities for specializing which have hitherto been
abundant
The government Is In the ,rket for loan of eighteen
millions of dollars. Proposals for this loan will be re-
csived until the 10Th Of April next II is the general
impression in the financial circles of this city, that the
whole loan will be bid for upon favorable terms This
impression confirmed the high prices ruling for the
new government stock and treasury notes now in the
market From present appearances we should judge
that the government would be in want Of large
portion of the eighteen millions. The surplus in
hand is only sufficient to keep good the deposit, viz,
000 required by the Secretary .o the Treasury
The from customs for several weeks past
bosn unusually limited, hardly sucenoy to meet the
ordinary expenditures Of the government The sxpen.
ditures account of the have been, likely
soon to be- very much increased by tho increase of the
army and navy, and the government Is in fair way o.
becoming applicant. for larger amount Of money
than the Secretary OF the Treasury calculated UPON
The money market cannot but he materially affected by
these things, and every movement made tending to
lsngthen the to increase Of the force in the
hsd must have tendency to contract the fiscal
Of the Treasury, and make the government large
creditor in the market So long the stock
commands premium, capital will be drawn from othei
employ and seek that and any amount
money be obtained upon such security. Other thing
will have to suffer, to furnish supply for the demand
from that quarter and there every prospect OF
ty of money in the channels Of commerce from thi
cause.
The resumption Of navigation rivers, canals
lakes must give start to the immense stocks of bread
sufs &c. which have throughout the winter been
muatipg at the different depots The large quantitie
which ere long will be filing warehouses, will
only require the most active Of all the capitals
those engaged in the business but will increase the de
nand upon our banks beyond any thing have yet
perienced High prices bring out supplies very rapidly
and there Is every probability Of the receipts of produc,
from the int or this exceeding any previous on,
in the history Of the country 1t therefore becomes
question Of great importance, where the money ia Il
come from to pay for all these breadstuHs7
As the season advances and business becomes active
money must become The banks already full
and they dare not extend the line Of discounts boy
the present limits; with the increasing demand Their
must be greater deficiency in the supply.
The annexed table exhibits the quotations in this mar
ket for the principal speculative stocks for each day
the past week and at the close Of the week previous
With two exceptions prices have been very uni
form;-
QUOTATIONS voa rH5 rnTerAL srscxs IL the NV