The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-18
MONEY MARKET.
Wednesday, November It's r. NJ,


There tight times In Wall street. Money 10 worth
and and half per cent per month for the best
business paper In the city The banks calling in
loans rapidly and contracting every possible way
The large shipments Of specie have alarmed the bank
Presidents they completely panic struck Amidst
all the excitement growing out of this state Of things
fancy stocks stand pretty Arm At the first board
day Illinois 6's, Farmers Loan and Canton closed at
prices current yesterday. Harlem advanced per cent
and Reading y; Mohawk fell of ~ and Morris Canal
At the second board Canton advanced y per cent all
others closing at prices ruling in the morning.
Specie is going forward very fast. Ths shipments
from this port and Boston, within the past seventeen
days have been about two millions Of dollars 1t Is not
yet known how much the Washington will take, but
the shipments will probably be very large The demand
for sterling exchange has been moderate this packet
In consequence Of the high rates demanded for rate
bills and the want Of confidence In those Offering There
some bank bills in the market to-day which ten
per cent premium asked We quote bills on Paris
| at ST. 23}4 81 22K, Amsterdam 40 a 4Ot1; Hamburg
3a'< 80; Bremen 7sk 7sZ.
The report Of two failures having taken place In Phi
ladelphia is without foundation.
We have repeatedly remarked that the effect of the
revuison In England would be felt In this country more
the influence upon prices for great export
ing staples than In any other way Cotton forms such
an important portion of aggregate exports that
Whatever Affects the prices Of the raw material ia Eng
snd operates directly against the loss falls prp
clpally upon our shoulders The recent declin. In
prices Tor cotton In this market almost
but prices do not rule much below those current a.
the corresponding period last year. az the great dspre
citation would Indicate Prevousto this Decline prices
we're very much inflated and speculative feeling exist.
ed to some extent in consequence the pre-
vang that the consumption would 20 far beyond the
hat the tooks hand
y used up In the midst of this speculative movement
the explosion In England came upon u.s. The manufsc.
turers Of England found themselves PEELED TO reduce
their operations to the smallest limit The consuming
classes Of Great Britain poor and the consumption
OF manufactured goods has been very much reduced
The middipg classes of England are the great CON.
Of cotton goods and their resources have been
completely absorbed in the railway specuations o,
the day, that the most rigid economy will have to be
practised, to themselves utter bankruptcy
The home market for British cotton goods has there
fore, been reduced large per cent, and the foreign
markets. with the exception Of the United sts es have
also fallen on largely. The consumption Of the raw
material has, consequently, been much less for some
time past, and the difficulties 10 the money market
and the grand explosion in the credit system Of
England, have all tended to depreciate the value
OF the article in all the markets Of this coun-
try within the past three months the shipments
OF cotton have been unusually large, notwithstand-
ing the depreciation in prices. This is attributed
to the fact that previous to the termination Of the last
commercial year. when prices ruled high and II &C.
morally expected that the crop would be very short large
STOCKS accumulated In the hands Of spectators in this
ana other markets, In anticipation Of advance In
prices. The commercial crisis in England revealed
to them their position, and the only alternative left
was TO realize as early aud fsvoraby possible TO
do TINS became necessary to ship TO the other side
our markets were rapidly alllngup with the crop
The annexed statement exhibits the quantity Of cot