The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-04
Navigation OF tho Ohio River.
MONEY MARK EFT.
Sunday, january Z


The stock market at the close of last week. rather
buoyant than usual and there appeared to be more
disposition TO hold for better prices than have noticed
for sometime past There has been downward tendep
cy quotations for the past MONTH in consequence CT
the anticipated operation Of the Independent Treasury
Act and the contraction the part of the banks de-
mand for specie would produce These fears have par
tally subsidized and there is evidently confidence
in the minds of stock spectators operating for adj
vance while corresponding depression exists in the
minds Of the bears
We see no prospect Of any immediate depreciation in
the market value Of anyof the fances from the inau
ence of the general condition of financial and CONNER
cia affairs but there is every probability Of the internal
condition of some of those bubbles becoming sufficiently
embarrassed great decline from present prices
We know not what day hour may bring forth
in the affairs Of any Of the ancies The value Of some
of them is merely fictitious, and is regulated entirely by
the demand 1t makes very little difference in Wall
street. whether stock is really worth any thing or not
Contracts to deliver these fances, to greater or less
extent always in existence and running TO maturity,
and tho must be obtained ut price to ui theso
contracts and is this continual demand that regulates
them and gives them the only value they possess BY
the operation of this system the principal ancies uc'
tuae from ten thirty end forty per cent every year,
and In many instances every month. dozen brokers
in street contract TO deliver thirty days ten thousand
sbares of Morris Canal stock at six dollars per share
Now it is pretty generally believed that this stock is not
,b cents sni re- but the fact that customers ore
4, N. ke.,r,a thousand shares, gives the stock
6c,;,ious value and keeps up prices some where In
tn, vicinity of tho contract rates
Tho money market continues rather stringent, but it
, Tho general impression that few weeks will suffice
20 the supply The amount of treasury notes in
.he possession of the banks of this and the other
nY;ncipal cities, Is large enough TO meet the de-
mand for funds, to make payments to the govern
men. for duties SC. for sometime, so that there
will be a very limited movement in specie, and
very little drain from the banks. further issue OF
treasury notes will relieve the market, and remove the
anticipated from tho enforcement OF the
spece clause Of the Independent Treasury Act SO long
as the compelled to issue treasury notes
TO raise funds the Treasury Act will remain dead let
tar md the commercial classes will have little to fear
! from IT,
Congress has not yet determined upon any way 10
raisa the funds necessary meet the extraordinary ex
penditures Of the government growing out OF the war;
but il has been our impression from the first, that the
only feasible way by issue of treasury notes. TO the
full extent required We have repeatedly pointed out
the manner in which these notes should be ssned ana
the system necessary to be adopted to give them cur
rency and we trust Congress will, at the earliest mo-
ment perfect some pa TO relieve the public MIND