The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-09
MONEY MARKET.
Sunday. August Sc p. MI.


The wet miserable weather yesterday, put damper
upon all kinds of business. Out door operations
particularly affected and it was on the whole very
dull, dsagreeable day Stocks do not move much and
prices remain without any material alteration 1t is the
general impression that there will BIO speculative move
ment to extent in all kinds of stocks; but from
present appearances should judge that 1t would be
weeks before 1t commenced 1t will require large
increase in the number ofoperators and great increase
in the extent Of operations to get up any excitement In
the stock market. any Improvement In prices The
margin for advance in most of the fancies would
be covered by speculation and the bears would
in the top of the market and operate for fall
1t is impression that the upward movement In Stocks
anticipated will be partially realized between this and
the first of November after that time the approaching
session of Congress will have depressing influence upon
the market, and prices will feel its effects.
The banks have passed another quarter day. their
ports have been made, and they have three months
of freedom They have the privilege of expanding
much they please, if they only take in sail
enough to present fair appearance the next quarter
day There is nothing to check any imitation they may
attempt one but the officers of each institution
know the extent Of its movement from quarter to
another. Bank loans upon fancy stocks with safe
gins be called in at once at the sacrifice fine
cessary Of those to whom the loans made any
speculation in these stocks be brought to focus
forthwith; IL Is not 30 Win Otner epeculatonB
Loans made to initiate prices for any of sta
pie articles Of trade, lead to extension Of in
dvidual credit, and all those things connected
with trade become much deranged that it requires
long time to bring them back to the former level
speculative in merchandise is extended
than in Stocks and the real interests of the country
injured by any sudden collapse 1t is therefore,
more important that bank facilities should be
ousy extended for such purposes than for any other
Stock loans usually more sought after than any
other the security is generally better known, and
turns easily regulated than those made per-
sonal security. Good, sound, solid dividend paying
stocks will in all command money at tho current
rate of interest," very up to their market value
will fancy stocks If sufficient margin for depreciation
is allowed Sacrifices meet calls for loans the
fances times very great but they usually
fined to the party making and have no influence
way the other upon the commercial affairs Of the
country Whatever affects prices for cotton corn beef
in this market prices in every section othe
country and immense interests influenced accord
ngy Such is not the with prices for Stocks
influence upon those of fancy nature is confined al
most entirely Wall street. and holders of those pay
ing good dividends regularly, who retain them merely
investment not affected much by the fluctuations
in the market price.
or the two we conceive 1t much better for the banks
to loan stocks than upon the paper and personal
curty Of class of operators engaged in specuatons
the important staple articles of trade, they
attended with less danger to those interested in the
banks as stockholders and with less danger the
mercia classes generally We do not expect the banks
to conHne their operations to legitimate channels
Those engaged in legitimate business cannot there
FORE look for those facilities from time to time which
these institutions created to extend, and which
they have right to demand and long they follow
hat tbavxu med
we trust they will conne themselves to that the least
| Objectionable.
The movements of the banks in their limited favors
to the commercial classes, tar from being uniform
At time they will discount business paper much more
freely than at another This class always sacrificed
for the benefit of spectators and when there arc no
speculaons the carpet and spectators are scarce
the banks glad get all the business paper they can
consequence of this policy on the part OF these nst
tutions there regularity Of movement and no one
| knows when to depend upon them and when not and
those who place any reliance upon them In any shape
are sure of being brought up sooner or later with
| a round turn The best way is to have nothing
| IN do with them. IL every would do bust
ness upon their capital or what they obtain
from other sources than banks, there would be less
number of banks in the country and less number OF
bankrupts There would be more uniformity in prices
for our staple products sounder safer system of
dts competition among those engaged in trade and
less of those ups AID downs which mark the movements
of trade In all large cities. If individual a
firm extend their business beyond proper limits, and
become cramped in their payments 1t is very pleasant
to find bank that will relieve by discounts immediate
wants. but IL Is the knowledge that these institutions
may times extend these facilities which induces
siness go beyond their depth and endanger their
commercial existence, as it almost invariably happens
that when their aid and support most required they
be obtained After leading the mercantile classes
into difficulty they usually abandon them. Our advice
h avoid them altogether and your chances for
| in trade will be increased tenfold.
The annexed table exhibits the quotations In this
wsrket for The principal speculative stocks for each day
pr iho tina plou. AZ tina oaaL