The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-11
MONEY MARKET.
Sunday. Oct, lO-6 p, nj.


The past week has been filed with excitement Wall
has been in perfect ferment and 1t supposed
time that the bottom had fallen completely out
About the middle Of the week they began to look pretty
blue and the bull SPECTATORS in fancy stocks were in
verydesperste position There was, however,
ISOLATION for them and that the fact that the decline
in prices rapid that it could not continue long
and q reaction must soon take place This reaction
has been realized, and the upward movement COM
snced Friday Prices for many stocks sunk So low
that there every probability Of advance of several
par cent being realized The depression became too
great greater than circumstances warranted and twas
impression that the panic had partially
subsided, large per cent Of the decline would be
recovered Our predictions in fair way of being
realized; but there is many slip &c., particularly in
the stock market would be advisable for those specu
lating for rise to avail themselves Of moderate i'm
provement and realize. We know not what day may
bring forth in these times and quick returns should be
the maxim of stock spectators.
Nearly every fancy stock in the list ranges from
twenty fifty per cent below prices current from and
six weeks since and the demand at present prices Is
not active st the time when quotations
much inflated This has not been produced entirely
by the complexion of advices from the seat of war;
from Europe, but artiay, by the explosion OF the
corners which had been carried on for time 30 sue
csssfully. The accounts have within the past month
received from England, and from Mexico, have not
been sufficiently gloomy to produce such tremendous
fall in prices The financial endorsements which the
commercial classes Of Europe have for long time
experienced, have, as yet had very important in
fuence upon financial affairs in this country; have
tits true suffered losses, but only to moderate extent
compared with ability to bear We are still large
creditors Of Great Britain and of the world large and
solong as we maintain that position very little fear need
be entertained of any commercial revulsion spreading
through the country Many Of the bankruptcies which
have been reported in England, although among the
corn dealers not affect this country an iota 1t Is
well known that an immense amount, We will venture to
say more than half Of the shipments Of brsadstus
from this and other ports Of the country to Europe
on foreign account Agents Of foreign houses in
our markets In dozens during the height Of the pecu
tion purchasing largely the account Of those they
for which made in specie and
la checks upon houses here which they had letters
Of credit Agents Of both the English and French gov
srnmens were this and other markets of the Union
purchasing heavily and paying every farthng at the
time All the early shipments Of produce on domestic
account promptly paid for and Handsome profits
realized the losses whatever they may prove to be-
having been principally upon late shipments at high
prices. Tho failures In England did not commence
till about the close of July after uninterrupted
and highly profitable exporting trade Of more than
eighteen months, within which period we received
in payment for our products more than thirty
millions Of dollars In gold and silver, and more than
double that amount In merchandise, besides leaving
large balance in our favor after deductng whatever
NAV be locked up the hands OF those houses which
have suspended We do not what we have to fear,
in fact from the financial difficulties the commercial
classes in Europe may be laboring under We are COM
netev ndependent of the whole world not only In
snape.s hut in our trade and commerce We well
care that Great Britain takes agricultural pro-
docts only because she cannot help herself II is mat
ar of pure compuson-pot barrel of -four busbe
of grain would be taken from II they could be OBJ
tanned any where elss and are therefore, indie
pendent OF that and all other countries in Europe than
as though trade with them in articles Of less
real necessity and Importance. While they take from
us merely the actual necsssares Of life, take from
them principally uxuriss and the trade between this
country and those Of Europe, 10 more important to
them than to US. The very evils the people Of Eu-
rope have suffered FROM have been our salvation
The railway speculstons and the deficient harvests In
two successive seasons In the United Kingdom, have
been the sole cause of all the difficulties which have
during the past twelve months produced 80 much com
mercial distress The immense movements made for
the extension of railways diverted large number Of
aborers the cultivation Of the COLL not only turn
log them at from producers into consumers, but
causing among the same caes more than double the
consumption Of all the necessares and many OF the lux