The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-07-12
MONEY MARKET.
Sunday. July ll-6 II. M.

Cincinnati. ..... July 4. a feet; falling
MONEY MARKET.
Sunday, July u--6 p. M.
The stock market during the past week has been SUBJ
ject those fluctuations which usually experienced
at this Of the year. The absence of many opera
tors has depressing influence upon the market, and
prices with difficulty sustained, notwithstanding the
abundance of money the reduced rate of interest
There weak holders of fancy Stocks and
the first compes them to realize at any sacrifice
There Is class Of spectators which rising market al
brings out and these operators purchase largely
possible upon time with the hope that before their
contracts out prices will up and they win real
ize handsome profit without any outlay Of capital and
with trhing risk. In the event Of prices taking
downward turn, these SPECTATORS crowd their stock
upon the market and force 1t on ct any price Many Of
them have nothing to lose and therefore Indifferent
about the course things take If the goes up very
good and If 1t goes down very good too they may make
something, and they very Of not losing much
this class Of spectators that upsets from time to
time the market and those sudden and ruinous
fluctuations in prices Having capital and operating
entirely upon credit buyers option they cannoho
beyond the maturity Of their contracts.
The bulls have for some time past, had everything in
the stock market nearly their way Prices have,
during the past sixty days, been steadily advancing
and the rise within that time has in several instances
been equal to ten and fifteen per cent The margin for
fall is not wide as the advance has been, there
has been very decided improvement in the real value
Of of the fancies and when the advance
prices ruled exceedingly low We do not look for any
immediate reduction in quotations for fancy stocks
generally but the contrary, anticipate further
improvement as the present dull is past
This improvement cannot be but temporary and we
predict that 1t will be followed by contraction of prices
point nearly upon level with that from which they
started
The cause or causes for this reduction are the first
place. extensive importations Of foreign merchan
disc, producing stringent operation of the indie
pendent Treasury system and natural consequence
contracted movement on the part Of our banking
institutions. We have not had more abundant supply
OF money reduced rate Of interest both in and
out of the banks for years. than have had within the
past sixty days. the effect of which has been imitation
in prices for all kinds of stocks Notwithstanding this
plethora in the money market there is doubt but that
the fact of the Independent Treasury Act being in exist
ence has had very material influence In regulating the
expansion, and keeping it within more reasonable mits
About two years ago. when the speculation in stocks
prices for many of the fances up in many instances
twenty and thirty per cent above present prices the
pansion the part Of not great 1t is
now, and the rate Of interest did not range low.
There was at that time nothing to check the upward
movement, and of the fancies not actually worth
thirty per cent reached nearly par. Since they have
fallen to their real value and have experienced another
imitation
The immense importations of specie within the past
six months In connection with the expanded condition
Of the banks not carried up stocks high they
reached two years ago. We look upon this fact
very favorable feature in the money market and be-
eve that the financial policy Of the government is
producing healthy condition Of financial affairs
generally, uniform value In the currency and
when it becomes more generally administered,
uniform movement In our banking institutions. The
Independent Treasury system has not yet been fairly
tested The financial operations of the government
have not given chance to be carried thoroughly into
operation and it has therefore, been almost dead let
ter The law has been In existence but far its
actual influence upon the money market is concerned
1t has not been very important.
There is at present every probability of large impor
tation of foreign merchandise for the fall trade with
more limited expectation Of domestic products this will
check the receipts Of SPECIE Advance quotations for To-
reign exchange bring the Independent Treasury into
general operation, and produce restrictions upon the
money market calculated to have unfavorable in.
fuence upon stocks Under the most favorable crcum
stances cannot expect easier money market
exists at this but the contrary any change
likely to be for the worse and s therefore, best to
be prepared for 1t.
The influence Of corneng operations In Wall street up
whatever stock stocks may from time to time be
taken up by clique of brokers' is such to defy the
effect Of the money market upon prices and for time
carry them up in spite # everything to the contrary
until the explosive point is reached. OF these
ments tell nothing about; but, have before
said, there may be a general Improvement upon the
opening of the fall business Of several per cent? but there
why any further improvement should DO but
temporary.
As regards the Mexican war, we have very little to
hope for and very little to fear We as little affected
f4yoraby or unfavoraby, shall be if hostities
olese TO- morrow continued for years. Rumors Of
peace have recently been naterDg that all the good
has been anticipated and military occupation of that
Republic will not be attended with any very great
pendture from our own Treasury. We therefore con
slider the Mexican having very little influence In
anv way upon commercial matters So long IL con-
tinues so long will concessions have to be made In rela-
ton to the specie clause of the Independent Treasury
act that system cannot bo fully carried out until the
expenditures Of the government reduced to the or
binary standard until its whole debt is funded and Trea-
sury notes are altogether withdrawn from circulation
stocks in this market for each day of past week. and
the close Of the week previous Some Of the ancies
have Auctuated considerably but the closing prices
pare very favorably:-
QUOTATIONS THE PnIEcrPAL SrocKs New
s ssh1 Non @A' ~. We'd 7n,y. Fri, Sat.
Ohio 6s. ......... 1904 l00K - l00X 1904 1001z