The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-11

C0MMERClAL AFFAIRS.

Wednesday, May 100 p. NJ
We have never before known, at this season of the
year, little business in the stock market Quotations
for most of the fances rule very low and the variation
in prices from day day does not amount to brokers'
commission The street spectators must have hard
time of IT. both the bulls and bears In the d.
lemma. At the first board to-day, Harlem declined u;
Reading Railroad al Pennsylvania SIS advanced y;
Ohio 6s u; Norwich and Worcester III all others closed
at prices current yesterday.
The steamship America, for Liverpool, carried out
nearly FIVE hundred and eight thousand dollars in
specie. This, with the shipments by the packet
ship Splendid, for Havre, and other packets, makes
the aggregate expectation this week. thus far, more
than one million Of dollars. At this rate the specie
In our banks will rapidly diminish, and they be
compelled to reduce their operations to the most
limited extent. Many argue that because the specie
which is going out of the country in such large
lots is not drawn from the banks of this city, the drain
can have no unfavorablc influence upon our money
market upon commercial affairs generally; in this
they will be very much mistaken. 1t will have
more injurious effect upon this city, than though 1t
had been drawn directly from it, The drain from the
South will cripple the banks of that section and affect
the fountain head of trade in that part the country
every arrangement of which falls with greater severity
here than any where else The drain Of specie from
any point, produces q drain upon the whole
try to supply that point the specie becomes
duced and unless corresponding reduction takes
place in the paper currency the whole becomes dcprc
ciatcd and oil the evils Of dctcriorated currency
pidly follow.
The low stage water in the long level of the Erie
Canal has kept back supplies Of breadstus from tide
water, and prices for -four the seaboard have ad
vanccd. Our stock had become reduced to very
small amount and had the canal remained closed
week ten days longer, prices would havo reached al
most a famine point large number Of boats had
cumulated along the level of the canal this side of Ro-
chester, and the quantity Of produce the way was
very great As it begins to arrive this market
will be relieved, and prices rapidly dcprecate.
The amount of tolls received at Albany for the first
six days of canal navigation, this year. S34O9s 49,
against 2 554 % for the corresponding period in 1S47
showing an increase this year of S6,544 o. This
almost entirely upon up freight The receipts at Troy
for the first two days in May, were S102So co. Re-
ccipts at Rochester for the first FIVE days 75
the tolls received the 4th inst. being nearly five
thousand dollars, about hundred dollars
than the largest days receipts last year
The returns look well, and indicative of
largo revenue for the This is much moro
favorable than anticipated The low prices ruling
for brcadstufs, and the limited dcmaxd for export,
compared with last year, produced the impression in
mind that the business Of the canal would be
parativcly light and that the would show
corresponding decrease but such does not appear the
case and we have some hopes Of our public works
being full as productive as last year.
The annexed statement exhibits the principal arti-
cles shipped from Buffalo eastward the canal during
the LIST week of canal navigation this season.