The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-13
COMMERCIAL AFFAIRS.
MONEY MARKET.


Quotations for stocks to-day experienced decline,
nearly every fancy in the list having fallen of frac
tion At the first board Long Island declined u per
cent; Harlem u; Canton, "a; Farmers Loan, e; Read
ing Railroad u; Erie Railroad u; Reading Bonds, Vi
Morris Canal Vi Pennsylvania SIS, u; Illinois, 1S47, T.
There change in Treasury Notes. The sales
were to limited extent at the reduction, and there
was anxiety among holders to realize. Prices for
most of the ances rule very lowss low at any time
within the past twelve months, and they held
mostly by the strongest houses in the street This in
measure accounts for the little variation in quota
tions, and for the small amount of transactions.
We understand that specie to the extent of three
hundred thousand dollars has already been engaged
for shipment by the next packet for Havre. The
shipments, 30 far this week, have been upwards Of
one million Of dollars most of which, 1t Is stated,
Is drawn from the Southern and Western banks.
The banks Of this city report that they have lost
very little coin but we are not disposed to place
much confidence in the statement. The latest off,
cal report shows a diminished amount Of specie on
hand, and there is no doubt but that the large ship
ments since have reduced the amount much than
the banks disposed to acknowledge. The Southern
and Western banks have, undoubtedly, lost large
amount Of specie and the demand from this point upon
them still continues While they have been compelled
to part with their specie they have been unable
ton The low prices ruling both at home and abroad
for our principal staple productions have induced the
producers to hold for advance, and the banks in
the agricultural sections Of the country have been
obliged to extend their loans and increase their circu
lation In making advances cotton corn, sugar. to-
bacco, rice, WOOL &C. &C. The result Of this is an un
due expansion Of credits, and serious, and, in
some cases, alarming reduction in the imme-
date available assets of the banks.
The Bank Of Mobile has already experienced run
from the bill holders and reports have been in circula
ton relative to the banks of Charleston s. c., cal
cuated to alarm those holding their promises to pay.
These reports thus far have proved groundlsss; but
the condition Of the banks Of that city by
such as to strengthen public confidence. The banks
Of New Orleans stronger in their specie department
than those of any other city in the Union but they
all debtor banks to those Of this city, and steady
drain from this point must be calculated upon. New
Orleans is favoraby located for draining specie from
an immense extent of country, and the supply there
may at all times be equal to the demand; but it the
smaller banks of the interior of the Southern States
which are in danger. The banks of large cities drain
the banks Of the country and in proportion to their
paper issues generally have at least dollar for dollar
The country banks, the contrary, have large cir
culation and very little SPECIE not calculating upon
any sudden demand from the bll-holder, dope nding
precious metals through their stock and other securi
ties.
We annex a statement exhibiting the condition of
the banks Of several States according to tho latest off,
cal returns