The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-12
com NJ ERCIAL AFFAIRS.
MONEY MARKET.

Sunday, June 11-6 p. M.
The advices received by the Acadia have had no
material influence upon markets; the slight effect
noticed Is rather unfavorable than otherwise Prices
for Gotten dropped upon the reception of the reports
the Liverpool market Prices for breadstuffs are not
affected much either way, this side by the slight
variations in price in England. Our domestic demand
for consumption is such to keep prices above a re-
munerating point and the reduced supply prevents
any accumulation of stock in the seaport markets 1t
is the opinion of many engaged in the trade, that
prices for breadstu must before the Of the sea-
son, rule very low-lower than have been known for
many years past Circumstances certainly are in
favor OF this; but we cannot agree with them The
absence of an external demand Of Importance and
the favorable prospects of abundant harvest, are
strong evidences in favor Of very great reduction in
prices; but the farmers not disposed to submit
to any great decrease from those current they
cannot get such prices as sufficiently remunera
tive, they will keep back their supplies. The far
mers are much more able to do now than they have
before been for several years The stock of breadsu
in the interior must be very large the crops of last
year have not been brought cut the demand for -four
for shipment having ceased just at harvest time last
season. and it must be admitted that the quantity of
grain raised in 847 exceeded that Of any one Of the
previous ten years The high prices current at plant
ing and sowing time, gave great impetus to produc
tion and the breadth of land cultivated in the fall of
1916 and spring of 1S47 probably greater than in
any previous year within the history of the country
The harvest of 1S47 must therefore, been unusu
ally prolific, very little Of which has as yet reached
market Those who infer from the reduced receipts
that the supply in the interior is smaller than it was
at the same period last year, make a great mis-
take and If they govern themselves accordingly
in their operations in the article, may be sorsly
Wa hav who M
tity Of grain and -four brought to the
board from the West, in the fall Of 1S46 and
spring Of 1S47 when prices ranged high and such large
profits were guaranteed. without any previous know
ledge upon which an increased production was
cd The supplies received in those seasons, were from
the usual harves of the country but the surplus may
have been acumulating for many consequence
Of the low range of prices ruling When such immense
quantities Of breadstus brought out in that way
what can we not expect when every producer in the
country brings into cultivation every Of old land
and as much be prepared in season for the
Seed and is induced by the prospect of extensive
demand and high prices raise every bushe of grain
in his The harvests Of 1S47 the result Of
these incentives and the quantity Of breadstus in the
hands Of the producers must be very great. The
cepts thus far not been large in either Of
the two previous seasons with the high prices
which have ruled since the opening OF navigaton and
the probability Is that the aggregate for the year will
not exceed and perhaps not equal, that of 1s4e.
We have much confidence In the ability Of the
producing classes to hold that 1t is Impression
that the favorable prospects Of abundant
vest this year will not induce them to bring out the
bulk Of their old crops before the
the rate of receipts realized since the opening of
nal navigation, shall not accumulate very large
stock for winter consumption requires about the
entire transportation for two months at least to give
supply sufficient to meet the demand on the At
ton Of the seaboard markets Is immense, and is in
creasing at rapid rate. This dema nd is already so
large that prices in the absence of important
demand for shipment, be sustained at high points,
will be seen by the daily quotations. In view of all
these facts do not how there be any great
on the contrary, we see every probability of present
prices being maintained for the largest portion of the
season. For a short time after the approaching har-
vest, prices may decline; but the necessity for pro-
vidng for winter consumption, will restore them
again to the level At ruling rates the farmers
get pretty well paid for their labor, and -four should
not go below five dollars barrel to remunerate the
producer.
The annexed statement exhibits the quotations of
stocks in this market for each day of the past week
and at the close of the week previous The
been heavy for several days past and prices have
steadily settling DOWN
Quotations FOR THE PRINCIPAL SrocKs IN THE NRw
haD