The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-05-29
COM NJ E RCIAL AFFAIRS.
MONEY MARKET.

TSS-O
Nothing of interest has transpired in financial or
commercial affairs, during the past week Operations
in stocks have been limited extent but prices for
several of the fances have improved Notwithstand-
ing the large shipments of SPECIE the money market is
comparatively easy and apprehension is at present
felt relative to the drain 1t is utterly impossible to form
opinion to the probable extent of the expectation
of precious metals during the next month two.
portion Of the shipments already made has been on
speculative account for the purchase of ndise
European markets. before any mprove mt in the COM
mercal affairs of the old world enhances prices such
articles adapted to the consumption of this
try. Recent advices from England state that large
quantities from the continent havebecn
sent the for SALE the proceeds carried
back in specie This accounts for the drain of specie
from the Bank of England; and has excited great
deal of alarm throughout the manufacturing districts
of Great Britain Spectators in this country have
not waited for shipments of European to
this country but have taken the specie and gone into the
markets of France and Germany and purchased largely
So long have the specie to spare. these opera
tions be made very proitabe but if the shipments
continue panic will arise in this country depre-
cate prices that there will be margin pro-
fits. There is however, very little danger of this
the supply Of specie here much greater than gene
rally known SO far as the banks are concerned they
amount of gold and silver in circulation, floating
around the country, which the banks have control
over and which tends, vary naturally. to improve the
value of the currency
There is large of specie brought by emf
grants ]. is estimated that average of twenty-five
thousand dollars day brought into the country by
emigrants. This Is more than hundred and fifty
thousand dollars per week, which will offset good
part Of the shipments Most this money taken to the
West for the purchase of land SC and very finds
its way into circulation. The banks get hold of pol
ton of it, and through them it reaches the seaport
markets 1t will therefore be that there is steady
drain of gold and silver from parts of Europe for this
country, which has connection at all with
cal matters and any demand upon for the purpose
of regulating the exchanges for any particular
camille operation, will equase itself in good time.
There is therefore, for alarm. Every dollar
of specie now leaving this country will return and
bring more with it. As an improv ement takes
place in public affairs the other side and activity
takes the place OF apathy in the different departments
Of industry there will be improvement in prices for
exporting staples This will not only arrest at
the shipments Of specie from this country, but will
turn the current this way. The movements Of specie,
to any great extent in any direction, always at
tended with unfavorable results large importation
into expectation of specie FROM this country are
or rather result in arrangement OF CONNER
cal matters II We import year large amount Of
bullion from Great Britain large portion Of it is sure
to go back the next and II the shipments from England
produced any difficulties in the money market, the
shipments from the United States likely to bring
about similar troubles Ii is question If the first re-
ceiver is not injured than the givcr If Great
Britain experienced drain Of five millions sterling Of
specie for shipment to this country in 1917 she i'm
proved the markets here for her and had
the benefit Of increased demand for her fabrics;
whereas drain Of seven millions Of dollars from the
ntcd States for shipment to England, has not adj
vanced the prices Of staples in the markets Of the
United Kingdom, fraction; but on the contrary ever
since the expectation Of specie prices have
been steadily settling down to the lowest point When
the deficiency Of food in Great Britain great that
large importations Of breadsus we're required 1t
stated in Parliament that shipments from the United
States should be encouraged the amount Of specie
exported in payment for -four and grain would be re-
turned sooner from this country than any other.
For these ana other reasons equally pregnant, we
wish to any extensive mportatons of specie
into this country from England. It is true always
hold on to portion of what get, and the
balance on the imports and exports Of the last
| twenty years is largely in favor; but mode
rate and steady current this way Is much more