The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-04-23
CONNER CIAL AFFAIRS.
MONEY MARKET.

Ssehu~y, fAPTl S1S-O Es uAs
The past week has been very active and interesting
one in the stock market. The bulls and bears have
had a contest; but the bulls have gained the
ascendancy and the closing quotations range frac-
ton above those current at the close of the previous
week The arrival of the steamer Europa with half
million of SPECIE sustained prices and gave the bulls
the advantage in the market. Thus far the money
market has not been much relieved by this mporation
but large lots of the precious metals expected by
every steamer from Liverpool during the next four
six weeks, the banks will be induced, doubt to
expand, and remove the strngency which has so long
pressed upon all classes 1t is matter of much specu-
lation what amount of specie will come out under the
late decline in sterling exchange The general opinion
u.s. that it will not exceed five millions, and may be
three millions of dollars What the effect of
this importation will be remains to be is great
question between the two parties in stock specu-
lation 1t will place the banks in strong position and
the natural effect Of such increase of bullion upon
these institutions, is expansion and the effect of
expansion, Is speculative movement in fancy stocks.
1t will require at least three millions of specie to place
the banks where they the first of December
1ast. The sub-treasury has drawn from them about
two millions Of specie and the shipments of specie
California have been large, and the drain for other
places has drawn the banks down about four mil
lions of dollars. Three millions will place them where
they five six months since and if the importa-
tion reaches five Millions the surplus will give them
margin for expansion and impetus, of course
prices for stocks This movement in specie is to be
deprecated 1t is bad feature in foreign trade,
and will be productive of great deal of evil For a
time it will relieve things here very much but the
suit will be most unfortunate for u.s. The expectation
from England will have unfavorable effect upon
foreign markets for our products. The imsorta-
tion here will initiate prices at home, and tend to
restcrt shipments that the balance against will
be so large that expectation of specie will be
required to regulate it, and then contraction in
credit and prices tight money market and all the a3
tending difficulties This movement in specie may leave
balance in favor that is the return tide may
be as great the influx and may gain by the ope-
ration million two of bullion. OF the immense m3
portaon of precious metals in 1S47 retained about
ten millions Of dollars the exports ceasng after ship
mcnt Of about fifteen millions, and in nearly all
specie movements, we have managed to hold on to
portion of the receipts In this way supply of bull
lion has steadily increased and the basis of bank
ing system strengthened.
The California business, thus far, has been out of
pocket. We have sent ships and merchandise to that
section of the world to very large amounts a large
sum in specie has been shipped public and private
count have received in return only about three
hundred thousand dollars worth Of gold dust. So far
as form estimate the value of vessels, goods
&c. sent from the ports Of the United States to San
Francisco during the past five monthssince the 1st of
December 1S4S-cannot be less than twenty millions
of dollars and less than half million Of dollars in
gold or anything else, has yet been received in pay
ment 1t thus appears that immense capital has
been absorbed in this movement, and it will be many
months before shall be placed in funds, before
the vacuum will be filled by an importation of gold
from California This is great of the strn-
gency in the money market experienced during the
past three months When the tide sets this way from
San Francisco it will come with enormous force and
power If prices anything like those reported
allied shall receive returns fourfod greater than
the original outlay and the wealth of individuals and
the country generally be much increased In the mean
time those engaged in the business will be compelled
to submit to high rates of interest for money and the
usual embarrassments resulting from trading,
trading on borrowed capital. The influx of specie
from England will, doubt relieve all classes for
time and it is highly probable that before the return
movement in specie commences, our receipts from Cali
fornia may be large that the usual effect of
portation of bullion will not be experienced.
The annexed statement exhibits the quotations for
stocks this market for each day of the past week,
and the close of the week previous. The closing
prces yesterday higher than on the previous Sa
arday and the market throughout the week has been
steadily improving
QUOTATIONS PRINCIPAL STOCKS IN