The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-06-25
60 II N BRCIAL ARFAIRK,
MONEY MARKET.

-
The week closed yesterday much queter than anti.
cipated from the complexion of the accounts from
Callfornia, the amount Of gold received, and thu
amount expected from that part of the world. The
DILL spectators have, for some time past, operated
largely in the ancies with the impression that the re-
cept Of several millions of gold dust would rapidly in
fate prices and give the bears a quietus; but thew
have thus far been disappointed The arrivals of Cali.
fornia gold during the past week amount seven hun
dred thousand dollars and it will be month or two
before we shall receive any Of consequence The
effect Of this delay upon quotations for fancy stocks
cannot but be unfavorabe and the bulls will REQUIRE
some other motive power put up or sustain prices
The product of gold California thus far under the
circumstances been immense supplies the future
WILL without doubt be full large anticipated; but
even this docs not satisfy those who locking for an
immediate and immense imitation in prices for every
species Of property, and for every kind Of stock
curty. AS yet We have not experienced any expans
sion in the currency In prices for any Of our pro
ducts from the increase in the supply of gold Gu,
blanks have on hand between nine ten millions Of
specie and still there is no Of movement
In their leading departments Money is cheaper than
1t has been known for years. notwithstanding which
there is no speculative feeling in e1stencs and it will
require On enormous addition the supply Of precious
metals, to bring about any important change in tina
present state Of things connected with finance and
commerce. The immense value Of property, which il
now represented by such q small amount of gold and
silver cannot be moved beyond its long established
worth, without increasing the volume of currency
large per cent; and this Is not likely soon to b,
realized there very little prospect Of any very great
advance in prices 1t must also be borne In mind that
the increase in gold will naturally displace portion
of the paper currency Of the world and the effect of
the additional supply Of bullion upon paper credits
befO fhpre will no
influence upon prices Of property. We, therefore do
not apprehend any undue expansion in credits public
or private or any arrangement in any Of the ramia.
cations Of trade. The public mind has become SO revo-
lutonized as regards speculation Ia representatives
property possessing no real value that the accession Of
millions upon millions Of gold would hardly suffice to
remove that dstrust which has taken such deem root
In this community, We this clearly illustrated in
the high prices paid for those securities known to be
and the neglect of those which for the pre-
sent pay high rates of interest but in fact possess no
real tangible value Capitalists and those who have
held large lots Of fancy Stocks touch nothing
now but what is as cafe and sound possible to be
made feeling apparently better satisfied With the re-
duced rates Of interest such securities give at pre-
sent prices than with higher where there is the
slightest risk. Governme0 and State stocks have
consequently advanced rapidly, while even dividend
paying railroads and fancy securities generally have AZ
rapidly deprecated. United States and State es at
current quotations, do not pay more than four and
half Per cent interest," and such the demand even AZ
theee high rates. that the probability of higher prices
being realized is very strong Any important improve
would reduce the rate Of INTEREST," but such is tho
feeling of apprehension relative other securities that
four four and half per cent sure is better than
eight and ten per cent without any guaranty that IL
will be permanent There railroad stocks selling in
this market at rates which give the purchaser ten DER
cent interest on the investment but the payment of
interest Is so precareus and the probability of sus-
pension great that very little disposition is EXHIBIT,
ed to place capital in such dangerous position The
fancies generally are much neglected that wo see
no prospect of an improvement bat, the contrary
depreciation appears to be beyond the power Of the
bulls TO prevent.
The annexed comparative statement exhibits the
quotations in this market for each day Of last week
and at the close Of the week previous 1t will bo seen
that the fances have fallen Off while the Govern.
meLt and State stocks have ad yancsd.