The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-08-06
C0MhERCIAL AFPAIRS.

Sunday, Aug. SO II. M.
The market closed yesterday very heavy. II Is sell
dom experience such q state Of inactivity rs Wall
street has presented during the past week There has
not been business enough done at the board 10
respectable house and IL not for the shorts
purchasing to MI contracts daily maturing, 1t would
be about as we'll to adjourn until September. There
very few Of the brokers absent from the city and
the only give for the inactivity Is the
fear Of touching the fsnsies at present prices In
fact at ALL at any price No purchases these stocks
to keep; whoever buys them does and
with the expectation Of making profit and the pros
pect Of doing at present, is so poor that very
few have temerty enough TO risk an operation. Tho
street spectators all In town, and money 10
worth but four and I've per cent per Annum notwth-
standing which, IL IL utterly impossible TO get up
speculative movement, or 70 start small
fancy upwards. The fact is confidence has entirely
disappeared and the events which likely to trans
pire within the next elk months, will not bs cal
culatcd to restore It, IL Is possible May have
easy money market for long time and we ny have a
pinch IN less than ninety days. There is much IN
certainty connected with the supply Of and demand
for money that Il is impossible to tell what week may
bring forth The large amount Of money deposit In
the banks Of this city IL most conducive evidence Of
the want Of confidence among certain classes in the
leading investments Of the day The securities Of the
general, and some Of the State governments, un
doubted; but there IL great objection to purchasing
them at present prices for the that they may
deprecate, and IS capitalists say, when they want
the money they may not get back what they paid out
This will hold good with oil stocks. more particularly
in relation to the fanees and Spectators would look
TO the probabilities OF decline than TO the pro
liabilities Of advance they would act cautions
ly, and In the end make money Tbs large dspo.
the interest their money 10 making Of 10 any
Of the financial or commercial movements Of the day
holding thousands In readiness with their capital 70
take advantage Of the opening Of the fall trade.
n appears by the comparative table Of the condition
Of the city banks published few days SINCE that the
deposits had increased within the past three months
s42ss5so, and the line Of discounts ~ 1855 a8l show
ing increase Of idle capital greater than the In
crease OF leans IL difficult TO account for this
psnson Of the discount line unless that 10
has been made for the purpose Of specusug, directly
or indirectly in stocks such government and State
securities An Increase Of discounts aud deposits does
not usually 20 hand In hand, in healthy times The
commercial classes do not ask banks for loans 90 let the
money lay idle Interest Is too great item for that
The only inference draw from the bank exhibit
Of the both Of June last that loans have been made
20 brokers for the purchase Of stock securities or the
banks have purchased largely on their owo &C.
count While these movements have been going on
among the banks for the purpose Of employing their
own resources and those Of their regular dpotor the
commercial classes have maintained state of mastery
inactivity The accumulation Of their capitals, in the
shape Of bank deposits, places them in position to
open the fall trade with great energy aud avail them
selves promptly Of any favorable turn in prices for any
staple products and the prospect that larger cash
business in proportion 10 the aggregate will be don.
this fall than ever before. The banks Of this city
surfeited with specie, the amount hand being
nearly double the circulation This I'm amoont has
been accumulated by large importstiona and by drats
upon all parts Of sountry. II has been going
ON for months There L. very little probability Of any
export demand Of consequence springing up, but no