The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-08-05
MON EY M A IL X r II.

N.
The stock market, during the past week, hasdbeen
dull and prices have been steadily depreciating. The
faneies appear be well held aud there is not large
quantity stock pressing for sale Holders anticpa-
ting speculative movement upon the opening Of the
fan trade by anxious to SELL and they
comssa sny extent Of facilities to carry, they
appear 10 he dispesed to wait the course Of events
coptnnation OF The present easy money arket, may
produce activity among operators and In ducs out
ders to take hold and by relieving those who havefor
past time carried such large lets of stock give
upward impetus 10 prices, and materially change the
location Of securities of all kinds The tact that most
Of the fsneies held by Wall street brokers' is in
favor Of an improvement, but it by means follows
that advance above existing rates will be realized.
Stocks being thus situated 1t is for the interest Of
those who usually initiate the speculative bubbles to
get up movement; whereas any fancy held prin-
cpslly by outsiders, is dead weight and is
looked upon with suspicion by brokers. As an
illustration of this, 1t is only necessary to
refer to the position of the North American Trust
and Banking Company. When the brokers held
that stock 10 quite active, moving up and down
from day day the longs and shorts operated in
itlargeIy The rapid rise in prices realized about six
months since concentrated the stock in the hands OF
out sd,rs and the brokers' having got rid OF it at the
top of the market. have had nothing to do with it
since. 1t will ultimately get back into the street
sgain at low prices, and when the brokers get enough
of at six eight and ten dollars per share they will
give it another start, aud outsiders will more
have chance OF buying it at fifteen, eighteen, and
twenty dolla per share To keep fancy stock
ing 1t is absolutely necessary that the brokers should
be deeply interested in it, The bulls and bears keep
up active demand for any stock properly distr,bu-
tedand the fluctuations give oper ators opportunity
Of maxim money snd equal number opportunity
OF losing money Most Of the leading fapcies are far
ownership ia concerned in favorable condition for
becoming quite active upon the return Of operators
from the country. Harlem, Erie Reading, Canton
Farmers, Long Island, Norris &c, largely held in
the street, at prices above those current and 1t
is very probable that the most desperate efforts will be
ma de to get up speculative movement for the pur-
pose of getting rid of large portion possible Of
thoe securities at profit or at asst without loss.
To accomplish this, it is necessary that the money
market should continue easy and the Of interest
reduced to the lowest points It Is therefore impor
tsnt that the probabilities possibilities of this
sirabe state Of things being permanent not should
be considered.
The attention Of all kinds Of spectators is turned
anxiously to California; in fact the merchant the
manufacturer and mechanic deeply interested in
the production of gold in that part Of the world.
Private credits have become very much expanded, in
antsr alton of full supply Of precious metals from
.
that the receipts should continue large or in fact
become larger than thus far realized, to pre-
vent collapse for the want Of sufficient material
to keep the machinery In motion. California
has thus far disappointed the early expectations
formed in relation to its product of gold. 1t
has IL true sent out into the world many millions
of gold, but 1t has been greater consumer Of the
neceares and Injuries Of life than its staple product
has paid for. Food and raiment for two hundred
L. 49, l..
the lowest calculation, we put 1t down at forty
millions Of dollars Here 10 $40 100000 for the
necearies Of life for year; add to this twenty mil
lions for the first year, and have expenditure OF
sixty millions Of dollars for food and raiment for the
people Of California from the first discovery Of GOLD up
the present time This is dependent of the immense
amount Of capital invested in building materials Of all
kinds In shipping, steamers, Sc which, at moderate
calculation be put down at forty millions
One hundred millions of dollars In round numbers
therefore the sum, according to this estimate which
has been drawn from other parts Of the world for the
support Of the people Of California and supplying
facilities for carryi the Of that country
during the past two years.
Up to the LIST Of August the receipts Of gold dust In
the United States amounted to about eighteen millions
Of dollars. Estimating shipments Of . corresponding
amount from California to other parts Of the world
(which, by the way, is excessively and have an aga
greeate thirty six millions Of gold dust produced
fro m the mines of that country and appropriated to
the liquidation of the balance of trade against IT,
Upon this most liberal calculation, there remains
balance Of than sixty millions Of dollars unpro
vded for The mines Of California have produced from
fifteen to twenty millions Of dollars per snnum from
the labor Of diggers, averaging from nfy to sixty
thousand each year At this rate 1t will not be many
years before California becomes deeply indebted
to other parts Of the world than before known In
the history Of any country With ether resources
or product for payment Of imports but the geld dug
from the bowels of the earth with large and rapidly
Increasing population the whole Of whom require the
necesries and many the luxurics Of lifc what pros
pect or possibility Is there Of than small per
cent CT the immense amount Of capital involved In
the trade Of that country ever being realized
The receipts Of gold by every packet has thus far
been only sufficient to keep the public mind quiet.
Those looking anxiousy for larger remttances have
been disappointed, and have been compelled to live
hope Every steamer IL expected to bring the desired
renttsnec and every steamer dssppoints those inter-
estd IL Is this expectation, this hope that Keeps the
heads Of many above water, and carries them along,
from day day, surrounded with all kinds Of enbar
easements In the Of the receipts OF gold from
California Increasing all may 20 WE'LL but In the event
Of their becoming less from month to month, nothing
will b. surer than financial Revision In thiscountry
Of the most serious character. IL will not be confined
TO those directly connected With the California trade
but will be universal In Its effect, as the mercantile
classes have been extend ding themselves largely tbs
banks diseountins literally, manufacturers In all
parts Of the world, working extensively speculstors
calculating e1trsvsantly In fact, all have been unssr
the impression that the mines Of the Sacramento
would, without the slightest doubt, produce gold
enough 20 satisfy any demand for any purpose, and
that the greate,t difeuity would be experienced in
finding employment for all the capital California
would create. Very few realize the vast Importance
OF the great financial question at Issue, question
that few months will definitely dispose Of for wes
for 10 thousands We alute TO the product Of
geld In California The result Of this years work in
the mines viii determine the future position Of Cali
forns more accurately than anything else and We
shall watch the return Of the miners at the close