The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-24


During the past week the stock market has been heavy
and much depressed Prices have been steadily settling
down and ut the close yesterday bad feeling prevailed
among spectators in the street. aud the prospect
ture operations by means nattering There haze
been no improvement in the money market but the
contrary daily increasing trngency. The banks have
largely contracted their discount lines, and business
paper is rapidly increasing among the note shavers
There is no lat up the drain Of specie and Large ship
nients continue BE- nade both to the South and to-
Europe The supply Of gold and gold dust from Cali
fornia is not equal to foreign export The Ohio and
Crescent City brought less than million Of dollars
and the probability is that for time to conn.,
i-monthy receipts will not exceed half million Of
dol lars In the event Of the foreign demand for our
specie continuing, shall loae large amount before
the lapse Of many weeks. and banks will be CON-
PEELED not only to continue the contraction commenced
but to increase it, and reduce their loans to lower
point than has been known for many months. There
appears to be great want Of confidence in financial and
commercial circles, and it is likely to extend than
to decrease. The commercial classes at present.
sderably embarrassed in their money matters Thee
month Of March is usually very tight month and this
year thus far has by been exception. This
stringcncy may not terminate anticipated.
Public and private credits have become very much
banded and it is impression that there are, at this
moment greater number Of mercantile houses in this
city in state Of bankruptcy and upon the Of
pension than is generally imagined. 1t, however by
means follows that any immediate failures win take
place. merchants have the faculty continuing
along for years hopecssy nsclven without their
ditors having the first suspicion Of it, This failures
which have occurred recently, here illustrate this fact
pretty clearly and it is impossible to tell who sound
and who not The course pursued, during the past
two three years by houses in this city, mast lead u
mately to great deal of difficulty and financial embar
rasmen and it is well that check has been put thus
early upon the money market, an opportunity given
to reduce commercial liabilities and the public allowed
a little breathing time.
The banks Of this State about making up their
periodical statements, and there will without doubt be
further contraction consequence of this Its exceed
ingy dic ut to negotiate loans fancy stocks and
the banks wish to make good show as possible
we shall probably have many call loans iqudated and
very little hope held out for renewal The demand for
money will therefore increased and all who forced
into the street to raise funds will probably have to sub
NIT to higher rates The resumption of navigation and
the movements of produce will without doubt create
inquiry for money and if the banks DO not discount
literally than they have lately there will be trouble
among -four Spectators, and similar to those
perienccd last fall 1t must be borne in mind that
have had expansion in credits going for three
four years tha.rces for most OF staple products.
have been steadily advancing; that have become.
largely indebted abroad and that California has become
largely indebted to that speculatons have
Iccn going for long time in all kinds offancy stocks,
and in real estate and that price. have been and in most
instances still are, enormously inflated that the most
orbitant rents charged and promises made to pay,
and that extravaganza in every shape meets eyes att
every turn and when consider that the basis most
of this is credit it be difficult tell what must
ultimately be the result.
Our adyicss California calculated to give
much encouragement Private and public accounts from
the gold regions do not speak very favoraby Of future
products and it appears to be the impression in San.
Francisco that the river banks of California will
yield again they have yielded that by far the greatest
part Of the gold sent to other countries taken from
the river banks with comparatively little labor and that
hereafter the river bottoms and quartz veins must be
worked and that gold will be required to get gold 1t is
our impression that from this time out the productions
Of gold in California win be much expensive than it
has been and that the attention Of larger portion Of
the population Of that country will be turned to other
pursuits than gold digging and the people at large be
much benefited by the distribution Of labor.
The L. s. steamship Franklin, from Havrc and SOUTH
amp,on, docs not bring any very important financial
commercial adyiccs. The London money market
manned the previously quoted and all the po
tca difficulties appear to have been for the moment
adjusted whether permanently satisfactorily not re-
tons for cotton and prices for other staple exports
tinuc withou, alteration.
We learn that the bills Of the Lewis County Bank
redeemed upon presentation at the Office Of redemption,
in Albany.
The Canal Board have designated the following banks
TO receive the deposits Of canal tolls collected at Buffalo
Tonawanda and Black Rock. during the present
-Pachin Pank, two-twcfs; o. Lee s Co.'S Bank, two
twclfhs; Bank of A,tica, two twcfhs; Marine Bank,
two-tw,lfhs HOLSTER Bank onc-twcfh Bank Of Lake
Erie, onctwelfth; Pratt Bank one-twefh Benk Of Sill
Creek one-twelfth
At meeting Of the Board If Directors Of the Erie and
Northeast Railroad Company, 1t resolved 70 com
mcnec immediately grading track parallel with the
route Cf the Erie and Northeast road for the accommo-
dation 81 the Buffalo and state line road The two.
uacks-six feet and four feet eight and half inches
are to be fnhed and In running order the first OF
August next