The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-05-03
MONEY MARKET.

SUNDAY, May Z-o L. NJ.
At the close Of the stock market yesterday there
heavy dull feeling among spectators for rise. Prices
for several days previous had been steadily settling down.
and there disposition among holders throughout to
realize The ancics which have for time past at
tracted much attention from outsiders, have been
much inflated, that new purchasers are daily becoming
scarcer and the difficulties of carrying large lots daily
increasing 1t requires much larger capital to carry fancy
stocks at present prices than when they ruled fifteen
twenty per cent lower; and with those wholly unproduc
tive the accumulation Of interest is trng matter
Dividend paying stocks do not add to their by keep
ing. beyond what the next dividends may affect; and
then again. they are Of better character and have really
some substance but such stocks Reading Long Island
Morris Canal and other non-dvidend paying stocks,
do not improve much by holding six months adds three
three and half per cent to their cost advance
to that extent Is required to return the outlay and in
terest on the money There tens of millions of these
unguarantied unprodUcve stocks in Wall street. por-
ton Of which is hypothetical in city banks Some
body lcses and somebody makes, every fuctuaton in
these sensitive securities but the profits losses are
confined to class of spectators, who operate so much
among themselves that the the year. they come
out pretty where they went in For days past
the market has looked though had reached its cul
mnating point Quotations the close yesterday were
higher than those current weeks ago and outsiders
who in at the top Of the market have poor pros
pect of getting out without loss
1t is however, difficult to tell from one day to another
what prices will take We should not be surprised
to see much greater imitation, disappointed at de-
cline Of ten per cent in many days The great Influx
of gold may give favorable turn for large holders Of
stocks as it guarantees easy money market and
steady depreciation in the value OF money The effect
Of this great accession to supply Of precious metals
will be more apparent in the prices of such materials
as are absolutely necessary for the purposes life
estate, provisions, clothing aud such things enter
into universal consumption, will first feel the influence
OF an expansion in the metallic currency Of the country
Unfortunately for holders Of fancy stocks in fact any
kind ofpaper securities one is compelled to purchase
1t is matter Of choice and solely for the purposes Of
speculation and safe repositories of surplus capital
that people buy these representatives of real property
When rapid rise takes place in prices for provisions and
brcadstus the result either of short supply pGcula-
ton depreciation in the value of the currency from
an increased volume there escape alternative,
but to submit to the additional demand for consumption
steadily progresses and admits of abatement This
an absolute necessity. Not with the luxures of life
OF with those artificial evidences of property denomnatcd
bonds and shares AT some later period in the movement
when high prices for realities have become permanently
established, and the volume of currency enlarged to
corresponding extent, other things win be similarly af
fectcd, and become proportionaby inflated.
Inc steamship Crescent City, from Chagrcs brings four
days later intelligence from California, and large
amount Of gold dust on freight. The steamship Golden
Gate, at Panama, from San Francisco brought down
S1,57e04e, according to her manifest Most extrava-
CANT estimates made OF the amount Of gold in the
hands Of passengers by this steamer but wo doubt the
correctness Of any them We do know upon what
data these estimates based There is doubt that
the amount of gold in the hands of passengers by every
steamer large but think the amounts published are
exaggerated and generally fifty per cent above the actual
sum- 1t might be within bounds to put down the
amount taken away from San Francisco in the baggage
ofpassengcrs at one million Of dollars per month This
viii make the aggregate for the year large Tho receipts
OF gold at this port, from California during the first
four months Of 1851 and the receipts at the mint in the
same time, annexed
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