The Sun.
London, England, 1840-11-12 00:00:00

NEW YORK MONEY MARKET.

SUNDAY, OCT. 25, 6 P. IL—Wall-street, yesterday, like
the whole city, was in a state of extraordinary excitement,
in regard to the alleged election frauds. This had a
great effect upon business, but the Stock Market, lao4ever,
being under the influence of speculation, presented a large
business at improved prices. United States Bank rose
14 per cent. ; Vicksburg 4 per cent. ; Canton 2 per cent ;
Stonington 21 per cent. ; Dry Dock 5 per cent. Sales
of bills on Philadelphia were made at 2f a 2a discount.
Exchange on the South continues to improve. The south-
ern banks have accumulating balances in this city, while
in the southern ports the denim,' for northern bills is very
limited. At New Orleans, on the 16th instant, specie
was quoted at If a 2 per cent. premium. 60 day bills on
New York are at per cent. discount. Sight bills on New
York are without demand at If per cent. premium.
Uncurrent money is very scarce, but the rates remain
about the same. The bills of the Globe Bank of Bangor,
which we mentioned lately, have come into the market ra-
pidly lately from the west, where, it appears, they were
used in the purchase of produce in consequence of the dis-
counts made for that purpose. They are not redeemed
at the Suffolk Bank, but are quoted by the bank note lists
in Boston at par, there being small deposites with brokers,
who buy them at that, to establish a quotation, and keep
up the credit of bills at a distance. The current of trade
would never take Bangor bills to the west, or to this city,
in large amounts, and the mere presence of the bills is in-
dicative of a forced circulation, and brokers decline buying
them.

The speculations in the stock market have been the re-
sult of the abundance of money disposing banks and C -
pitalists to loan on money, at short date, in the absence of
other means of investmeet. The speculation first showed
itself in the Stonington Railroad, and gradually extended
itself, as speculation begets speculation, to Long Island,
Vicksburg, Dry Dock, and some others. The operation
in Stonington is a m're bui_ble. The condition and pros-
pect of the road are no better than ever, and with the vast
load of debt it carries, never can be. The United States
Bank is said to be at the bottom of it, by lending money,
in order to raise its value, with a view to its availability
in Europe. The stock has been taken up on speculation,
and the purchases of those short, on time contracts, have
railed its value from 19 to 541 per cent. If it can be forced
up to near par, and the proper representations are made in
Europe, that Americans, in the immediate neighbourhood of
the road, are buying at these high rates, loans may be ef-
fected on it, which will, at least, be profitable. Some other
stocks are beginning to feel the same influence, Lang
Island Railroad has improved a good deal, it is said, owing
to settlement of a judgment held against the road by the
Morris Canal and Banking Company, for $60,000. This
lien upon the road prevented it from availing itself of the
$lOO,OOO of State credit, granted to its aid at the late ses-
sion, and that difficulty being removed, the company will
proceed to use the state stock, in addition to which, it is
stated, that the company have made arrangements, by wh /eh
it will be graded to a point opposite New Haven, and ;pill
take the travel from that place without much delay. The
judgment here referred to was part of securities to the
amount of $1,232,000, delivered over to the st,.te of Indiana,
in January:last, to secure the debt due to th at. state by the
Morris Canal, on account of the Indiana State Stocks
purchased by the Morris Canal, and which are
now in pledge for the United States Bank debentures in
London. As the debt due the State of Indiana by these
broken banks has not been paid, the Morris Canal must
have substituted some other security for the judgment
against the Long Island road, in order to withdraw it. Dry
Dock Bank has been forced up 10 or 15 per cent., as is
stated, in consequence of the improved value of real estate
in the upper part of the city. The institution is largely
interested in that description of property. The capital of
the bank is $200,000.

From ali quarters, the indications are those of resump-
tion, and if the hope has been falsely propagated by the
United States Bank, in order to lull public feeling, the
matter has been pushed so far by the Southern banks,
which have shown many indications of their ability to re-
sume, that it cannot be evaded, and the United States
Bank must stand or fal 1. The following is from a Rich-
mond paper in regard to the banks of that State :

The Bank of Virginia has met with heavy losses, which,
added to her large subscription to the James River and
Kanawha Improvement, has unavoidably been the source
of embarrassment. The bank has been compelled to cur-
tail its outstanding debt as fast as the exigency of the
times would allow, without a rigour which would have
created distress. It has at the same time been induced in
self-defence to limit its discounts considerably, though not
to so great a degree as many suppose. The bank fortu-
nately had a large surplus, the aid of which, with the with-
holding of the last semi-annual dividend, and its general
prudential policy, will enable it to resume with case along
with ou r other banks.

The Farmers' Bank is in excellent condition, and has acted
nobly in the exigencies which have been visited upon us.
The Exchange Bank has also driven a safe and profits.
ble business, and its discounts, in proportion to its means,
have been liberal, and have been of material service to the
trade of our city.

RATE OF SALES AT THE STOCK EXCHANGE.
80 Shares Delaware and Hudson
100 Ditto North American Trust 34

23 Ditto Am. Exchange Bank
25 Ditto Farmers' Trust B4.
100 Shares U. S. Bank
22 Mechanics' Bank. Asso.

21 Ditto Mechanics' Bank lOl
46 Ditto Commercial Bank ...... ..... 9O

30 Ditto N. 0. Canal 6B

50 Ditto Dry Dock Bank

25 Ditto Vicksburg l2f
10 Ditto Stonington Railroad
50 Ditto Long Island R
125 Ditto New Jersey R 784
180 Ditto Barium R 414
25 Ditto Canton Co.
25 Ditto Manhattan Bank ..
20 Ditto Utica and Syracuse.....
$lOOO Philadelphia Exchange
SALES AT THE SECOND BOARD.

117
971

_
25 Shares North American Trust 9ncv. 341
50 Ditto Delaware and Hudson s 10 81
25 Ditto Stonington
150 Ditto Vicksburg ... 13
50 Ditto Long Island
35 Ditto Canton Co.
100 Ditto Harlem R.
SALES AT PHILADELPHIA.--(SECOND BOARD )
I Share Pennsylvania Bank 413
60 Ditto Vicksburg l2l
20 Ditto Union Bank of Penn ..
50 Ditto U. S. Bank s. 30 67