The Sun.
London, England, 1857-10-30 00:00:00

A. despatch from St. Louis of the 15th says,—

" That there had been a heavy run on the banks of
the State of Missouri all the morning, and opinions
conflicted as to their ability to hold out."

The New York _Herald of the 17th, in review-
ing the state of the money market on the previous
day, says,—
" There was a very buoyant stock market this morn-
ing. Every ounce of weight has been taken off the
'safety valve, and stocks are going up on the run. The
Stock Exchange appears to have had quite au accession,
of operators from some source, and they take hold with
g+ eat avidity. At the first board to-Jay New York
Sixes, 1874, advanced 3 per cent. ; Ohio Sixes, 1860,
3; California Sevens, 3; Ne 4 York Central Railroad
Sevens, 3 ; Erie Bonds, 1875, 3 ; Ditto, 1371, 2 ; Ditto,
1883, 1 , Galena and Chicago Railr )ad, 4 ; Illinois Cen-
tral Bonds, 1 ; Bank of Commerce, : American
Exchange Bank, 5 ; Delaware and lelec!sone, 6 ; Pacific
Steamship Company, 2 ; New York Central Railroad, 3;
' Erie Railroad, 1 ; Hudson River Railroad, 2 ; Reading,
; Michigan Southern Preference, 3 ; Panama, 2 ;
Illinois Central and Rock Island, 3. Here is an advance
equal to anything of the kind we have seen for many
mouths ; at this rate a few days would suffice to bring ue
back, as far as prices for stock securities are concerned,
to the palmy days of last spring. The bulls' have
beyond all question full possession of the market.
Holders of stocks may not, as a general thing, be
inclined to sell, even at the present quotations ;
they are looking for prices far beyond those
now current. These stock speculators are a very san-
guine set of persons ; the higher the istocksgo the higher
they think they must go. Parties who a few days since
were free sellers at the lowest prices, are now free buyors
at the h ghest points. The actual position of the banks
is not rightly understood by these speculators. It is
unfortunately the general impression that, under a sus-
pension of specie payments, the largest expansion can be
practised with impunity—that there is no restraint, no
check upon an inflation, and that the banks have, in
fact, the largest liberty in all their operations. Thera
never was a greater mistake in the world, or one more
calculated to entail upon the cornmunitycausequencee of
a most fatal character. It is the impression that the bank,
are at liberty to do just as they please in the way of dis-
counting which has given such an upward impetus to
the stock-market. The sooner the public mind is satisfied
teat the banks have, if possible, even a more difficult
and dangerous duty to perform than before the suspen-
sion, the better, for, if made fully aware of the conse-
quences, we shall see a very important and wholesome
change in the complexion of the stock-market and of
financial affairs generally. It must be borne in mind our
banks have to keep constantly in view the fact that sooner
or later a resumption of specie payments must take place,
that this suspension must terminate, that the currency of
the country must come down to a specie basis, that all
this paper inflation must txpl de, and that prices must
be again regulated by the true standard of value. Any
extension of loans by the banks is utterly out of the ques-
tion, and we are glad to sew that no attempt has been
made to raise the line of discounts. The position of the
banks is no enviable one, an I they know it. They have
at this moment no legal existence. The proceedings of
our court in relation to thee institutions exhibit a state
of things that must create in the mind of every g,,od
citizen the most fearful apprehensions regarding the
future ; we have but seen the beginning of this affair ;
we are literally ice a state of anarchy, and must look to
the consequences. There are other officers of the State
besides those of our courts who have a part to perform
in this drama, and it will not be many days before some
of the results of this suspension will be realised in a
shape very different from that anticipated. The banks
of the Scat,' of New York have actually abeclutely sus-
pended specie payments, and they are now in the hands
of the law ; the controller, the banking eupsrintendeat,
and the Sate authorities, acting under special
will be obliged to take certain steps in the discharge of
their duty that must force every bank of the State into
; any order or decision of the Supreme Court
vannot stay the proceedings of our State authorities.
Toe process laid down by special acts for forcing banks
of issue into liquidation is so simple and so imperative
that our conrts cannot prevent its operation. Ail law
fur the collection of debts, for the enforcement of con-
tracts, must be suspended in individual cases if done so
fur banking institutions. It is very easy to talk about
the necessity, on account of the great emergency, of
favouring the banks in their extremity, but it
is net so easy
.in the practice, and so our
banks will find before the lapse of 60 days.
In view of the pains and penalties which must
to inflicted upon the-suspended banks, and in view of
the simple operation of the law which every court must
recognise, we look upon the pr sent inflation in price•
for stock securities, :lied the idea that fills the public
mind regarding the removal of the financial pressure, as
one of tlee moat dangerous movements of the day. The
banks understand pretty well how any stand with their
creditors, and entertain the most serious appremensiene
that the controller may he eimpelled to act in the
inc.:t summary mariner, and cimpulled to force evi
bank in the State into liquidation. The clearing-Lowe
is getting rapidly io order again ; several of the batiks
which suspended befor the general break-down have come
into line, and a few days may see all but the two which
have borne liquidation come again in operation. The
balances besween the different institutions are adjusted
by certificates issued by the Metropolitan Bank, and the
greatest facilities are afforded by the admirable system
and management of the clearing house. At the second
board the market opened and domed without much al-
teration ; a fair amount of business was transacted prin.
cirally for cash. New York State Fives, 1858, ad•
variced 1 per cent ; Haarlem Railroad, 4 ; Cleveland and
Pittsburg, 1 ; Cleveland and Toledo, # ; Chicago #nd
Rock Mend, 11 ; Erie, s ; Pacific Steamship Company,
; Panama Radroad, 1, Mileraukie and Mississippi
Railroad declined per cant ; Hodson Railroad, 4 ; Illi-
nois Central Railroad, 1 ; New York Central, ; Cum•
berland Coal, 4."

In their tr,:cle circular of the 17th instant, mady
UD for the Fulton, Messrs. Pond and Sage, brokers
of Wall-street, state—
" Sires our circular of the let inst. our market has
continued much depressed, and the uncertainty re_ arding
creditors has almost caused an entire suspension of sts'e4,
with the txceptiott of a few parcels for export and for
refining. It is very difficult to fix quotations, inasmuch
ai there has been no regularity in pr►ces ; at the present
moment we incline to the belief that our market has seen
its lowest point, and that prices must gradually improve.
Our stock is becoming reduced by exports to European
markets of both sugar and melado, so that at the end of
the present month we anticipate giving more favourable
advices."

A frightful catastrophe happened on the Central
Railroad on the evening of the 15th, about six miles
west of Syracuse. It seems that the recent rains
hal weakened an embankment at Nine-mile CI erik,
so that whoa the train came along it gave way, and
the cars were precipitated one upon the other into
the stream. To add to the horror of the scene the
mail car caught fire, and all the mail bags save one
were destroyed. It was stated that of 60 passengers
who were in the cars two or three were killed out-
right, and some dozen others were shockingly muti-
lated.

The steamship Northern Light, with the Califor-
nian m..f.'s and $1,664,200 in specie, arrived at New
York on the 16th.

There was no news of importance from Oregon or
Washington territories, or Carson Valley.
Advices from Havannah are to the 11th inst., but
the news is unimportant. Money was easy, and
the health of the city satisfactory.
Both parties claim to have triumphed in the
recent election in Kansas. The Chicago Times of
the 14th inst., however, publishes intelligence from
Kansas' which is the announcement of the election
of Mr. Parrot, the Free State candidate, for dele-
gate to Congress, by a majority of not less thui
5,00'). TheLegiebature, it is also stated, will (JlM-
prise 22 Democrats and 40 Freesoilers. The con-
test in Ohio has been so close that the result can
only be known from official returns. The Demo.
crate are sanguine of victory.
A despatch from Philadelphia says that the
returns were coming in from most of the countries
and showed Democratic majorities with few excep-
tions. Alleghany county, which had be counted
at recent elections as a Republican stronghold, now
shows but a small majority for Wilmott.

The cotton-market at Sew York was quiet on
the IGth, and no sales of moment reported.
Flour again advanced from sc. to 10c. to 15c.
per barrel, chiefly on common and medium grades
of State and WeAern, with a good demand, chiefly
from the local and Eistern trade, with some pur-
chases for export.
Wheat was in good demand and with pretty free
sales, ai4d closed at an advance of about 2c. to 3c.
per bushel.
Corn was scarce, and prices again advanced from

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3c. to 4c. per bushel ; Western mixed sold at 73c.,
while Southern yellow was sold at 75c.
Pork sold at about 22 dols. 54c. for mess, and
closed heavy ; prime was at i 7 dols. 50c.
Sugars exhibited more firmness and activity,
with sales of about 1,000 hhds. Cuba Muscovado
chiefly within 6c. to 71c.
Coffee was quiet and steady ; sales of Rio at 10c.
to 11 c.
Freights were without change of moment, and
engagements to Liverpool and London were to a
fair extent.

PHILADELPHIA, OCT. 16.
Stocks are dull. Pennsylvania State Fives, 82i;
Reading Railroad, 174 ; Norris Canal, 38 ; Long
Island Railroad, 8 ; Pennsylvania Railroad, 5.

BUFFALO, OCT. 16.
Flour is firm. Sales to day 1,000 hhds., at
4 dols. 50c. ; 5 dols. 25c. for extra Wisconsin,
Ohio, and Indiana. Wheat has advanced. Sales
to-day 600 bushels, at 80c. to 82c. for Chicago
spring, and 85c. for Milwaukie club, and 1 dol.
I*. for white Canada. Corn is firmer, with a
moderato demand. Sales 7,000 bushels, at 55c.
Oats quiet at 35c. Whiskey 18c. Freights un-
changed. _ _

OSNVEGO, OCT. 16.

Flour quiet. Wheat in better demand. Sales
7,000 bushelq, at 84c. Chicago spring, 1 dol. for
red Indiana, and 1 dol. 10c. for white ditto. Corp
quiet. Freights dull and unchanged.