The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-10
FINANCIAL AND CONNER CIAL.


THURSDAY, Nov. 9-6PN.
There was o regular stampede among the fancies In
VAN street to-day perfect panic seized upon holders,
aad great desire manifested to SELL at the de-
preciaton There transactions time, both buy
s~s and sellers option Notwithstanding the rapid de-
snne prices At the first board, Kentucky 6's fell OF
per cent Illinois Central Bonds, q New York Central
Bonds, a; Delaware and Hudson, n; Canton Company
4; Nicaragua Transit Y; Cumberland Coal, n; New
York Central Railroad, y; Michigan Central Railroad,
u Northern Indiana Railroad, 1; Erie Railroad, -l&
Harlem ri Reading Railroad, 1. very large quantity
Of stock changed hands at quotations. Illinois Cen
trail Bonds freely offered in the face Of depree
tion of two per cent There appear be great appTe
hensons relative to the future OF prices for stocks
generally. At the second board there was slight
reaction, might have been expected af& such
. great and rapid decline. Erie Railroad went
up y per cent; Reading Railroad, NJ Nicaragua
Transit u; Cumberland, u. There seems to be
NO end to disasters in the financial and COM
u,ercia world every direction are continually
receiving accounts of failures Of banks banking houses
and mercantile firms The banks throughout the entire
West appear state of insolvency and upon the
eve Of suspension. We know not what may next.
They will create greater panic than yet realized and
a afraid to enter into any movements fearful some
thing may to upset the best and closest cacula
sons The general disposition is to keep quiet wait
VII be perfectly safe TO buy any stock the list Prices
must at the rate of depreciation realized within the
past month So ultimately become much reduced
at all spectators will be buyers and then the upward
must be rapid. We must have great change in
money matters before outsiders can buy at any price
They must get the from to
buy even at reduced rates. The probability, which
n daily becoming strengthened, that some COM
panies win pass their dividends, and that others,
contemplating the announcement of dividends, will not
Do so, has undoubtedly had unfavorable influence
uTon prices and may depreciate the securities alluded
still further; but depression from such
Do but temporary, and in the end may prove advan-
tageous. We have doubt many will be disappointed,
and that many may be forced to realize the principal
- the absence Of dividends bat it is the wises course
The managers OF the companies referred to could under
the circumstances, pursue, and the end justhes the
used for its accomplishment. In times like these,
m human calculations fall few days in such event
ful period changes completely the complexion OF mat
tors and all hopes and anticipaons suddenly dsap-
pear leaving all in the midst Of doubt and uncertain
~. A few days since began to feel though the
worst was though had passed through the
severity Of the PRESSURE and only required time to
perate and husband resources; but it
. little premature in our reckonings - that
there still lower depth before found bottom.
The mutterings Of the convulsion heard week or
two since in the West, have commenced again with in
creased force and probably win burst forth and sweep
that entire section oil country Tho banking sys-
terms Of several States in that region in wretched
condition II is reported that there Is not solvent bank
In Indiana, and have several bank suspensions in
Ohio to record The Miami Valley Bank Of Dayton; the
Canal Bank, Of Cleveland and the Bank Of Crcleville,
have all stopped. Nearly half dozen banking firms Of
Cincinnati have failed, and the panic appears to be
spreading in all directions from that city Several fail
have also been reported at Buffalo These suspen-
sions viii throw upon the market large amount of pub
i securities and great sacriaSSs must be made. We
ust few days win suffice to clear up the excitement
and enable people to take calmer, cooler view of mat
1Rs.
After the adjournment of the board the following sales
- bonds and stocks made at auction by A. H. Nj