The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-09
MAGICAL AND COMMERCIAL

wsUrspaY, Nov. Sc r. II.
relegraphic dispatches received to-day from
New Orleans state that sight exchange on New
York has fallen 10 per cent discount-the last
quotation was discourt-ana ts2i good sixty day
bills we're not saleable a6o-s u 4 discount.
We ought % add, that The leading house IN Wall
street engaged in tho southrra cotton trade has
rot received any intelligence Of this character but
as several telegraph, despetohes 20 the same effect
have been received by other houses. there can be
very little doubt OF the fact. The New Orleans
market il evidently in state Of panic, caused
by the intelligence of Lincoln's election This re-
snlt was not unexpected; If rad been predicted
IN many quarters, and 1t II probable that parties
who were in position TO he scr.ously injured by
sueh en- event had prepared themselves to meet II.
From present Appearances the panic csunot last
very lorr. II costs about threefour,hs Of one per
cen 20 send specie from New York 10 Ssw Orlesns.
50 long, therefore, a. sight bills on View York arc
oftred at New Orleans at per cent discount there
viii be profit on importa;ions 81 specie from
here. and VIC may expect the gold 70 flow accord.
nrly--ss II generally does ~ this season. II,
again. good 90 day drafts on New York eau be
boaght In New Orleans Of n 4 per cent discount
there are plenty Of capitalists in New York who
would like no better husir nss than TO ship gold
ron here for the purchase OF such drafts. Fortu.
na.c'y the state OF our banks and of our
foreign exchange market IL such that We can
Afurd &c spare three or four millions or
gpld AZ present without Inconvenience. The
moment gold begts "a pour into New Orleans the
PAM. ends and The cost Of the operation paid by
me parties whose bns and whcse property have
heer deprecated. We must wait g. Intelligence
IS mail before We undertake TO explain the exact
condition " affairs 81 he South. At fir, blush, Il,
looks a. thcnsh The nabag gers 81 the New Orleans
aaa 80 South Carolina b.nSs wire allowing their
'eolurs q got the hetcr ~ their iudyment and
we're blinking good deal more of politics than OF
france. They wili pr badly discover Ia the course
~ day to- hat ,teir business II lie Il 10 earn
a,vceads for nCir stcckholIsrs aud a ia, Ia NOV.
'iE .ae co.,oa crop, when they Do, The present
raHic vii suh a.. sal .hs planters. merchants
a-d Ac,c-s II the South viii cease 70 lose money
~ hey src row doing.
Ncrey t. n anything. n sNsie easier than Il was:
tu' lcur paper r sul regarded With cis.rust espe.
emily names connected with the south. The an.
aoraccmtnt 81 ne resignation II Tic Charleston
ufeth,'der, though act entirely unexpected
caused a GOOD 1cal o. anxioas conversation IL
barking circles.
Nothing was dors IN foreign exchange to-day.
rvery one j. ting ~ tho last moment 70 buy,
n the hopes of further concessions by drawers.
The stock market was lower today. New York
Centralsol down sstveen he boards 70 Sli closing
Ell BIZ. gainsi Ell q, the close yesterday. Erie
~ 70 32s. .hen rallied an closed s3i bid.
avsinst s3i yesterday. Hudson, Harlem and
Resdne we're also lover. The business in tic
Western shares vas quite moderate, an prices IN
every case declined below yesterdays closing quo
tauoos State stocks were pressed for sale a; Dc.
cline, and ussours fell back I, Tennessecs H. and
yrsinss per cert. In the unsettled condition