The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-10
FINANCIAL AND CONNER
FRIDAY, Nov. 9-6P. NJ.

under full headway, and some OF me southern cot
ton houses will probably begin TO feel the effects.
Our leading bankers are unwilling to ship gold a.
heavily as they otherwise would, believing that 30
unreasonable an alarm must necessarily prove Of
short Duration and that by the time their gold gets
to New Orleans exchange will have risen again.
Still the express is taking some parcels, and we
hear Of over million that will be sent this week.
If the quotations are maintained, this remittance
will be doubled and trebled. We can spare three
or four millions at present without inconve-
nienee. Foreign exchange is very Fat. We
note sales of excellent city bills at 1911 for
sterling and $40 for francs. There are some bills
OF the Bank of Charleston here, which are hard OF
sale. For last mail they sold at l0S for sterling
and $40 for frances this morning they were offered
al considerable reduction from these figures.
Under the circumstances of the case, Bank OF
Charleston bills could hardly be very popular.
The money market is rather more stringent, and
we quote seven per cent as the minimum rate both
for call loans and prime short paper. The pending
political isiness does not tempt capitalists to
p art with their money.
This has been another heavy day on the Stock
Exchange: all kinds of stocks have declined from
two per cent. State stocks are all lower and
pressed for SALE For the speculative railroads there
seems TO be no outside demand whatever, and, the
bear interest being small, when lot is offered the
price falls. At the close to-day the market was
heavy, the following being the quotations:-vir
gina 6's, ssl 4; Missouri 6's, rs 4; Canton, II
a 4; Pacific Mail, 80 /. New York Central, 795 a
50; Erie, 33a a I; Hudson River, $50 SCI; Har-
lem, log >; Harlem preferred, IS /; Reading,
37a 3s; Michigan Central, 593 a Z; Michigan
Southern and Northern Indiana, l5s l6; do.
guaranteed, 36l a !; Panama, l2os l2l; Illinois
Central, Coz 20; Galena and Chicago GA q q;
Cleveland and Toledo, 3l4 a l; Chicago and Rock
Island, 5si d Chicago, Burlington and Quincy,
Il rs; Illinois Central rs, SO al.
In view of the approaching secession of South
Carolina from the conederacy of the United States,
the internal resources and leading interests of that
State naturally attract new attention. 1t must be
admitted that, far as railroads are concerned,
South Carolina has done pretty well during her
partnership with the United States She has about
eight hundred and fifty miles of railroad COM
pleed which have cost about SIS 900 900 to build,
and which, next to the roads of New Jersey and
Georgia, are the most profitable of any in the
country While Northern and Western roads have
been struggling under debt, or sinking into bank
ruptcy, the railroads of South Carolina have paid
regular annual dividends of to per cent to their
stockholders. This prosperity has in part arisen
from the excellent judgment with which they nave
been located, and in part from the natural ad-
yantages Of the State ITSELF On one side the
South Carolina Railroad, with its branches drains
tie whole interior OF the State, and serves as an
outlet, through Augusta, to Northwestern Georgia
and Eastern Tennessee; on the other the North
eastern Road is the final link Of the North Caro-
lima Railroad system, and with its connections
drains the northern part of South Carolina Charles
ton, planted by the oceans side has stretched out
these iron arms NORTH west and southwest and
with their aid has gathered in traffic enough to
maintain its own against Savannah, and TO surpass
other ports-really better situated-in the race
of commerce. II seems possible that the secession
of the State may make difference to the fortunes
OF these roads. very large proportion of their
business is derived, as We said, from the adjacent
States. Greatly to the disgust of the Central
Railroad Of Georgia and the merchants of
Savannah, the planters of Western Georgia and
the merchants of Eastern Tennessee generally
ship their cotton to Charleston, and send Tor their
supplies from the same port by the Hamburg
branch of the South Carolina Railroad. or 1885,
AZ bales OF cotton sent to Charleston by this road
last year, 1870 $50 came from Augusta, Georgia.
When South Carolina becomes foreign country,
II is quite likely that this cotton will find another
outlet TO tie seaboard. The new nation of South
Carolina will Of course have custom houses, and
even under the most favorable laws for commerce,
foreign produce passing through the State would
have 10 lie bonded, which would cause delay and
expense enough TO render the home roads to Sa.
vannah more advantageous TO the Georgia planter
than the foreign route. SO with European supplies
for Tennessee. However light the South Caro-.
lima duties may be, it would always be more
expensive for Tennessee merchants to import
their goods via Charleston, and have them
sent in bond through that State, than to import
direct from Savannah. The same rule would ap.
ply TO the Northeastern road, which has heretofore
done coed business, chiefly in through freigh; and
passengers to and from North Carolina. As soon
as a custom house Is established on the frontier
PEOPLE in North Carolina will probably cease TO
import from Charleston or to send their produce to
Charleston via the Northeastern, because they will
find IL cheaper TO trade 10 Wilmington. There is
no; village Of any size on the Northeastern road
between Florence and Charleston; what way traffic
the road could expect, In the event Of secession,
we VIII not now try 10 estimate. Again, before
the present difficulties arose the railroad system Of
South Carolina was about to receive a material de-
velopemeni by the construction Of the Blue Ridge
road, from Anderson, where II connects
with the South Carolina system, 10 Knoxville,
Tennessee where II would tap the Tennessee
system. The State had granted aid to the road,
believing very justly, that this link completed, the
South Carolina road would be the natural channel
between Tennessee and the ocean, and Charleston
tie New York Of that section OF the country. Sais
project will now probably be abandoned. Gus.
tom house on the frontier would efieciually drive
tie Tennessee traffic into home channels. or
course these are considerations which are not
10 be balanced for q moment against tie high
and y is..cl views IL honor which arc al present
influencing Tho people q South Carolina. They
are lbty, however, 70 bo deemed worthy Of
aticuiloa b. tho practical people o. Georgia On