The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-29
FINANCIAL AND CONNER GAL.
WEDNESDAY, Nov. 2s-6P.


The street is quiet to-day. 1t is impossible to
quote any Improvement In the demand for paper;
first class short bills cannot be passed under IL per
cent On call the supply is fully equal 10 the wants
of the street; some houses have heavy balances
over. But capitalists are very unwilling TO deal in
second class paper. As general rule, perhaps,
the feeling among mercantile men improves. Peo-
pie are beginning 10 think that one of the chief
causes Of the recent panic was the evidence OF the
strength Of the country, furnished by the state Of
the foreign exchanges. From the South the ad.
vices are a shade better. There u more currency
for bills at Mobile and New Orleans; rates range
frvm foi 10 fesa s,r aoour~oH,ary hills From Savan
nah and Charleston the private letters are gloomy;
he merchants seem TO expect no relief until
the banks suspend. At Charleston 1t is understood
that the banks have folio we'd the example of the
banks Of New York, and placed their specie in a
common fund. The difficulty there, however,
arises chiefly from the extended circulation Of the
banks; the State Bank, for instance, has ten dol.
lar. Of paper ont for each dollar Of specie. Under
the circumstances, IL can hardly ne expected that
bllholders viii refrain from demanding specie for
their bills
The stock market il dull, and prices for the day
are steady enough. United States IS sold at a de-
cline Of ! per cent State stocks were about the
same rs yesterday. After the morning board an
exaggerated version of the excitement at Charles
ton reached the street. and q rumor Of collision
between the United States troops and the
people OF South Carolina was generally cir.
cnlsted II did not affect prices materially,
however. An impression pervades many minds
that prices have been knocked down low
enough until some new event occurs 10 shock
confidence still further In the afternoon business
was limited and prices lower. Comparing the final
quotations Of the day with those Of yesterday, We
note decline Of ! in Tennessees, in Central. IN
Hudson River, In Reading, in Michigan Cea-
trail, in Panama, in Illinois Central. in Galena,
II in Rock Island Pacific Mail advanced ii. The
prospect Of increased dividends on this stock IL
tempting capitalists TO purchase at the present
unusually low price. At the close OF the day the
market was dull, the following being the quota
tions:-virgnia 6's, ~ so, Missouri 6's, % Q 4;
Tennessees, 7si /; Canton Company. li; Cum.
berland Coal preferred, 8; Pacific Mai, 500 sli;
New York Central. "a . I; Erie. 7si . 4; Hudson
River, ~; Harlem, Ia . 4; DO. preferred, 32i "a;
Reading. - 1; Michigan Central, ses a go:
Michigan southern and Northern Indiana, Ia q 4:
10. guaranteed. 80; Panama. 1874 lis; mi ,ois
Central. ST n 4; Galens and Chicago, cal q 81
Cleveland and Toledo, ~ "a; Chicago and Rock
bland. 57l a 4; Chicago, Burlington aud 2aincy,
60 20.
Governor Gist, OF South Carolina, recommends
in his message, transmitted yesterday 10 the Legs
la,ure Of South Carolina, dat endesvors be made
at once 10 open direct trade with Europe by char
tering large steamer, freghtng her with cotton,
b.r 10. 4 -.
pool II Il intnaied that by thus taking the initie
tive in this matter Of direct trade, Charleston will
assert her supremacy over the other Southern
ports. The move would undoubtedly be good
II IL the interest Of the North. as wen as the
South, that the large quantity Of cotton now lying
ct Charleston should he sent for yard 70 market a.
soon "a possible; and though II would cost some.
thing considerable 70 send n by q steamer char.
tered here for the purpose. II cotton advances at
Liverpool the operation might not involve a very
heavy los- after 81. We dare ssy that the agent
OF the Rothschids or the Bro vns would be willing
20 advance three .fourths the value OF the cotton
on receipt Of the oils of sding. There
never las been any obstacle to the establish
meut Of foreign trade ~ southern ports. Charles
ton alone last year exported nearly sls 900 900
vor'h 81 domestic pradnce. n che only imported
81 ass b3s o. foreign goods the reason was simply
that the hulk Of tn goods consumed by the people
q ssuth Carolina were mere cheapIy imported via
New York hsn they coSld be via Charleston.
Governor Gisi u not satisfied with this. and waRts
to increase the foreign trade q Charleston. Hos
can il be Gonel EtAer. on the one haad, trade
mus, he taken away isom other soathern ports, and
The exports o. Charleston thus increased ot some
tax must he levied upon goods i'm ooriad from the
North, and thus southern consumers compelled 70
import direct W. understaud that both these
projects are IN contemplation. According 10 the