The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-15

The stock market was in an unsettled condition.
all last week. On Monday and Tuesday the bears
sold stocks, with good deal Of courage, on ho
strength ofthe Pennsylvania election-the calcula-
ton being that tie election of the republican can
didate, Curtin, would create widespread alarm
and cause stocks to decline. The event has NOS
verified these anticipations. The republican can.
ddate has been elected by majority so large thas
the issue in November is now rendered almost cer-
tain; yet stocks are, on the whole, rather higher
than they were before the Pennsylvania election
The advance in some Southern State stocks-as, for
instance, Missours-has been quite Tarked and
though this is probably due 10 accident, and han
no connection with politics, the coincidence
naturally tells upon the public mind and weakens
the force OF the bear theory with regard 10 repub-
hcan victory in November.
Whatever may be the result OF Mr.. Lincoln's
election, presuming that he must be elected, and
to whatever lengths the enemies of the Union mag
carry their anger and their alarm, there are somo
points which the bear operators on the Stock Ex-
change will do well to consider before they sell too
many stocks short on the prospect. If any polit-
cal events occur of nature TO destroy the value
of Northern railway stocks, and to impair public
confidence in The securities generally dealt in on
Just O. severe effect on all other descriptions of
proptty Real estate would feel the effect of civil
wsr ,acre severely than railway stocks. Houses
and l4ai IN New Yorkihavc value which is in
great measure dependent on the betropo-
Titan ,hamc:er of this city, and which
would he seriously impaired If New York became,
or promised to become, the capital of a Northern
republic only. 4 secession Of Southern States
would hurt real estate in New Yori sooner AID
more fatally than II could such prope ~ stock
in the Galena or New York Central fslwsr8s
which do not depend on the existence, o. even
the popularity, of the Union for business. Again.
any event legitimately calculated to destroy pub.
lie confidence in railway stocks would necessarily
destroy that confidence In banks also, which are
more dependent than railways on the public peace
and prosperity. And there is this difference be.
tween railway and a bank panic: the one In
terest--railways-c get along very well with
out public confidence, so long &c t.ey have
ire.sA' aud passengers q carry; 20. tha other
tanks-hye exclusively ~ AID lL.cush public con.
! flenee. agd nrs' fail tho instant TINT confidence
I i vitsdrawI. u, therefore he election Of Mr..
Lincoln should really DC followed ~ h, sonse.
| qIencGs which erc .:tci9atei hy the bears and a
goncra' paric should ensle the sucr''ls o. stock.
holsters - railways nay, after all be las rieyoun
than those OF Aoider II real estate or lep0tors In
any Of our barfs.
1 We Do -ot presume 10 fpfesee What lie futuro
may Lring forti or What nay Je tie r. suts Of tho
! r3lt>-i event. ~ 'e hour no tn o considere-
aors are We think arttS ~ ittc qaiet thought.
Tic septer Re carL ~, OF Il iude Miami and
Columbus an Aoni9 Rsircad were as follovs:--
81