The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-27
FINANCIAL AND CONNER GAL.


FRIDAY, Oct. 26--6 +. N.
The money market exhibits no change. Long
paper, perhaps, goes shade less easily than 1t
did few days since, but on call money Is easier
than ever Several of the banks were sending
round in the street to-day, offering money at six
per cent. Short first class paper, too, goes very
readily at the same figure. The amount OF money
in the banks seeking employment is quite large,
and will increase II political disturbances should
lead TO q contraction in business.
The foreign exchange market is SO dull and the
bankers are selling so little that it d hard to give
an accurate statement ofquotatons. We presume
however, that the best bankers bills on London
can be bought at from 1854 1854, and bills on
Paris at 5.l7a lsl. The South continue 10 keep
their friends here well supplied with cotton bills
which 60 at l07 !; some good produce bills are
also offered at 1914 a I. We hear of nothing going
in to-morrow's steamers but the three hundred
thousand in gold mentioned in this mornings
HERALD.
The panic in the stock market continues, and the
prices touched to-day rethe lowest Of the sea.
son. There we're at the morning board, and again
in the middle Of the day. outside orders from par
ties who are availing themselves Of this decline 20
buy, but as soon as these were filed the market re-
lapsed into the control of the bears. In some
stocks, as for instance in Hudson:Rver the search
" of stock Is causing the bears some difficulty in
making their deliveries; but, as general rule,
sufficient number Of weak contracts have been can.
celled by the fall, and sufficient number OF real
holders frightened to supply the market with stocks
enough for the business of the day. Thus far no
failures Of Consequence have been reported-a
striking circumstance when the extent and sudden
ness OF the fall are remembered. In the middle Of
the day today demand arose for New York Cen.
trail and one or two other stocks, which caused
sudden reaction Of II per cent in the prize, but
at the afternoon board the reaction was quickly
lost and everything fell of. Comparing the closing
prices of the day with those Of yesterday evening,
we note decline of II in yirginas, in Missouris
% in Central, 3 In Eiic, in Hudson River, 81 in
Reading, in Harlem, "a in Michigan
Central, Al in guaranteed, / in Panama, q in
Illinois Central, - in Galena, 1t in Toledo, and
in Rock Island. We do not remember any day for
years which has witnessed so general and 80 trc.
mendous fall as this. No day in the great panic
Of 1857 was SO sweeping in its destructive effects.
At the close of business the following were the
quotations Missouri 6's, 753 Z; Canton, l63 al7i;
Cumberland Coal preferred, l0l IL; Pacific Mail,
9l4 7; New York Central, so: 4; Erie, Isl a 30;
Hudson River, 56l IS; Harlem, l5a l6; do. pre-
ferred, 500 49, Reading, Al AZ Michigan Central,
COZ a 1; Michigan Southern and Northern Indiana,
l5l al; guaranteed, $50 SO; Panama, 100
III; Illinois Central, II Il Galena and Chicago,
6s a l; Cleveland and Toledo 323 a Z; Chicago
and Rock Island, COZ T.
The prospect Of trouble In the Southern States
on the occasion Of Lincoln's election is naturally
attracting attention to the condition of the banking
interests in those States. In the event of any overt
attempt at disunion the banks in the Gulf States
would probably find it necessary TO suspend spe-
Gle payments. Such state Of alarm would prevail
as would probably cause run upon them by their
depositors, and at the same time, the cotton move
ment would receive such check as would pro-
badly cause specie to flow Northward. 1t thus be.
comes interesting to inquire into the number and
condition Of these banks. The following table is
taken from the last published statements -