The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-02
FINANCIAL AND CONNER CIAL
THURSDAY, Nov. l--6 2. NJ.

CAPITALISTS from purchasing paper, Ihefe Is Hlnc
doing in the foreign exchange market Rates are
about los for bankers sterling, and SIG a 20
for francs with limited demand. Complaint IS
! made of the scarcity Of Southern bills, which are
not coming on as usual. II seems that several
banks in the cotton STATE have taken alarm at the
political prospect, and refusing 10 do business
| at all. few days ago we heard that they were
refusing to discount preferrng to use their
means in the purchase OF cotton bills; now,
il seems, many ofthem are declining to touch even
| cotton bills. The consequences of this must be
very serious to Southern dealers and parties con
cerned with them in the North Without the aid
| of the Southern banks cotton cannot be moved;
| and If they withdraw their assistance from COM
merce the consequences must be the same as they
| were in New York in 1857, when the banks refused
| to discount in aid of the merchants. An alarm
once started, no man can say where il will stop;
| and we are bound to say that the complexion OF
affairs down South is anything but satisfactory to
| those who are engaged in trade better supply
| Of cotton bills is, however, expected next week.
The stock market opened this morning at the
lowest prices Of yesterday afternoon, and at the
start everything declined fraction. After this there
was a rally, and stocks advanced more than they
| had declined; at the afternoon board everything
was higher, and closed very strong. The market
was very fevcrish all day, the outside business
| light, and the temptation TO operate small. few
| spectators have made up their minds one way or
the other; some to buy on the belief that after the
election all will be smooth and serene; others to
sell, on the apprehension that the triumph of Lin
coin will lead to a general commercial Revision,
and that stocks will decline enormously. But the
mass Of the public and OF dealers in stocks arc
standing aloof, watching the progress Of events.
II is clear 10 every dspassionate observer that in
the event Of Lncoln's election, there must ensue
| agtatons and connections in the South which, for
the time being must be fatal TO trade, and which
may prove as widely destructive ms the Revision
| Of 1887. No man can say what the results may be
if the secession doctrines should be generally
adopted by the Southern people, and actual
Efforts made to sever the political Union
of the States. State stocks were better today.
Virginias advanced per cent, and Mssouris about
as much; other State issues were likewise In de-
mand at a small advance. New York Central
opened at sl3, sold down to Sli, rallied at the
close Of the morning session TO s21, and closed in
the afternoon at 50 bid against sl2 yesterday Rock
Island was done this morning at 63A, then at GA and
CT / and finally closed 65a bid. Galena, the Mchi.
gan shares and Illinois Central were steady in the
morning at the prices Of last evening; in the after
noon they were generally better. Cleveland and
pittsburg was sold at decline Of 3 per cent Had
sou River was fraction lower, being offered freely
on sellers option by the bears. At the close to-
| day the following were the quotations: -Tennes
sees, s7h IS; Virginia 6s, Sc d Missouri s's
| 763 /; Canton, III a Is; Cumberland Coal pre-.
m fail a. L.
Central, So !; Erie, 81 /; Hudson River, 5sl a
| 4 Harlem, l6i /; Harlem preferred, 80 a Il
Reading, AZ a 1; Michigan Central, g. l; Micl-
/ gan Southern and Northern Indiana, III I; do.
| guaranteed, IS a /; Panama, ri 4; Illinois Cen.
trail, 7ol III; Gaena and Chicago, s4l u Cleve-
land and Toledo, 65i !; Chicago. Burlington and
Quincy, 50 q 81.
The Business of the Sub. Treasury was as follows
| today
Receipts H11 lis
Paymcrts.... $40 I05
Balance 200 o53
The exchanges at the Bank Clearing House this
morrlkg were ssi ,os7 SOL OF. and the balances
g. ,lGl ,o52.
The sales ut the Mining Board to day we're
$50 shs. !. Roya'c beo ia 800 rhs. Cold Hin go $
100 do. =. $50 23x 30 Minnesota. boo sly
The Baltimore Patriot Of Wednesday afternoon
says
icadsg bankers II our cily These Suspensions We carn
| however viii hc only temporary We therefore hope,
few days, 70 30 .ole 70 show brighter prospect IN
| tht monetary and stock circlce
To-day note further decline IN nearly AL the stocks
| cold al the Board
psmo4o ana Ohio Railroad sold at 72E for the opea
rg. decline r. lhs2 Northern Central y for sale a.
% without bitders TIE bonds q 1885 STU receding
A aF1N To- n At hN
5e asked decline q "a per cent on yesterdays quo
cry or 1890 Close At es BID % askeda decline Of
| rcr ccnt on yesie day olosing rates
wepote sale Of O. go Baltimore ard OHIO Railroad
dividend borcs o. 1854 a, e5a decline Of rcr cent with
! IN the las, 80 dys.
Tie Chicago Press OF Monday (night) says
Exchange Close 70 day ard rates Of course arm
Bry rg Yelling rcf cert Currency = abundant toe
oepgs paper 81 the banks not being sCsat 70 keef
tho amount accumulaipg IN active request Generally
the money market u working very comfortably. The
hanks have an abundance Of moans 70 take al the oas
| ucss paper that Oilers
There were sales Ia London on Tic ieth instant D.
Illinois Central shares az 2oi discount; ditto seven
rer cent bonds Of ssi per cent; New York Central
skies at sci and Erie shares at ST. IS and So. The
| London 7I,ats titus notices and quotss the mar.
ket:--
Ia inc SonG department an lmprov encnt took place
In Gsnd Trunk stock and Great Western 81 Canada
the prices beipe 27A 9 Is and II 10 ~ Taere
New YORK mud Erie sharts the quotations beiag re
spcetively cox H. % discount and 80 10 40 The optional
rights Il The former closed 81 70 ~ Canadian I've pcr
/ oents, 1l3A.
/ Ans4scan Raigtcsgt. 6c. .T-ftpg rriest
Nefg lahu bs.s.s.s.tts. .astss.4s..s4.s.s 70 bo
tniteo states s., Isia.,......,...a,.,. s51. "a.
4 AMEinM pesst.sss.sss *sstss.4s.ssss..ss. 80 o.
7 ia bsss. t..s4.s.4ss.....t.... 3. 81
Illinois Central &c, isT5,,..t.........x e 81 80
I 10 - 1910 .s.ssss.4.t#. sststs...s.... 81 SO
~ ss,.ee shares $50 PAD. ~: ...:..:::.. ds, . -
\ ~ a. ali Iaht,.t...gg II tff,F rt-'s'~ - -
I Nch ~an Ccutre Sc convert bic. fse9.... "a "a
/ - IS. sinking fgrd 81. ..,,.....,...,, "a "a
10 tltO saRfts.. s..t #t......... " e.
/ G.ch SoutteEn Norslern IntiRra 1855 "a "a
! - wy therts .....,.,*,,.,,, rs q