The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-14
since JapuSry sos asa a:l b7,ses, 4ao a o4o o.

This enormous export, which incl1des over |
Al. $50 900 worth OF breadstnfs TO Great Britain,
will account for the unpfeoeaenteay Low price OF
foreign bills. commercial panic, In view OF the
above export and so light an import o. forsisn
goods, as we showed in yesterday paper, u one
Of those curious anomalies which puzzle outside
observers. The excess oil our exports OF produce
over last years now amounts 70 over SIT ,0Oo,oOo
The money panic contiDues-that is TO say, very
few private capitalists are willing to buy long pa
per. Bankers ale lending pretty freely, eth safe
margins, call, upon stocks; and some of the
banks are discountng moderately There is no
distress worth mentioning among merchants
With the exception Of one house in the dug bust
ness, we hear Of no trouble. But every body is
waiting 10 see what will be the upshot Of the
present panic, and il willing TO let money lie
idle for a day in the hope Of still higher rates
in the course of the week We hear day OF
few pieces Of strictly frst class short paper going
~ nine; we also hear Of sales Of paper, than which
no better Is made, at II per cent month. The
ma. ket is in a condition that regular quotations
can be given. Some fine morning people will con
clude that we are not all going 10 ruin because the
sontherners are going 70 hold conventions; then
paper viii rise quickly as il has fallen.
1he exchange market closed very irregular.
Most Of the bankers asked 1914. bat the best bills
sold, AZ second hand at l07, and bid of lot for a
large amount would probably have been accepted
BY any leading house. Southern bills are coming
from New Orleans more freely than tLey have
been; they 10 at 1861 1904, with the exception Of
Charleston bills, which are generally neglected.
At these rates specie can be probably imported
from Europe, aud should the present panic last we
mn IN of
would inconvenience the London market very con-
siderably and they ara not really wanted here.
But there is no reasoning with panic, and II people
get frightened, and begin TO question the standing
of our banks, gold will undoubtedly fow from
Europe. About $50 900 in gold sent South
to day, 500 900 of which went to New Orleans.
The panic on the Stock Exchange IS undated.
New York Central fell to 20 this morning, rallied
TO 72l, fell back 10 20, then rallied again and
closed III bid, against "a at the close yesterday.
Erie fell to 20 at the morning board SOLE at y in
the afternoon and closed 2Ss bid, against 2s1 yes
terday afternoon. Hudson River declined 2, Har-
lem IL, Reading 2, Michigan Central y. Southern
/ Guaranteed 4, Panama |, Illinois Central II,
Galeha 2, Toledo l. Rock Island /, Burlington },
Pacific Mail -! Every one had cash stock for
sale, the cause of the stampede being Obviously
Of many holders OF stock who are m
| certain about the future. II reflects the
greatest credit on the Board Of Brokers that,
Notwithstanding the intensity Of the panic. and
decline which is without precedent, no one should
have failed. The losses incurred by holders Of
stocks must have been enormous; but they have
been met manfuly, and in no instance has any
holder sought TO take advantage Of the panic 10
default On his contracts. The circumstance, as we
said reflects great credit on the Beard, and not
unnaturaly recalls other periods OF great huctua
ton, when the conduct of the leading operators
was very different. AT the second board to-day
the market rather better the general railroad
list. State stocks however, fell of Missours ?, Ten.
ncssees per cent. AT the close the market was
unsettled, the following being the last quotations
Virginia G's SIS o So; Missouri es, 72i o I; Ten
nessees, so si; Canton, l6; Cumberland Coal
preferred. a II; Pacific Mail, s3i 81; New York
Central, III ~; Erie, %, a 29s; Hudson River
Da ]; Harlem, 13i IL 80. preferred 80 q Il
Reading, 33i a 80 Michi gan Central, 6l4 a 4;
Michigan SoutheJn and North Urn Indiana, III o
l: do. guaranteed, 3lt %; Panama, Iii q ll5;
Illinois Central, 60 I; Galena ,ni Chicago 50 a |;
Cleveland and Toledo, 27i %; Chicago and Rock
Island IS! "a; Chicago, Burlington and Carney,
nal,
The adyices from the south tend 10 confirm an
opinion which we have already oxpressed-that
tie cause Of TIE present trouble lies deeper than
the election Of Mr. Lincoln 70 the Presidency
From several sections we hear that land l. uusale
able and from all parts the report IS that negroes
have fallen and are falling in price. This result
would, Of course, be produced ia course Of time by
such agitations "a are proceeding in South Caro-
Ina. But it could hardly have been effected so
soon as this; and IN seeking for is cause we are
forced 10 look further back aud TO inquire whether
i may no, have had origin anterior to- ard very
different from, the present political excitement.
Between the years 1850 and 1857 the average cotton
cg0p Of the United States WIS about 600 900 bales
Tie average price Of middiing uplands was about
Sc a &C. pound; the average prcc Of neyro field
bands was $500 81 ,oO0 and cotton land was re.
markably cheap. Three 10 four years ago tic dc.
volopement Of cotton manufactures throughout
Europe and the United States Increased the demand
for cotton 20 such an extent TIA. md1linr uplands
was wanted az IL II cents Ia iss market, ana III
I'D. sd. in Liverpool. This led, as matter o.
course, to o wider cultivation q cotton in tic
Southern Stl'cs. Planters In TIC Caso''aas and
Georgia not only contiaaei to plant az before on
tie land they hell, bu. bought new laad ia the
younger States. stocked It with negroes. and plant
Cd there likewise. Thus the cotton crop swelled
fom 3ll3 962 bales in 1857 s. to- 81 ISL bales in
ISIS ., and 4Cl5T70 bales IN 1859 co; bad the
weather been ~ favorable this year il Is known
that The crop woald have exceeded 5O0o0 goo bales.
Yet Notwithstanding this Surprising increase ofpro
duc;icn he price las not fallen. Miidng upandsis
stl worth between II and y cent? pound price
which would In former times have given the plant.
a. a prof; 81 fully Eve cents per pound. Now,
this vast increase in the production Of the staple,
unaccomr abied by any decline in the price,
would naturally have made al TIE southern
planters rich, bu, for one thing; like the Western
farmers IN 1856 aud 1857 the more money they
made The more they laid out la land and negroes.
machinery and baildngs Though Missouri aud