Nn,axat,on or the oi,,o T,y.-

MONEY MARKET.
{"newspaper_name": "The New York herald.", "edition": "01", "page": "p3", "byline": ""}
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The panic is hourly increasing Quotations fell of
day from quarter to sven per cent Illinois 6s de-
clned 1 per cent; Indiana, Ohio 6s Kentucky
os l; Pennsy lvana SIS, II Farmers Loan Morris
Canal, Norwch and Worcester, Il Reading Railroad
y Sonington I; Long Island, 8; Canton, ~ vicks
burg, /; United States 6's advanced per mt. The
sales were large at the decline.


At the Second Board the decline was very great com
pared with prices at the First Board there was
falling off in Reading Railroad Of per cent Norwich
and worcester, per cent Morris Canal, Ii Ohio 6s
Pennsylvania SIS, Long Island Canton, I, Harlem
illnos The fall in quotations for stocks within
the past day two has been very large but we are not
disposed to attribute the panic among the bulls entirely
to the Presidents Message the foreign hese
things, no doubt have had effect to certain extent
but they have been made of by parties interested
here for the purpose of depressing the market There
has been very great change in the operati in the
street lately Some of he heaviest operators have
Gently changed their tactics, have become extensive
bears, and ere hammeripg down prices wi h as much
desperation as few days since they exerted to put
prices up. The most extensive spectators frequently
Change their system Of operations week working
or rise and another week for a decline The bulls at
present are very weak; their strongest men have not
only If their ranks, but making the most strenuous
efforts to ruin their old associates A change will mo-
take place in prices until the bears have depressed





bulls, and another imitation take place.


The stock market must continue very much depressed
so long the principal money markets Europe remain
in the condition represented by the last advces The
rate ct interest on the Continent ranged from five
eight per cent and the principal banking institutions in
the numerous continental governments very much
embarrassed by the several bankruptcies by the
cipated revulsion in commercial affairs generally The
Bank OF England compelled to advance the rate of
interest first from q to per cent prevent drain of
bullion and to check the railway mania that was spread
ing SO rapidy-and finally, from to 81 per cent with
intimation that further advance would be made.
These financial difficult do no. spring entirely from
the railway specuation although that ma MIA may have
fastened the crisis and have been the principal cause
There are many concurring for this financial
panic as it had become general The deficient
harvests throughout Europe the high price Of bread
stuffs, and the specula.ons that had commenced in
food, had created general panic amo e all classes
which threatened TO destroy confidence and cre-
dts, and in connection with the immense railway
speculatons TO produce bankruptcies to an enormous
extent The several consultations that have taken place
between the Governor and Deputy Governor of the
Bank OF England and the Ministry, and between the Di
rccors of the Bank of France and French Minister of
Finance, indicative of much apprehension on the
part OF the government of those institutions in relation to
the ultimate result of the existing difficulties in the com
mercia world Making full allowance tor any exnggc
rated statements in relation TO the harves for the ex
cited state OF the public mind in relation to the existing
political difficulties between this country and Great Br
tan-throwing out OF the scales the efforts of those
striving to depress the ma,keswe cannot resist the
impression that our political and CONNIE re ial affairs both
at home and abroad are in very armng state From
the evidence daily presented both by the movements
of our own government and those of the government OF
Great Britain it appears almost impossible to avoid col


son We have reason to think that the government OF
Great Britain contempates decided movement in
relation to the Oregon The increase in the army and
navy Of Great Britain the ortfcation OF the principal
naval ports Of the kingdom the repeated cabinet coun
CHS, are verv significant facts and show determination
Oh he part of the British ministry to Ia this matter
o'e'ueoy and effectively We canno, believe that there


". W" OCCASION and perhaps ever, he open rup.
'"'e oe'"seh The two governments We do not believe


s sne government OF Great Britain can place itself in
aposon 70 carry on war with the United States Not
"Hhsandins the immense force she may have at
command and the immense resources she NAV have 10 do
the lighting part she has the means to sustain hersef
amidst the internal difficulties war with ~. country