NEW YORK, February 1
The stock market took a heavy downward surge to-day, amounting at one time almost to a panic – influenced by the unfavorable news by the Africa yesterday. The decline in some instances is equal to 4 per cent., with heavy sales; but at the close there is a decided rally – some descriptions recovering ½@1 per cent. From the lowest points. The real cause of the decline is seen in the heavy fall in those stocks which were most affected by the belligerent attitude of England in the Mason & Slidell capture. Pacific Mail, Erie, Old Stock Erie preferred and Michigan Central are most pressed for sale, being generally most sensitive to new foreign trouble. Gold quiet and fluctuations from day to day have settled down to ½ percent. Brokers buy at 1.08¾ and sell at 1.08½. At the brokers’ board there is less doing in it. The price is $1.03½ cash and $1.08½ buyers option. Money market unchanged. Supply good. 6 per cent. on all prime paper current. 5½ @ 6½ per cent. on foreign exchange. Market closed steady. A better inquiry is looked for by the Boston steamer on Tuesday, from importers, several heavy cargoes having within a few days arrived. Best bills on London $1.13¼@1.13½. There have been small sales of Treasury 73 10 notes at 2@2½ per cent. discount at the Board, and we have heard of private transactions at the same rates for the clear, and at about 3 percent for the endorsed bills. The supply this week is apparently smaller.
– Published in The Davenport Daily Gazette, Davenport Iowa, Monday Morning, February 3, 1862, p. 1