Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1826-02-09

Ciuedly opposed TO the views oil his deceased
brother, doubts have naturally been excited as
to the continuance Of the policy heretofore pur-
sued by the Russian Government. On Thurs
day and yesterday speculation to an immense
amount was entered into, and among the mos!
extensive sellers were those who had vigorous
ly supported the Funds, under the hope that
C%onsols, in the early part of the year, would
have advanced TO par; hut yesterday morning
Consols for Account opened at 81, and after fall |
ing to 8o4, left off at 81 38 l-S, being the high
est quotations at which they have been sold
Throughout, the week.
The transactions in Money Stock have been
also on a very extensive scale, particularly in
the Reduced Annuities, which have displayed a
degree of elasticity, which can only be account
ed for by the comparative abundance ofcapital,
both in and out Of the Market. On Monday
last, when the dread Of further disasters was
so severely felt, the greatest difficulty con-
tinued to he experienced by the regular Bro
kers in e~ffecting sales, particularly in S per
Cent. Consols, even on terms from a TO S per
cent below the quotations for the opening,
on the 10Th of next month, parties Directing TO
have their capital locked up, although realizing
an enormou per cen,age by purchasing Stock,
and getting rid of it for time The very low
est quotation of Consols, for money, as far as
we could learn, was IS; Of Red Annuities. 754;
of the New 4 per Gents. So; of the Three and
a Half per Cents. Ruduced, sl}. Yesterday,
in the course of the afternoon, all these Securi-
ties were in demand at the quotations annexed,
by which it will be observed, that the rise in
the 81 per Cent. Annuities has been the most
extensive, ard that it has not been less Than Sc
ven per cent, while the Improvement in the
M. L.. hoo A. H. $50, r.
five per cent; Reduced Annuities, 8Oa Three
per Cent. Consols. sol Three and a Half per
Cent Reduced, SO and Three and a Hall per
Cent 1918, ss@ During the extreme panic,
all sales Of Stock were for Bank-notes only.
but the Market yesterday having become SO
much more tranquil, the dealers adopted the
usual course, in many instances, OF giving
cheques, TO be exchanged al the clearinghouse.
Two important notices have been given THIS
week, which have tended, in a degree, to en-
nance the value OF the Funds, but more es-
pecialIy that species Of security to which they
refer. The first notice was from the Treasury
for increasing the rate Of interest not only OF
EXchequer Bills dated in the months OF Octo-
Der, November, and December, in last year,
but OF all others outstanding, from I'D to ID.
per day. EXchequer Bills, at the mcnent, un'
derwent no material alteration, owing to the
pressure for money in the City, but they have
since advanced from 85s dis. TO Is, dis. Yes
,erday the smaller descriptions OF Bills were
sold at par.
The other notice to which we have above re-
ferred, was from the East India House, not al
together unexpected, by which India Bonds are
in future, to bear an interest OF a per cent. The
discount on them, which had been as extern
l.. = Iii hnc hnnn rPdn
ced to l5s. and 20s.
The report which we noticed last week, Of
some very large purchases of Exchequer Bills
by the Directors of the Bank Of England, al
the heaviest discount at which they have been
sold, is the chiefcause of the great advance in
Bank Stock, which, although at 1913 and 1919
in the beginning Of the week, was sold yester-
day at 2l2
There has been a considerable improvement
in the prices Of every description Of Stock to
day, and Money has become so extremely a
bundant at last, compared with what il was on
" a day or two back, as to justify the opinion
that the advance will continue still further.
On the opening Of business this morning, the
greatest eagerness was displayed by the deal
ers to purchase al the closing prices oil yester-
day. but the first quotation of Consols, for Ac-
count was slB, and in a few minues touched 80
being a rise o fnearly one and a half per cent
on the lowest prices Of yesterday. In this state
IF the market there was what is technically
termed much realizing, and to such an extent,
that ConsoIs for Account fell to sla, and huc-
tuated throughout the afternoon between this
quotation and S2d.
In addition to the plentiful supplyof money,
the accounts from Paris communicating rise
Of nearly 2 per zen, in the Funds, there, has in
duced many of the Spectators to turn their &C
counts.
In Money Stock there has not been much do
inc; the rise, however, has been IN the seme
nronortion as that which has occurred IN Con-
soils for Account. The first transfer day in
per Cent. Consols, and the New 3 per Cents.
Sc. is on the 9TH of next month.
The current rate of interest OF money on Stock
and Exchequer Bills to-day, is not more than
2 nrr cent, which is a novel and very important
feature at the present moment; the latter have
been sold al a discount Of Is only, and India
Bonds at Is. dis
Not a single failure has been declared up to
the close OF business this afternoon. and the &C.
neral opinion appears TO be, that unless the
Funds shall be subject to much more extensive
fluctuations, there will be but few defaulters OIL
or before the Set. ling-day.
-WzzzyANANNW@