The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-13
From, the London Times (City Article April 90 !
THE MONEY MARkEn.

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her anti-German feeling by joining the alliance
with France and Russia-thus making significant
combination of three of the principal naval Powers
! of Europeans among the causes of the increased
| depression at the commencement of the market;
| but the further revelations regarding the secret
conditions arranged with Russia exercised the
greatest influence. The first quotations of consols
was $50 to q and large number of failures hav-
ing Immediately been declared, intense confusion
ensued, and prevailed for considerable time
gradual Improvement then took place, until trans
actions were effected at go
| At little before twelve o'clock the announce
ment was made of the alteration in the bank rate of
discount, but the symptoms of the money market
for the past few weeks having fully prepared near
ly every for this step, it produced little effect,
although up to Wednesday morning it was thought
the advance would in the first instance be limited
to a half per cent. At later hour large number
offurther failures created renewal of excitement,
and sudden fall again occurred to $50. Two or
| three influential buyers then forward, and,
| the accounts from the Paris Bourse being rather
less adverse than those of Wednesday, the final bar
gains were at S934. Late in the day it report
ed that the Austrians have not yet crossed the tt
cino. A denial was also published from the Con-
sttutiomel of the existence of the offensive and de-
| fensive treaty between France and Russia, and
about the same Importance was attached to it as
to the recent statement that France had not armed,
| and did not intend to The public have not
yet had time to forget that the compact with Pied
| mont denied with equal selfpossession. Yes
| terday settling day in foreign stocks and
shares, and some of the various failures which have
occurred have been solely in consequence of the
impossiblity of selling several kinds of speculative
securities obtaining loans upon them on any
terms. At the close of business there seader
tone, and hopes were entertained that more very
serious disasters will be announced.
From the London Herald april 29.l
Another day OF great excitement and alarm has
passed. The panic which has prevailed since Tues
day, if possible increased in intensity yesterday
and the condition of business in public securities
has been fuctuating and irregular than at any
time since the first development of the unsatisac-
tory symptoms The influence exercised by the state
ments published ofthe pursued by the French
Emperor, the superstition that the Austrian troops
had crossed the Ticno, and the knowledge that the
complications might involve England in a war,
| produced much disquietude, and this having been
followed by advance in the bank rate of discount
to 81 per cent, or in fact rise Of half per cent
higher than was generally expected the full gray
ity of the situation became appreciated. Besides it
was affirmed that the government, preparing for
the worst notwithstanding it is questioned whether
the express conditions of the treaties with Russia
precisely what have been indicated, have issued
orders for raising men for the navy on q fl0 boun-
| ty, to meet whatever emergency may arise
Every description ofreport circulated, some
being of a favorable and others of unfavorable
| character, but the depression exhibited was not
| surmounted, though occasionally partial rally in
prices occurred.
| The bank directors not long occupied in
their deiberation upon advancing the rate of dis
count to 81 per cent, and it was formally
nounced early in the day that this would be for the
present the price for the negotiation of bills having
IS days to run. The rate before "a per cent,
which has been in existence since the 9th of De-
cember last. This sudden rise of l per cent, it
seems is considered fully justified BY the course of
events and it has been stated that there is pros
pect of further augmentation. The rate was last
advanced to so per cent. on the I'd of June, 1853
when the stock of bullion stood at els, 253 1884, and
| the reserve of notes at fS .366,970 According to
the last return the position of the bullion was flS
05, 1878, and the of notes 60 $50 240 while
the statement to be issued to-day will doubtless
| present some additional important variations. At
! the commencement of business Yesterday the scene
witnessed at the stock exchange was one of the most
painful ever remembered. Those whose memories
carry them back to the days of the celebrated Span
| ish panic scarcely think that the exhibition then
was more distressing.
The first list announced was five Names followed
by second of eight, and then four others were de-
cared, making total including partners of nine
teen. These, with the suspension previously init
mated, constitute an entire number of between
twenty-seven and twenty-nine, comprising the one
or two declared early in the week. On the occa-
sion of the great revulson referred to- the scarcity
| OF money and the sense of alarm extended prnci-
pally to market department, in this ms lance
it was apparent throughout the house, the opera
tors in every species of security being affected At
one moment the condition of things seemed des-
tined to paralyze transactions altogether and such
was the apprehension exhibited that the further an
nouncement of failures was awaited with the most
intense anxiety. Although, with one two
ceptions, the names yesterday were of second and
third class character still the great number showed
the severity of the blow, and the fatal influence ex
ercsed by the immense change in the position of
our political relations. In the course of the after
noon there was greater exhibition of confidence,
but the slightest rumor served to create agitation,
and to lead to every kind of conjecture with re-
spect to the consequences which it is alleged will
| follow the Russo French alliance
From the London Mercantile Gazette april 90
! The excitement on the Stock Exchange continues,
not in consequence of receipt of any further war
like movement, but solely from there having been
tann mr. faiiure dpclared hasidas he
teen Yesterday on Wednesday and two pre-
vious, in all about thirty-eight. OF yesterdays
list only one was large, say 100000, but to-day
| there some more oe the class. This has
produced renewed excitement throughout the mar
! ket, and prices ''wid as ever-so much so,
that are once more unable to give regular list
| of quotations. Consos opened at 80 to n went to
90H to 81, and 80 to y. Business has been
transacted at S9H and also at o. showing fuctua-
ton of l q per cent. Turkish are. however, bet
ter the present quotations being 60 to CT and 50 to
81. The scrip of the India loan has been done at
3d. and also at 9l13.
The money market is very firm at the Bank mini
mum of 81 per cent. for short bills. The banks
and discount houses have, in regular course, made
corresponding advance in the rates of interest al
lowed for money placed on deposit
From the London !Nelos City Article) april 29.l
The directors of the Bank of England, at their
weekly court to-day, raised their minimum rate of
discount from 215 to 81 per cent. An advance to
per cent. was considered certain, but the measure
! now adopted fell upon most circles in the nature
OF surprise although its possibility had not alto
gether escaped discussion in some quarters during
the last two days. At the same time, in the exist
ing critical condition of foreign politics, there is
disposition to cavil the promptitude of action dis
played by the bank. Decisive instead of half meas
accord best with the present phase of the pub
lie mind. 1t is probable that the extension of the
area of disturbance on the Continent will ere long
cause the diversion in this country for safe keeping
of large amount of foreign capital released from
its ordinary channel by the paralysis of trade; but
meanwhile, the distress of the foreign markets may
stimulate attempts to procure temporary assistance
from this side AS likely to defeat these efforts and
to check the drain of gold the action of the Bank
of England is generally regarded in the light of
| prudent precautiOn. At period when our trade
presents few features suggestive of anxiety, the
effect of today's measure upon our home interests
can scarcely prove onerous. Three and half per
cent. after ALL is a very moderate rate for money.
| Little damage need be occasoned.
FROM WASHINGTON NEws.-The New York
Herald received despatch from Washington on
| the 1lth which says:
The President this afternoon received dispatches
| from Mr.. Reed, our Commissioner to China, who
arrived by the Persia, stating that Mr.. Dallas and
himself had long interview with Lord Malmes-
bury Immediately before the sailing of the steamer
on the subject of European affairs.
| Lord Malmesbury stated, absolute fact that
the British Government had just learned that all
negotiations were at an end that war inevta-
BILE, and that the Ministry expected confidently that
hostiities would break out within twenty-four
| hours. 1t was believed that the Austrians would
drive the Sardinians at once to Genoa, taking pos
session of Turin, with scarcely any resistance.
There was also positive information that the
French army was not in a condition to Immediately
take the field and as Austria was advised of this
Lord Malmesbury believed the Austrians would en-
deavor to force an engagement forthwith.
A correspondent of the New Bedford Jfercuru
writing from Hakodadi, Japan, says it is believed the
japanese know of many bays where the whales
calve but they would answer no questions upon the
subject. They bought whale gun of the Adene,
and took instructions of the venerable captain OF
the Rapid, in both whaling and navigation, and
seem to manifest determination to do something
in the whaling line for themselves. At present they
burn vegetable talow and oil extracted from various
seeds yet they have whale blubber for sale at the
groceries, though only luxury of food. The
ships wintering here reported the weather to have
been remarkably good but few teavy gales, no
great amount of snow, and ice, except in secluded
places. There has been fine schooner built and
launched here after American model; she is now
on trip to Jeddo, and has proved to be safe sea
boat, and fast sailer.
The Russian brig Carl, at New York, reports
April 49, lat AZ Ion. Al spoke British bark Ursula,
Murphy, of and from Liverpnol for Halifax "a DAYS
out, full of water took from her Capt NJ and crew
Is in number 1sti inst, lat AZ lon g. 30 spoke shin
! A. NJ. Mills from Falmouth, for New York and
transferred to her the captain third officer and
three boys of the Ursula, retaining the remainder
of the crew, and bringing them to this port While
boarding the Ursula the Carl came in collision and
bod h huI rkc nd ilstn cd