The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-12

.,,o-o,
rally IN the value OF rentes, aad recovery IA me qoe
tons for tho English funds OF about one per cent ltoh
the lowest poin, 0as eventually esahishei' lne s,se
OF confusion and alarm into winch the oeooS SA
change has been plunged to day may be lnRm,u,
when II stated that no fewer than seVepteen ue
suiters have been declared, many OF whom are men "
standing and whose position has not been 20 mucn we
result Of insolvency as being unable from Che state OF ne
markets. to close Their aces UNITS THO confusion mas 49,
been heightened by the notices given by seyenn STOCK
banks Of the immediate recall OF loans and advances uo
the demand for money hiss consequently been EXCESSIVE
and the rate OF interest purely matter for negotsuon
The advance oil one per cent N the minimum tate OF m
Baok OF England produced bnt little effect in the midst OF
the disasters and omcul.es which have relgneo ulu'n
plant to day although the measure Is OF more mporshcs
than was expected For money consos have been aea.
in at 50 $50 SOY go 50 $50 S9A, and for the account
the transactions have been at $50 S94 50 ss'l sss
ss7s S9 and the CLOSING price was at this highest point
of The day, viz; s91z x.
The bank directors, at their weekly meeting to day. re-
solved to make AN advance OF per cent Ia the lo' mum
rate OF interest and discount The last alteration WAS
snnum, and u now stands at 3 per cent per annum IA
codance with the resolution passed at 'odays board
meeting. But little exception Gao be taken TO the change
(ahough was not generally anticipated that an alters
non Of more than per cent would have been madc),
very marked influence upon the position OF the money
market The JOINT stock banks have for the most part
raised the interest allowed for money on deposit to "a
| per cent per annum out tne LONDON and Westnn,Ier
Bank has announced nss the rate OF interest
notice. VIII be y per cent on sums under fsco and ~
per cent on sums above that amount The inquiry for
money hiss been rather brisk the recall OF loans on
the STOCK Excnasge having stimulated Applications Tor
advances s 70 : la,g S amount Soui
10 the market Tor foreign stocks prices have been ex
ceeongy dePressed ana business could not De ansaed
unless AZ margin varying IRON 10 per cent between
lhs oeyms anu seng price; Iowaras me Close 0, ous
no~ever nere was rather more seadness OF tone
Inc Market LOT railway securities has been In state oil
osr wa. ave taken pace ana prices nave oTco
pus h..e o'e man nomna 30 lar as business ven. me
MIMgemen. Oh tne account mas engaged auehuon, "
ue,pe nhv oey, aeo prices nave oeen from W per
ceuI io~er IMAM they were yesterday Ehere was, now
ever more AZ tne conclusion OF business Gonse
qutpt upon tne Isiy IN the vaue OF the Eng'sh luhos
IN the to'eign runway Market the transactions nave
seen lmtea anu prices ower. Lembardo venetian ai'er
cescepdng TO "a discoa closed at ~ to discount and
the new shares after having been dealt in at AZ discount
eit o 70 ia discount very tte business mas Deen
zone r ~ ane snafes OF railways IN Bfsn ana
iuIsner oonhioerape oppression mas taken Pace III
prlces
ra soe LSnap ION se V SSy ap ~
court cay raised tner minlnum rate or discount from
"a oo1s per Cent. An advance 70 per cen' WIS COZ
ost IN So! Tue measure now adopted @ apoa
most e'rles IN .ne mau.s Oh surpsse snousa us pos
s,u.ny nsu nov anoge'aer escaped discussion IN some
curing .ne ass Two Gays Az the same ,ne IN
no disposition TO Gavin at the prompt.uds Of action dis
payed py 'ne oank ec,sve hs;e,u OF nan measures
is pr babe that The eresio Of me area Of da.bance on
.e Cese m gre 'o,g cause he a'oc'se 70 thts Country
kdsed from us ordinary CHANNELS by TIE para
ysS V Hdae put, meanwhile, the distress
o. ire oreien markets may amaate attempts 70 procure
|
these Efforts ana to check the drain Of goc the seton Of
the Bans OF England 10 generally regarded IN the light OF
pruaent ecauNon Az PERIOD when our trade presents
go lew features suggestive or anxiety the effect Of to day
measure upon our home interests can scarcely prove
onerous Three and half per cent, after all very
moderate rate for money Little damage need BIO
stoned II the commercial community recognise With cont
dsnes he sody Of their present position and
abstain from any movements calculated 10 aggravate what
may otherwlse provea merely momentary pressure In
come Quarters where loans appear to have been accorded
with undue facility there now the usual refusal OF accom-
mooats Loans are hastily called IN, and much incon-
venence occasoned rms rash and spasmodic policy Is
greatly to be deprecated TIE mercantile world their
part are called upon 70 exercise certain degree OF sell
restraint Is die 10 make provision IN excess oil all
possible requirements merely for he satisfaction or
Strengthening one banker balance should TINS exa
PIE spread Inc advantage VIII DE exclusively confined TO
the money dealers whist inc inconvenience may be gen
crazy ailiuseo
The demand at the bauk TO day was large but not 80
heavy as yesterday Applications logged prior 70 the
ang Of Inc bsnS coad'vn nan pass eleven O'clock.
were nDeraly adnlted upon tue OLD terms In tue gen
eal narAe' IN Eats S.e uosn as ouoe ,nSinea ~
s0 S tS rta IN Ihsd s,a. ia e, , "p nJ
vn,o * DAYS az 70 ner cent For nan p bauinr a
longer nerod 10 rnn b;ohar terms arc aomTsnd.d e "
Tha ponc IN the Socs Eychanye esnaciaiv dnr;ng all
the earlier par, Of the day was more intense than ever
me- ~ ny ,c dn, If sn, Ia, h
Yssnd;no nu IS, Tn sds,,;on IN Inc scven failures in
the establishment notified yesterday eighteen
pchv settlement in shares and fore,gn stocs and Ia
ioc1E forward to with extreme apxietS. Each member
or the STOCK Excbarre ia hound n nav the as
Of b;s 9sisrences under nenav If being nrocameS
da@su,tnr VET has now no .ecur,tv for the ounciuai
racair, ~ No sun,e due IN him Tho nsgivp, "a thna
90. sIorad ts,d in No small deoree ~ ex,Ian the
oImost unnrecedentsd severity Of the manic exneri
| enced TO-DAY II has become REQUISITE to make
| nroviaion AGAINST ali Contingencies and with tho
end obect of ving Their cres a, anv
anv eThs,s have forced saes of all ciasss n ea,nr
ties The marl;ets have consequently been narsvysd
TIC dealars In many instances declined to do business
- ~ sa, ~ EN- a,,o,aS ,;da
S.ea NJ roanv lin 3 or stort yyare ahsoalv
No oIs 49, 1Sror no,n,a Nai,her no cor,innn,a,
ntegence nor The Alteration at the bank apnears 10
hsd so nncb ect nnon nrices al tha total Socson os
the n,ernaI arrangemen,s Of ,he toc ETchanSe
VIC ~. l ,t Gil % ~ . ~ ai,a AZ o., nt O o
gSsna ~; INV .e ;a, ~ Ne ssa. P''
n s on,v fair to the stoct fxcSans tn ramsr that If
,ha .shtnsn rrros mr. noyncod todav orv ono &c ~
VIC IT, NJ. ,. ' ~. III w Woo vi
nrs Sing os,,na.,ad -, e1s oa se M , ao Jv
s s asa, ~ q, 80 0oo VI r ny" 10 sg s
nn hnnd md Ea,;sh ~ Uo,.'s, , Tb sao
eau uou.S anu Eusiieu ldhWay stocss' hne ououn'
% ~ aus Use nave eaciea grea. SION
s is s ssery ,or ,uS o'er