The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-12
THE EFFECT ON THE MONEY MARKETS..

further fall Of than two per cent marked the
commencement Of business yesterday in the stock ex
additional failures bad been announced, of them for
amount exceeding flO0 OcO, tue whole of which will
partial recovery and the dnel transactions at prices
about three quarters cent below those Of Wedn
The report that Denmark has gratided her anterman
feeling by joining the alliance with France and Russia
thus making significant combination Of three Of the
principal naval Powers Of Europe-was among the
causes OF the increased depression at the Commence
the market but tho further revelations regard
ing the secret conditions arranged with Russia exercised
the grea est influence. The first quotation Of
$50 to q and large number OF failures having mme
daIey been dec sred intense confusion ensuei pre-
vailed for considerable time a gradual improvement
th1n took place. ant transactions effected at 60
AT little before twelve O'Clock the announcement
made Of the alteration in the bank Of discount but
the symptoms Of the money market fer the past few
weeks tey fully prepared nearly every for this
step, produced lite effect, although up 70 Wednesday
mornrs thought the advance would the first in
stance be Limited TO half per cent At later hour
large number Of further aur created renewal OF
element, and sudden fall again occurred to $50.
| Two or three influential buyers then came for
ward, and, accounts from the Paris Bourse being
rather less adverse Than hose Of Wednesday the final
gains at s9A Late ii The day it reported that
also published from the ConstitNnel of the exist
of the offensive and defensive treaty between France
and Russia and about the importance attached
to MS to the recent statement that France had not
armed, and did not intend to arm The public hare not
yet had time to foygethas The compact wia Piedmont
denied Nth equal self possession Yesterday settling
day foreign stocks and shares and some of the various
failures which have occurred have been solely in
quence Of the mpossbity OF selling several kinds Of
pecuative securities obtaining loans upon them on
any terms Al the close OF business there was seader
tone and hopes entertained that no very
rious disasters win be announced
From the london Herald April 20
Another day OF great excitement and alarm has passed.
The panic which has prevailed since Tuesday possible
increased in intensity yesterday and the condition Of
busness in public securities has been more iuctuating
and irregular than at any time since the first develope
inert Of the unsatisfactory symptoms. The influence
exercised by the statements published Of the pur
sued by the French Emperor, the supposon that the
Austrian oops had crossed the Tcno and the kno Wedge
that the complications might involve England in war,
produced much disquetude and this having been fol-
lowed by advance in the bank rate of discount to
cent-or fact, rise Of half per cent higher than
generally expecledthe full gravity Of the situation became
apprec GATED. Besides il affirmed that the gorern-
oned uhe tie cypress conditions Of the treaties tc,h
Russia precisely wat hare been indicated have issued
orders for Tc,sing men for the nary on fl0 bounty so as
10 meet uhotecer emergency may arse Every description OF
report circulated being favorable aud others
OF unsyorabe character but the depreEs exhibited
lot surmounted though occasionally partial rally in
prices occurred The alterations nevertheless very
violent throughout the hours regular business, and
Wednesday, up to six o'clock market was held In Throg
morton street in which bargains could be completed The
bank directors not long occupied their deberatou
upon advancing tho rate of discount to 81 cent and
formally announced early in the day that this would be
for the present the price for the negotiation OF bills having
s5 days The rate before 2H per cent, which
has been existence since the 9th OF December last This
sudden rise Of per itsees, is considered TO b uyjs
tilted by The course 9 ecsn and has been stated that there
tsa prospect Of further augmentation The continuous
declenson in the stock Of bullion, and the apprehension
that the drain may be accelerated by the position of rea
tons on the Continent will account for the prompttude
OF the measure though in many quarters was antcpa
ed that The alteration would at first have been limited
bait per cent The rate last advanced to 4 per
cent on the ID Of June 1852 the stock Of boloo
stood at els ,253 ,93;, and the reserve of notes at
IS 36e97o. According to the last return the position
OF the bullion els 0bl 1916, and the reserve Of
SO $50 24O while the statement 10 be issued to ay
will doubtless present come additional important vara-
tons AT the commencement Of business yesterday the
ma yt at fha Eyrhan aft, 1.
most painful RENE nbered. Those iphose memories
carry them batk 10 the days of The celbrated Spanish panic
scarcely think that the exhibition then distressing
The fret lst announced was Ave names, followed by
of eight and then four others declared max
ing total including partners, Of nineteen These, VITA
the suspension previously nmated constitute entire
number Of between twenty and twenty nine, com.
prsDg the declared early in The week.
marked that whereas the occasion of the great revuson
already referred TO- the scarcity of money and the
alarm extended principally to market department in
this instance It was apparent throughout tho house the
operators every species Of security being affected AZ
Moment the condition Of things seemed destined to
paray2e apsacons altogether and such was the appre
hepson exhibited that the further announcement OF sa
lures was awaited with the most Intense anxiety. Al
though, with two exceptions The Names yesterday
nm,er stood he ,ererity of ne Jlow and tic fata inau
er7ce e1rfed ~ the immense change IN the position #
po'tico rotics In the course of the afternoon there
was greater exhibition OF confidence but the slightest
fumor served 70 create agitation, and TO lead to
every kind of conjecture with respect TO the con-
sequences which il ia alleged will follow the Russo.
French alliance. II Is mentioned, with reference TO
some of the suspensions that have taken place,
that the accounts opened by parties were on scale
of considerable magnitude. Although is true that the
depreciation IN prices has been very severe, nothing
could warrant such extensive are alleged
have been shown by the books Of Arm that com
PEELED to announce their inability 10 meet their payments
on understood that many Of the individuals who
have placed n embarr assmen have suffered solely
through the fault Of principals, and there Is question
that they paid the differences 10 them they could
have met the whole Of their liabilities with pun Stu Atty:
but With such state Of depression, and fan quota
tons as in the Of Turkish and other securities
ranging from 10 70 30 per cent, the difficulty Of averng
the catastrophe mus& be generally admitted.
IRON the London Pos. (City Article April 20
The market for the public funds has again presoutet
most excited aspect and prices have ucuased with much
Violence The intelligence received OF the crossing OF the
Tcno by the Austrian army caused the market to open
with great heavness depression OF nearly three per
cent the closing prices of last night but subsequently
became 6fmer, in consequence OF It's being reported thlt
the lie OF the invasion or Piedmont By the Arstrans
was premature and that tho alleged treaties bet
France aud Russia not n existence, but simply sat
al "unceisandieg' existed between tbs two goTsfn'