The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-13
AND COMMERCIAL.


-~-~~-~~~~~~~~-~~~~-- .rrF
THURSDAY, April l3-6 p. n.
The steamship Persia arrived this morning with
dates to Me slst ult The money market in Len
DON continued very active, and the Bank had I'd
vansed the rate Of interest to a per cent, which
was the minimum ont Of doors. The continued
styingency in money puzzles the papers and letter
writer's The dsw Of gold to the Continent was not
excessive, and the Secepts were quite adequate for
The wants Of the Bank. Business il not active
enough in England to absorb the large amount
q capital always lying idle in London; nor does
speculation on the Stock Exchange appear to be
very active There had been some large fuctus-
1oHs in public stocks beth in London and Paris in
consequence Of Lord John Russells speech on the
Savoy question; the French rentes, affected pro-
baby by purchases by the government officials,
rose four per cent In little more than day,
and declined about as rapidly below the psint from
which they started. The British funds are also
quoted lower. As, however, it is not likely that
there will arise any trouble ont of the Savoy ques
ton, these fluctuations are not likely to be lasting
The London Economist Of March 81 says
On Thursday the minimum rate Of discount of the Bank
previous alteration was on the sist q January, whom
res non 3to per cent Was announced. The com and
ss'n stood then a. sss tsin
y4 less than now) and the ether securities ct f2o
71sesl sos less than now The announoement
n the alteration ut the Bank yesterday not received
without certain feeling Of surprise IN some quarters.
Attention had boon prominently directed, however,
msrSs channels Most Of The banks and other dealers
money found their supply 80 far reduced that they
were glad 70 turn away business except perhaps - re-
CARDS their regular customers by demanding consider
ab advance upon the Bank minimum The majority Of
bill brokers' eager applicants a the Bank for the a
market found Itself dependent upon that establishment
10 degree unusual even 1t this season, whom
great gre power given TO through the absorb
Meanwhile, tho public arc chiefly Interested in
marking the rea.surng feature that the present action Of
turbanee. There is therefore, ground for anxiety
NE foreign exchanges during the last two three weeks
demand for gold for The Continent has scarcely Scen sum
eienty active To absorb even the limited sums import
3D. The increased tghness and dearness Of the money
changes in our favor Our homo legitimate commerce,
which sohave thrven even better whst the value
low Of
not 30 oppressed by the sddo aal half per now
charged The demand for money would not be sharac-
terzed BY s present activity unless the q trade
gong forward were arge and trade would not have
acquired this remarkable Developments the pro-
Ats proper onatey handsome. Even the fresh rise in the
value Of money H. therefore of sstisiactory in
feeneee Provided the market does not become unset.
Ned, no inconvenience will be oocasioned and tho
MAT contingency The demand for money has been quite
Is pressing since the rise to AZ per cent as
* per cent and for all but the best short paper
higher terms were required The applications 1t the
Bank both yesterday and day. have been very heavy
On revenue account which must DO effected by the bank
ers ON the last day Of the quarter Saturday will there
FORE be very busy day. There Is reason to hope that
the Of the quarterly pressure viii then be over a.
though The demand in connection the mercantile en-
gagements maturing on the 4th Of April (next Wednes-
hQ okoA ~
however, that the relief anticipated from the payment Of
tne dividends has been to very considerable extent
have been made by Bank during the last three weeks
viii be PIoportionaey contracted These considerations
ont 70 the continuance OF tight money market In tho
STOCK Exchange to-day money was in pressing demand
ana the rate for short loans English government
rks was ~ to per cent The discount establishments
have announced rise Of X per cent the rates allowed
sor leans They now give 3h per cent for money Eat
drawal A similar movement has been notned nv the
int stock banks, which give for deposits az per
cent, sr per cent below the Bank minimum rate & dis
count The London and Westminster Bank, however
Allows only 2h per cent on sums below 25oo.
The Shipping Gazette of same afternoon
says
There been sudden and complete collapse on the
Paris Boursea kind Of panic setting in after business
hours yesterday-which produced fall In the
renes and caused consos to fall after ths regular hours
about per cent in all, with much general heavness.
Consos fell to 9s TO o. for money, and "a TO q for the
oOcOUnt muCn e0mos prlCe8
are little better, the quotations being 81 70 ana s4
70 a respectively There is however, very little going
the present state Of doubt ana uncertainty regard
still prevalent discount Market account Of heavy
revenue payments, augmented by the Bank putting up
h rate The spectators more disposed operate for
further fall, rather than for any Improvement But
the money market may become easier next week when
he s Of ns S h e ~
ivest With portion Of their dividend money, and some
racton in prices, therefore, is not unlikely.
In relation to American stocks, Nesrs. Barring
Bnthers g. Co. remark
FIR the Federal and Massachusetts, State SIS the de-
mad continues, but other bonds without change United
Stats 5s, ga s2A Massachusetts,, 1903 a 1915 Mary.
land a5}S a 961s; Virginia SIS, SO a.
Assrs. D. Bell, Son Il Co. report
DUNG the past week there has been steady demand
for American State stocks, and numerous Investments
have been made in the Federal five per cents well
the Virginia and Maryland State bonds In railroad
rtes there has been little doing, and the quotations
without change.
Mr.. Z. F. Satterthwaite Says
Since our last We have bad in London an improved de-
mend American securities, and the market has been
cleared Of everything offering at recent quotations. To-
day however, the tone weaker the buyer being check
ed by the present aspect Of European politics. United
States I've per cents, 1874, dull 1t o. Pennsylvania,
Virginia Tennessee in demand, at late rates for
ehipment To America
The agent of a leading Paris banking house has
received letter by the Persia, containing the fol-
lowing
PARIS, March %, 1860.
The notable fact since last been the rapid rise
Ut the Boufse especially tn the three per cent rente
which close at the highest price of 70f 35ar rise OF nearly
francs, or 81 cent Tho principal railroads have
likewise partaken Of the movement, but moderate
h. The movement has been prompted and sustained by
the government, 1t Is presumed there being solid basis
to account for this sudden and enormous rise Political
matters are by means assuring. Business continues
dull, and money plenty, and ct tho same rate -
last
The statement of the Bank of England for March
% shows the following variations as compared with
the previous week.
Increase Decrease
Pubic deposits. ................. Ell 667 -
.
Notes In circulation. %. ........... o87 ,o26 -