The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-11
THE EXCITEMENT IN WA11-sTREET
WHAT THE PAPERS SAY ABoUTIT.
Return to War T1mes-Trepfdatlon of
the Bulls-Panic Imminent,


The New York journals of Saturday contain
lengthy accounts of the excited condition of
Wallstreet on the previous day. Somewhat
different views of the causes and extent Of the
financial ENHANCEMENT are taken by different
papers, and we reprint sufficient to show the
opinions of the leading financial authorities:
THE NEW YORK HERALD.
The following is taken from the financial and
commercial article Of the Herald. dated Friday,
.SP.M.:
The day in Wall street has been one of the
most excited for many months, perhaps for
several years. The transactions in all the
markets were on an enormous scale, and char
acterized by the greatest animation. The chief
feature was tho sudden rise of over three per
cent. in gold, the dealings in which were not
less than one hundred and fifty millions OF
dollars. At one time a panic seemed lmmi-
pent in the stock exchange, and there was
sudden and large "drop" in prices, but reac-
tiou ensued at late hour in the afternoon and
the business closed with better but not an
entirely satisfied feeling. This sudden dis
turbance is to be traced remotely to the in
crease of the Bank OF England rate Of discount
to four and half per cent. on Thursday last.
The great financial centre OF the world
is ever jealous OF its monetary supre-
macy. With the threatened drain of
money arising out OF the numerous
European loans negotiating in the London
market, not to speak Of the brisk specula-
tion which has sprung up in the United States
securities, some prompt step was necessary to
make money dearer in the English metropolis.
Hence the advance in the rate OF discount,
which, according to other indices, ID really be-
low the open market rate Of interest. Stocks
oi1 IN otf
yesterday was comparatively light. To-day,
however. the truth Of the situation seemed to
break upon the minds Of London financiers,
and consols fell to 925 for cash, and 6ye-
twenties to figure variously repN ted from 78
down to 76}. The regular commercial report
by cable was perfectly valueless in the crisis,
and the only parsons who were not working in
the dark we're those who had private kilograms
direct from their foreign correspondents. 1t
was this decline in bonds which first started
the remarkable changes OF to-day, and the ef-
fe It is directly traceable throughout the seve.
raj branches OF Wall-street business.
Government bonds at the opening were heavy
and lowor in response to the fret reports Of a
decline Of one per cent. in five-twenties at Lon
don. Gold u1der this influence took an up
ward start immediately after the opening Of
the Gold Room. The rise IN gold going to the
other side Of tn. Atlantic caused further de-
cline the;e IN bonds. and the report which
came back was given to the street with all
sorts of amendments and additions, announc-
ing among her things that there was a panic
in London; that the Bank Of England had ad-
vanced it's discount rate still farther; that i'm
mense foreign orders had been received to buy
gold, aud that the great powers Of Europe had
united in the offensive toward the United
States in the matter Of recognizing Cuban in
dependence and suffering Cuban ilibusters to
leave our ports. That there has been con-
siderable commotion in tho London money
market there is no doubt. But the cable in
forms US OF a renewal of the Fenian outbreak
in Ireland, and which is probably prominent
cause OF the uneasiness, happening as it
does at m Jment when the foreign loans and
the speculations in our securities have render
ed the market quite active. Under the COM
blnation Of these influences. as well as in con.
sequence OF the semi official announcement
from Washington that Secretary Boutwell,, CON-
sstent in his policy OF lrreso,ution, was unwil-
ling to exercise the privileges of the Slukng
Fund act before the close OF the fiscal year,
governments sank rapidly until the 62's touch
ed III and the CTS 1146-a decline OF one and
three-quarters per cent. From this point,
however, there was reaction, IN consequence
OF the higher pri'e OF gol and recovery to
much better figures at the close OF business,
when the following quotations prevailed:
United States skies, 1881 registered, 118la118s;
do, coupon, 1184a1183; five-twenlles, register
ed. 11Sa11Sa; do. d., coupon, 1852. 117ta1172;
1865, 114lai143; do. do, coupon, 1865. new,
115la115t; do. do, coupon. 1867, 115la1l5s; do.
do, COUPON. 1868 115la115A; do, ten-toIties,
registered, 1074a107t; do. do, coupon, 1O7sa
107t; currency bonds, 1O64a106a.
In gold the effects we're perhaps more direct
iy visible. Early in the forenoon sales were
made as low as 1861 the closing price Of the
previous day. By noon the price bad risen TO
1874. This rise was followed by the sudden
decline in bonds at London, about which the
reports were so contradictory, all uniting that
it was quite large, but none agreeing as to the
exact extent. In the interval to the return
dispatch gold was steady u) at 137sa1872. Soon
after three O'Clock the earliest recipients OF
the news began their purchases, and the price
went rapidly up to 1891. yielding later 10 1854.
Therange Of prices was as follows: