The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-11
TIE EXCITE1TENT IN WALL-STIeE II Ey7,
WHAT The PAPERS SAY ABOUrIT.
N return TO War 1imes--Trepidation OF
the Bulls-Pantc Imminent

|
lengthy accounts of the excited condition Of
Wall-street on the previous day. Somewhat
different views oe the causes and extent OF the
financial entanglement 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 Herali, dated Friday.
s P. NJ:
| The day in Wall street has been ono 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 the sudden rise of over three per
cent. in gold, the dealings in which we're not
lees than one hundred and fifty millions of
dollars. At one time panic seemed mmi-
sudden and large drop" in prices, but reac-
tion ensued at a late hour in the afternoon and
the business closed with better but not an
entirely entirely satisfied feeling. This sudden dis
crease of the Bank Of England rate of discount
70 Tb four ana half per cent on Thursday last.
= ahe great ;a.;ana nanca centre Of the world
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 spec1la-
ton 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
,whlch, according &c oss:cs :ndices is really bo-
low the open market rate of in terest. Stocks
were slow to feel this alteration. Tho decline
yesterday was comparatively light To-day,
however. the truth of the situation seemed to
and consols fell to 921 for cash, and Eve.
tweaties to figure varlously reported from 78
GOWN TO 762. The regular commercial report
oY oaple was perfectly yalueless in the crisis,
w phn vvor not
tne dark we're those who had private telegrams
direct from their foreign corr espondents. IL
was this decline in bonds which first started
the remarkable changes of to-day, and the ef-
fe;t is directly traceable throughout the seve.
raj branches OF Wall-street business
government bonds at the opening we're heavy j
ana ,o, lower in response to the fret reports CT
don. Gold under this influence took an nm
ward start Immediately after che openlne Of
me- eae Goid aid Room The rise in gold going to the
cline there in bonds, and the report which
came back was given to the street with all |
sorts OF amendments and additions Announce
ing IN among Q! her things that there was panic
vanced It's discount rate still farther: that i'm |
mense foreign orders had been received to bnv
gold, aud that the great powers of Europe had
Thued Ttnt IN the offensive toward thes United
states IN the matter OF reecJgnlzing Cuban in
dependence and suffering Cuban flibusters to
leave our portss. That there has been CON
sldeTan!ec Commotion IN the 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 q prominent
does at m ,mentg when the foreign ioaBs s and
the speculatlons in our securities have render
ed the market quite active. Under the COM
bination OF these influences, as we'll as in con.
sequence OF the semi. .off1oiaf announcement
from Washington that Secretary Boutwell,, con-
sistent in his policy OF arreso,ution. was unwil-
ling to exercise the privileges of the Sinking
Fund act before the close OF the fiscal year,
governments sank rapidly until the 62's touch
ed III and the CTS 114b-a decline Of one and
three-quarters per cent. From this point.
however, there was q rsAction, in consequence
of the higher prize Of go1 and recovery to
much better figures at the close Of business,
when the following quotations prevailed:
United States eixes, 1881 registered, 1183a118A;
do, coupon, l1Saa1182; fve-twen,les. register
cd, 11sa1laa; do, do;; COUPON; 1864 ll7aal17a;
1865, 1144ai142; DO. do, codpon. 1855. new,
1154a1153; do. do, coupon. 1857, 1l61n1l53; do.
do., coupon. 1858 1154a1l5t; do en-toIties,
registered, t07AafO7A; do. do, -coupon 1074a
1915 currency bonds, 6{a1O6a.
In gold the etfoots we're perhaps more direct
ly visible. Early in the forenoon sales we're
made as low as 1861, the closing price of the
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 quitelarge, but none agreeing as to the
exact extent. In the interval to the return
dispatch gold was steady ~ at 187Aa1872. Soon
after three O'Clock the earliest recipients of
the news began their purchases, and the price
went rapidly up to 1894, yielding later to 1884.
The range OF prices was as fOllQWs:
rnnOA scrA yS ~ sn~~