Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-09-23
ESTABLISHED MARCH 80. 1896.
NEW YORK.
The Money Market, and how tt was
Effected by the News ftOm SPAIN
Tall Rise m Geld

| The Money Market and how u was
| Effected by the News ftOm SPAIN
| Tall Rise nm Geld.
NEW YORK, Sept. 22-The scenes and
excitement on ihe Stock Exchange and in
the gold room to-day, hiring wildly to
the minds of old spectators the stirring
times in Wall street during the palmy
| days of the Rebellion. In the morning
markets the chief events were a panic in
railroad shares, depression in governs
ments, Generalization of foreign exN
change, siripgency in money and great
strength of the gold market amid the sur
rounding depression.
The principal centre of all attraction
early in the day, was the lower hall OF
the K exchange which. presented tum-
ulluous assemblsge of excited and anxious
brokers yelling in the most frantic man
ner, all eager to sell stocks and rave
themselves from being wiped out along
with their customer margins. The
slaughter of the public by the large de-
cline of the day was great and has COM
pletely wiped from the surface Of Wall
street an array of small spectators on the
bull side of the market. As the day wore
on, Che excitement and activity in the
stock market died out and comparative
quiet and dullness reigned on the stock
exchange throughout the evening.
In the long room stock experienced htful
rallies, and there was considerable recov-
cry from the lower prices of the morning,
more especially in Vanderbilps stock, but
an unsettled feeling prevailed, and pur-
chases we're large to recover short con-
tracts, the bull element being severely
crippled by the heavy losses consequent on
the decline of the past few days. Brokers
are beginning to be alarmed for their reS
manning margins, and as to the difficulty
of carrying stocks, in view of the money
striDgency and increasing want OF con
6aence.
II tie afternoon the excitement was
transferred to the gold room, and here re-
Cured fcsnts which equalled those conse.
quent on the recent illness of the Empe~
ror Napoleon. In the morning the panic
in stock exchange induced perfect flood
of short sales, and only caused decline Of
1 to / per cent. After the bears stopped
selling the market was firm, and recovered
from the decline, where it remained till
the afternoon.
The extraordinary frmness of the gold
premium in the face of the enormous short
sales of the morning and the panic on
stock exchange, alarmed some Of the promi'
nent bears, who began to cover their short
contracts, when the market fairly bounded
upwards.
The impetus given to the market by the
attempt of some bears to lower started an
upward movement with such rapidity that
a crowd of brokers and spectators rush
ing into the gold room soon Jammed both
the room itself and passages leading to IT,
with frantic crowd almost breathless with
anxiety. The price advanced sharply from
S7B TO 40B, and at the latter price bids
were on the floor at one time for loo mill
lions Of gold.
The excitement was Increased by the re-
port that Sickles had presented an ultima.
tum TO the Spanish government on the
Cuban question. In the money market the
stringency is equal to anything ever known.
In Wall street, seven per cent. in gold was
the rate. There was large, excited crowd
in front of the Stock Exchange, buying and
selling money in shape for turning stock.
The rate was one-quarter 10 one half per
cent. on several runs of stock, but on the
high pricsd stock one per cent. was the
rate.
There is a complete stand still in the
discount market, and it is next to an i'm
possibility for merchants to obtain money.
Sterling is dull and heavy-almost un-
saleable at 64@74 per cent; commercial
bills 5 per cent. Gold is buoyant and ex-
cited; opened at 1874, fell to 1873, adj
vrnced 10 14l4, closing at l4l. Carrying
rates per cent gold, 1905 per cent.
Clearances $4,000, 900.
The upward movement has been assisted
by reports founded on private dispatches
to the effect that negotiations between this
country and Spain in regard to Cuba are
likely to result in hostilities; also that
General Sickles has demanded his pass
port. Governments closed dull but steady.
State bonds heavy; old Tennessees Gig;
new 81.
1t is reported the Injunction against the
consolidation of the Central Hudson roads
was issued by Judge Barnard at the inT
stance of Jas Fisk, Jr., and others.
The engineer Of the Board of Health -
about to present a plan for flooding the
streets of the city daily from the Hudson
and East riVers, by means of powerful
pumps, such as are now used in London,
located at every street corner which will
be fed BY means Of street pipes leading
from the rivers. Besides being made to
serve as a washer of the pavements, the
saIt water nav be used to eXtinguiFh Tires,