The New York herald., 1869-05-08
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
FRIDAY, May Tsp N.
The day I'm Wall street has been one OF the most
excited for many months perhaps for several years.
The transactions in all the markets enor-
nous scale and characterized by the greatest anma-
ton The chief feature was the sudden rise OF over
three per cent in gold, the dealings in which were
not less than one hundred and fifty millions of dol.
lars. AT one time a panic seemed imminent in the
Stock Exchange and there was sudden and large
.'drop'' in prices, but reaction easued at late
hour In the afternoon and the business closed with
better but not an entirely satisfied feeling
This sudden disturbance Is to be traced re-
motely to the increase 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 supremacy
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-
ton which has sprung up IN United States
securities, some prompt step necessary to make
money dearer IN the English metropolis. Hence the
advance In the rate OF discount which, according to
ether indices Is really below the open market rate OF
interest," Stocks slow to feel this alteration. The
dechne yesterday was comparatively light. To-day,
however, the truth OF the situation seemed to break
upon the minds of London nnanciers, and consols
u
variousy reported from rs down to 76x. The regu-
lar commercial report by cable perfectly value
less In this crisis and the only persons who were
not working in the dark were those who had private
kilograms direct from their foreign correspondents
1t this decline in bonds which first started the
remarkable changes Of to-day, and the effect is
directly traceable throughout the several branches
OF Wall street business.
Governments bonds at the opening were heavy and
lower in response to the first reports of decline Of
enc half per cent in fve-twenties at London.
Gold under this influence took an upward start
immediately after the opening Of the Gold Room.
The rise in gold going to the other side Of the At
lantic caused further decline there in bonds and
the report which came back was given to the street
with all sorts Of amendments and additions, an
nouncing among other things that there was panic
IN London; that the Bank Of England had advanced
is discount rate still farther; that immense foreign
orders had been received to buy gold and that the
great Powers of Europe had united IN the offensive
toward the United States in the matter Of recog-
nizing Cuban independence and suffering
Cuban flibusters to leave our ports. That
there has been considerable commotion in
the London money market there is no
doCbt But the cable informs us Of renewal of the
Fenian outbreak in Ireland and which is, probably,
prominent cause OF the uneasiness, happening it
does at moment when the foreign loans and the
speculation in our securities have rendered the
market quite active. Under the combination OF
these influences, as well as in consequence Of the
semiofficial announcement from washington that
Secretary Boutwell,, consistent in his policy OF irreso-
nton, was unwilling to exercise the privileges of
the Sinking Fund act before the close Of the fiscal
year, governments sank rapidly until the
'82s touched III and the '67's l14H-
decline OF one and three-quarters per
cent. From this point however, there was
reaction. in consequence OF the higher price Of gold
and recovery to much better figures at the close Of
business when the following quotations prevailed
United States skies, 1881, registered 11sx 1Ish;
do, coupon, 11s1z 11sa; five-twenties registered
l1a 113h; do. do, coupon. 1862 1171s 1I7z;
do do, coupon, 1854, 113 11Slz; do. do, coupon
1896, 1l414 a114A; do do, coupon, 1895, new I15k
ll6h; do. do, coupon, 1851, 115x 115K; do. do,
coupon, 1883, 115k ll5H do, ten-fortes, regis
tered 107A 1071s; do. do, coupon, 107H a 107x;
currency bonds, 1oez 1o8H
In gold the effects were perhaps more directly
visible Early in the forenoon sales were made as
low as 1885, the closing price Of the previous day.
BY noon the price had 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 IL was quite large, but agreeing as
despatch gold was steady % at 1917 1914. Soon
after three O'Clock the earliest recipients the news
began their purchases, and the price went rapidly
up to 139k, yielding later to 1887. The range OF
price was follows:-