, 1869-05-11
MONETARY AND COMMERCIAL.
. MONETARY.

HDEQA1 kVKE1SQt Mag W.
The remarkable sudden and short panic In lac
stock, bond and gold markets on LAST Fnday a11ef'
noou seeus 10 have passed over and left scarcely
4 trsce behind. except neryous consciousness
that tim ssme thing may hsppen agatn aod be Of
logger continuation. The eause turns out 70 have
been }ust What Indicated In our ls1ne OF Satuf-
day morning, Viz, raising Of the rate Of DISCOUNT
b7 the Bank Of England In order to pleTenf tue
rurthef depletion Of her coin and hulfou reserve,
and also to check investment and specu1anon In
United States and other foreign securities So
many new European hoans have been put npon tfse
London market Of late that, together With the 7zss
amount Of American securities Of all kinds. GOV
etnment md railway, etc, which hare been taken
shere, II threatened to drain the great hn2n-
ctal centre OF the world Of Large
portion OF Its really cash, and
II IVES necessary for the Bank Of England to make
money deaser In London In order to Eeep II nj
home. In short, the Bank Of England eame into
the money market as = @be4r =" On e. 8. 5-sDs anu
also On several Of the European loans very
Significant feature Of the nuEEy Of Saturday was
the panic impaired to railway stocks, which should
have fet comparatively little effect from the Bank
OF England movement, bet which really e1Pe-
rtenced G1eaker decline thao government oonds,
showing them TO be in an Undated condition and
pcculia5iy susceptible to panic which nay come
again ut any time.
Since the publication Of our INSTRUMENTATION
that Stuck Exchange be orEau,zed IN th!s CITY.
We hear that several gentlemen had ootained
charter for that purpose which received Inc ap-
proys, Of the Governor On the 18Th Of April aod
under which It IS proposed to organize board
before long. There is also the charter Of the
old Chicago Stock Exchange, which Was organized
In 1853 and continued tn operation about one
year, but which did not pEpse yer! SUCCESSFUL
nor rery profitable enterprise II there were no
prospect Of more business In that line ROW fnaa
then, the Inducements to renew the attempt to
establish such an Institution would not present
mach encouragement, but aside from the increase
Of bank, insurance, manufacturing and other local
stocks for which market quotations nIe becoming
necessary. large increase IN financial t!ansac'
tons Of this sort H likely to resuls during the ntx
year Of TWO nom tho increase Of mining stocks Ia
the new West, with which 1e are now connected
and from which NE expect 10 derive trade Our
neighbours In ST. lnais b1y and sell their local
stocks every day BY auction 1t the kChaInher o1
Commerce, after Change hours, and many dealers
/ here recommend tomethtng similar to that, or &c
the psan OF the Boston stock suction, As the beg
| ncau1 Of es&&blshinK quotations, but something
| one Of these twu directions ought to be 1nauguF
! ated.
| Bustnesa was interrupted to great extent 10
day by the Pacific Rnlroad celebration. Al tht
| bsots business wa dull Money wz1 plenty, ant
gratn markets. made less disposition to operate
and specuiators were making scarcely any sppll
! cations for toAnA.
| Exchange was sold between banks at sc pc
q, 100 premium. At the counter bankers wer
taking OF customers It par sor straight sight ex
change, and 1-lo of1 for grain bills aud seiilut
at LILO premium
Under the influence Of the announcement ths
The Secretary Of the Treasury will buy SO boud
In the open Market Il the rate OF q million pc
Eeek, rs long Is the surplus Of gold in the Treas
u1y VIII admit, the prices for Ill the gove1nmeo
securities continue to advance, and orc quoted to
day IN New York II An ayeEaga OF per cent high
erthan On SATURDAY, and about per cent highe
than the quotations. made during the panic on Fri
day. In London. the price OF 'ess has reacted Il
Ts1t, which ia within u Of per cent Of the quota
tons shere before the decline.
peslers' quotations for buytng and selling gov
efnment honda, local stockg, gold and silver, u
| Fhtl e17arfhf thtq afternoon xerts Ii fn11OUS-