The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-07-16
The New York Money Market-Ex'
ctternent Caused by the War News.

New YORK, July 5-Night.-Money
opened easy at 4675 per cent, and during
the afternoon became active mt 5@6 per
cent. Nothing was done in discounts.
Sterling exchange opened dull and nom-
nal, and in the afternoon was unsettled by
fluctuations in gold and the foreign news.
1t was quoted at the closing at 109H@11O.
Governments opened unsettled by the
European news, with wide ana frequent
fluctuations. In the afternoon they became
steady with some rallying from the lowest
point. but closed duh and weak. 6's, 81,
coupons, 1l3E; 'G2's, 'G4's, and 'G5's, 100 !;
new 'G5's, 1OS; 'G7's and 'GS's, 1oSA 1o-4Vs,
101.
The gold excitement in Wall street to-
day, especially in the Gold Room, was
greater than ut any time since the war fever
in Europe commenced. The room was Il
scene of the widest excitement, and the
fluctuations were wide and frequent. The
day opened with quotations Of G5f. SOC. for
French rentes, accompanied with tele-
grams that the Prussan forts were to be
hombarded Immediately, and that great eX-
citcment existed in Berlin and throughout
Germany. On this news gold jumped to
114%, but quietly reacted to 1l3k, when 1t
was announced that French rentes were
up to GGf. 90c., and that in Paris there was
no more hope of peace. Tclegrams came
thick and fast. First, to the effect that
Prussia was massing her troops, and also
that the French fleet had sailed to block
ade Prussan ports. At this crisis IL was
reported from Washington that President
Grant and his Cabinet were in council, and,
in connection with the PrusSian Minister,
were pressing Congress to pass a bill where
bv the United States Government would be
empowered to grant American registers to
furcign-buiIt steamships when purchased
by American citizens. This caused gold to
leap again to HAN. At this point the
French tclegramS were more peaceful, and
the war feeling on the part of the Germans
subsidized somewhat, which caused a decline
in gold to ia ; hut the market afterwards
rose to 1l44, and remained ut about that
price for some little time. After the an
nollnccment that the Corps Legi>latif had
declared war the following was received
from Washington
"Thc prllSsian Minister'S telegram has
Just been read in the House that Prussia
accepts the iSSlle and declares war against
France. Great applause"
This news caused gold TO 60 up to 115,
and the Gold Room presented Il scene Of
the widest excitement. During the after
noon the excitement in Wall street con-
tinucd. At one time an advance in French
rentcs from G4f. 5Uc. to GGf. SOC. was re-
ported, which WAS interpreted as Il slight
ray of hope for peace. and gold fell from
l15E to 1855 but ut the close French
rentes were quoted at GGf., while the cable
telcgr;llnS became warlike again, and spoke
of 4 conflict as inevitable ut IN early day {;
this sent gold up to the highest point Of the
day, and the market closed very strong ut
at 1lGh @llGa.
Southern Securities opened dull, and
very few quotations were made. During
the afternoon they were dull generally, and
heavy on Tennessee new and North Caro-
lima new. On most Of the other bonds the
bidding and asking prices were wide apart.
Tennessee G's, 66E new, G5. Virginia G's,
e. new, OK. Louisiana G's, -; new, 20.
Levee G's, 73; SIS, 80. Alabama SIS, 101.
Georgia 6's, S5 rs, %. North Carolina
6's, 50; new, 50. South Carolina 6's, SIX !;
now 1SL