MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The causes to which we alluded in our last report have operated during the whole of the week to produce a decline of prices; which has been less remark- able in the English than the Foreign Securities. Money has been in very great demand, and higher rates of interest have been obtained to-day by capi- talists for carrying over the speculative accounts in the Foreign Stocks, than since the memorable panic of 18'25. This extreme pressure has arisen from the large amount of capital which has been withdrawn from the support of the Spanish Stocks. For some time previous to the period fixed for the conversion of the Bonds of the Cortes Loans into proportionate parts of Active, Passive, and Deferred Stock, large purchases of these embryo Securities were effected for the period of the conversion; and the result of the rise in prices consequent upon the speculation was to afford a great inducement to the capitalist to an immediate purchase of the Cortes Bonds, and a sale of their component parts at a considerable profit for the distant period alluded to. The market was tIMS cleared of the Bonds of the Cortes Debt ; which being hell against sales of then uncreated Bonds, gave a fictitious character to the operations of Spanish Stock, and produced the extraordinary rise in these Securities which has occurred in the last three months. But as the capitalist was only induced to this purchase of Spanish Stock by the view of temporary profit, and not as a permanent investment, the whole of the amount of Cortes Bonds then absorbed are now thrown back upon the market, in the new forms of Stock into which they have merged, and have produced the depression of the last few days. The foreign exchanges are rather higher than last week, but Its yet there exist no grounds for hoping a permanent improvement in them. With the decline in Spanish Bonds, Portuguese Stock has also fallen. Dutch Stock thus expe- rienced a decline; and the other European Stocks are generally lower. The South American Bonds have maintained their prices better than could have been anticipated from the tenor of the last advices from Columbia. The Del Monte Mining Shares are at a trifling improvement, while those of the St. John Del Rey have fallen 11.
SATURDAY, TWELVE O'CLOCK.
Nothing worthy of remark has occurred this morning. Cousols are at yes- terday's prices, but Exchequer Bills are heavy at 25s. to 29s. prem. Spanish Stock has improved, and is now 67A sil. Portuguese and the other Foreign Bonds are also slightly above yesterday's prices.
3 rer Cent. Consols 92 * Dutch 2* per Cents .. 574 4 Ditto for Accouut 92 French 3 per Cents -
New 34 per Cent. Annuities 100 4 Greek, 1833.5 per Cents - Bank Stock 215 * Mexican 6 per Cents 46* 74
India Stock fin Account .... - Portuguese 5 per Cents -
Exchequer Bills 23 29 Do.Regency Scrip,5 per Cent 10D: I Belgian 5 per Cents. ex. div 101* 2 Russian. 1S22, 5 per Cent .. 1094 Brazilian 5 per Ceumts 86 i Spanish. IS21, 5 per Cent.. 67* I Lettish Slier CCIIIS Ilk Ditto New Scrip 5 Ceut.... 74 4
Previous page
