The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-25
By Atlantic Cable.
The New York Money Market.

''The gold market was irregular during the session
OF the board to-day Az the opening the feeling
rather favored lower premium, especially the
political horizon ~ so very quiet and the nstruc
tons to Minister Motley so devoid of anything that
can provoke untriendly relations between England
and America on the subject OF the Alabama claims.
Under this influence the price declined To III n.
The bears new became rather free buyers to cover
previous speculative sales, and there was sharp
recovery TO 142h. Later in the day the advance OF
o20s in London TO I9 the dllness OF exchange, and
report thaJ Secretary BoutWel would bny one mil
lion three per cents, instead OF an additional one
million OF bonds, caused decline 90 i41lt. II the
report is true that Mr. Boutwell, has decided TO Offset
the sale Of the additional million of gold by buying
an equal amount OF certificates, il goes to show that
he is yielding to the ciamor Of the ION 10 Richmond
style OF financiers who determined upon resumD-
tlon Of specie payment, matter what the cost to
the mercantile community and the great debtor class
in general society. These certificates are portion
Of the legal tender reserve with which our banks do
business. Their retirement would be step toward
contraction, ana their cancellation at the rate of
million week would produce the same CONNER
cial distress which ensued upon MIR. McCullOCh's
experiments OF the same character Congress
had 10 suspend the further dlInnutlon OF the
currency in response TO the popular outCry.
Mr.. boutwell, has no such check TO restrain him
now, II he chooses 70 act arbitrarily in the matter
unless, indeed, his strict Interpretation OF his duty
should show him tnat there is no law for his with
drawa OF the certificates, and that his efforts in aid
Of the sinking fund must be confined TO the purchase
OF bonds. 1t is TO be hopeG also that he will see the
JudicOusness OF cancellng a six per cent rathcY
than three per cent. paper OF Indebtedness. The
three per cents are an accident. They Were issued
in a strait OF Government finances. They are u
eanke where they useful purpose. The values
Of business and commerce are founded upon u con-
sdCratOn o. Them as portion OF the currency. Mr..
Boutwell, has done very wei thus FAR. Let him not
fall into the great error of his predecessor and begin
iOrclhle contraction.
"C0sh gold was in abundant supply at rates for
carrying, ranging from 70 per cent. up TO Clearing
House TINE In the afternoon per cent was paid for
carrying.
'FOIeign exchange closed dun and weak The I'M
porting merchants are confident that the present
price OF gold cannot be maintained, and are not dis
&c q NiD1 i'm fhaf ma,
a free supply OF bills, while the advance in gold in
stimulating shipments OF cotton and produce has
contributed an additional cause OF weakness. There
was q fan OF quarter per cent. between the OPEN
lows this evening Sterling, sixty days commercial,
l0S]fOt09; good TO prime bankers, 1O9G109l( short
sight, llO@ llO6; Paris, sixty days, 5'25@516li
| short, 5'l1 LG518A Antwerp, 525G5I6G; Switger-
| land, 5'25@616l Hamburg 85s@95zs Amsterdam,
392{a4056 Frankfort, 39%@40h; Bremen, 77bm,
7Sh Prussian thalers, 70h@Ult.
| Governments AT the beginning OF business We're
hesitatng, IN the lace OF the improved quotations IN
London and Frankfort, but feeling tile effect Of large
realzatiOns, began TO decline, the tendency TO lower
prices being stimulated by the report that Secretary
million Of three per cent certificates in the cores
pOndng transaction 10 the sale of two millions OF
| gold. The advance in gold has weakened the cur
rency skies. Prices closed on the street as
| United States IS, 1885, registered, 12lh@lZlzl :
DO, coupon, 12lA@i2l4; do, Flve-twensies5, 30, ~ ~
gistered, 116%@117; DO. do, coupon 1907 W. y"
12215; do. dO coupon, 1864, ll6I@llOlsi uo' ,@Ses @
coupon, 1865, lls%@isA do do, c0sS9"l Isg9 l1g SsS
1l9A do. do coupon, 1868, ll9S@Ily% Tlyeu Inaa1
States lives, Ten-fortes registered
| do. do., coupon, 1O9@1O9E currency Doh''' iV'|1@
;;The money market was without essential change,
7 ana rates ou cal continues " ''"sS Nv" W PV'
cent