The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-22
NEW YORK MONEY MARKET.

The following extracts show the state Of the New
York money market yesterday
From the Herald.
''The money market to-day was very steady and
the rate on call still ranged from six to seven per
cent, according to the class of coltateras There
are as YET no exceptions at the lower rate upon
STOCKS, but the instances at six per cent are quite
frequent on pledges OF Government bonds The
currency movement with the interior is reported
aDOuJ even, 80 that the Treasury dis
increase to the oanabe funds OF the banks The pur-
chases to-day have added nearly four millions of
dollars to the currency of the city, but the sale Of
gold tomorrow will withdraw nearly million aud
nan agaln. Some curiosity IS manifested to know
whether the Government purchases of bonds i'm ad-
dltion to those for the Sinking Fund, viii be CON
tlnued next month We have reason for intmating
uat secretary Boutwell, VIII be guided by the con-
utlOn o the money market at the end OF July AS to
increasing his sales OF gold, 1t is hardly probable
that he will diminish his store further than by the
amounts already advertised to be sold. The Novem-
Der lnstalment OF interest Ia a very heavy one,
aHa az q, VIII need economy OF the gold receipts
OF tne government during the ensuing three months
the large gold balance in the Treasury being usye
as II is largely represented by gold certificates
Forelgn exchange was duh after Wednesdays
steamer, but the demand was even less than usual
Rates were firmly held, and for prime bankers ster
ling ranged from HOO HOS for siXty-day and 1t0k@
l!O59 lor slght Dllls Commercial paper was quoted
at to ~ per cent the extreme range for sixty
day and four months prime notes and acceptances
"Ihe Government market, while favorably affected
by the Treasury purchases and the advance to s3I.
in London, was irregular at the opening and after
wards fell of a fraction upon the announcement
that the proposals to sell embraced total of nearly
twelve millions of bonds. This figure shows that
the supply on hand IN the city is larger than was
supposed, and hence yielding in obedience to the
inevitable law took place. Again the foreign de-
mand is entirely checked because the home market
has been run up so largely by these weekly pur-
chases 1t should not be forgotten that the foreign
market was greater support than is the buying OF
the Governments, for while the latter takes only three
millions week, the former was in the habit OF re-
quring as many 10y every prominent steamer. The
demand In the one case was Invisible; in the Gov
ernment purchases there are a parade and pub
licity which have unduly stimulated prices and
drawn great many bonds from the country. With
the noon price In London at SO there was yielding
in the general list, which carried the 67s down TO
12O Lie The weaker feeling in gold ut this period
was almost operative upon the market Later in the
day there was a reaction aud q general improve
ment, prices on the street closing steady
"a Washington special says that the public state
ment for the present month will show a gratifying
reduction in the total amount Of the debt The re-
ceipts from customs and internal revenue will in the
aggregate amount to thrty-eight or forty millions
and the debt will be diminished about ten millions
of dollars 1t is expected 10y the Treasury officials
that the exhibit for August will likewise show
further reduction Of the debt, while the statement
for September will probably increase the amount OF
the debt few millions, account OF the heavy
falling off in receipts and the anticipated large dis
bursements to meet the expenses Of the War and
NaVV DpnaltmentS.n