The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-06-16
The New York Money Market.


"The course of the stock market during the past
week has been such as to suggest serious inquiry
to the real purposes Of the cliques in the present
been really diverted, If not reversed seems too evil
dent to be questioned. The grand 'bur movement
which carried up prices so triumphantly through
out the spring was so successful and so widespread
that the veriest bears were compelled to turn
around and 90 with the tide while the whole
street We'd with each other in clutchng at the
stocks, which kept steadily rising IL is an
axiom OF wall street that when everybody is
bull one bear can turn the market In such
condition Of the market everybody is ready to sell;
no one is willing to buy. Old operators shook their
heads, said prices were very high, that they were
carrying all they wished and that they would not
like to take any more. An over-gold market leads
to an upward turn in Values for the reason that the
demand for stocks is greater than the supply OF
them SO, in universal 'bulr market, stocks, par
ticuary after such large advance in prices that
which took place during the period from February
to June, are likely To tumble for the that the
sellers more numerous shan the buyers, and the
supply becomes greater than the demand.
"Ihe money market was again very active At
the opening OF the inquiry the rates paid were
per cent, currency, and seven per cent, gold with
the former as the more exceptional figure Thence
there was steady hCadening until after O'Clock.
The street money market was re-established on the
sidewalk in front of the Stock Exchange. The
highest quotable rate paid was three-siXteenths,
although as high quarter reported. 1t will
be noticed that the stock market went up in the face
Of this stlngency, the best prices ruling just as the
demand was general and pressing
"Ihe unloading process is beginning to extend to
the gold market where there was quite sudden de-
cline in the price to 1879 before the adjournment OF
holding so long, in expectation Of a heavy demand
for shipment to Europe have become tired of wait
ing, especially as the foreign exchanges have weak
ened and are more remote flom the specie shipping
point. Again they are beginning to weary of the
speculation, as they have to pay such extravagant
rates as ten, twelve, and fifteen per cent to have
their gold carried. The immediate influence which
caused the weakness OF gold to-day is the decline
in exchange but the downward tendency
was assisted by the improved quotation for our
bonds in London. The imports not so largely in
excess of the exports when bonds are included in
the latter commodities to warrant the apprehen-
sion Of excessive demand for cash gold to settle
the balance of trade while the political situation ia
Europe and at home is without any warke symptom.
The impression is also strong that the Secretary OF
the Treasury, in whatever change he may make to
remedy the inequality OF his gold sales and bond
| purchases will not reduce the former.
'"The better supply Of bond bills made by the Ger
man bankers against purchases OF fve-twenties on
foreign account and the stringency in money,
weakened the market for foreign exchange and
rates in the afternoon became somewhat nominal.
1t is still q mooted question whether the payment
OF the July coupons held abroad shall be met by
gold shipments (or bills OF eXchange) with bonds
shipped for reinvestments The prime bankers were
asking 1895 for long and 1909 for short stering but
bills could be bought at 1093s@11016.
Governments were steady in the forenoon, but
yielded to the activity OF the money Market despite
the buoyant effects OF the improvement in London"