The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-08
The New York Money Market.


"The course OF the markets to-day was as variable
the weather on a day in April-frst cloudy, then
sunshine, then clouds again The uneasy and de-
pressed feeling which marked operations on Tues
day continued yesterday and as stringencyi In money
was maintained with steady vigor, the disappoint-
ment was quite profound and the tendency TO sell
became so universal that there was an extensive
unloading all around The apprehensive feeling
as to money was heightened by reports that the
currency balance OF the Treasury on the 1st of
July was forty millions instead Of thiry-seven mil
lions as at first stated. 1t led to a downward move
ment at the first board which was unchecked In the
Immediately subsequent transactions in the Long
Room, the Gold Room, and the Government Board.
The earliest rates on call were a sixteenth and an
eighth, but as high as three-siXteenthsswas freely
paid and perhaps one quarter exceptionally The
depression was greatest about O'Clock. Soon after
the adjournment of the last board rumor was
started that Secretary Boutwell, intended purchasing
from three to seven millions OF bonds this week
zone version had it tomorrow, and the change
was instantaneous from gloom TO buoyancy
and confidence. At the same time the rate for
money relaxe. 20 seven per cent by O'Clock and
was lowered at 6. Towards half-past 3, when there
to have all been made up the story was then doubted
because the Assistant Treasurer, General Butter
field had received no ntmation OF such a step on
the part OF the Secretary and Washington kilograms
did not confirm it. Those who had been In such
haste to buy now began to query whether they had
not been vctimized by the cliques again. The crcu-
atOn of the story at such "a time has a very susp-
cious appearance 1t is to be hoped, Of course that
Secretary Boutwell, will release currency to general
use, but the report to-day seemed premature and a
stock gambling device.
"Whether true or not, it was very skilfully used
by the cques. In the rush to lend money at the
close they probably aided the buoyancy OF the mo-
by contributing to the supply of funds available
for loans while the smaller dealers In money were
frightened into letting their money go at any price
in preference to keeping 1t unemployed over night.
'Foreign exchange was firmer under better de-
mand for bills originating in the lower price Of gold,
and the prime bankers put up their rates to 10 for
sixty days and 1903 for sight sterling bills. The
change took place in the afternoon simultaneously
with the easier state of the money market The range
of quotations was as lows:-Sterling sixty days
commercial 106@10S1S good to prime bankers, 109sS
@110; short sight, 11036@110sS; Paris, sixty days.
51sa@618A; short sight, 5I2H@5111; Antwerp,
s1s&@5182l: Switzerland 51s&@513%; Hamburg
35%@351s; Amsterdam, 4016940%; Frankfort, 4OI
@40s6; Bremen, 7sss@79; Prussan thalers, 7O3S
@TA.
closely Under the continued stringency in money
there was steady decline to t34. The recoii how
ever, was greater than the fall AS soon as money
became easy and exchange stiffened to no. there
was rush to buy, which carried the price to 1857
4 per cent. above the opening figure. Under the
doubt to the truth Of the rumor OF additional bond
purchases there was falling of, and the market
closed unsettled.
The Government market was very sensitive to the
decline in gold, and sympathiZed very closely with
the movements in the premium The first eXpecta-
tlons were favorable, owing to an advance in Lon
don to S14; but the activity in money, combined
with the weakness in gold and to sh arp decline at
the noon board particularly when the '62s were
offered at 121N and the 67's sold at ii6 The mar
ket subsequently rallied by the report that the
Secretary Of the Treasury intended purchasing more
bonds but the confidence Of the street was not
easily restored and prices failed to react with the
recovery in gold the market closing with the follow
ing street quotations United States 6s, 1884, re-
gilsstereG, lig% vo bid; do do, coupon, 1890
do do, coupon, 1862, l2l%@i9i5S; do. do, con,
pon 1854 117h@117%; do.do., coupon, 1855.
llsh@11sH; do do, coupon, 1855, new, 11eSsS
coupon, 1868, 64@1169S; United States Ia
Ten-foities, registered 1O71S10s; do do Common
1O734@1Os; currency bonds, 1O6@1O6S." 'O'P'D'