The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-28
The New York Money market.
From the Herald

FTofh Inc Herald.
'The day has been an interesting one in financial
circles, the course Of events in the stock market
being OF very excited character. Indeed, the de-
preston at one time aroused very serious apprehen-
sions, and the bulls were rendered quite uneasy
over the sharpest decline which prices have eXpe-
renced since the memorable Friday few weeks
ago, when semi-panic was produced by the reporC
OF panic In London. The remarkable and steady
advance in stocks must Of course have some check
and turning and grave doubts arose whether the
climax had not at last been reached The market Is
subject to the influences arising out OF the very
diverse situation OF the cques and the public. The
Money market was less active than yester-
day. and loans call We're again quoted
at six to seven per cent. Stocks reacted from
the best figures of the day, but the street market
closed this evening with great animation. The re-
covery from the depression of the morning was due
not alone to the settlement OF the three per cent
matter, but in great measure TO the hopeful news
from London, the Bank of England passing the dis
count question and showing an Increase in specie
Commercial paper was quoted at seven to nine per
cent. discount for prime double name aCceptanCes.
Foreign exchange was firm on the basis Of 1924 for
prime bankers sixty day sterling and 1l0 for short
sight. The decline in gold stimulated buying, while
tending to curtail the amount of commercial bills.
Again the supply of bond bills has been greatly
duced by the refusal of the foreign houses to invest
in Governments with the present relations of the
home to the foreign quotations.
Government bonds We're directly and closely re-
eCtive of the facts above enumerated. Although 1t
was not stated that the Secretary of the Treasury
would buy an addltlOnal million OF bonds, his
determination not to buy three per gave great
satisfaction, and leaves open the question of
his further purchase of Governments Indeed IL
is suspected that he is looking forward to all the
possible demands which may be made upon him for
funds, and endeavoring to ascertain If he can in
crease his purchases to two millions week con-
sisently with the needs of the Treasury. The i'm
provement in 1898 was as much as three-quarters
per cent, the London quotation (T9t0 stimulating
the feeling Of the market The CAS- touched 1t9ai.
From these figures there slight reaction i'm
the afternoon, but the market recovered and closed
with the following street quotations limited States
IS, 1881, registered, l209l2011 do, coupon, 12t9
1HA do, Fye-twenties, registered, 1l6@116ia; do.
do, coupon, 1852, l2l4@122 do. do, coupon 1864,
1l6A@1162i; do do, coupon, 1855, 116h@1l63S do.
do, coupon 1865, new, 119A A@1195s; do do cou-
pom, 1851 1l9a@1l9'a do. do, coupon, 1868, 1l9R@
119}S United States 5s Ten-forties registered, 1857
@lO9; do do, coupon, l09ls@109A currency bonds,
1861 4@106}i
"God opened weak under the continuance OF the
reports that Secretary Boutwell, was strongly pressed
to adopt contraction measures by canCelling the
three per cents, while the Improvement in bonds at
London had a depressing tendency upon the pre-
MUM. The positive denial of these rumors, as well
as more active demand from some OF the importing
merchants, induced reaction, but not very sharp
one the extreme range OF the price during the day
being within the limit Of threequarters of per