The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-04-27
The New York Money Market.


'The sales of gold to-day were much the same as
on Saturday 1888 a9ESa per cent. The cash gold
easy. The foreign exchanges tirmer, 10S(9% for 60
days on London, and 109d61091& per cent. short
sight, which contribute to the steadiness of gold,
although $1,213000 was paid out of the Treasury
office to-day for May coupons. and large amount of
gold checks issued for the registered May interest,
the books for which were received from the Depart
ment at Washington at the close of last week. The
customs demand for gold to-day amounted to
5000
again made at per cent. on Government collateral.
The sales on prime melccant paper range from I69
'The Stock Exchange was firm and advancing in
prices and active in business on the public funds all
descriptions of the 520s sharing in the rise and de-
mand and the 520s of 1855 and 1861 July and Janu-
airy interest especially stil at the improvement over
was also active in the Southern State Bonds the
Louisianas advancing ~ per cent, the Mis-
s0ars sour per d cent ana the new North III Caro- arc
ginas were also in request. The railway mar
ket was excited on the Vanderbilt New York
Stocks Central rising to 1I22 Hudson to 1887, Har-
lem to per cent, and very little of the last
named stocks offered. There was some depression
early in the day part OF the Western list the St
vests dullness but Fort Wayne, on the other haud,
was buoyant, Rock Island firm, and Michigan South
general in the weak stocks of the forenoon and the
whole market, in sympathy with New York Central
the fayorite OF the day, left Oh steady
From the HeTald.
f'Tiiefe was a decided renewal of the speculative
fever throughout the different markets to-day and
sharp upward turn in the great majority Of the secu
rites dealt in at the Stock Exchange. The street
is emnently 'bulish in its tone and tendency, and
the bears who put out their contracts for the
pected depression resulting from the recent strn-
gency in money nave gazed with dsmay at the
gradual but 0bliteraton of their margins con-
sequent upon the steady rise Of from twenty to forty
per cent. which has ensued in some OF the leading
speculative stocks. The onward march of prices
was merely checked by tight money Indeed for
of the list 1t was progressive Notwithstanding
With the return of easy money the advance has been
still more marked. The railway list has been the
great feature, and those which are more or less in
the path OF the route TO San Francisco, via the
Pacific Railway, are more or less reflective of the
impression that in the general impetus which is to
be given to railway stocks 10y the completion of that
route each will have its share OF increased traffic.
We have already pointed out the danger arising from
a too enthusiastic dscOuntlng OF the effects upon
the earnings OF our Western roads when this enter
prise shall have been finished The immense de-
cline in breadstutis at the West ranging from forty
10 fifty per cent, should not be disregarded in max
ing calculation Of the profits OF our railways during
the ensuing season, particularly as II may more
than Offset the advantages to be derived from CON
nectiOn with the Pacific route. The Stock market
was strongly active for the general list, and prices
in some instances touched the highest ever known.
New York Central, for instance sold at 49, the
opening figure being 1885,.
'phe other vanderbilt stocks" as they are cassi-
led-HudsOn River and Harlein-lkewse caught
the infection OF the hour and advanced to 1881 and
144 . respectively, the report being revived that Mr.
Vanderbilt in organizing his grand through route to
the West, Will arrange for scrip dividends uDOn these
latter roads TO equalze them in value to New York
Central preliminary to consolidation herewith Fort
Wayne was another feature of the railway list in this
general advance. The express stocks were also
active and higher, while Of the miscellaneous
list Pacific NAH ana Western Union were the
more buoyant The situation to-day was one to
really puzzle the most conservative Of nnanciers II
on the hand, this sudden appreciation of value Is
based upon the expected prosperity of the country in
the ensuing future 1t Is only what the more enthus-
astIc have prophesed ever since the administration
of General Gnant was decided upon by majority of
the people of the United States. If, on the other
hand II is the work OF the cliques and combinations
of wall street, who have c0nspired to advance prices
10 make a market for their long-hoarded stocks its
success Is stupendOus
"n the Government market the fye-twentes of
1892 touched the extraordinary figure of 121% The
Iondon quotation was also higher--S0af af-whe the
Simultaneous advance in cOnsols to 039s@90H is
evidence OF the fact that the monetary ease
which ID now experienced in the New York market
has its counterpart in London. 1t is curious
snectacle this growing abundance OF money
MI two of the financial centres of the world and may
We'll arouse the conservative lnancer to scrutinize
again the monetary horizon. It will be well il this
activity is not confined 70 the stock exchanges, but
exnands 10 the more legitimate channels OF business
The isaues OF 1861 were hrIner and higher through
the combined influences Of the general buoyancy OF
the day and Of scarcity OF delivery Ia short
galea,n