The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-06-25
The New York Money Market.

FROM the Herald.
''The feeling in the markets to-day was decidedly
more cheerful, and the 'bulsh' elements of the
street were more enthusiastic and demonstratiye.
The opening rates for money were not encouraging,
1t is true, but the impression continuing to prevail
that the natural influx OF funds to this centre
during the summer season must eventually correct
the arrangements which are now left as a relic OF
Mr. Boutwells first experiments in selling gold,
operators were disposed to pay high rates and take
the chances OF remunerative profit on their stocks.
The earliest rate was about lie, from which IL
gradually weakened during the day. the general rate
between two and three O'Clock being 1-32 After
three O'Clock large sums were offered at six and
seven per cent Tomorrow the Government will
sell another million OF gold, and the result will pro-
baby be spasm late tomorrow afternoon, when
the checks in payment go into the Sub-Treasury.
This will be followed by relaxation again on
million OF bonds. The Assistant Treasurer
has determined upon buying the last 81 OOO, 600
of bonds for the sinking fund, within the
current fiscal year, on Saturday next instead of
Tuesday, as at first stated The last sale OF Govern
ment gold in the present programme will take place
on Monday next. These alternate drains upon and
contributions to the currency in circulation will
give the Spectators fine chance to milk the
street. so that we shall doubtless witness the actea
financial process repeated several times before the
advent of the new fiscal year, and the Inauguration
OF the new plan of the Treasury, bring calm to the
money market Commercial paper is only nominal
in quotations. The failure Of a prominent produce
house is reported this afternoon, with heavy lia-
1'The Foreign Exchange Market was dul until late
in the afternoon, when better inquiry stinened
rates at the best Of the figures which have prevailed
in the recent inactive period. The decline in gold
was not sufficient TO stimulate purchases and the
foreign market was favorable to the production OF
bond bills, while legitimate buyers would prefer
waiting for tomorrow, steamer day. These facts
encourage the suspicion that the bills bought were
taken by the bull clques In gold, who, as will ap-
pear in the paragraph about the course OF gold
very uneasy all day and anxious to sell their bonds
at the days quotations. AT the close the prime
bankers easily obtained 1895 for sixty day and 1lO
for sight sterling bills.
"The other branches OF business were more less
affected by change in the English money market,
the Bank of England directors having at their meet
ing this morning reduced the discount rate TO 81 per
cent. This alteration was more visible in consos
than in American securities, which, in the London
Market hesitated until late in the afternoon, when
hVe-twenties advanced TO SOIs. the first effect on
the home market simply to keep prices firm, but
the day went on the heaYlness OF the gold market
induced lower quotations.
"As a sequence OF the reduction OF the Bank OF
England rate Of discount great deal OF interest,"
centred in the Gold Room, where large party were
selling on the strength OF the news but the buyers
were In many instances strong houses and the price
was forced down only as far as 1865. The fact
would seem TO indicate that the 'bull side OF the
stock market were buying gold TO keep up prces FOL
the two markets have lately greatly sympathzed
| and the presence OF the agents OF some heavy
stock operators In the Gold Room to-day seems tc
give color to the surmise. In fact 1t has become
almost matter OF necessity the part OF the stock
| cliques to keep up the premiums for the course OF
gold and stocks has been regarded as Identical during
the recent money stringency, and decline In one
| important also in showing the real drift OF the pre-
sent speculative feeling in the latter, and in forcing
| the prominent operators to show their hands INT
hgnest price In the forenoon was 1874, ana the low
| was recovery TO 1915 under large purchases, tn
| strength IN exchange being used 10 assist the up
Ward movement; but the final price was l80yS09 l3I
when bonds came 70 e0Ss."