The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-14
The New York Money Markes.
Eroall the Herald.

FTOiN ue HcJUu.
"The third sale of Government gold took place
to-day The bids were.from only six different firms,
and aggregate less than two and half millions.
The price realized, 13S 41100 satisfactory. 1t
was just the market price at the time of making the
award The opening sales OF gold in the street were
at 1879 and in the Board at 1874 From this point
there was an advance to 1851. The market was
less firm later in the day, and rather irregular The
disbursements OF coin interest S334, ,076. The
Hermann, for Bremen, took out 100000 and the
Eagle, for Havana, $l5O,OOO in specie.
"Cash gold was in rather better demand and this
fact well as the heavy daily cearings for the past
few days. indicate large increase of short interest.
Loans for carrying, were made at 6E to per cent.
up to Clearing House time and at per cent. to nat
in the afternoon. The report of the Gold Exchange
Bank s as follows:-Gold cleared $105 0S4 900; gold
balances ,3O2 24O; currency balances g. lS1 4ss
grade OF bills, and good bankers were asking 1096
for sixty days sterling. The prime bankers con-
tnued to ask 109, but sales were reported at frac
tons below this figure. The market is very hard to
characterize. 1t is inactive at present quotations.
The heavy imports and the demand for foreign bills
of credit by Americans going abroad tend to keep
rates up but better prices for American securities In
London and the substitution by travellers of bonds
for bills of exchange combat this inclination OF the
market The foreign bankers shipped large amount
OF bonds to-day the bills drawn against the con-
signment weaken the regular bankers bills.
"The money market was still quoted at to per
cent. On stocks and the usual miscellaneous COL
lateras the rate kept up to the full legal figure
Tho only exceptions at per cent. were on Govern
ment securities to prime houses or favored GUS
toners. Money is in good supply at these rates,
and is very generally employed, owing to the
active speculation in the stock market. Commercial
paper was reported more active at to 3 per cent.
This is the season when the country banks employ
their spare balances in buying this class OF invest
ments.
'gThe latest kilograms from Washington settle the
point that Secretary Boutwell, will not release the
bonds which he purchased and will purchase in the
furtherance of his programme OF weekly purchases.
He intends to be guided entirely by the law of the
matter He is authorized, II not directed, to buy
the bonds for the Sinking Fund. There is no law
authorizing or permitting him to reissue them. 1t
is understood that each bond when bought will be
cancelled with punch and stamped-'This bond is
the property OF the United States Sinking Fund,
authorized, ETC.. by act OF Congress" which muta-
ton and endorsement will prevent negotiation should
the bids be distracted or lost The market both at
home and abroad was responsive to this announce
ment. In London the quotation advanced to 79%.
Here there was some hesitation in the early morn
ing, owing to the dstrust of the newspaper
dispatches which have been so often Incorrect; but
as the intelligence confirmed prices rose to the
highest figures ever attained"