The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-06-22
Frorn fhe Hernld.

From the Herald.
''There is as yet no ntmation that there will be
change in the policy which Secretary Boutwell, is at
present pursuing with reference to his sales OF gold
and purchase OF Fve-twenties. 1t is true rumor
was started this morning that he Intended modifying
that policy after the first of July; but it evidently
originated with one Of the cliques conspicuous to-day
in the operations OF the Gold Room. Nothing Off
cia or definite is known OF any change. Mr..
Boutwell, is expected in the city tomorrow, when
probably something may transpire of his views.
IL Is almost certain, however, that he has
made up his mind to see out his pre-
sent plan to the end Of the fiscal year. which is only
nine days off. This, the last week, will hardly be
the worst in the money Market for the reason that
in purchasing sl,G20,0OO bonds on Wednesday next
he will enlarge his currency balance by about
S650000 only, instead OF 81 000 heretofore The
street, at the opening this morning, was in some
doubt as to the manner in which to accept the bank
statement OF Saturday. The large falling of in de-
posts and the comparatively small decrease in legal
tenders by strengthening the relative reserve of the
banks, were, in some quarters particularly by the
bullish and hopeful side OF the street, regarded as
favorable to a relaxation In the interest rate.
'The earliest business was done at seven per cent
gold, equivalent to 93 per cent, cent, which the rumor
would lessen the amount OF his weekly gold sales,
the occasion of rendering quite general in trans
actions up to or O'Clock. The rumor then being
quite active toward O'Clock, there was a sudden
hardening OF rates to thrty-second and interest,
flat The bulls are again talking on LAYING
traps for those who exact extra legal rates. but
they have repeated the threat so often that it has be-
come the cry OF wolf and has almost lost its
power OF intimidation. The worst feature of the
sfringency is the virtual stop which it puts to dis
counts. The best paper is now hawked about the
street at nine and ten per cent The market has be-
come inactive, makers being stubborn in refusing to
stand large shaves and buyers being rather disposed
to employ their funds on call The former offer
their paper at 81 to 10 per cent the latter will not
| purchase less than to 12 Foreign exchange has
been steady for several days the basis OF O9% for
prime bankers sixty day sterling, and 110A for the
same grade of sight bills; but drawers are not
tirely certain as to the character OF the demand
| which will arise in paying the July coupons held
abroad, and hence are somewhat Indifferent about
making large bills.
"The Government market was weak in the earlier
portion OF the day in response to the lower quota
street at 1885, The change later in the day cores
ponded almost precisely with that in gold also, and
great buoyancy was communicated at the close by a
slight improvement in London, where, Of course, e
| decline in gold produces the very reverse Of the
effect it does here. The market was very steady in
the 67s, which have come to be ruer index for the
reason that they constitute the bulk OF the bonds
moved in the home market. The scarcity OF the 62s
renders them exceedingly sensitive to other
wise unimportant Influences The following
were the, closing street prices this afternoon =
United States IS, 1881, registered, 1l6@117; do.
116}6@ii6H do. do, coupon. 1862, i92(Sia2X; do.
do, coupon, 1854 11625@117; do. do, coupon, 1865,
do. do, coupon, 1861, llsA@11sK do. do, coupon,
sis g United % @ states S. re-
currency bonds, 1861 Sloe96.
"The monotony of the gold market was disturbed
by very decided 'bulp movement to-day, which
carried the price up about one per cent;-viz., to
lS7H-based upon the report that the Secretary
| or the Treasury would reduce his gold sales to
81, 900 weekly after July 1. From this figure IL
reacted to 1874, but rallied again to 137X, and fell
OFF later TO 1879 upon the statement that the Trea-
| sury officials had received no intmatlve OF any
change in Mr.. Boutwells policy, at which figure Il
| was very speculative in its appearance. broker
who, deservedly or not has the reputation of being
the agent OF powerful clique first started the pre-
| MUM by bid for the Government gold a large
fraction In advance of the market This fact beconi-
| ing known, there a general rush for the gold
| room, where the broker again appeared and by
freely buying ran the price up still higher It was
constant squirting Of his purchases to make it stick
at high figures. On the cessation of his bids its i'm
mediate tendency was downward II the clique in
| tend genuine bull movement it Is odd that they
should show their hand, unless they calculate that
the street will infer the reverse of their apparent
| plans. Their strategy may therefore be all the
| deeper for its simplicity Allowing the clique a re-
putation for ordinary sagacity it is difficult TO be-
lieve that they are buying gold in expectation Of
| higher premium when the Treasury is on the point
| of giving the market golden deluge by dlsbursnQ
nearly forty millions nine days hence in payment Of
| the July interest on the national debt"