The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-05-10
q O M M IL ES DIAL.
New York stock and Money m.r,,.,

New York stock and Money Market.
NEW YORK. May 8-M6ney easier. The Com
mercia says:The day Is remarkable for three great
events-the completion Of the Pacific Railroad, the
commencement of the purchase of United States
bonds by the Government and panic in 5-20's in
London-the latter event very singularly inconsst-
London reported 5-20's at 76i or IL per cent below
the lowest authentic quotations of yesterday Tele-
grams an hour or two later quoted an advance to
774, assigning reason for the improvement that
German buyers were taking everything offered
Consos were quoted at the opening At % g s2l for
count. Private dispatches state that the bank both
yesterday and to-day, refused per cent. loans on
and 526s indicated decided strineency in the Lon
don Money market, yet the later advance shows a
market relaxation. The cause of this sudden turn
conjecture, some assigning the casue the appre-
tensions excited by the unsettling of the American
negotiations and the possibility of complications
growing out of the Cuba questions; and others re-
gardng 1t as due purely to financial causes. But
whatever may be the reason of the panic it appears
to have reached its climax Discounts remain easy
at q per cent for prime paper.
The Assistant Treasurer has received instructions
to issue proposals for the purchase OF 81 100000
weekly Of 500 bonds until further notice. Offers of
any issue OF that class either regstere or coupon.
will be received, and the lowest prices accepted The
Secretary has determined upon employing the pro-
ceeds OF his sale of coin to the purchase of 30 uch
of the $40 obligations which is regarded as prefera-
BILE to his buying up the bonds with gold. This an
nouncemsnt produced great excitement in the bond
and domestic dealers; 67s after opening at 1l43 sold
up to 116s, an advance of II per cent. during the
morning, and other issues similarly improved. The
rise appears to have been predicted upon the i'm
provement OF 5-2Vs at London As the day pro-
gressed an anticipated effect of Government pur.
chases of 5,2Os on the foreign markets, there has
been some changing of relative prices OF the different
issues according to the equalization which Will result
from the Treasury purchases The market, as COM
pared with the latest official figures of last night
showed decline OF in Sis and in currency 6's,
65s being steady at 1l73; 64s and 6s's were higher
quarter to P. M. srs, held 65s, 64s, 67's aad 6ss
advanced 4, 62's l. old 65s and 104Os and currency
6's I.
The Stock market shows less activity, owing to
special speculations in Gold and Governments. The
market has been somewhat irregular, aud shows
some signs Of weakness under the condition of affairs
at London and the uncertainty to low it will re-
suit. Prices. as a rule show some improvement on
the lower figure of last night. New York Central,
Rock Island and North Western have been the most
active stocks. The market opened with an advance
Of ! on New York Cent? al, on Michigan Southern,
no eG tslana and Hudson River, on North Western
ana on Cleveland q Pittsburg. Fort WAYNE was !
lower and Pacific Mail per cent.