The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-10
NEW YORK MONEY MARKET.


Thefollowing extracts show the state Of the New
York money market yesterday
From the Herald.
"The relaxation OF the money market TODAY WAC
es eApected, tne consequence OF the determination
OF secretary boutwell, TO reduce his currency bal
ance. The graviaton OF the interest rate to legal
figures was OF course assisted by the fears OF the
money-lenders, who have begun to entertain lively
approximations for the result OF the sautary nves
CATION now in progress by the District Attorney We
have the authority of that gentleman for statin hf
certain parties, whose names are withheld for the
present, have been indicted by the Grand Jnrv hnt
ther arrest Is not yet ordered. The prevailing rates
on cal were seven per cent currency and seven per
cent gold the latter being construed as legal and so
generally recognized In some rare instances where
u could be safely done, and where the borrowers
were deemed 10 be entirely worthy of conndence as
high as thirty-second and interest was paid Mncb
nneasness was felt as to the parties implicated i'm
the Indictment orusury but no names were definitely
connected with the charge.
"Ihe changed aspect Of the general money market
lnduced better inquiry for commercial paper but
rates were hardly lower. Sales OF prime mercantile
notes were made at eleven to twelve per cent dis
count although holders were not Offering much at
higher figures than ten. The effect OF the reaxa-
ton in rates on call has not been fully felt to-day
ana lenders are cautious about dealing in paper
Tearing some emergency which may enable them to
do better in demaSd loans. Prime bankers paper
running sixty days. is quoted at about nine per
''Foregn exchange was steady but inactive. The
cholcest sterling bills at sixty days held at no.
te easier state oi the money keeping the quotation
nrin; Ihe range OF sight bills was from 1101(91l0%.
"Ihe circumstances Of the Government PURCHASES
OIL bonds yesterday suggested modification of the
manner OF conducting them which will be to the
pecnnary benefit Of the Treasury The prices yes
teTday were on an average higher than the market
prices for the issues bought The generosity OF the
government in redecming its obligations should not
he thus abused. or the So 000 000 only Sl 300 600
were got at the market price. The balance had 10
be taken nearly half per cent. higher.
The reason OF this is the large amount
called for by the advertisement. 1t would be bet
The competition between sellers would then be
greater and the Government the gamer. Under the
plan OF to-day the SPECTATORS knowing that the
market Is not over abundantly supplied with bonds
put up the price in their proposals in the expecta-
tion that the Government would be under the ne
cesslty OF buying from them in order to make up
the total s8,000000. AS to the money market the
effect would be the same Wall street always dis
counts the future ana money would be Just as easy
II the currency for the bonds came out by in.
salment
'"The market for Government bonds reflected the
stimulating influences Of these purchases and the
easier state of the money market The advance
when the prices paid by the Government became
generally known The 6Ts sold at 117S, which
considering they are recently eX-cOupon, is euuiya-
lent to quotation Of 12l4 on the Both of June
last. The '62s were strong, but less buoyant than
the domestic bonds. the London price coming
street market was steady at the follow
ing quotations: - United States 6s, 1881, re-
gistered, 111%@1lS; do. do, coupon, 111%6
1lS16; do, FWe-twenties, registered 11SA911ST;
do. do, coupon 1862, 12i94@122; do. do, cou-
pom 1864, 11s%@lls%; do.do., coupon 1865,
1l7%; do. do, coupon, 1861, 117H@117x; do. DO,
coupon, 1865, 1i72S@117SS; United States 81,
Ten-ioltes, coupon, 1Os%@lOs}S; currency bonds,
1O6@t064."