The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-19
The New York Money Mar ket.

The New York Herald says
'"There was q decided recovery in the tone of the
markets this morning. when 1t became apparent that
the failure OF yesterday involved no additional
losses great deal OF apprehension was manifested
for the standing of several houses in Exchange
place, who were known to be connected with the
bankrupts but as they met all demands against
them the feeling disappeared In the afternoon
rumOr was started that foreign house had sus-
pended, and there was furry in gold which carried
1t up about three-quarters per cent As the rumOr
was grOundless it is supposed to have been manu-
factured to help some of the bulls who had bought
at the top of the market and were afraid of the de-
clining tendency which the premium evinced. The
better feeling in the street was encouraged by the
reports from London, where bonds opened at T79{
and advanced to 7S5, showing that the failure had
not produced much alarm in the foreign connections
of the house. The advance IN gold to-day was pro-
ductive OF less easy feeling late in the day at Lon
don, and prices there closed as low TT5S, accord
ing to private advces, but the market was duh
and nat owing to the prevalence OF semi-holiday.
In the home market bonds opened steady as con-
sequence Of the price of gold, but there
was some caution shown in dealings. At
noon the recovery was still more marked. At the
last session Of the board the market was eXcitedy
buoyant 62s advancing to 1922 and 6Ts to 12O The
lower price in Europe caused some hesitation after
the boards but the strength OF gold and the of
the second purchase of bonds by the Government
led to further pronunciation Of the bullsh feeling,
and 62s were carried to the extraordinary figure of
122H, which was bid with bonds offering. The
ing:-United States 6s 1881, registered 132IG@123;
do, coupon, 123C@123A; do, Flve-twenties regis
do. do coupon, 1864, 1174@1171G; do. do, coupon
1866 11s}G@11sK; do. do coupon, 1865, new, 120&Ca
l2O3a; uo d0., coupon, 1857, l2O1Gl2O3s; do. do,
coupon, 1868, 12016@1202s; do, Ten-forties, regis
tered, 109H@1l0; do. do, coupon, 110@11OE; cur
rency bonds, 1077&@1OS.
'"The money market again active In the fore
noon, owing to the shade of uneasness remaining
from the occurrence OF the day before, but as the
day advanced rates on call huctuated to the lately
ruling figures. In fact, there was, If anything, an
easier feeling In the afternoon, and large loans on
miscellaneous stock collateras made at six per
cent, the lender being desrous of avoiding the an
nOyance OF distributing the sum in several loans
even at the full legal figure. Commercial paper was
in fair demand at rates ranging from seven to nine
per cent for prime short and long double name ac-
ceptances.
"Foreign exchange reflected the higher price OF
gold by dull and inactive market The importing
merchants hesitate TO buy, hoping for lower gold TO
pay for their foreign purchases, or casting about
them for bonds or other substitutes. The prime
bankers are stf in their rates. The recent failure
has created some scrutiny if not dscredit of infe-
riOr paper, which shows a concession in rates
"GOld very consistent in its fluctuations open-
ing steady If not weak in answer to the dissipation
of the fears OF an extension of the disastrous results
OF the suspension. With the recovery of bonds i'm
London there yielding TO 141 3s but from this
point there an advance TO 142H, based upon the
false report of another failure to-day The reaction
carried the price back to 1417, but the ssubseuuent
decline in bonds at London started 1t up to 1929 at
O'clock the uneasness being aggravated by rumors
OF Cabinet dlssensiOns at Washington"