The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-04
The New York Money Marke {.
From the Herald.

1.-THE influences which naturally tend TO make
gold dearer were unfortunately aided to-day by
others of foreign origin. The excessive imports OF
the expired portion of the year underes the present
strength of the premium, and decline in bonds
abroad started the price up TO 1861 which rs close
upon the highest point touched the present year:
As far as 1t is possible to ascertain the cause OF
the sudden decline in London is attributable to the
receipt by mail of Senator Chambers mtempe-
rate speech on the subject of the Alabama claims,
while the higher price Of gold also consti-
tutes source of weakness. The opening price was
SOL, from which there was yielding TO so and re-
covery to sos, founded probably upon caimer view
OF the speech and its relative influence There was
considerable excitement over the advance in gold,
but the price did not remain firm at its highest the
holders OF the metal being desrous OF realizing, and
eghths per cent later in the day. The stock cliques
were large purchasers at the opening prices, which
fact greatly stimulated the advance.
"The abundance Of cash gold was reflected in a
total absenceof borrowing rates. the figures all rang
from a. to to- per cent transactions were very heavy
and the Clearing House to-day will show some large
yesterday is as follows:- Gold cleared S4,9OO, OOO
gold balances, Sl,177,O56; currency balances
s2,4G4,573. -, =, .,o an
in coin on account OF the May interest,
Governments opened very buoyantly but under
went sharp decline at the noon board, in sympathy
with the decline in London and to some extent, the
greater activity in money. What is source of
weakness at one hour is indirectly source OF
strength in almost the next. This is one Of the curl
GUS features of the Government market The de-
cline in bonds put gold up. The rise in gold
strengthened bonds again. and at the afternoon
boards there was reaction to the highest point of
the day the 62s touching 1881 eX coupon and the
CTS H. The investment demand ran largely on the
registered bonds while the inquiry for the currency
skies caused a large advance in their price. The
"Southern securities were steady at slight yield
ing from the best figures of last week. The Tennes
see new bonds were lower by two per cent and the
Louisiana evee skies fraction higher. The books
have closed for q three per cent. dividend on Mem
phis and Charleston stock Prices closed for the
| list:-Tennessee, eN coupon, 6l@6IHi do, new,
600 664 do, five per cent, 59@6l; Nirginlas, eX
| coupon, 5s1Td5SK; do, new 62H624; do, regis
tered stock 5O2l G5l; do registered, 1866, 6oG6oE
| do, registered 1867, 52@52H; Georgia 6s, SIS
@s8 do. IS, 95H@96N; do. do, interest pay
able in Georgia 94a65 North Carolinas, ex coupon,
6O55@G1H; do, new 5E[@544; Missouri 6s
| 6sh@sS%; do. Hannibal and st; Joseph, 9Oa9OH (;
Louisiana DO isl cSiS sXes q ieves ees GS
do. fves, 67@69; do, skies, sterling, 95; South
| Carolina SKIES 74@I5; do new, I2@!8; do, regis
| do Atlanta eights, S4aS5; do. savannah seyens,
| 98@94; do New Orleans cOnsols, 77@7S; do. do,
7l@T2: do, eights 62663; Mississippi Central Rail
| road first mortgage, Il@T3; do, second DO. 6I(aSC
Memphis and Charleston first, SIdSS; do, second
| 1901; do, stock, 49e6O; Greenvnle and Columbia
| guaranteed $1,000. ,
arise out OF the demands OF the moving period and
the necessity of payments on rent contracts and the
like The activity was quite noticeable IN the vicinity
relaxation in the demand, but no loans were made at
less than seven per cent. Commercial paper shows
1 fair activity, and the extreme range OF the dis
counting rate is from seven to ten per cent.
| ''The question of a consolidation of the regular
and open boards is still uppermost in the minds of
| members Some go so far as to predict that the
union will be tdt dcc0nlpE within few weeks. At
an executive session of the open board to-day, the
committee reported that there legal redress
/ for the action of the Stock Exchange in admitting
the Government board. Meantime the new or ma
i tOna board derive strength from the proposed
sodation Of their Older rivals, and have leased more
| pretentious accommodations Broad street. Oppo-
site the Stock Exchange.
| ~The general stock market was dull Prices at the
openng were up the best at the close of the pre-
| yious week; but operators became cautious, and
there was slow yielding in quotations until the low
est were made at the last session of the regular
board from which there rally at the open board
succeeded by heayness in subsequent street transac
| tons The exceptions were fort Wayne, which sud
| denly advanced TO 145. Michigan Southern which
| advanced to 1857, and Lake Shore, which touched
| 1O4aI Hudson river and Harlem were lower and
| New York barely steady. Pittsburg, st. Paul, and
| Northwestern stocks were weak. The express
stocks were firm, but quiet. or the miscellaneous
list Western Union Pacific Mail, and Mraposa were
| heavy and declined"