The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-24
NEW YORK MONEY MARKET.
The following extracts show the state Of the New
York money market yesterday
From the Herald

The following extracts show the state Of the New
York money market yesterday
From the Herald
.The recent purchases of fve-twenties by the Gov
ernment made in carrying out the provisions of the
Sinking Fund act well as through lberal-mlnded
desire on the part of Secretary Boutwell, 70 restore
currency to general circulation and ease the money
market, have led to a sharp advance in the issues
which are so purchasabe by the Government NOW,
it is well known that the bonds deposited by the
national banks at Washington as a pledge for the
redemption OF their notes consist largely OF these
issues. Since the rise has taken place, the banks
have made quite general movement to withdraw
the hve-twentes and substitute ten-fortles ana
and thus make a handsome sum from the difference
This changing Of securities has produced great
deal of annoyance to the officials OF the treasury
Department, and an appeal was had by the Comp
troer OF the Currency to the Secretary of the Trea
sury against the speculating bank officers, who were
making these changes too frequently for the ordi-
nary legitimate course OF business. Secretary
Boutwell, decided to-day to permit the substitution
of Ten-fortes for Fve-twentes, or the exchange of
any gOld-bearing bonds held as security for
circulating notes on the basis hitherto adopted, the
Tenforties to be received at eighty-hye per cent.
of their par value ana all other six per cent.
gold-bearng bonds at ninety per cent The six per
currency bonds issued by the United States TO
the Pacific Railroad will not be received as security
for the circulation OF national banks, and the eX-
change of the gold-bearing bonds is subject here
after to revision, If it shall be found that such exc
changes so frequent as to become onerous to the
department. The proposal to substitute the cur
rency bonds was perhaps the boldest OF these bank
gamblers operations. The Secretary reserves the
right, also, to check the frequency of such ex-
times fixed at which they may substitute
class Of securities for another. The Government
market to-day was steady the fluctuations in the
Five-twenties being only an eight to quarter per
cent despite heavier and dull market in London,
where there has been decline to SO. The Ten
Orties and the currency skies were stronger owing
to the disposition to reinvest in them the realizaOns
of the other issues, well in obedience to de-
mand from new buyers. Much curiosity is evnced
to the course of the foreign market and the de-
cline to-day was regarded with some uneasness 1t
did not, however, prevent large purchases of the
6Is by foreign houses the prices of this date being
quoted by private dispatches sufficiently above the
home market to allow expectation. The suggestion
is again made that the Associated Press agents
should give the public the foreign quotations Of the
67's as well as the 62s.
"Thc money market was more abundantly supplied
to-day, and the rate call ranged from five TO seven
per cent. The former was the rate governments,
although six was had in so many instances that it s
difficult to say at which figure the greater number OF
loans were made The transactions at six per cent.
on stocks comprised majority of the loans on mis-
Cellaneous coateras, those at per cent being
early in the day and few in number The rate on
commercial paDer still occupied range Of from
eight to twelve per cent; but the demand was
more active and frequent Sales took place IN the
| vicinity of ten per cent. Foreign exchange was
weaker although rates remained nOminally the
same. The leading bankers differ in their figures by
an eighth to three-sXteenths per cent. The mac
tivty to-day resulted from the better supply of bond
bills and the shipments direct of specie, the engage
ments for tomorrow being from nine hundred thou
sand to million of dollars.
"Whatever tendency the solution OF the parha-
mentary question in England had to lower the gold
| premium was counteracted by the Washington des-
patch that the Secretary of the Treasury intended
disseminating his sales of gold Later in the day the
| effect Of this intelligence lost in the general
| dulness, and the price, which at its highest had
| touched 1853, underwent relapse to 1851 Upon
| the news of the heavy engagements of specie for
shipment tomorrow there rally, and all offered
| at 1855 was greedily taken"