The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-04-23
The New York Money Market.
From the Herald.

"The gold market excited this afternoon
under a severe hammering by the bears, who based
sr q rs up Of tSa on
the Treasury TO sell gold on Thursdays hereafter
to the highest bidder submitting sealed proposals.
That the despatch was coming was known to some
of the "insders" for the premium bega to decline
three O'Clock, when gold fell rapidly from 1874 to
133n-a total decline for the day of Ia per cent.
It is certainly curious that Mr.. Boutwell, has
delayed to this time so mertorous plan Of relieving
the importing merchants of this city. 1t is to be
feared however, that the remedy comes too late,
the evil has about exhausted ITSELF The first sale
under the proposed programme takes place April 29.
The gold will reach the market April 80. ON the fol;
disburse twenty millions In payment OF the
May coupons. or what use, then, Is the relief
gold in the Treasury, now that it is too late
to be useful or better lend it at per cent inte
rest or cancel Government bonds with it. Indeed,
the consideration of this fact led many TO surmlse
that the despatch was hoax or concocted for the
benefit OF the shorts. Hence there was reaction
OF gold on Wednesday amounted to nearly one hum
dred and twenty-three millions of dollars, while the
actual amount of gold in all the banks Of the city Is
less than ten millions.
'The borrowing demand for cash gold was quite
active in the early forenoon, and rates ranged from
b'64 down to "a and fiat for the Clearing House.
In the afternoon three per cent per annum was paid
for carrying over balances. The following is the re-
port of the Gold Exchange Bank:-God cleared,
1922 2,s52, 900; gold balances, s,8s1,a21 currency
balances, 81, ,465 1885,
~During the regular hours OF business foreign ex-
change was steady on the basis OF l0sH for the
choicest Of prime bankers bills The sharp dechne
in gold after O'Clock was therefore not operative
upon this grade of bills, but will probably result in
an advance TO l0s%@ 1osA tomorrow. The bankers
were still open when the change took place and put
up their rates to prime bankers figures. Commercial
| bills advanced to los.
| U(;Oyernments at the morning board were buoyant
and strong, the 1929 selling at 1914, the highest
attained. 1S67s were quoted 1l5k. The market
reansed into ouiet and steadipess the London auo-
taon remaining unchanged till late in the afternoon,
when there was pressure TO sell and the whole list
| fell of from quarter to half per cent, with the
/ IanIi in nnlA
ments particularly the 1925 is very delicate one.
A change in the price OF the former is curiously,
| sometimes inexplicably reflected in the latter.
'MOney was more active and seven per cent the
prevailing rate with all classes of securities The
| anticipation OF the effect OF gold sales upon the
| money market was the ostensible reason for the
| greater demand; but 1t seemed to be aided by
| bear movement in stocks which was quite sue
| cessful."
| From the World.
''The Money market continues easy, with an album
dant supply at per cent In currency AMER r NJ
| chief borrowers were parties connected with the
bears in the stock market, who, having sold large
| amounts OF stocks short, are now seeking 10
engineer tightness In money. The current OF
events, however; is against TINS attempt 70 70
from the bugbear Of the Comptroilers call for the
official statement OF their condition, and they are
gaining strength daily from the inflow of currency
from the interior which is usual at this season and
continues throughout the summer The attempt,
therefore, TO make money tight on the part of prOml
nent stock operators yesterday and has proven
10 be fascO. The banks are more disposed 10 ac-
CommOdatc their customers, ana prime business
notes are wanted in the street at to 10 per cent.
"rhe Stock market opened strong in the morning,
but afterwards declined under tho pressure Of sales
by prominent operators who are desirous OF en-
cheering lower prices for the purpose of buying.
The short interest has been very largely increased
yesterday and to-day without affecting the market to
any material extent The chief stocks attacked by
the bears were Pacific Mail, New York Central, Rock
Island the St. Paul shares, and Reading. They sue
ceeded in selling these stocks down from to per
cent, but towards the close, when their brokers COM
menced TO buy back again, they found very few
|
prices they were unable to buy much.
The decline of yesterday and to-day
has shaken out the weak and tmld holders, and
stocks are now in much stronger hands. These
bears of the last few days really the great bulls
OF Wall street, and their operations the bear side
this week have been made simply for turn and fol
the purpose Of giving greater strength and ygor tC
the great bull clique campaign which they are
| about to enter The public will do well to avoid
being entrapped into selling stocks short on the
faith OF the manouvres OF these leading operators
the bear side for the moment, they will whirl the
whole market upwards suddenly, and without warn
ing, when their plans are perfected
"In the Gold market there was considerable eX
element and decline OF IN per cent on receipt o
news from Washington that Secretary Boutwell, haC
determined to sell Government gold by proposal
| every Thursday, commencing next week. Th
amount Is not stated, and rumOra are ahOat that tn
| Secretary will accept in his discretion all the bid
that he may deem Will be for the interest of the Gov
l ernment, without determining officially the amoun
Il beforehand. This selling OF gold by Government
accompanied by the disbursement for the May inte