The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-03
ARR LADNER, Bankers, report this mornings
The New York Money Market.


'The Government bond market was quiet in the
morning. but became active and advanced from z
to Il per cent. in the afternoon. The 1S6Ts were
the leading feature, and some considerable lots
bought at private sale at full market prices, and in
some cases higher. This movement indicates q
committal to the bu side on the part of influential
firms that have been for time doing very little
combination OF stock operators is formed to
buy Government bonds. The foreign bankers are
buying daily on orders from Europe, and the more
intelligent are quite prepared to see an advance OF
10 per cent take place there, which would bring
them to about par in gold In this Market as
Government shall take official steps to carry out the
Sinking Fund act of 1862. The fact OF our Govern
after an exhaustive civil war will be viewed in
Europe as evidence of our ability and willingness to
carry out our national contracts In good faith and
promptly. This is what investors want, and it ac-
counts satisfactorily for the tirmness with which
vanced steadily throughout the recent stringency in
the money market The demand Is running chiefly
on the 1868, and they promise TO become the CON
soils of this market The market closed strong and
III was bid privately for 100000 of 1S67s
'The money market was more active to-day at per
cent call, owing to the shifting of loans, the dis
bursement of gold by the Treasury Department and
the sales thereof, and the payments usual to-day
account OF dividends and rents. The weekly bank
statement reflects the preparation for these payments
in an increase of s. 6Os 4 in the deposits and also
in an increase of S2,9I10S5 in the loans. The banks
amply able to respond to the wants of their GUS
TONERS, having increased their legal reserve s9 0O0
consisting OF an increase in egatenders OF $751;
S4 and specie s4i72T5 The circulation is decreased
SSS523 The bank statement is considered favorable
by the street, and 1t has stimulated the buOyancy
''The foreign exchange market is firm on the basis
of 1O9s to 1O9 for prime bankers sixty-day sterling
bills, and sight 1899 to 10976. Commercial bills are
scarce. The exchange Market owing 10 the eXces-
sye imports OF merchandise and the close OF the cot
ton season, Is gravitating rapidly towards depeu-
dence for the supply OF bills on the shipment Of
either Government bonds or specie to Europe. In
plain TERMS unsettled foreign Indebtedness is so
enormously in excess of the legitimate exports OF
the products of our SOIL that shall be forced
10 settle them either by shipments of specie-which
would be the legitimate and cheapest way of paying
our debts-Or by shipping our fve-twenty bonds to
Europe at present prices, which is national pawn
stand, bonds will probably be shipped first to the
tent OF 100000 or 100000 until their price ad-
vanCes about say 10 per cent, when shipments OF
specie will take their place, until the European bond
market responds to the advance in the price Of bonds
''The imports OF merchandise at this port for the
week are nearly double what they were last year and
about 1875 per cent. more than they were in 1851 the
actual figures being s9,7O3,952 in gold this year,
against s6S95,sl5 last year. and s4,29296I in 1867.
crease compared with former years. being SAT-, ,695
in currency equal to about S. 100000 gold, or less
than one-third of the imports, against S4,17O,4T3
currency last year, and S3,314,102 in 1861. The
total merchandise Imports at this port from Janu-
airy amount to $lOS, ,497 ,b26 in gold, against
produce exports OF s52, ,OOS currency, equal
TO about sS7,OOO,OOO in gold, showing an
excess of over Sl1,0OOOOO gold in imports beyond
| shipped to Europe at least s5O,OOOOOO perhaps
SG0O00000 In bonds, and foreign banking firms have
| loaned their bills Of exchange TO carry American
securities for the ciques and Others to the extent of
$40 600 900 TO S250O 900 in gold that the foreign
| exchange market mas hau thrown upon III Dlls OF
exchange 10 the extent Of at least s6OOOOOOO in gold
| beyond that which any one could nave calculated
| upon in December. The country has realized more
| money for its cotton crop than ever before Yet in
the face OF larger sum realized from cotton exports
| than ever before and an accidental addition Of
500 uOO 600 gold from bonds and borrowed bills Of
exchange during the very height Of cotton exports,
we find that the specie shipments since January
are S10914 47I ana that bills OF exchange are
| in the market, and the demand greater than the
| supply from bankers in order 10 cover the drafts
which they have been forced 10 sell 10 supply the
|
of our foreign trade IL uniaVorabe, with apparent
| prospect OF Improvement. We are drifting towards
| the season when cotton shipments are nominal It
is plain that shall have tn ship at least $50 900 900
gold value in either bonds or specie 70 settle our pre-
| sent foreign Indebtedness.
ain this emergency OF our foreign commerce. il Is
plainly to the Interest of the United States that
foreigners shall be compelled TO pay the highest pos
sibe price for the Government bonds or gold which
they must have in order to settle the balance we owe
them Government bonds and gold will certainly ad-
vance IN price, owing to this foreign demand, which
| is inevitable
''The stock market has been active and excited.
with enormous business and frequent fluctuations
In the leading stocks during the week The strong
est ana most active stocks were what are called the
Nanderblt-namely, New York Central, Harlem,
and Hudson Ityer also, the Northwest shares, st.
Paul, Michigan southern, Wabash, Lake Shore,
PtttsbuTg, Fort Wayne and MaripOsa preferred.
The speculative element is increasing and rapidly
tending towards one of those manias which run
prices up TO height which exceeds the
calculations OF the most sanguine 'bull.i The
strength OF the market at every advance encourages
new operators come in and swell the tide of specu
latiOn. The ease In the money market, the ncreas-
ing strength OF the banks the satisfactory returns of
railroad receipts, ana the bull tendency of the mar
ket always usual during the summer mOnths-are an
encouraging 10 the bul element and 10 the eXpCc.
tatiOn OF a much higher standard for prices Sohrn
ern state DOnds We're strong, especially in Lousanas
oWi"gt0 Ihe payments VI the eenp:ns on ~ leVss