The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-16
THE NEW YORK MONEY MARKET.

The following extracts snow the state of the New
York money market yesterday
From the Herald
'NIr. Boutwell, has done well so far, because he
has always acted deliberately In the spring strn-
gency in money he bought bonds and gave the mo-
ney market the advantage of generous distribution
of currency When the gold gamblers locked up gold
merchants who had to make their remlttances in
the summer were able to buy all the way down to
1914. He comes now at time when another con
spiracy is reported in the gold market, but he Is
met at the door of his old plan by an outcry from
the bondholders that If he attempts to sell gold he
will tighten the money market and derange the
already nattering condition of the fall trade. The
bondhoders say sell the gold directly for bonds
1t is should be- the wish of every one in the coun
try to see gold lower. Every decline in the premium
is step nearer the full restoration OF the national
credit But haste towards such a desirable end
should be made slowly, lest the pathway be strewn
with bankruptcies. If we can continue to reduce
the premium on the precious metal year by year it
Will be a fast enough approach TO specie payments
In TINS view the bondhoders are ght@ @ IN tTyi4g M a TO
bonds. The gold Unus given &c the market would
occasion decline in the premium But here an
otner SET ot circumstances is presented Tor ME- Bout
Weirs consideration. The only people who wish gold
cheap at this season are the few merchants VINO
have borrowed gold instt al of remitting bills OF
exchange in the summer wnen their payments be-
came dRe. Those who wish TO see gold higher are
the great body of produce and cotton merchants
who constitute so important an element of the com
mercial community They say to Mr.. Boutwell,,
Don't interfere with the market Their reason is
their desire TO market their goods in Europe for the
greatest sum Of greenbacks possible. They further
say to him, 'Ir the importing merchant has not re-
mated when he should have done so and when his
calculations OF profit were made on the former price
Of gold, then by paying with borrowed gold, expect
ing to get back cheaperh has changed his charac
ter from aninporting merchant to goldbear Such
are some OF the considerations which should weigh
with the Secretary of the Treasury In former years
we paid for our Euro pean goods when god was
highest, and sold our home goods to Eurooe When
gold was lowest. We paid out god in summer when
It was high, and we received gold in winter When IL
was cheaper Whit mastery stroke OF hnance IL
would be on the part OF Mr.. Boutwell, should ne re-
verse the old rule andlet us sell our goods LOT tue
best prices and buy at the lowest! The gold market
oday quiet and strong at 1850 1862 The rise
was due to the delay in Mr.. Boutwells arrival, aud
the decline in the afternoon to the prospective sal
| of million of gold at the SubTreasury tomorrow.
"Foreign exchange was weak and lower, prime
| bankers sight sterling selling as low as l095o.
| There is large amount OF borrowed bills for sale
| in the market, which the holders expect to cover
with lower gold and lower rates of exchange in the
winter. Francs were weak.
| 'Money was easy at seven per cent, which was
| the rate without exception all around. Commercial
paper still dull, except at extreme rates. Very
| little was done under twelve per cent
| ''The Government bought two millions OF nVe-
twentes pursuant to the programme for September.
| The offerings amounted to over six millions.
| "The large offerings at the Sub-Ireasnry ana the
unsettled feeling in. stocks kept the Government
market dull despite the Government purchases, ana
| prices remained steady"
The Cuban Bonds.
| Sales are being made daily of the bonds of the Re-
| putlic of Cuba Some S25 600 were sold yesterday
| "wednesday at a moderate rate on the dollar.
About $500 900 have been printed, and the issue Will
be increased the necessity for more money arises
These bonds are conditioned as follows:-Seven pei
cent interest is allowed from the date OF issuance
which is to be paid after the 'tlfcatlon or treaty
| of peace between spain and the Republic OF Cuoa
The Government reserves the rights to pay theIprln
cpal on any interest paying day. The bonds are
issued in the name Of the Republic OF CUBA, tnrougl
| JoAe Morales Lemus, President OF the Central lie
| publican Committee OF Cuba and Porto Rico.-M
| Tribune.