The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-04-30
SECOND BOARD.
The New York Money Market.


amounting to eight millions Of dollars, at prices
ranging from 1880 TO 1902 The awards were
amo9ntpa e to co. $3.50 T coG at 1891 So far as the
experiment Of easing the market is concerned, 1t
was decided failure, for gold went up immediately
after TO 1343s, "a rise of three-quarters per cent
as compared with the lowest price in the
morning. Mr.. Boutwell, was quite retcent
as to his policy, and made very little display during
his visit to the street In the afternoon he in
troduced at the Stock Exchange and made speech
OF some five minutes duration, in which he said that
he would faithfully use the revenues Of the Govern
ment and endeavor to reduce the national debt. He
was going to conduct his administration that no
one could question his integrity. He would so CON
triye that hat no one should make or lose money by
clivities of the previous incumbent Of the
Secretaryship was well received. SO ended
perlenced. He has little genius for finance and is
feeling his way cautiously along the path which the
President and Congress have appointed him travel
Those who know him intimately say that he is
anxious not to disturb the monetary ease of this
once, and hence his selection of the present
period for the sales. 1t is the impression that he
the Sinking Fund act to cancel a percentage
of Government bonds, and hence these securities
very strong to-day particularly after his speech
at the Stock Exchange when the 62s sold at the ex-
traordinary price of 1872, and the 61s at 1164 The
advance frightened the shorts into covering, and
all the issues were lending to-day at good rates Of
interest The advance of consols to 942l for money,
is further proof of monetary ease at London, and
stimulates foreign purchases.
'"The money market was without important
change. but it was again difiicut to decide which
was the prevailing rate, or per cent. Those who
wanted to lend money could get only for IT, while
those who were under the necessity of borrowing
had to pay Z. Commercial paper was duller but
rates remained steady, at to 10 per cent, for prime
double names four months acceptances and at = to
So for sixty days notes.
''Foregn exchange active at advance of
one-eighth in rates for sterling The higher price of
cotton this side of the Atlantic leaves the market
bare of cotton bills, while the home consumption OF
the staple has steadily increased in our manufac-
Tl.nf lInun, fhnr 4 ,,ntat
''Sterling, sixty days, commercial, 10S}a@10s%;
good to prime bankers, 1O9a1O9li; short sight, 1895
516l, 6615; Antwerp. 5'21110f5164; Switzerland,
2lh@516%; Hamburg 853a@35ai Amsterdam, 10
@50L; Frankfort, 40li@502i; Bremen, 7Sd1Saf;
Prussan thaers, 10I@61H.
Gold opened at the closing price of the previous
day. but, under the stnultis of the high bidding at
the Government sale, took decided upward turn.
instead of going the other way and touched 1349S.
| This was all the more remarkable as cash gold was
! in greater abundance and but two days intervene
to Saturday, when about ten millions of gold will
come on the New York market in payment Of the
May coupons. The premium seemed to go up without
much effort, and the market became rather duh at
.Cash gold loaned fiat early in the day, but per
cent was paid for carrying it just before Clearing
House time. In the afternoon and per cent.
paid for carrying. The Gold Exchange Bank report
is follows:-Gold cleared S79,362,0OO; gold ba-
lances, s1,574,627; currency balances s2,1s1,3l4."
From the World.
visit of Secretary Boutwell, to this city, and the
| speech which he made to the New York Stock Ex-
ingy satisfactory. They were simple, plain and
| right to the point ECONOMY and law" were the
omy and law may seem to be as the acknowledged
| guides of Mr.. Boutwell's policy, they have
been for over seven years the antipotes OF
everything done by anybody in the Treasury Depart
ment of the United States Economy and law are
what the people of the United States want in secre-
tary of the Treasury If Mr. Boutwell, has the cour-
age and persistence to carry out this programme OF
| economy and law in his department, then he may
safely calculate upon national and worldwide re-
4 q
most msatiate The surplus revenue OF the United
| will inevitably advance the national credit
| 10 so high standard that the road TO
specie payments can be made easy and natural by
the appreciation of the market price of our bonds to
| par in gold and upwards. The official declaration
that Government intended to carry out in good faith
at once the Sinking Fund act of 1862, would assist
materially in placing United States bonds on that
high standard in the markets OF the world TO which
| they are entitled. The Sinking Fund act of 1862
was part and parcel of the same law which author
| lied the issue OF the Five-twenty bonds Of 1852
1t was pledge of The national honor to eXtinguish
| an obligation issued thereon upon the national
| credit. The fudlment of this national pledge
| upon the part of Mr. BoutwelEwould stamp his ad-
ministratOn as new advent OF affairs in our Trea-
| sury Department. The law which defines the sink
ing fund Is unmistakabe and incontrovertible and
il has been until this day ignored and violated by
| Secretaries Chase and McCulOch. The Sinking
| Fund provision in the act OF Congress- 1862 was a
vital portion of the bargain upon which Government
negotiated the $500 900 of the FVe-twenty bonds
of 1662 The violation of this bargain hitherto Is not
creJitable TO Government IL Mr. boutwell, declares
officially that the financial policy or Government will
henceforth carry out in good faith the provisions Of
the Sinking Fund act of 1862, then the Five-twenty
bonds will advance rapidly to and above par in gold
so that the Secretary readily negotiate four per
cent bonds on advantageous terms and thereby re-
duce materially the burden of taxation which the
people have TO bear. Mr.. Boutwells visit to-day has
made q favorable impression on those who have
come in contact with him. and although he has not
been yet sufficiently explicit in the declaration OF
his policy 10 meet popular expectation still what he
has said is so far good He visited the Stock En-
| change to-day, and was introduced 10 number Of
| its members There was very general desire to
hear his views and in compliance with the universal
| demand the Secretary addressed the Stock EX-
| change in substance as fOllOws:-
| "Gentlemen-This is the first time that have ever
visited the Stock Exchange and glad to meet you
NV financial policy shall every and influence
NJ command collect the full amount of
10 the Government and apply the same TO the working
| tinn of the national debt. shall every prudent
economy the administration OF department, and its
transactions shall be plain as written your
any loss private individuals. shall endeavOr adj
minister finances in such manner any
shame reproach on the department TO embarass
/ the business of the country"
| .Jf Mr. Boutwell, carries out these views in a prac-
| tical form, then he will command the good will and
| influence of citizens of every party
saThe Money market was easy at q TO per cent. on
| call Prime business notes are wanted aJ 20 per
/ cent. The banks are gaining strength every day,
| and are more disposed to accommodate their GUS
saIhe bids to-day for the Government gold, 81 OOO
| 600 were awarded 10 Henry Cews a. Co., Trevor AZ
| Colgate, and Underhill, Haven Co., as fOllows:-
| Henry Clews ~ Co, $3.50 000-134D2; Henry Clews a
| Co S234 43I5-13401; Trevor a. Colgate, c46s, T5O-
| 1874 or Underhill, Haven Co., 846,S75-lS4Ol."