The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-30
NEW YORK MONEY MARKET.

The following extracts show the state OF the New
York money market yesterday
From the Herald.
oThere was pause in the speculative feeling TO-
day, which led to a rather dull market in the earlier
hours of business At the morning sessions OF the
stock and Government boards there was little move
ment outside of the few leading stocks which have
been the chief features of interest during the pas
fortnight The money market exhibited little more
activity, and in loans on pledge OF stock and mis-
ceaneous collaterals the prevailing rate was seven
percent. There were, OF course many exceptions at
SIX which was the general rate on Governments, the
transactions at ave on the latter securities being
also more exceptional. 1t is difficult to say why
there should be these little variations from day to
day i'm the rate call, but the local money market
contains within itself many little currents which go
to affect its general character. New York city Is an
empire In ITSELF and the movements OF funds up and
down town, from one bank to another, or from
one Kind Of enterprise to another doubtless cause
the fluctuations. Again, the speculation IN stocks
to-day was, in the main, rising One-that is, there
were more buyeOs than sellers. The desire to en-
gage funds was therefore more general. For the
future OF the money market little concern is felt
The banks have been gradually increasing their
resources, and the Government bond purchases
OF yesterday and to-day Will assist their easier con-
diton. The Treasury has disbursed within the two
days nearly i've millions of currency, one-haf i'm
cgatenders which, in going to increase that item OF
the hanNswill swell the figure of legal reserve. Fo-
reign exchange was quiet and steady the basis Of
1lO16 for prime bankers 10 day sterling bills Very
little was doing, however, the remttances finding an
outlet IN produce and cotton Cills or in bills drawn
against bonus
"rhe range for bankers was from 1O9% to 11OA. For
sight the quotations ranged from 1l0l( to 0s6, the
former being the figure for net transactions with
brokers. Commercial paper was in fair request, the
demand increasing each day, now that it is certain
the rate Tor money cauno go above seven per cent.
For prime notes Of long and short periods the "
reme rates eight to twelve per cent with sales
at the intermediate iguleS The circumstance which
gave tone to the later speculation OF the day. and
changed the dullness into comparative activity,
a report that Secretary Boutwell, would purchase
fifteen millions Of bonds during the month OF August.
Whether the report is ne nOt-and in the absence
of the press dispatches from Washington it is vet
ndehnite-it was sufficient to create considerable
excitement in the Government market, where the
62s advanced To 1HL, and CAS- 10 1912 n. The pur-
Chases were made principally on account of prOmi-
nent stock houses who seemed confident of the
truth Of the intelligence. Now if there has been
another "leak' in the Treasury Department, Mr.
Boutwell, should make rigid Investigation. Yes
terday he closed up the purchases outside of the
sinking fund, and the public were natu-
ensuing month. If his decision is to con tinue
these purchases then the spectators have got
the inside track again. 1t was Mr.. Boutwels order
that no news of Treasury operations should be COM
muIicated until after banking hours. Yet to-day,
at the session OF the Government board, which meets
at quarter past two O'Clock, there Were plenty of
"orders" to buy the strength OF report that he
intended purchasing fifteen millions OF bonds dur
ing August. The coupon ten-fortes were active and
sold at ll21, and the currency skies at l008. The
market was easils susceptible OF an advance, owing
TO an improvement in London, whence the price
fund were in the lots and at the prices following:-
1864, registered, 12025 1852, registered 12O5 1865
registered new), 1902, 1862, registered, 12021; |;
1865, coupon, 1908; 1862 registered, E997 1862,
registered, 12OO1; 1865, registered, 1200s; 1864,
registered, 190O9; 1865 coupon, 12O88 1864 new,
registered, 12O'32; 1887, registered, 1902; 1865
registered, 12025 1864, registered 12O25; 1867
registered, 1908; 1865, registered, 120'25."