The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-03
The New York MONEY market.
Front the Herald.

"The important announcement OF the Secretary a
tne treasury that ne WIN to-day p1rchase thre1
usual one per cent for the sinking fund, indicates
desire on the part of that official to make amend
bled the Wall street speculators to inaugurate
period OF stringency unparalleled in our loca
Butterded states in the advertisement that th)
purchase will be for the Treasury Department, thl
same to be held subject to the future action OF Con
gress. 1t does not Interfere with change the q
sting orders for the purchase OF bonds on aternat
Thursdays. The voice OF the people will endorse
what Mr. Boutwell, intends doing. The Sinking
FuEd act was allowed to remain imperative duriu1
the career OF his predecessors and while there ca
be little doubt that he has the right to cane
bonds to the extent OF one per cent. pe
annum for the time which has elapsed since tn
enactment OF the law, he is perhaps prudent i
gress The effect of the news was to produce CRED
cheerfulness and feeling that the money mark
the usual disbursements of the Government betweeI
the 1st and Sd inst will lberate about six millions q
opening rate for money was about an eighth. Late
IN the day the apprehension returned when attenX
currency balance had increased to over SBT, ,O00,00
on the list inst The usual amount kept in the Trea
sury has been eight to ten millions, SO that M
Boutwell, has suffered nearly thirty mioll
vaults. This is virtual contraction on for ie'
smaller volume of currency with which to do bus
ness. 1t is to be hoped that Mr. Boutwell, is not
cOntractionist but there are certain facts made ap
parent in the debt statements for the first four MONTH
or since he began his administration. Thus th&
legal tender notes have been reduced ss5,879, and
the fractional currency 81, 1920; probably bH
merely not reissuing worn-out notes redeemed. ThU
three per cent. certificates have been reduced u
s5O2O, GOO, SO that the whole amount of Treasur&
paper available for reserve in the banks and as th
basis OF bank currency and deposits is 50 s99 lea
than 1t was four months ago. AgaA, his &C cumula1
ton OF currency in the Treasury Is excessive, as th
1oHowlng comparison Will show. The amount eac1
April .s6sO2, ,62s June l. $40, ,os4, 81
May 1.:.;..,.. 7s96,564 July 81, ,097, 81
1T is hardly to be wondered at that the feeling
later IN the day became less enthusiastic and tha
stocks halted and became steady. The mind OF Wa
street s painfully confused as TO the real eventually
OF the present extraordinary complications Of th&
money market, which became 1tful and irregular
the day wore on, the rate on call ranging as high
three-elghths and interest, with, perhaps some e1
ceptional transactions at half per cent Comme
cal paper was offered at ten to twelve per cent
prime names, but no business was done except
the higher figure ef aIr.4
'Monday next is legal holiday, but there are cer
tain provisions in the law with reference to nots
falling due between to-day and Monday which shoul
be generally known. The statute provides thi
when any prescribed holiday shall occur on Sunda
then the ensuing day thereto SHALL for all purpose