The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-05-03

From the NJ Y. Herald
"A brief paragraph in ms, Washington letter this
sold the gold belonging to the sinking and special
fund now in its custody led to an inquiry at the
Sub-Treasury here this morning, when 1t was dis
covered that 000, 900 in godthe coin equivalent
OF the May coupons held by Mr.. Spinner In the fund
Saturday through Wall street firm OF brokers, aud
the proceeds rcnvested IN Government bonds to be
added to the fund Hereup0n certain parties, mimi
cal to Mr.. Boutwell, and the Government generally,
endeavored to magnify very trining matter into an
affair OF State policy as affecting the finances OF the
country. Mr.. Boutwell, was denounced for reviving
the secret sale system OF Mr.. McCulloch, and for
wilfully violating his express policy Of advertised
Mr. Spinner procedure, or, so, regarded 1t as the
best way OF converting the coin belonging to the
sgans th alleged 's sale VINO are cry ~s 0Si
aware that upon any day the Government adyer-
tises to sell million of-gold every dollar
be for ten millions. AS to the secrecy OF the
actioH, the order was given through the mails to
nearest and next-door broker and executed the
commission Of Mr.. Spinner The latter gentleman
account for the lst OF May, and sold out his loose
goldi Ia order to, make the character OF the fund
uniform for the debt statement
1.-THE influences OF the matters referred to above
were felt in the various markets with more OF less
effect. The Government list on the early announce
ment OF the large Treasury purchases for May was
strongly active, the 67s leading the way to 1i4A
against 1S on Saturday. Later in the day. with the
decline in gold and the unsettled feeling arising
from the discovery OF the Government transactions
on Saturday, the market reacted; but upon the
showing OF the heavy reduction in the public debt
| prices became strong again.
''The gold market was strong upon the light gold
sales proposed for May contrasted with the gene-
raj expectation, based the ability OF the lvern-
ment 70 SELL and the price touched 1l6< after
the opening OF the board The private sale OF gold
| on Saturday became known about noon, when the
price declined to 1147< the specuators for decline
exaggeratng the action OF Mr.. Spinner. As soon as
the real character OF the transaction became known
the price advanced TO 1161l, but upon the attering
exhibit OF the reduction in the public debt fell on to
| and closed at l14X.
'"rhe foreign exchange market was nomInally
| lower, but in reality hrmer. The leading bankers
reduced their rates for sixty days sterling to 109
as against 1094 at the close OF last week. While
they kept the rates at the latter figure the market
was rather freely supplied with bills out OF second
hands.
"There was a better demand for money ana all
| new transactions on stocks occurred at six per
cent, which rate was readily obtained by lenders
who kept their money until after two O'Clock. on
Governments the rate was four TO five per cent The
| increased activity is due to q local movement In
money among the people generally, with whom the
beginning OF May is season for the settlement OF
real estate and many other business contracts.
Commercial paper was selling at 6x to IN per cent.
discount for prime dOuble nAmes.D