The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-05-02

''The week closed on Saturday night, notwith-
standing the already considerable progress made
R w o be of sba M
change Is simple one. AT the start OF the
movement operators were mostly mindful of
their late experiences, so often repeated since
the first of January, of similar bull essays, pro-
missing great pronts, but resulting in very short
turns which left them largely losers and feared TO
be again deceived AS the movement however
progressed and passed beyond the point of predicted
failure an examination into the natural conditions
influencing the market seeming to offer more assu-
rance OF success now than on former occasions in
duced large accessions to the ranks OF buyers and
developed the present excitement.
''The pril cipal Arguments in support or bull
movement at this time are first, an easy money
market with every prospect OF its continuance for
some time. Some weeks ago, although money was
then easy, there was the expectation OF the usual
Of that activity has passed and it has been demon
strated 1t is to be remitted this year, the pre-
sent ease is one giving every encouragement to
speculation. Again, after a long period or declin-
ing tendency in gold, that measure OF value has
suddenly exhibited a reactonary feeling and ad-
vanced very considerably. Although this is helped
by speculative purchases these in turn stmula-
ting the natural course OF the msrket In the first
place, an upward turn in gold is customary at this
exhausted, we are obliged to ship specie or bOnds
in settlement OF foreign contracts, and continues
until the early fall, when the new crop movement
supplies means Of payment This would not, how
ever, wholly account for the strong gold market so
early this when the Treasury is disbursing large
supplies OF coin in payment OF the May interest. II
the demand for our bonds was equal to that of
former years But tne TACT is clear tnaJ tnat de-
mand has suddenly fallen or But few orders
have been received from Europe to reinvest
the May coupons, and the dealers in foreign
| exchange have strengthened their rates in
| consequence. How long this indifference to our
securities abroad is to last it is hard to determine.
| American credit would appear TO have received
blow OF some severity, but not We trust, lasting
! one. The discussion OF the funding measure in
Congress and outside, and many OF its provisions,
have undoubtedly served TO interrupt the invest
| ment demand, which was likewise checked by the
manner in which the present Secretary OF the Trea-
suTy has endeayOred TO force his bill through in the
face OF the opposition OF so large class as compe
tent himself TO Judge OF its value. Then the ag-
tatiOn respecting the legatender decision the de-
mand for its review and the general discussion of
its merits ON either side has awakened grave fears
as to the responsibility or respectablty OF American
courts and legislatures and otherwise exposed us to
harsh criticism in the minds or foreigners
who do not understand our American way
OF doing things. This is especially opera
tive in Germany with the class who invest in
| small lots. In England there appears TO he dis
| trust OF American hnances since the gold corner,
| which has been further increased by more recent
| events, that the london journals do not omit TO
| quote to our discredit. The absence OF the usual
| orders for reinyestment have thus served TO
strengthen gold In the face OF the payment OF the
May interest," the larger portion OF which is due to
| foreign holders, as well as counteracted the eXpee-
tation OF increased sales by Secretary Boutwell, this
| month"