The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-04-29
THE N. Y. MONEY MARKET YESTERDAY
From the N, Y, Herald,

1.-THE speculative activity Of the gold, stock, and
Government markets showed no abatement to-day,
and under increased purchases prices advanced 10
the highest figure attained in the present upward
turn OF values.
''Ihe closing quotation Of gold-1153S@115T-
the brefest way of indicating the change which has
occurred in the of the price of the precious
metal The excitement in the Gold Room at times
reached fever heat, and the transactions again
on an enormous scale. The clearances for yester-
days business exceed even the large figure then est-
mated and reached nearly $685. 600. The earliest
price was l15, from which the bears hammered it to
1l4S; but the frmness OF exchange rallied
5@f POINT market again droppSd s to from u.s. wnef Sas
eventually closed at 1853 on the receipt Of ntel-
gence from Paris that the bullion in the Bank of
France had fallen off S,500,000 francs, while the
specie in the Bank of England had gained only
e5OOOO. The bulls have taken hold OF the market
creasing scale OF exports for the rest OF the spring
ana summer, and with the eXtravagant importa-
week, the Government alone can defeat their
plans OF advancing the market to higher figures. 1t
is impossible to export bonds at present prices In
Decd there were reports on the street this evening
that some OF the foreign bankers had sold Govern
ments at the top of to-day's prices, buying simuta-
neously in Europe. The borrowing demand for Gov
ernments was active to-day previous speculative
sales. The Assistant Treasurer disbursed 100000
to- day In payment of the May coupons.
'"The foreign exchange market was firm on the
basis OF 109 for prime bankers sixty day and 1925
for sight sterling bills and the leading houses were
indsposed to draw large amounts at these rates
The street Is quite bare OF commercial bills despite
the rise in gold, while the enhancement in the home
ments of bonds and the formation of a supply Of
bond bills. Should the receipts of cotton this week
show further decrease, and should holders retain
their stocks of cotton for higher gold, the future of
exchange promises additional frmness.
''The excitement in the Government market sug-
gested the days of last year. when under the revival
OF the European demand, and with advancing gold
quotations, the market moved up half to one per
cent day. This rapid movement has been fully
equalled The present week at the Government BOARD
as a comparison Of prices win readily show The up
ward turn in gold stimulated the movement to-day,
and the els led the way to II 5s. Here the market
encountered sales supposed to be foreign account
and reacted with the general reaction at the close OF
the day.
''The supply of money in Wall street to borrowers
on call continues unusually abundant, despite the
absorption of a vast amount by the expansion Of
business and the advance in prices at the Stock Ex
change. Loans on stock cOllaterals were maze as
low as four per cent, but the prevailing rate was
five. Borrowers on Government securities were
very freely accommodated at four to five per cent.
Commercial paper was in demand under diversion
to this investment OF capital seeking higher rates
interest than those prevailing in the open money
market, and the various grades OF prime double
name acceptanCes were current at six to seven and
half per cent. discount"