The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-03-06
N. Y. MONEY mARBEr ON SATURDAY.
MOfrt the Herald

FNOfn the HefQM.
''Wa street, owing to the largely increased volume
Of business and advance i'll prices, he required more
money the past week, bus was readily supplied at
iionay, lett with the larger government ho1%s % IS At
three per cent. Strictly speaking, the demand has
the interior are still large enough to keep The rates
OF interest from advancing Prime commercial
paper has found ready sale at 81 per Cent, but
rates continue to range from To per cent.
'Foreign exchange was flrIner on the announce
ment That the Bank OF England had raised the
minimum rate OF disco unit to three per cent but
attempt 10 advance quotations not gu scsssful,
the supply Gi bills having increased to slight
extent by shipments OF bonds TO Europe where fve-
tweLties al d Ien-forties underwent u sudden adj
vance Of abOut one per cent. In face OF higher
rate OF the Bank of England, They upward move
melt OF our securities in Europe succe eding the
alteration In the rate OF discount occasloned general
surprise and II not as yet July understood. 7-lnJ
"1he weekly statement OF the associated hanks y
Dy strict ano close aDalys untayoIable the gain
IN specie and legal-tt nders, which amounts to
81 $4,000 not being equivalent to twenty five per
cent. OF the Increase OF liabilities The deposits have
Deen swtLed to the extent OF over s1,4o0,OOO. The
surplus reserve iais OF only s2S 900, aud the banks
''Tht speculation in gold continues TO wane, and
several important influences transpring during the
week had little effect. The offer Of the Govern
ment TO sell t7C0O 000 OF treasure curing the month
OF March accustomed adecline from lllK to l10z,
from " hcb, upon the announcement of the advance
In The Bank Of Engehc rate OF disc unt, there vas
reaction to l1iA These fignr show an extreme
hUCtuation Of only a per cent certainly trining
one ms compared with ihe materials afforded for 4
wide speculative movement. With peace In EuroYe
OF American securities. The panse IN gold ia there
fore onnOus OF sharp decline before the MIDDLE of
summer. The progress OF the country to specie pay
mens cannot be interrupted now that peace reigns
OH both continents Gold will begin where t left
OF last summer just before the declaration or war
between Frsnce and Prussia, and a fall to ln0dlO6
before the 4th OF July would not be unnatural or
surprising '"
stThe Government list was Irregular hut in the
main strong. The original rise, which was based on
the heoTy that The Treasury Department would ex-
ercse their rluence In favor of the higher prices
as a preliminary TO offerihg the new loan, was so
much In advance OF the foreign market that a
tu0den decline was produced by the i'm
foreign market reacted on the purchases
made for shipment TO the Uni ed States, and hence
when the debt statement for February, showing so
handsome reduction, followed the announcement
of the Treasury SecTetary's Intention 10 buy ten
million bonds during March, prices in London sud-
d,nIy sdvanctd ana our market sympathized In
fact, one theory OF the advance IN tne baek OF
England discount rate IL that the directors or that
institution were desrous repressing the growing
favor OF our securities" ~