The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-21
NEW YORK MONEY MARKET.

ne Ionowlng extracts show the state of the New
YORK money market yesterday
From the Herald
r ''rhe money market to-day was a shade easier
There was no relaxation in the rate on cali where
the pledge was stock collateral but n good deal more
was done at six per cent on Goyernments 90 rnnch
that the rate was quoted sIx and seven nor con,
on the latter and seven stocks In commercioi
paper there was no new feature, and the extreme
range OF discountng figures was from eight To- tWeve
per cent. for prime notes and acceptanCes FOREIGN
exchange was hrm The demand has been increasing
with every steamer Tor me past week, but not enough
to be styled active. A great deal Of apprehension
exists as to the future of the market the number
Of bills Offering without corresponding shipments of
produce or gold inducing fears for the extent TO
which some OF the foreign bankers are trading on
their credit abroad. While the English discount
rate rules at 80 nominal hgure as three per cent,
there is a disposition on the part of many OF these
houses to withhold the gold or other commodity
which should 90 to fOrtfy their accounts. So long
as these experiments did not threaten business ON
this side OF the Atlantic 1t would give us
little concern; but the ruin OF one house so
overtradng would be dangerous to others and
might lead to a panic. In one way the plan is laud-
able. IL cheapens gold, aud doubtless those who
are taking the nsk expect to make their shipments
eventually when the premium is lower. 1t is this
curious complication Of affairs which has led TO
deadlock in gold The bears are heavily short,
on the expectation OF decline resulting from the
scantiness Of shipments, while the bulls bare en-
deavOring to sustain the price by prophecies OF the
great demand which must come sooner or later. The
bear plan is TO put out these credit bills OF exchange
and keep them aluat until the foreign market sud
denly irnbued with "A new speculative rage for our
bonds to result from the steady reduction OF
the national debt will take millions OF dve-tweu-
ties again, in lieu OF god to settle the balance OF
uade. The calculation IS also made that the new
crop of cotton will begin TO go over the Atlantic in
time to assist the plan Every man has, of course,
the right to conduct his business he chooses. II
the firms who are thus causing an artificial depre
CiatOn of gold succeed in Keeping the price down,
the country at large VIII rejoice at the appreciation
OF their greenhaCk currency for such Is the converse
movement. But TO conservative bankers aud to old
business men IL seems an unsafe If not an unhealthy
way Of setting the balance Of trade by eX-
porting our national bonds of Indebtedness.
Expectations of advance in securities abroad
founded upon the acts Of Secretary Boutwell, are
curiously enough followed this evening by a rise to
SO in London, which was the latest price, according
TO private kilograms. The report has also been freely
used that the Government would increase its sales OF
only fraction of the amount sold either in 1868 or
1861. Gold to-day opened weak under the bear
movement, and declined to 1876, from which IL adj
vanCed to 1855 when it was discovered that the
Allemania had taken out S53O,O0O and that the
Scotia, which sails tomorrow, had over $500, 900 en-
gagged.
'The decline late in the day to 1851 was due TO
the private cable dispatches giving the London price
OF bonds at So. The carrying rate for cash gold
ranged from eight to six per cent. In the afternoon
there was an exceptional transaction recorded at
three per cent
1.-THE aggregate value Ofthe exports exclusive OF
speCie) from the port OF New York to foreign ports
for the week ending July 90 1862 was s., ,66S, 910
"The Government market sympathized closely
with gold in its fluctuations, but generally dull
The SubTreasurer will purchase three millions to-
morrow. At the close the '6Ts were stronger"