The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-14
THE NEW YORK MONEY MARKET.

The following extracts snow the state OF the New
York money market yesterday:-
From the Herald.
"The dullncss in Wall street seems to have as
sumed q chronic character. Until the confidence OF
the public is restored by the lapse OF time, the stock
market bids fair to preserve the even tenor of its
way. The disposition of the operators who COM
mand capital enough to renew speculation is TO take
the bear side. The consequence is q large short
interest," betrayed by the active borrowing demand
for stocks The reduced earnings OF the Western
railways is the basis for this tendency the part OF
the street. the accumulation OF money at this
centre Is stlll exhibited IN the low rate OF
interest on call loans. Until the grain of the West
is marketed this accumulation must cOntinHe AS
soon as money becomes active we shall have
the first inlimatiOn that the crops are in
motion. Then, by curious paradox, stocks will
go up in a stringent money market for the reason
that the strlngeucy win be the sign that
the movement OF the crops has begun and that rail-
way earnings will increase. 1t may be taken as an
absolute TACT that the cllques viii always do tne Op-
pOsitc OF what the street does The Cliques live by
the outside public. The latter have been induced to
believe that we have not the worst of the panic
anu that another reVusiOn Is IN the immediate future
of the stock Exchange The street has therefore,
gone Short The capital stocks OF some railways
nave been sold twice over. The cliCues have been
the buyers, otherwise the decline under so
many sales would have been very large one. The
Cllques, however, Keep the market dun and heavy
enough to tempt the increase OF such sales but are
careful not to dropit enough TO allow covering. The
easy money market allows the coucs to carry stacks
without any great loss of interest. Money GO-day
was worth from four TO seven per cent. The former
was the exceptional rate on call, with pledge OF
tiOnal rate on stocks. The regular rates We're I've
and six per cent. ...
acCeptances sell at from ten TO twelve per cent. anG
secOnd-rate names at twelve to fifteen. Prime
bankers, paper is quoted at from eight to ten per
cent. The eindispostion to buy shows the exneCta-
ton of lenders that money cannOt remain in its
present inactivity. Foreign exchange was firm
to-day.
Heretofore the October eiectlons in PENNSYLVANIA
and Ohio have eNerted a very perCeptiOle influence
on the course OF values in Wall street. As the days
nj fo to fg IN
dying away, Tor the reason that old issues are dis.
appearing, ana the political parties OF the time
Recognize the financial Obligations Of the Govern
ment In the gold market the effect Of the political
news was hardly if at all, perceptible, the price
remaining quiet at 1870 a@l3OA all day. In the
Government market the same steadness was visible
until late in the afternoon, when one large house,
basing their action the doubtful result in Ohio
and taking tile chance OF PendletOns election, sold
two or three hundred thousand dollars OF bonds The
prevailing dulneas and the large offerings TO
the Government ut the Sub-Treasury purchase
rendered the market weak and lower, and prices
declined quarter to three-eighths per cent.
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