The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-08
THE NEW YORK MONEY MARKET.

The following extracts show the state of the New
, York money market on Saturday.
From the Herald.
'aThe week in Wall street has been full of Incl
dents and the various departments OF business nave
shown interesting phases. Perhaps the most striking
feature was the decline in gold to 126-the lowest
point touched since March, 1866 The downward
movement in the precious metal caused considerable
alarm among those who have been holders ever
since the days OF the panic, and was employed by
the speculative fraternity for rather successful
raid upon the Government bond market The de-
cline was assisted by the curious position in Whlcn
the elimination Of the gold corner left the street.
On the day that the price tumbed from 1865, specua
tors who had capital enough to keep from oank-
ruptcy found themselves all possessed OF gold aI
prices ranging from 1875 upwards. The inabllty OF
the bulls, to take gold at the high figures OF & t9e
eventful Friday placed the bears the other SIDE
OF the market; for they had bought gold 10 denver
which the bulls were unable TO buy from them.
The lowest point touched on the last day OF tne
corner was 1921, which is therefore the starting
point OF the present decline. A few shrewd opera
tors foreseeing the eject OF such a condition Of
fore rallied the market by stages as 1t went doWn
The short interest at the present time ls not largc
for among merchants and business men VINO nave
conducted transactions on basis or god at l5O uuu
above, it is difficult to dsspate the impression tnat
gold is cheap at the prices of the week, ana nence
there was great deal of buying, under which the
price reached to 1878, and then fell 10 l2oSa w te
close. The rates paid for carrying gold nave Deeh
the best index ofthe fact that the outside purchases
'Foreign exchange was steady and firm at the
close, the basis 10SES for PRIME bankers sAtI
day, and 109H for sight sterling bills, the dlnerence
offiyeeghths per cent in the two classes Deing dne M
to the advance in the Bank OF England rate Oh uls-
count. -
The market for commercial paper was charaacer ac s
ized by high rates, the dealings outside tle DaSs
beng quite limited. Prime paper was slugglsh Nd aV
ten TO fifteen per cent The suspension OF prom,
nent grocery and liquor house was reporter Vo ~
| Saturday, but their emD arrassment Is ascrloeu W
! speculatlons outside their legitimate line oil Dusl.
| ness, one OF the firm being a reputed operator III
mining stocks. -, .ho r,to on
"1he money market was irregular, ana the rate W .I I
call ranged from four to seven per cent eenS % a. i've v
close on Saturday there was more steadhess aV n'0
to six per cent .,,o+o1 bonks
''The weekly statement of the associated oallSs t
rejects the movement Of the crops, tne sPiie t,
OF currency leading 10 decrease IN tne iCGui W. I ~
legatenders amounting TO over two millions VI WI 1
lars. Inasmuch the Treasury operations % "a @ 1,T
week in gold sales and bond purchases Were III
OF the street, this loss Is quite large anu SAiioiea M
| the extent of the demand which the Dahhs % , naJe
been called upon TO meet The increase III speole p
through the Government sales OF gold ana dlsDnrse m
ments OF the November coin interest Is over tnte
millions; 80 that the banks actually gam hlillloI
In reserve. AS the deposits have increaseu noou m
two millions, the gain in surplus over the legA re
serve is only half million. The pressure iOr dis
counts is reelected In the increase Of tne items o.
lOaDf,'