The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-30
MANN
Gold nuOtatOng n fOllOwa.-
THE NEW YORK MONEY MARKET.

The following extracts show the state of the New
York money market on Saturday.
From the Herald.
"The money market during the past week was
easier than during the preceding week. despite the
fact that nigh the season when the customary
drain of funds takes place to the West and South
to move the corn and cotton crops. The banks have
lost but trling amount in legal-tenders, but the
amount sent in national currency is not easily ascer
tanned, except through an analysis of the item of
deposits. The fact is the city has been largely
supplied with money duriug the slmmer, and capl-
tallsts have manifested an Indifference about en-
poying their funds on otlier than small loansv
Hence we find the rate Of discount on commercial
per ranging fr;m IT, nine per cent cent T upwards Wnte
and seven. Again, The crops are rep Jrted
two weeks behlndhand, while the cotton re-
pts have been small. The demand will come
with all the more force for the present de-
ferment, but 1t remains to be seen whether the
city will not be able to meet it, and yet leave an
discounts the future. This tendency Is witnessed in
the engagements which are being made every day
for time loans stocks and other cOllaterals for
periods OF thirty and sixty days There is more
than usual for use on call OF course the supply is
not what 1t was year ago, when the rate had
fallen to three and four per cent, but it was
large in comparison with the spring months.
Without an increase of the circulation by the Gov
elnment or the SANCTION OF additional national
banks our city can never hope TO return to the
abundant supply of the years Immediately succeed
ing the war; The building of the Pacific Railroad,
the growth of new towns and enterprises in the
West, the revival and expenditure OF the cotton
growing interest i'm the South and the thousand and
one other undertakings wherein capital has sought
investment with the return OF pee 10 the country,
have disseminated the currency VIDE and far over
the whsle land. Millions have thus gone away
which Will never return. Such is the situation i'm
which the metropolis finds herself at the begin
ming of the fall season Of 1869. The character
of the activity that will attend the money market
during the ensuing two OF three months is
re0ured for moving the crops the calculations
thereof should take into consideration the fact that
If the crops are more abundant this year the prce
OF corn and wheat is nearly 1tty per cent. less
than last year. The yield OF cotton is expected to
be much larger, perhaps by half milton of holes
ana the price is higher owing to the failure of foreign
markets to obtain their supply of the staple from
and owing also to the increasing home
consumption in our manufactures. viii
the requirements of this increase in the
amount and price of cotton Offset the decrease in
the value of the Western crops? Wall street is not
very apprehensiye of stringency. Among stock
houses, with whom the demand Is so constant the
disposition is to make preparation Tor the fan
activity by time loans II this movement becomes
general, the period will pass without the spasms 80
usual at the season. There were during the weeE
faint currents in the local market depending
on the changes in the quotations OF stocks
and Thursday the rate on call was six TO
seven per cent, with good many TRANSACTIONS
at the higher figure The bank statement is NOT a
favorable one, but still is lalr Tor the time OF year
The shipments of currency during the week were
light, and the decrease in legal tenders only little
over a quarter of a million OF dollars. The least
fatterng item is the decrease of two and Quarter
millions In specie accounted for by the customs
payments and by the transfer of gold on California
account. The loans have been contracted one and
three-quarter Millions and the deposits have fallen
Off three and quarter millions
'"Hhe decrease in the amount held by the banks I'm
excess OF the legal reserve Is 81, ,57sSl8
'The ease in money and the 1rmness of the gold
market made Government bonds very strong, the
Improvement during the week being quite percepti-