The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-24
THE NEW YORK MONEY MARKET.

Thefollowing extracts show the state o the NV
York money market yesterday
From the Herald.
''The situation of the gold market aGording an
opportunity for decisive movement either way,
advantage taken OF II to-day for strong clique
movement under which the price was run up TO
1927 amid considerable excitement. The recent
sharp decline from 1856 left the market very suscept
bic to the usual reaction which looked for with as
much certainty any periodic occurrence In nature,
and Is the source of the livelihood OF hundreds VINO
haunt the Gold and stock Exchanges In this in
stance the upward turn was assisted by the cable
report that treaty had been signed for the cesson
Of cuba TO the revolutionsts and rumor went further
and said that the consideration was sum variousy
estimated at from ten TO twenty years purchase Of
the average revenues OF the island equivalent to be-
tween one and two hundred millions OF dollars, for
which the Cubans were TO give bonds guaranteed by
the United States. The effort at first exhibited a
great deal of strength, and derived no little prestige
IRON the lact that IL was made by well-known pro-
minenJ stock operator, who was, further, reputed
to be in alliance with the famous Erie clique The
advance in the price, however, seemed to require
their constant attention; for as they ceased
their purchases the market showed tendency to
settle. This circumstance suggested to the street
and to the general class OF operators that even
powerful a bull combination could not arrest and
hence they failed to enlist the sympathy and en-
thusiasm of other operators. Usually the street
mas not been slow 10 follow where the cltques
lead or pretend to lead. In this instance the
'bulling of the market required such visible sup
port that outsiders paused and remained lille, leav-
ing the clique to themselves. The depth of clique
strategy is such however, that the purchases of to-
day may have been Washes or matched orders
with view to induce the street to buy preparatory
to further and sharper decline, which is univer-
sally expected by everybody in Wall street Il Ia
this fact which explains the failure OF the 'buip
movement to-day, were such its real character.
Foreign exchange was hrmer, with moderate
the pressure to sell bills. 1t is stated that the
monetary strngency in San Francisco has relaxed
and that further gold shipments will be unnecessary
This fact also contributed to oppose the clique move
ment in gold to-day. The range OF quotations was
for sight sterling.
"The imports of specie at this port during last
week were as folows:--
August 16-Schooner Ventrosa, Nassau
August ie.steamer Etna, Liyerpoo.Goi g6sI 5sG
August 19-Steamer City OF Port au Prince,
Port au Prince-Gold .................... 100
August 2O-Schooner Retorno, Toburco-
Silver. -: ...:.... 1,1OO
August qi-Steamer Arizona, Aspinwaal- 400
August 2i-Brlg L. W. Kim6aii, Iagana IVOO
Gold. ..:;.................. $500
Total Tor the so1@
Previously reported ................ 9,sl53SO
Total since January /, 1869 .......... s0s24631
Same time 1855. ,SO6sS9
",The money market was abundantv snnnIie5 at
six per cent, with exceptions, as usual on either
side, at five and seven. Commercial paper quiet
at nine to twelve per cent discount. The Commls-
sioner of Internal Revenue, having submitted the
question of compelling brokers to make returns OF
their capital engaged in banking business to Judge
James, the latter has made an exhaustive report on
the subject.
'e says that after careful consideration he is of
the opinion that person whose business il is to ne
getiate purchases or sales OF stocks is banker
according to the meaning Of section seventy-nne of
the act OF June 30 1864 If he has place of business
where he receives from others the stocks whose
sale he negotiates, or where money is advanced or
loaned on stocks.
The decline in gold at the close of the week led to
weaker feeling in Government bonds at the OPEN
ing Of business this morning, and the leading specu
lative issues were dull and heavy. The SUBSEQUENT
Improvement in gold, as well an advance abroad
led to higher figures, and the market became strong
and steady, without excitement. The demand again
ran on the 67s, which came S3A from London pri-
vate advices intimting that they have longer to
run, and as the older issues may be funded next
winter by Congress into four per cent loan thew
are preferable for investment.