The New York herald., 1869-02-11
FINANCIAL AND CONNER clAL.
WEDNESDAY, Feb. lo-sP. N.

WEDNESDAY, FcU. lu-o ~
Tho money market was abundantly supplied to-
day at six per cent on government colaterals and
at six and seven on miscellaneous securities. Ex-
ceptional loans on governments were made ct five
per cent. Between stock houses more money than
could be used was Offering at seven per cent, ana
many lenders, rather than make q concession IN the
rate kept funds unemployed. Commercial paper
was without change and prime names were ais
counting at from seven to eight and nine per cent
There is important change the current OF West
ern and Southern remittances. Much money Is ind
ing its way directly fr0m the West to the South. ana
hence q slight corresponding modification In the
now OF currency through New York. Foreign ex-
change was still weak account OF the numerous
bills drawn against exported bonds. Prime bank
ers' sterling was quoted at 1093s Q lo9H for sixty
days. tr
The contest continues IN the gold market between
the "bulls" and "bears.n The former are deter
mined to make squeeze" and SO "corner' the
t'shorts who reported to have largely 0versold
the market. The "bears,n on the other hand are
hammerng away with all their might, and base
their operations for fall the heavy expectations
OF bonds and railway stocks which VIII be paid for
with foreign gold. The Gold Room presents scene
OF considerable excitement The loaning rate to-day
went from 16l for borrowing at the opening to 1872
for carrying, before Clearing House. These were the
extreme figures both ways but they indicate the
wide differences IN the supply OF cash metal,
900 or sl2 100000 OF which Is said to have
been locked away by the clique in the furtherancs
OF the present "bu" movement To-day one OF the
reputed members Of this clique purchased 600
when the price had weakened, while 81, 000 900 more
were tsqueezcdn by the borrowing" and "carry-
ing process. Both sides fought desperately to-day,
with the advantage decidedly on the "bull' side
when the market closed, their efforts during the
latter part Of the day being assisted by decline OF
One-eighth in bonds In London. The aEimus OF the
'bulls" Is imitation OF the stock market which they
hope to effect by initiating gold When 1t Is remem-
bered that vast amounts Of foreign capital are
awaiting more reliable condition of our finances
preliminary to investment in the railway and
other property Of our country 1t is questionable
II this policy of the stock gambling cliques is SO
shrewd one alter all Were greenbacks to go to par
our bonds would be worth as much as II not more
than, consols ~ the Royal Exchange. Why will not
the argument also hold for railway stocks The
efforts OF the cliques far have not been of the
most fiattering character. Gold is commodity very
dirncult to lock up.n 1t leaks into the market from
hundred crevices Few attempts OF the kind
have been successful, and then only mode
rately so. Let the stockholders try the 'bearu
tactics for once In gold, and they will be
astonished at the result. They will certainly
create popularity for themselves and carry
fbis advantage with them in their operations The
American whatever his business, who ''bulls. gold
in these days commits moral treason to his country.
To-day transactions were quite large the gross clear
tngs being $s4,93S, 0Oo The gold balances were
$37o7,527 and the currency balances s574477s. The
80 ~-..o