The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-06
THE NEW YORK MONEY MARKET.

The following extracts snow the state of the New
York money market yesterday
Frmt the Herald.
'The gold market showed something of its old
fire, and the premium huctuated quite briskly
from the opening price of l23X there was sharp
subsequent TO the Government sale, TO 1297S. The
early advance was based upon the Spanish
Cuban news. at the Government sale sale
,peculatlye feeling for a decline which
followed the restoration of quiet to the gold market
is evinced in the active borrowing demand for cash
gold. Lenders allowed from seven to five per cent
On the currency collaterals Tor their gold in the
greater number of transactions but in many in
stances got the currency without interest or fat
The block in the exports strengthens the feeling in
luvor OF higher gold, especially as the demand to
cover short sales of exchange IS also quite active
The drift Of the money market to still greater
ease and lenders rather than let their balances go
unemployed over night were satisfied with as low
as 1ve per cent on CALL at which rate money was to
be had in good sums before three O'Clock The great
bulk Of business, however. was at six to seven per
several causes. The great shrnkage in values at
the stock Exchange has primarily lessened the de-
mand. ii requires great deal less money to carry
stocks now than 1t did month ago. Again,
the demand from the West is comparatively light,
The shipments of currency have commenced, but
the amounts sent are small. The decline in gold
has checked the movement of the crops. The
farmers have in their minds the old prices, and
are 10th to sell; hence the retention of grain
which, with higher premium on gold, would find
It's way to the seaboard while currency would find
lts way 10 the West 1t Is curious to speculate
what win be the eventual result of this state OF
affairs. The more cynical fnancers suggest that
Mr.. Boutwell,, who is so full of eXpedients for
encouraging the business OF the country, should
turn about and buy gold, with view to letting out
ne crops. ferhaps " Was an apprehension CudC nc
would lie compelled to change his policy that gave
he gold market its tirmer tone to-day. The lower
rate for money beginning to be felt in the market
Tor commercial paper where better inquiry was
reported to-day Rates also show a dminution, and
prime notes were quoted at from nine to twelve per
cent discount. A large importing house in Pine
street is reported TO have failed to-day.
'Forelgn exchange was again steady and active
under large demand for bills 1t should be remem-
oered That III the late gold corner there was very
rec sale OF bills on short account which, like the
overseng of the stock market is reacting against
the sellers. Many Of these sales have been covered
ithln the last lew days, while the reduced line OF
Exports curlails the supply OF bills. The late gold
nernafion hoe r''nhed in It's effects every branch
Of business in Wall street.
Governments underwent strong reaction from
yesterdays prices although the market was in the
.aln uull. hach uoclue u,lngs IN new buy ers, aud
hence any operation for decline encounters new
hstaces. The tOrelgu and home markets nave nut
well balanced lately, owing 10 the fluctuations
/ gold, but showed more sigus of equalization
day, ana hence tac closing prices Of Governments
uis afternoon were more steady the rise in eX
lanPe and the trmer tone In gold checking sales 10
ne fortien brokers'