The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-07
THE NEW YORK MONEY MARKET.

The following extracts snow the state of the New
York money market yesterday
From, the Herald
"Ihe anomalous ease in the money market is a
curious contrast TO the activity and stringency
which prevailed not more than week ago Not
only is very little money leaving the city, but some
of the banks report the receipt of funds from the
West where the arrivals OF wheat have been light
that debts due the East have to be settled by ship
ments OF currency instead OF produce. We have in
this situation of affairs another OF the many legaces
of the recent gold speculation The utter demOraza-
On Of the gold market has left the street with large
amounts of gold hand, the inability TO dispose of
which retains the premium far below the figures
from which the late movement started. The ques-
ton is will the farmers Of the West sell their pro-
duce at the lower prices brought about by the fall in
gold will they hold back into the winter as they
can do with some varieties, and as they have done
in a few instances in former years, with a view to
create rise in prices? Whatever decision they
shall arrive at our city is just now enjoying the adj
vantage of an easy condition OF the money market.
The impression is so general, however, that the re-
Taxation is not natural but accidental and NAV at
any moment give way to stringency, that few ope-
ratons are based upon 1t. The Sub-TreaSurV
has received and disbursed large quantity of frac-
tonal currency but the small denominations of
greenbacks are not forthcoming. Treasurer Spinner
sends word that the Department cannot get them
ready for few weeks at least. II Is said that at the
meeting of the Clearing House Association on Tues
day the point was made and seemed 10 meet the
general approval of the bank officials present that
It is dshOnOrable for a ban kt0 demand on the day
the check is drawn, curreIcy on the certified cheek
OF another bank Phe custom Is for all checks TO be
considered as good until the settlement of the de-
rences between the banks are made the next day at
the Clearing House The rate on call to-day ranged
from six to seven per cent. at which accounts were
nearly all made up by two O'clock Those who had
money over had difficulty in placing balances even
at lower than these figures. The easier feeling i'm
money leads to better demand for commercial
paDer, but buyers outside OF the banks, where the
rate is nominaly seven per cent, hold for discount
all the way from nine to fifteen per cent A good
deal of prime paper sells in the vicinity OF eleven
per cent. Foreign exchange was not so active to-
day. but rates were nominaly at yesterdays quota
tOns. out OF second hands prime bankers sixty
day sterling sold at lO9% The supply of bills was
better and the demand less. 1t was, however after
the Wednesday steamer. The Government market
opened with great buOyancy in the general serenity
which characterized early operations at the Stock
ment purchase, where the offerings were nearly ten
millions OF bonds, the whole market gave way
again and prices went back to nearly the lowest
made since the panic. The lowest price at which
the bonds We're offered was 1855 and the highest
~ Whicn aIe as usual eA coupon Seneral Butter
Treasurer ~ the United States the Treasury will in
vest $751; 49l00, that amount as can be