The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-29
THE NEW YORK MONEY MARKET.

The following extracts snow the state Of the New
York money market yesterday
From, the Herald.
"The extraordinary complication of affairs in Wall
street is Still the absorbing centre OF Interest with
the business community, and the financial situation
is only repetition Of itself from day to day. The
regular dealings in gold are as yet suspended and
the marketable prices of all kinds OF goods continue
nominal. The Gold Exchange assembled this morn
ing and CLEAN of light was shed apon the CON
fusion regning in that department of the street by
the adoption of resolutions placing the work OF
making clearances with the Bank OF New York.
When the proposition was laid before that institu-
ton, however, 1t was declined, and the Gold Ex-
change reassembled to further consider the matter,
when it was decided to attempt the clearance them
selves and q committee was accordingly appointed
who have been in session ever since, but have made
little progress towards completion Of the work.
One incident OF the meeting this morning particu-
larry deserves narration as showing the terrible con-
sequences which might have followed the cumina-
tion of the gold speculation. A resolution to go on
with the dealings in gold had almost passed when
the danger which would arise therefrom was i'd
stanty pointed out and averted. Had the Gold
Board gone into regular session it would have been
necessary to foreclose the outstanding accounts of
every member in default. From fifty to sixty mil
lions OF gold would thus have been brought under
the hammer, and the singular spectacle would have
been witnessed OF gold selling down to par If not
below it, This would have been the indubitable
suit OF the forced sale of so much gold. The mis-
take was discovered in time and prevented.
Every member of the Exchange would have
been bankrupted, for the heaviest capital
could not have withstood the pressure OF such
immense sales. As 1t is, the members OF the board
sumption of transactions would open suice gate
that would sweep all away. As a matter @ Oh mutual
protection this procedure is all requisite. The meet
ing decided, however, TO allow the borrowing and
lending OF gold as the condition TO the preparation
OF statements In connection with Fridays clear
ances and this was the only kind OF business done
i'm the once animated Gold Room. The details OF
these several sessions and OF the general proceedings
in Wall street to-day are given at length elsewhere
'iThe price of gold was nominal and ranged from
1919 to 138 The Government sold SS91OOO out OF the
million offered that being the total OF the bids at aud
above the figure 10 which sales were limited. The
merchants who have so recently ielt the deadlock
i'm the gold market were prominent as buyers in
order TO make their payments of customs as well as
to purchase bills OF exchange Altnough the rates
for exchange are firmer for this reason, they
are vet Nominal, the range to-day being as
follows:I Sterling sixty days, commercial, 1O1@
los: good To prime bankers, 10S9lOsJS short sight,
iOsslS1O9: Paris, sixty days, 6Yl}9@5'2O; short
sight 52O@5I7k; Antwerp, 52l4@5'2O; Swift
Zerland b.SIsl@52O; Hamburg, 84A@35K; Am
sterdan, 9es<a4ON; Frankfort 3gA@40H; Bremen,
TTl<@TSi< PrnssaI thalers, IO@T0A
'Eyen the Government market was heavy under
the GENERAL demoralization, and prices broke down
10 the foIlowin0 figures atsthe cose-United States
currencv sixes 106h 9106H; do. sXes 1851, regis
tered 1iss>@i19i( do. do. coupon, 119@1l9A; do.
Five twenfies registered, May aud November, i1s9l
| @119: do do. coupon, 1852, 119A@120A; do. do.
coupon. 1894 do, 1i9@ti9A do. do, coupon, 1865
119h@i19K; do. do, registered, January and July,
| 116sl@117 do do, coupon, 1862 do ll6y6@11T; do
coupon, 1851, do, ll6%@1lI DO; DO, coupon, 1865
dO 1l6X@11E do. ten-iortles' registered, lOS9l
| do do, coupon, lOsA@iVo1@'