The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-13
THE NEW YORK MONEY MARKET.

inc following extracts snow the state OF the New
lOIh money market ON Saturday.
From the Herald.
"The present condition OF our local finances is
no no criterion for the course which stocks viii
take in the immediate future They may go down
mine The 6ane lies with HI the S chi coTes. however,
1or the sudden change in the position OF the banks
can be attributable only TO their Interference. 1t
Is known that a combination has been formed
10 10 Lock IocR up greenbacks and make money tight
in oIder that the small operators who came
into the stock market ia swarms last spring and
sunmer may be forced to let go their stocks. The
professional operators and cllGues have been short
ever since theyunoaded to the public the beginning
0I M IN Gne SUMMER few of the, cliques are on tue
II Is the effort which the bears making to de-
press stocks that disarranges the condition OF the
not ~ Mar Vi cIgues the money IlarAeG wou,u t
would employ the strategy OF oVerissuing stock, or
putting tu,.a down third rails, or some other plan
now the clques are arrayed against the public, and
me latter are very sensitive 10 tight money. Tne
interest account then, becomes very important
consideration, and its daily increasing proportions
frightcn the more tmid and cause a break, which
decline leads Others to throw their stocks overheard,
and so the 'hears succeed. Were the mischief
which is thus done confined to the gamblers, one
outside OF Their own numbers would complain. But
such speculation absorbs the capital of the banks, aud
the merchant who comes to look for accommodation
on his note at three to six months is sghted for the
stock broker who can give abundant collateral ana
pay shaNes and commissions If we inspect the above
statement carefully we shall iind that the small de-
crease in deposits is due to the withdrawal of green
backs and the substitution for them OF national cur
renCy. Except in the item Of specie believe Jhe
banks are no poorer than they were week ago, but
the stock bears have COntryed to pick out the
greenbacks, and, 10y retaining them, starte the
street with an extraordinary loss IN reserve. They
do this at time when, owing to the programme or
the Treasury only two millions OF bonds against the
sale of million of gold, making the total dsburse-
ment the ensuing week only million Of dollars Mr..
Boutwell, again has an opportunity Of defeating this
conspiracy If he feels SO disposed.
"Ihe gold market during the week was alternately
weak and strong, the speculation ON the whole be
ing falling one, owing IL Is COnieCtured, to hitch
in the plans OF the gold clique, by which party
thereof could not resist the temptation to unload
ana take profits. The balance decided to main
tain and renew the movement, which was partially
successful, but required great perseverance, the
complications in French monetary affairs on which
the movement had been originally based suddenly
vanished with the restoration of NapOleOns health.
''Foregn exchange Grmer on the disappear
high carrying rates in the gold loan market Sight
sterling recovered to lO9 but at the close yielded to
1857, and sixty days was quoted 10S3S for prime
"Southern securities were dull and without fea-
ture except for the special tax bonds OF North Caro-
lima, which declined and the Tennessees, which
were active and higher
'"The wild speculation in the Gold Room, the un-
easnesS and activity in the money market, ana the
general bear movement of the week led to a de-
cline of about two per cent in the leading issues of
Government bonds On Saturday, under a tempo
rary change in the rate on call and through feeling
that the bear movement had touched bottom there
was reaction and prices were steady.
"In the money market as high as gold interest was
paid for two or three days of the week. but on Satur
day balances were to be had at three O'Clock at five
per cent"