The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-10
FINANCIAL AND COMMERCIAL.

TUESDAY, Feb. 90 p. M.
The money market to-day was unchanged More
currency Is going to the South. The remittances
rom the West are less In amount Commercial
paper remains steady at last quotations Foreign
exchange Is weaker, having closed ut 1921 l0s1S
Tor the best bankers sterling, sixty days.
The gold market continues the scene or an obsti-
nate contest between the s'bullsr and s'bearsn The
former are conjectured to number in their ranks
Of the prominent cliques in the stock market. The
connection between the two markets very obvious
to every one familiar with the course OF affairs
In Wall street. An advance in the premium
~ almost certain always TO produce q rise
in stocks The depreciation in greenbacks
thus implied creates q more reckless ana
more speculative feeling People who hold
greenbacks under such circumstances are disposed
TO invest them 1t is q fact wen known in the
jewery trade for instance that the higher the price
OF gold the greater the demand for gold and silver
ware. The tendency Of the market Is naturally 10
yielding in the premium, and hence the strong efforts
made to sustain 1t. Millions Of dollars have been
locked up, but thus far without success. Indeed
che price to-day went down to 1s4S, which so
alarmed The bulls' that another effort is foot to
make gold scarce. This afternoon those who had
loans out were taking them In against an expected
Tightening OF the market tomorrow. The loans made
to-day before Clearing House time ranged from
hat Tor borrowing to four per cent for
carrying, while considerable disposition was
manifested to make engagements for TO.
morrow. After Clearing House ak per cent
was paid for carrying, but great many
loans were made secretly BY the s'buils," or such
was the pretence The latter succeeded in restoring
the price to 1857 at the close OF the board but the
,"bears'' hammered away again, and the figure went
down to 1885, The 'bearn side OF the contest is the
popular one. The "bullsn have now as an addi-
f6hal adverse circumstance the appreciation Of
bonds in Europe, where their advance is predcated
hpon decline In the gold premium. European
Capitalists are close observers OF American affairs
and the heavy shipments Of our securities the
atlantic show their belief in them as On investment
" DO true that "those who look on see more OF the
game than the players. the operators for rise in
void have reason to doubt the success OF their eff
rorts. the rise OF nve-twenties in London
70 1917, the highest they have ever been
IN &that market, means belief among
Horeign capitalists that greenbacks are not
20 valueess after oil. Let those in Congress who
fare attempting the chimera OF sudden resumption
lbf specie. payments take note OF this fact. The
olicy Of mastery inactivity" In the financial ques-
zion will prove the best one The country slowly
Rnd surely growing to specie payments. Resump-
ton, II left to the operation OF the natural laws OF
rommerce and finance, will be Jatt acconpa with
out the dangers arising from the sudden shrnkage
n values which the plans OF Congress would surely
result in The gross clearngs were $780, 677 ooO the
gold balances $255o,742 ana the currency balances
SIS, CSC, 449 The range in price was as follows