The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-08-23
SECOND BOARD.
THE NEW YORK MONEY MARKET.

The following extracts show the state of the New
York money market on Saturday.
From the Herald.
"The feature of the weeks doings in wall street
possessing most interest for the general business
community was the course OF the money market,
for as the demand from the West and South in
creases. Last year the rate on call did not reach
seven per cent until the latter days of September;.
but the present season is quite advanced the crops
have been plentiful and cotton forward, so that the
first draught upon our banks for funds to move the
cereal and the staple felt during the week.
Hence we find very unlavorabe bank stat ement.
The deposits have fallen Off nearly seven millions,
and the loans been contracted nearly four millions.
The decrease in specie is over two and a half mil
sury received so 100000 in gold during the week
account of California transfers and 49, 900 for
CUSTOMS while only $751; 179 was dsbursed for inte-
rest and 81 600 for the regular SALE The loss in
legal tenders is only sixteen hundred thousand dol
lars. showing that a lar proportion by the ship
ments Of currency has been in national ban X notes.
The decreassein liabilities admitting OF reduction
in the reserve required by law amounting to
money held by the banks being s4,21s,OOO the sur
plus reserve has been reduced s24S6,OOO. The fol-
lowing are the totals of the last two statements:t
august Ia. august 81.
Loans s.................s s266 5O5,a65 s26&741 1888
SPeGfi Sffeaiation s. ssgsses9 S4s9 SSss54 8iSss9o9
tsndsrs 1gS9S2 1sSS2iS5S S2d
The following are the changes from the previous
statement
Decrease in loans. Ia 7642 232
decrease in specie ;............ ......... 25599S9
Increase in circulation Observation-Disclosures. 35S47
Decrease in deposits. $685. 165
Decrease in ega-tenders ....... 1,65925S
An analysis of the statement shows that the total
reserve of the banks has been weakened g. 219 247
against loss in liabilities of &C. S92 3S also that the
banks hold in lawful money SIS, 1852, l79 above the
legal reserve against s20 346 during the preced
ing week. Despite this withdrawal OF money, there
is an abundance of funds for call, and on the
| last day of the week loans were made as low
as five per cent The fact Is, the capitalists and the
| class of spectators who control large sums are
| aVerse to lending IN any other way, and hence we
| ma high rates for discounts prime double name
| paper ranging from nine to twelve per cent Even
the recent legal proceedings not to have fright
ened the ShylOcks, who refuse to invest in paper,
and keep their money call from day to day in the
expectation that something will turn up which will
enable them to earn eXtravagant rates of interest.
Again, the speculative spirit is widespread shat
people having money are unwilling to tie it up for
three to six months in paper when there or may
| bonds, and gold. In foreign exchange there was
| heavy market owing to the better supply of bills
drawn against the increasing exports Of produce
and cotton, while direct impetus was given the
decline by the pressure TO sell bills on the part of
prominent houses desiring to get gold for remittance
to San Francisco through the Sub-Treasury. The
same causes were at work in the gold market
where the price on extreme quotations fell from
13il6 to 1871, while the whole tone was strongly
bearish.'
SIN Government bonds there were frequent nuctu-
atiOns within Il limit of about one per cent the mar
ket towards the close OF the week being active and
be due to large purchases of the 67s by the Roths-
chds In the general fears for the effect OF the bad
bank statement the market yielded from the highest
figures"