The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-01-10
THE NEW YORK MONEY MARKET.
From the N. Y. Herald.

From he N Y. Eerald
"The various Wall street markets underwent
rather sudden transition during the week from dull
ness and heaviness to activity and strength. The
speculative combinations which have remained COM
paratively idle since the September panic seem to
have entered the field for 'bup campaign, and
short as has been their movement, it has been de-
cidedly successful In efiecting marked advance in
prices.
"The money market has changed to suit their
plans, the expectations OF ease as the week pro-
gressed being quite satisfactorily fulfilled. At the
opening the rate on call retained the stringent
features Of the previous week, when the various
dividend paying institutions withdrew large sums OF
money from the street, but gradually relaxed as the
money so disbursed found its way back into bank,
until at the close borrowers on prime cOllaterals
were accommodated at six per cent Indeed, the
tendency OF the market under the accumulation OF
funds at this centre for the spring months and which
ia srehected in the eeky statement of the associated
banks is to still greater case, and gives rise 10 the
impression that the rate on call will descend to ave
and even four per cent, should no unlocked for
cause Of activity interrupt meantime. Capital at
this season is inactive. With the approach OF Janu
AIRY there is general winding up OF business and
suspension of operations in the ordinary channels OF
enterprise. The money thus withdrawn nnds its
busy mart being always ready to use it in Wall street
or elsewhere. 1t is only upon the spring
opening of business that it begins to
originally sent it being then the drawers The
market for commercial paper has been steady, but
hardly lower, the relaxation on call being too fresh
as yet to influence reduction In rates; but doubt
less in the immediate future we shall nnd the eects
of the competition OF the country banks, whose wiu-
ter deposits seek this class OF Investment. the
foreign exchanges have been frm on moderate
amount OF business, and despite the better supply
OF commercial bills arising out Of the higher prices
OF gold.
'IThe 'bulish speculation was very perceptible in
the Gold Room, where the operations have been on
largely increased SCALE the cearanees OF Saturday
exceeding $s6,000,00O The upward movement Is
the result OF q strong speculative combination who
entered the lists on The expected inability and lack
of intention ON the part Of the Government TO in
crease its gold sales until the Treasury balance Is
better fortified. The eject was an advance IN the
whole from 1l91s to 123H, the latter point being
attained on Saturday morning before the ntelli-
gonce was received that the Government contem-
plated an extra sale OF over million and half on
Monday the coin so to be disposed OF consisting OF
the accrued interest on the bonds purchased by
Secretary Boutwell, for account OF the sinking and
special funds. This news demorazed the specua-
tors and there a rush to sell, under which the
price declined 10 12lzs closing finally at 1917. The
cques seem to have lost courage over this dsver'
tisse1ieRt OF the Treasury and the market became
feversh and wavering, and probably Will remain 50
until after the sale on Monday and perhaps until i
is definitely ascertained that the Government VIII
not further disturb the January programme"