The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-11-12
From TIE N. Y. Herald.

from tfS N. II. HefQta.
New York now watches London so closely that
any commoton in the financial situation the latter
point is quickly reflected here. Yesterday the
bulls in the Gold Room started number of false
reports and began bidding gold up. They announced
the raising OF the Bank or England rate OF discount
when that institution was the gamer of abou1
hall million dollars in bullion in the weekly eS6ibit
OF Thursday morning, and therefore more likely TO
lower than advance the rate, They also reported
excitement ana depression at the London Stock
Exchange, when the market was really quiet
and steady BY one OF those curious freaks of
chance which sometimes get spectators out OF dinl-
cultles, they only ticpatng the truth ia the
second Tumor above referred TO, for the London
Stock Exchange did become excited to-day very
suddenly over a report that Austria had formed an
alliance with France against Prussia and that au
endless series OF political and hostile complications
en- the funds was decline 10 90 for cOnsos, while
American nye-twentles fell on 10 ssS<@s9. 1t is
barely possible that the report about Austria
is made out OF whole cloth. In the first
place, it is very improbable. In the next, the
science OF speculation has been brought to such per-
lection, and Its machinery extended with so much
elaboration Of detail, that it is not Impossible the
cques in Wall street have impose On the creduity
OF London by starting a Yankee hoax In its very
midst, for the purposes OF furthering some design
cliques have worked the London market to effect
movements which should hud a sympathetic paral-
lei this side of the Atlantic Erie, Illinois Central
have been operated upon successfully In this way
1t Is singular coincidence that just at the moment
the cliques are milking Wall street In stocks and
goId we should have this innammatory intelligence
from Europe. The pools sold gold snort at llS9l15
ana Oy rendering Ine cSsn gOlu scarce, Kent the
outsiders from selling short AT the same time
they were buying stocks s;. Now they have covered
requires tnat they should get gold no again aud
stocks down, foIeseeing as they do the Inevitable
destiny OF both this winter, when money bee pmes a
drug in the market, and gold, under the disburse-
ments OF the Treasury, fallst 70 within fewper mr.
OF par. Even II Austria has formed an lance with
France. and the is to spread over all Europe so
much the better for this country. Capital viii again
come here, and in such stream as 10 possibly de-
press gold TO par. Yesterday morning after the run
ture OF the armistice negotiations, the Bank Of
England showed gain in bullion. The statements
for several weeks Immediately preceding show a
loss OF specie. What is the Inference? Is itnot
that with the prolongation OF the war the money
OF the Continent is drifting to London? The bank
begins to lose specie when peace is mooted and an
armistice almost agreed upon. 9he bank gains in
specie when the war is renewed. OF the Speculative
character OF the movement in the Gold Room an
estimate may be formed when the loan market is
observed 10 be maintained in the interest OF the
cliques who have commenced 70 make gold scarce,
that they may have all the selling to themselves.
The rate opened at cent for carrying but they
bid 1t up TO lT491 80 for borrowing for Tomorrow