The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-25
THE NEW YORK MoNEY mARKET.

From the NJ Y. Herald 4.a
"The excitement in financial circles to-day re-
called the days OF last September when every eye
was directed to the fluctuations on the gold dial.
The galleries Of the Gold Room were, as then,
thronged by an anxious crowd, while the arnphi-
theatre was dense with brokers. .0.lI-1 -Tt..
''The feverish tone of the market at the opening
deciineMprepared the dealers for ri still further
downward movement The first regular quotation
was 117%, from which the price run rapidly down
to 1l6%, vision OF specie payments within week
almost startling the terrified bulls out of their
senses. There are hundreds OF men in Wall street
Americans by birth and yaunt-wh0, paradoXicaly,
are always on the bull side OF gold, and are
belitting the country, the Government and the
finances. Such people are the victims Of the pre-
sent decline. In the long list Of failures during the
winter there were many houses with this same
Constantly looking for the the utter demorasation Of
the currency and rise in gold to enormous figures.
All these classes Of commercial speculators and gold
gamblers have been shipwrecked and laid up high
and dry by the sudden subsidence OF the premium
on gold. The market had two distinct movements
long gold, which was literally poured upon the
market 1t will be remembered that in the bank
statement last week the curious discrepancy be-
tween the small loss OF specie by the banks and the
customs payments OF the week was explained on
had then brought out vast stores Of gold hoarded in
families, in merchants safes, and like private
sources This forenoon there were large sales OF the
same kind Of gold. The effect was the decline to
116H the spectators selling out as wen. In the
afternoon the price reacted TO III, but upon the
cept OF the news that the Senate had unanimously
adopted resolution declaring against further in
nation OF the currency, and on its becoming known
that Secretary Boutwell, had bought one million
OF bonds at the Sub-Treasury In addition to the
million solicited, another semi-panic set In and the
price tumbled to 16lS, which is the lowest since
August 1869. Inasmuch the general rate PAID for
carrying to-day was 41(ta5 per cent, the market
seems as yet without short interest. Exception
ally as high as seven per cent was paid to have gold
carried which was two per cent above the rate for
money on call. The gold sold within the past few
days has simply passed into the hands of line
Of buyers who, as they are fresher in the market
| and have unimpaired margins can make better
nght; but as the demand for gold is limited TO the
! few hundred thousand dollars requisite daily to
| pay customs, and as exchange is without tone or
1rmness despite the decline the market closed weak
at the usual reaction from SO great fall. 1t was
even said that Secretary Boutwell, preparing sta
tlscs to show that our exports for the expired six
months OF the current fiscal year thirty millions
in excess Of our imports 1t Is not stated, however
whether the exports included shipments OF FIVE
twenties the quotation for which advanced 90 in
London to-day, and, with the Senate resolution,
assisted in the break to 1161S. The operations OF
the Gold Exchange Bank were as follows :-God
cleared 574i5,0Oo; gold balances, 1885, 1901; cur
rency balances 81, zoe, 1872 & .-..f 81.
'1n the Government list there was again sympa-
thetic movement with gold, the decline OF and
a half per cent. In which produced o decline OF
about half per cent. in the newer issues. In the
old bonds-the S1's-quotatons were for time over
half per cent higher than gold, which is the first
time since our great natonal debt was created that
our bonds have gone beyond par in gold.n I'd