The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-04
RS, report this morning
rHE NEw YORK MONEY MARKET.
From the N. y. Herald.

From the NJ " Herald
80 'sThe nckeness OF affairs in Wall street was apty
Muhuated to-day In another sudden change In the
speculative feeling. This morning the gold market
promised 10 be steady and mono onous, for a time
AZ least unuer the abatement OF speculative opera
tOns, while stocks gave indication of continuing
strong, II not buoyant. But new element OF dis
tnroance was communicated by modification Of
Government treasure and gold declined 10 l14A.
~ he amendment ref' rred to In a notice from the
Assistant IRE asurer that In future the Government
reserves the right to accept less OF bids for
gold offers OF bonds than the amount advertised
for This change In the regulations sets the specu-
lators completely at TO what might be the re-
suit In future dealings based upon the Government
programme. OF course no guarantee is now af
fOrded that the Government will sell only two
millions this month, while, II the bids are
unsatisfactory, no gold at all may be sold The
price at the opening was lloA, but IL soon de-
Cned TO lib. Here better quotations for i've
twentes were reported from hurope. while from
Washington came the Official announcement of the
Bureau OF statistics that during the first six months
OF the present fiscal year imports have cx-
eeeded our exports by less than $500 OO0 Now, rs
the gures upon which this report Ia based consider
only the imports and exports OF merchandise and
specie, and as no account s taken OF forty or ffty
millions OF our Government bonds and railway
securities shipped to hurOpc during the same
period, II became evident to the Gold Room that gold
shipment abroad. Indeed, II we regard our bonds
ano railway securities in the light OF merchandise
and they serve that purpose for the present-tne
balance OF trade Is heavily In our favor, and gold
ought 90 come this way from Europe before sixty
days This view Of the situation Ia further confirmed
been extremely dun for several weeks, and has
steadily declined In rates until the bankers cannst
sell bills except at figures which must compete
with the quotations for the large supply OF bills
drawn against the shipments OF cotton, produce,
and bonds To-day the leading bankers reduced their
rates for sixty days bills 30 lOsH, which was the
nominal quotation, while good drawers selling
at l0sS. Again the spectators and the public have
bought heavily at ll5@il6, and the street, in the
| parlance of speculation, was long OF gold, paying
rates as high az i've per cent for carrying. when
Government bonds which are OF course Inferior to
gold a secnrty, were being carried for three to
four per cent 1t is the experience OF Wall street
that a unanimous bull market cannot maintain
itself, because all holders desire To sell
hence the gold market was sensitvely susceptible
TO decline and gave way under the depressing in
nuences above recounted. In doing so It is re-
peating its history OF few days since, when
gold was i20. Everybody then bought and loaded
up because 1t was cheap. When the price halted at
ll5 everybody again went long Of gold with a
similar result The operations OF the Gold Exchange
Bank were AZ fol,ows:-Gold cleared, s51, ,10S 900
gold balances, tl,42oS29; currency balances
sl6II,s34 The rate for carrying ranged from four
TO five per cent up TO Clearing House time. In the
afternoon IL declined to three per cent. with excep-
tional transactions at nat for Borrowing"