The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-08-16
N. Y. mONEy MARKET yEsTERDAy.

1.-THE only activity discernible In Wall street to-
day was confined TO the Gold Room, where fresh
agitation produced by the kilograms OF renewed
lighting between the French and Prussan armies
or these dispatches the reader will be fully possessed
by perusal OF the columns devoted TO their an
nouncement but reaching the Gold Room as they
did peacemeal and in contradictory and conflicting
tones, they led TO feverish, although not very
active market. To-day in France is what the Fourth
OF July is with us-the great national holiday-and
hence is is easy TO understand the speculative spirit
which Kept gold strong al 1l7I in the early fore
noon. The leading operators who have not left
town (and they are few in number and the
smaller spectators who watch the gold dial were
buyers In the belief that on the tete Napoleon the
French army would do something TO retrieve the
recent disasters 30 French prestige These expecta-
tons were astonishingy disappointed later In the
day when It became evident that the latest engage
ment OF the two armies han not been defeat OF the
Prussians. AZ nrst II was pronounced an undou6ted
King William to his consort at Berlin was cited as
authority. The effect was decline In gold 10 HOY,
especially as bonds came SIl from London. Then
Napoleon's version was published, showing a bloody
repuse of the Prussans and gold ran back 20 1l7A,
by purely local influence, viz, the discovery that
the Gold Bank, after the olearances OF the day. re-
tanned balance Of only half a million gold. THIS so
terror owing 10 the largely oversold condition OF the
market that the more timid Of them began TO cover
and continued bnying until they found that the
foreign bankers again selling later and re-
liable Intelligence that lt was a Prussan victory
and that the French had fallen still further back on
the lire 10 Paris. Gold now dropped OF 10 il6x and
closed at III AS to the item about the Gold Bank,
IL CuriOusly illustrates how extensive are the specu-
latiye and how limited the legitimate dealings In
gold. Although the clearances to-day, Including
gold bought and sold ana the renewal OF contracts
between the shorts and the bulls reached e42 0OO
OOO the actual gold in the clearinghouse tonight Is
only $3.50 600.
at is a curious evidence OF the antipathy OF the
street TO the spectators who depressed boards
by their unfair hammering OF the market that the
investment demand remains quietly In allegiance,
although IL likely To be stirred into activity
to-day by the quotation OF SIN for nve-t Eenties
in London following the news OF the lighting in
Western France as against S6i the opening price
this morning. However, as the London Exchange
by its system OF ten share transactions en-
abes the speculatOrs here 20 operate by the
purchase there OF few thousand bonds
TO run the price up. sharp an advance
was believed TO be other than the result Of special
artificial manipulation, and hence the dubious home
investors refused 10 take the bonds OF the hands
the foreign bankers who are 80 ready 90 SELL The
consequence was an utterly quiet and steady mar
ket despite the apparent buoyancy abroad. While
It is undoubted that our bonds In Europe will recover
their original position at par IN gold their progress
win not be 80 unhealthy quick as reported to-day
by cable"