The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-10-29
N. Y. MONEY MARKET YESTERDAY. 4
From the N. Y. Herald.

From, the N. Y. Herald.
''The gold market declined in the forenoon
of Metz ana Bazaine by the Prussian arm y, nnd
the price touched Ill 4, the lowest point that
has been attained since the outbreak of hostili-
ties in Europe. Here the shorts began to pur-
chase and a reaction to 111SS ensued, the
upward turn being stimulated by better
demand for cash gold late in the day.
The speculative interest in the market
is, however, slowly decreasing and
the tone of business becoming dull. The rates
for cash gold showed considerable irregularity
and tluctuated between fiat and Is per cent for
borrowing. During the morning the general
figure was 2 per cent. to 1854 Tor the use of
gold, but late loans for the Clearing House were
made at 1-32 to u per cent. After 3 o'clock the
shorts paid 1-64 and q per cent for the use of
gold tomorrow.
''The money market was easy at five to six
per cent. early in the day, but after two o'clock
large balances were lent at four per cent. The
money Withdrawn from the street early in the
week has been entirely restored, owing 10 the
threat of legal proceedings against the parties
constituting the combination who endeavored to
produce stringency 1t seems that the District
Attorney was consulted at the time the Cana
dian banks were eXactiDg usurious rates for
their gold; but no proceedings were taken. as
the latter ceased their operations. The locking
up of 81, eco currency the other day in one
of the city banks has provoked afresh the in
dignation of the bulls in stocks, and depu-
tation OF brokers interested in an easy money
day with charges intended TO be laid before the
Grand Jury. There is great CONSERVATION
among the agents of q Montreal bank to the
result of these proceedings, particularly as the
parties who have preferred the charges
are highly influential citizens. 1t will be
remembered that the Grand Jury last year
spared no one, but imposed fine and imprison-
ment where the usury was plainly proven. The
Montreal Bank was besieged to-day by persons
who had borrowed money of it, and WHO re-
turned loans and took up collateTas, fearing
that in Gaze of an injunction on the bank their
securities would be placed beyond their reach
for an indefinite time. The penalties recovered
In suits for iniractons of the usury
laws are paid TO tue Commission
ers of Charities and Correction. The
steamer China, from Liverpool, with a large
consignment OF coupons belonging 10 European
holders of FIVE twenties, did not arrive in time
10 permit the cashing of the coupons at the SUB
Treasury this afternoon, and hence the cOrre-
Text week. The steamer is said to have brought
about $5000,000 worth. The anticipated de-
mand for exchange was thus wanting, and
rates while nomnally unchanged, were less
firm, with actual transactions out of second
| apds az concessions of an eighth per cent.
The Government list was weak during most
of the day, in response to the further decline in
gold and prices at the Board fell off about a
quarter per cent. At the close there was a
sudden display OF strength and prices recovered,
The market closing firm, whence it is conjec-
tured that the China's mails, which were de-
liyered in the street this afternoon, brought
large amount of orders 10 turn the coupons into
bonds and send the latter home To Europe IN
stead of the gold. The rise is also attributable
in part TO the advance of the London quotation,
which closed tonight at S9]4 for the O2s."