The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-04

THE NEW YORK MONRY MARKET.

From the N. Y. Herald.
'he street this afternoon was informed by private
dispatches from Washington that the prospects Of
passage Of the Sherman-Sumner bill in the lower
House are much more favorable than at first ap-
peared The news produced decline In gold and
checked the bush feeling in stocks. lAH
"The gold market at the opening was heavy on
small transactions, and in the afternoon became
actively weak the price declining to 12O% against
1915 when the board commenced business. The
decline is attributed to the impression that the Sher
man-Sumner currency bill means contraction for
this portion OF the country whatever 1t intends for
the South and West. The stupidity Of increasing
the national bank circulation instead OF assisting
the revenue OF the Government by further issue OF
greenbacks to meet the demand for more currency
In the pS on with the s9s
sold gold short to-day the expectation that the
withdrawal OF these certificates Will produce contrac
tion should remember the story OF the Irish super
visors, who having ordained that new county Jail
should be built with the material of the old one also
be removed until the former was built
Mr.. Boutwell, must first produce his green
ana them ne may cancel eat the iorty m9n
banks. However remote the effects OF the bill,
should it become law. on which latter point there
tona banks will not so readily acquesce in the mea
sure, and we already know their power to defeat an
tagonistic legislation the holders OF gold were dis
posed to SELL and the spectators sold great deal in
anticipation OF decline.
"Although the accumulation of funds at this
centre stil continues there is more steadness IN
the rate on call, which ranges from five to six per
cent according to the class OF collateras and the
occurred above six per cent II was exceptional, or
the borrower was Indifferent about making new
engagement and let an old loan lie over. There
were more transactions at four per cent, but they
were confined to the Government dealers, who
are offered great deal more money than
they can employ. Commercial paper is
in good demand at rates OF discount
ranging from 6H to per cent but the markets. not
abundantly stocked, as the merchants and commits
sion houses doing little as yet, although great
confidence is felt for the spring trade particularly
since gold has shown so much steadness. The
President OF the National Currency Bank writes US
that the difficulty with reference to the check OF the
Broadway jewelry firm has been satisfactorily ad-
justed
'sThe exports OF cotton have been so fatteringly
large within the past few weeks that the foreign
exchange market is seriously feeling the competi-
tion OF commercial bills. Rates tonight are again
an eighth lower
'The decline in gold was directly operative upon
the Government MARKET where prices fell about
half per cent. The heaviness was assisted by the
general dulness in bonds, which seem OF late to
have lost speculative attraction while the foreign
quotations for fve-twentes came barely steady.
The only transactions at present In this department
OF Wall street comprise small over-the-counter
demand from up town and out OF town buyers"