The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-01-12
THE NEW YORK MONEY MARKET.
From the ~ y. Herald.

I've IL
wall street had.another sensation to-day in con-
nection with the dealings in the gold market, and
for time the excitement was very great. Reference
4 Colgate in refusing to dsposit their gold check
with the Gold Exchange Clearing House unless q
tn reIu na ms wSs y, % cnecS
Co., who, in rendering 100000 gold, demapded a
bank refused to accede and the rln being resolute
the bank threw out their statement and sent noti-
would be made, and requesting members
to take up their statements and checks again. Tn
was d S V at t1s m cay Mas
ing OF the Gold Exchange, Mr.. Tasker II. Marvin
the representative OF the nrm, was arraigned on a
by two-thirds vote expelled. A great deal or i'll
feeling has been engendered by this course and the
friends OF Mr Marvin express themselves In bitter
denuncation OF the severity Of his opponents
However, it is contended on the other hand that he
was well aware Of the rules and was Justly pun
shed for an infraction OF the discipline OF the body
Moreover. 1t s charged that the erort TO embarrass
the Clearing House was widespread conspiracy
gold, and hence the prompt measures taken to
repress It, The effect upon the market
was to cause nS sharp dsne GSd had opened
ing House. Indeed for a time the more
lock OF last September, and dealings were virtually
suspended. After the executive meeting aud the
ran up to 1221, at which 1t finally closed 1t win be
seen that Senator Sherman has introduced bill for
the issue OF currency TO redeem the three per CENTS
and also for system OF free banking the effect OF
which would have been more operative had not the
market been distracted by tho above occurrences.
'The stock market was heavy and dull at the OPEN
ing and exhibited the efforts which the cliques who
have unloaded were making to buy their stocks back
again. Business became very dull during the eX-
element in me Gold Room, where most OF the
brokers had gone to attend the executive session.
After the meeting the buoyancy 80 perceptible Ia
gold extended to stocks, and the whole market
reacted from the low prices which followed the re-
lection OF clearances at the Gold Bank especially as
the money market which had become active, closed
with an easier feeling tnf
''The rate on call In the earlier portion OF the day
had been seven on stocks and six TO seven per cent
on Governments, but when the Marvin Brothers
statement had been thrown out and they were de
cared to have virtually failed on their contracts
there was sharp demand for money az seven pel
cent currency TO seven coin, many borrowers IL
their excitement fearing another collapse like tina
of September last However, the demand was salts
ned, and NJ three O'clock there was a relaxation q
the earlier rates. Foreign exchange was active anC
rates firm at previous quotations.
In the market for Governments prices opened Jus
as they had closed the previous day, but becaIn,
firmer toward noon, when the Government bouQh
nearly two millions with the avails OF yesterday
sales Prices again went OFF In the afternoon OWN.
20 the unsettled tone OF the gold market but close,
up firm again."