The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-12
THE NEW YORK MONEY MARKET.

Ffoos the NJ Y. Herald T4Hn 80 lt
''The very pacific character OF the news from Parts
this morning and some sales under the rule for the
account OF small firm unable to meet their engage
ments led TO decline IN gold, which did not prevail,
however, throughout the day, but was followed by
opening price. The earliest sale at the board at
l2o4, from which point the price declined to 100,
firm OF K. s. Fearing Co.. was made known,
and about half q million OF gold was sold out
under the rule Considering the fact that the fall
ure was for about only half per cent.
on the amount Just specined.s loss In reality OF
plucky TO sell the market the bulls greatly
frightened over a trivial bankruptcy. However, the
market as naturally heavy owing to the long dull
barely toucned. The carrying rate to-day being
quite low, with number OF transactions at nat,F
yesterday in expectation OF some depress-
ing news. They proved to be right and have
been very successful for a brief operation Indeed
the operators who were short could well afford TO
have the. bankrupts announce their failure, and
could easily pay them their alleged losses from the
profits Of the two days speculation From the point
last mentioned the market rallied on the purchases
OF the bears to cover and the rise as late in the
Sumner had introduced bill to accord to the:Cuban
patriots belligerent rights without delay.
"Borowers on CALL with pledge of prime collate-
rails, have no difficulty in finding accommodation at
five per cent. Large amounts continue 20 be left
with the leading Government dealers at four per
ranges from five to six per cent, with the greater
number Of transactions at the latter figure.
anything up to the full legal rate. As the stock
brokers seldom disposed to shin the street for
easier engagements they are the more generous
class Of borrowers hence loans on pledge OF stocks
generally above the real market, unless there is
SO much competition among lenders as to force
decline in the interest rate. Commercial paper il In
active request at six to eight per cent for the choice
grades OF double name acceptances. Prime single
names are current at seven to eight per cent.
Foreign exchange was fairly active for Saturdays
steamer, and rates were a shade trmer, but without
change in ngures Prime bankers sxty-day sterling
bills were quoted 106X@109. The market has to en-
counter the competition OF free supply OF CONNER
cia bills drawn against cotton the Shipments OF
which are unusually extensive, while the crop pro-
misses an excess OF at least half million bales over
last years yield.
"The inactivity OF the Government market con-
tnued In the earlier hours OF business. Under the
lower range Of the gold market and with the memory
Of the heavy offerings by leading dealers at the Sub
Treasury yesterday prices fell off and the market
became heavy. Here some Of the Government
houses were large buyers, and as gold happened to
become strong and active the market went against
the sellers. The indications are that some OF the
largest houses in the street are on opposite sides of
the movements in Governments, an nterestiDg,strug
gle may be looked for together with dissipation or
the monotony which has OF late characterized the
market"