The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-08-29
BaItrmor. Produc. nIark.s.
NJ Y. MONEY MARKRr ON SATURDAY.

From the W 4. HeFdtd-
"Whle the volume Of business the past week was
far below the average, and while the markets out
side Of gold were seldom so inactive. the present
inert influences affecting the financial situation are
Of more than usual interest 1t is this Singular con-
trast between the gravity OF the situation and the
quetness of the street that commands attention It
shows that Wall street Is like the world at
large 1t needs agitators and leaders 70 innn-
ence movements based upon the causes which
for the great captains Of finance who sweep into and
through the street at intervals the operation OF
natural laws would be prosy matter, and specula-
Of limited sapital weuld seek other fields for the
trial OF their luck Hence 1t is that at season when
for the great leading spirits OF speculation the wall
street market respond out ntfully, II at all, TO the
changes in the current Of speculative Influences.
"In such condition OF things 1t is easy 20 under
stand that speculative transactions have OF late
been generally consummated in the Gold Room, the
speculative spirit there finding an opportunity TO
try its fortunes upon medium of more shifting
value than elsewhere presented in the vicinity Of
the Stock Exchange But even in this direction the
venture OF capital has been OF limited amount; for
the opportunities OF rapid movement have been
almost counterbasanced by the risk OF the under
the 1uctuation of the gold premium which has put
all calculation at defiance. The earliest sales
which, despite large contracts on the short side
there was an advance to III, at which point the
gold was destined to go back among the twepties,
further rise to lis occasioned by the cover
ing Of the original short sales. The legitimate de-
mand ceasing at this figure, there YVES an eventual
relapse to 1851. Here was movement OF betWeen
or per cent? the gamers in which were so by pure
chance. The check to speculation produced by It
is reflected in the closing duness Of the gold mar
ket and in the dwndling down Of the ciearances
from hundred to only forty millions daily The
rise and fan followed in some measure the Changing
aspect Of the warlike situation in Europe but their
general inconsistency was betrayed by the timditv
which followed the alternate reports that pools had
been formed on the one hand to advance and on the
other to depress the price of gold The short int.
rest at the beginning of the Week, based npon an
expected speedy settlement OF the war by the Prus.
sian conquest OF Paris, and reflected in high borrow
Or or tU,Nn
ing by the report OF the organization OF powerful
'bulr clique. long interest, tempted by the same
ment that another report was circulated of the
formation Of powerful bear pool. The conse-
loss to the speculators, who Afforded another
opportunity for verifying the truth OF the saving
that wall street is hard place to make money In.
"The question, however, which absorbs most n-
terest, and now constantly exercises the mind OF
Wall street. is the future Of the money market in the
interval to the cessation Of the fall demand from the
South and West. Attention has been Particularly
directed to this matter by the steady decline In the
resources OF the banks, whose surplus beyond the
legal reserve is confined to the sum OF only ten mil
lions Of dollars an amount which experience has
shown is easily within the reach OF speculative con-
traction. But the situation this fall is different
from that for many years. The remembrance of the
events of last autumn, with its terrible stock
panic was so deeply impressed upon the street that
in contrast to other years, the interval since last
September has been exceedingly dull. The obtera-
tion OF the facilities for speculation the hand
and caution on the other produced marked decrease
in speculative animation. The sufferers by the panic
prices, and have been patiently waiting for return
of September that they may correct the mistake of
last year. Hence, while the bullish feeling of the
summer has been oflttle moment, the bear plans for
the coming fall have been gradually organizing and
have taken so deep hold of the public mind that
active money is impatently awaited as the signal
for general movement for lower prices. IL is the
extensive character of this feeling which is likely
defeat itself. 1t is here that we shall find the sou.
tion OF stock movements in the approaching season.
The speculative stocks are in the hands OF the
cliques and heavier operators, who bought In the
winter and spring, but have found no market as
yet in which to sell them A very active-a strin-
gent-money market would, OF course. embarrass
them in their possession of the load; but should
they, as they have done before, exert their
credit and procure time loans at high rates OF in
terest, they would doubtless dismiss the idea of
marketing their stocks at present. and retain them
over the crisis. 1t may be that they cannot follow
out so felictous a programme as thus indicated.
The money market was never so barren OF prophetic
signs to its course this fa But that the public
may make great mistake In operating for heavy
decline in stock in the interval to the relaxation OF
money is very obvious. The cliques may turn their
extremity into great pitfall for the mass of outside
SDeCulatOrS."