The New York herald., 1869-08-24
FINANCIAL AND COMMERc cIAL.

MONDAY, August 28-S r. n.
Tho situation Of tho gold market snording an op-
portuntty for decisive movement either way, ad-
vantage was taken Of 1t to-day for strong clique
movement, under which the price was run up to
1s2K amid considerable excitement. The recent
sharp decline from 1S3 LETT the market very suscept
ble to the usual reaction which Is looked for Win as
much certainty as any periodic occurrence In nature
and is the OF the livelihood OF hunoreds VINO
haunt the Gold and Stock Exchanges. In this In
stance the upward turn was assisted by the cable
report that treaty had been signed for the cession
OF Cuba to the revoutoniss, and rumor went further
and said that the consideration was sum variously
estimated at from ten to twenty years. purchase OF
the average revenues Of the island equivalent TO be-
tween one ana two hundred millions Of dollars, for
which the Oubans were to give bonds guaranteed by
tho United States. The ef0rt at first exhibited Q
great deal Of strength and derived no little prestige
from the fact that 1t was made by well known
prominent stock operator, who was further reputed
10 be In alliance with the famous Erie clique. The
advance In the price, however, seemed to require
their constant attention. for as soon as they ceased
their purchases the market showed tendency to
settle. This circumstance suggested to the street
and to the general class Of operators that even so
powerful 'bul" combination could not arrest
and turn the natural current OF me market,
and hence they failed to enlist the SYM
patty aud enthusiasm Of other operators
Usually the street has not been slow to follow where
the cques lead or pretend to lead In this instance
the stung' OF tho market required such visible sup
port that outsiders paused aRd remained idle, eav
ing the clique to themselves. The depth Of clique
strategy Is such. however, that the purchases Of to-
day may have been "washes," )" or matched orders,
with view to induce the street to buy preparatory
TO further and sharper decline, which is 30 unver
sally expected by everybody In Wall street. 1t is
this fact which explains the failure Of the ''bull''
movement to-day, were such Its real character.
There were no buyers 1t requires great deal OF
argument to make any one down town believe
shat gold is going back to its old figures.
An untowafd financial calamity, foreign war or q
civil rebellion only could snake this faith. Gold has
been maintained above Its real value simply by
speculation. The customs demand for gold mas sell
dom exceeded one million of dollars day, the ex-
cepton being just before the imposition Of the tar
yet the transactions IN the Gold Room frequently
run up over hundred millions daily. The general
impression that the premium must 60 down before
the expansion Of our commerce and the immense
increase in the growth OF our exportable products
combats everything like "bull" movement. Those
who were the boder this belief sold freely to the
clique to-day, and the price twice reacted to 1872 the
extreme range Of the advance caused by the appear
ance Of the clique In the Gold Room being only one
Der cent The course Of the market Is shown In the
eohio