The New York herald., 1870-05-13
FINANCIAL and COMaERCIiL.

WALL STREET,
THURSDAY, May lz-5 4. A. }
The neighhorhOOd Of Wall street was again the
scene Of great activity and excitement On the pre-
vious day, aur,ng the storm, 1t was rain without
but sunshine within the Stock Exchange. To-day IL
was sunshine outside but gloom inside. Tne occa-
sion Of the change WAS
~ A SHARP DECLINE IN STOCKS.
The market opened barely steady. but suddenly
grew weak. II soon became evident that the
ciques were doing that terrible thing which 30
frghteus outside holders-viz realizing. The great
advance In prices, averaging at least ten per
cent, gave the cliques too tempting ON appor-
tuniiy TO take profits, and they embraced iI
The market went down with violent reactions.
These reactions were what the cliques sought. The
outsiders had been 80 schooled to look for higher
prices, that they rushed In at each decline ana
bought eagerly, only to ind that the stock which
they sought was abundanily furnished them. Az
the same time the street was startled with bogus
despatch from Washington thai the Banking ana
Currency Committee had reported favoraby the Din
to contract the currency ninety-1ve millions.
perfect stampede TO sell stocks ensued anu decline
of one To five per cent took place. At the bottom OF
the market the long impatient "bears" who mad
been AFRAID TO sell during the great luoyancy
Of the past few weeks were emboldened TO put out
line Of 'snorts adding still further to the conster-
nation Of the "bulls.n The great reaction from the
extreme advance which has been made since the
present active speculative fever In s only por-
ton OF the clique programme. That the ciiGues
were rea4izing we warned our readers on Sunday
last when we told them that the market closed up on
Saturday with indications that the speculative CON-
binations We're selling; and again. as late as Monday
morning, when the HERALD contained the follow
ing
The reaction in the price [of Lake shorel which Is
forthcoming, was VISIBLE on Saturday evening" when
quosatiOa declined from lUIss 10 1905. at when
latter figure The stock was plenliuy offered. The
realization Lake Shore ~ likely 10 be initated III
other shares, ana ne ensuing tcceE tCtS don0NesS
acttness hedy sdles al oiots'ld u r1ttefuHce o. me
desire or the ctiQ,tes TO take PROFITS
The c.iques, alarmed at our exposure OF their de-
signs, bid the market up francticay ON this an
nouncement OF their plans, and 30 sought TO cheat
our advice Of its effect That they have got through
with their manipulation OF the market IL reasonably
TO be doubted. When they loaded up in the dulness
Of last March and the beginning OF April they were
on the verge Of frgntfu abyss owing to the apathy
and indifference oil the puDlic, who, remembering
the September panic. came near leaving them 10
carry their neavy burden OF stocks. But they In
duced short interest," rendered the market
active advanced prices and have now un-
loaded, much 60 their qualification and profit.
Their plans contemplate caese Violent reactions.
The "bulln campaign will be renewed at no distant
they triple ana quadruple the profits which they
would derive from one steady upward movement.
They are not content with so limited gains. When
the stringent money market of the fall arrives they
will work stocks downward, as they are now adj
vancing them, for they have advanced them long
way above the figures from winch they started.
the lowest prices OF to-day are five 20 fifteen
per cent above the prices OF stocks last winter.
They now wish q new "short" interest. and Doubt
less the bcars,' who remember the low prices sue
ceeding the panic, Will SILL sell In expectation
OF return 70 them. On tins foundation the 'bull'
clques Will start the next advance. AT the close of
street business this afternoon the market strongly
reacted, but whether purchases by the cliques or
by those who were tempted 10 buy at the decline
was deeply concealed IN the excitement and
confusion which prevailed. The character OF TO-
days business Will be found epltomized in The fol-
lowing tabe OF
THE EXTREME FLUCTUATIONS.
The highest and cwest prices OF stocks during the
Il foiln nv0