The New York herald., 1870-03-05


clined to go of IN panic with the decline in gold,
Northwestern falling to IN, Central scrip TO s2A,
Reading to s624, and st. Paul to az. But here the
bu ciiques, who were already heavily loaded with
stocks. rushed In, and by bold and desperate
movement carried the whole list up between one
and two per cent putting prices tonight where they
were night before last when the ciques essayed the
second grand advance in the Dul campaign for the
spring and summer OF 1870. They lap0red
like beavers all day and had their agents constantly
at work stimulating the market whenever 1t tagged
or whene yer 1t showed signs OF following the mag
netlc example OF gold. To .'cut loose from gold
was one main OBJECT OF their efforts. and IN running
stocks counter to the course OF the precious metal
they have certainly executed very difficult thing.
Wnen gold became weak and stocks wavered they
sent their emlssarles into the Cold Room and
steadied or strengthened the premium until other
operators came to their assistance The sellers to-
day were principally the regular bear" operators.
Ihe buyers were the "bulp' cliques only. The
public so little interested in the market.
Outsiders too apprehensive OF "break" TO take
hold with the "bulin ciques. Hence the desperate
energy Of the latter, to whom the future brings life
or death--iortunes or bankruptcy. 1t VIII be OBJ
served, however, tnat the best prices and the
heaviest dealings were for and IN the stocks
which are the immediate objects OF the
and prices comparatively less active. The whole
situation was made to appear bu0yant by tho extra
ordinary attention bestowed the salient features,
such as Rock Island. Northwest Lake Shore, New
York Central and, IN the miscellaneous fst Pacific
Mall IL Is only fair to give the clique view Of the
situation and their reasons for making 30 brilliant
eight ON the 'bul" side. IL Is evident that other
prices are not falling with that Of gold. because
those prices are regulated by other Influences such
as the abundance Of paper money in the country,
the tariff taxation and the ike. Hence, with gold
at par, there is o bottom price for stocks which
cannot be far from present figures. But
to determine these bottom prices, with the
depressing influence Of lower gold on the one side
and the lnfatlng influence Of more abundant money
on the other, would require powers Of divination
greater even than those Of an sctuary in lie
ance an average adjuster In marine risks. The
point is dimy misty in the Obscurity Of these ques
tions. The cliques are fighting stocks up, because
stocks naturally tend 10 go up In an easy money
market. ana they argue tnat for every one per cent
gold goes down at least two millions OF currency is
set free from carrying gold. Should gold go TO par
TWO hundred millions OF commodity which Is now
merchandise, like cotton or produce and which
ries up two hundred and twenty-five NIL
lions OF currency, would then become cur
rency and really innale the circulation by adding
It's Volulne 10 tne clrCuhLnx meulum. GOlQ, Tor
carrying which interest is now paid, would then COM
mand interest itself. Instead OF only eight hundred
millions OF paper set of against two hundred mil
lions OF gold and six hundred millions OF general
wealth lncluding stocks bonds &c., the rd0tnae OF
gold at par wolld give US thousand millions Of
money against SIX hundred millions OF general pro-
perty. The very gold which, on account OF It's pre-
minm was an object OF value and rival to stocks
and merchandise, would, by being added to the
stream OF money, enhance the same stocks and
merchandise 1t should, moreover, be borne In
mind that the great imitation in England in the be-
ginning Of the century, when the South sea
and like bubbles were doated upon the public,
aud when shares rose TO fabulous prices, was
the sequence OF the return to specie payments, the
country being flooded with paper money.the volume
OF the circulation being increased by the restoration
OF coin TO currency. II was when the government
commenced contracting the paper money that the
reaction began which ended with the great financial
and commercial crash OF 1895. thus it will be seen
there are two Of theorists in the market. The
"bulls' look for higher prices The "bears' expect
grand smash as gold goes to par, and that stocks
Will be included therein. the following table OF
highest and lowest prices Of the day Will exhibit the
results OF the movement In stocks quite obviously.
Owing TO an oversight yesterday misstatement
occurred in The comparative prices OF New York
Central stock and scrip which was remedied to
extent however, in the record Of closing street
prces:-