The New York herald., 1870-01-11
FINANCIAL and COMMERCIAL.

IllvnIvUl1n llyU UUNllyIEllu1u.
M0NDAY, Jan. l0-6P. N.
The week opened on an animated state OF AFFAIRS
In Wall street. general attention being again di-
rected to
TIE GOLD MARKET,
where dealings were Of an excited ana feversn
character The clique programme for On advance
being seriously nterfered with by the extra sale OF
government gold, an ingenious plan was devised to
do away with its injurious influence upon the .bull
movement. When the bids for the $1e70,Oo0
at the sub-Treasury came to be opened 1t
was found that there were As many as
Iorty-scven proposals. for q total OF nearly
seven aud a half millions Of dollars. 1ne
prices, however IN most instances 80 far below
the market that the cques who were the instigators
OF the orders to the different brokers knew they
would NOT be accepted or, accepted, that the gold
would be obsained at very cheap rate as compared
with the price In the Gold Room The amount bid
for$7 $40 000ls tho inrgost recorded under similar
circumstances. The effect upon the market was
magical Gold, which had opened at 122X aud
declined to 1919 before the sale, now ran up to
1894 amid great excitement. As the aster-
noon progressed 1t became evident that
the cllques were taking advantage Of the
opportunity to sell and as at this time
telearam from Washington announced the intro
dnction OF Senator summers bill for a return TO
specie payments the price gradually declined to
l22ss. II Is not to BE- inferred however, that the
buil' tactics have been abandoned. On the contrary
the work OF to-day IS only fnterude In the golden
drama. The combinations who are manipulating
the market saneune Of putting gold to $780, winch
Is advance as much beyond its real value as It's
recent pricc-l19M-was fall below. Tho clear rise
would, however, be only ten per cent But, by these
intermediate fluctuations, selling at small advance
and buying back at o small decline, they
intend TO net thirty forty or perhaps
even nrry per cent in the advance from
1ao to l3o Such therefore, is the situation OF the
gold market NJ present. and 1t promises 10 develop
In interest each day. The speculative spirit long
dormant has been aroused, nnd the victims OF the
great gold smash are among the most eager to re-
trieve their losses. M
An affair OF considerable interestto gold dealers
,ranspired to-day in connection with the routine OF
business IN gold. II Will be rcmemDered that upon
the reorganization OF the Gold Board, after the Sep
iembcr panic, much objection was made TO the
restoration OF clearancea 10 the Gold Exchange
Bank, whose officials It Ia alleged, acted
with favortism, n not indiscretion, in the
conduct Of their business. Many brokers have in
fact since conducted their dealings outside the
bank and have cleared through II only when CON-
PEELED by the necessity OF certain transactions. To-
day the firm OF Messrs. Trevor Colgate refused to
submit check for $500, 900 along with their state.
ment unless the bank simultaneously returned them
certified checks for the differences due them from
the bank Both parties brought their dispute before
the Gold Board Mr.. Harney, the president Of the
bank, recting hts views OF the subject and warning
all parties having dealings with Messrs Trevor b
Colgate TO settle in future ex-clearing house.
The firm stated thas they would not trust check for
rn..u ktsA t~Av.e tNn
settlement OF statements, inasmuch as they feared
the embarrassment and delays likely to arise from
recurrence or tha september embargo on the
banks operations. FINALLY Mr.. Harvey said the
bank would yield on this occasion, but would insist
upon On enforcement OF the rules OF cearances In
future. SO the matter ended for to-day.
The Cold Exchange in executive session this after
noon decided that the Arbitration Committee shall
hereafter have power to adjudicate In oil transac-
tions between members Of the Board whenever or
wherever such transactions may takc place.
TIE STOCK MARKET.
Although the Long Room was for q greater por-
tion Of the day neglected for the moro exciting
scenes OF the Gold Room there was an interesting
market for stocks, the prices OF which were In the
main closely sympathetic with the movements in
gold. revealing INC fao. plainly than ever that
the speculative combinations are working both mar.
Lcts together. Thus under the depression In gold ut
the opening, there was hestatny ana uncertain
tone to the stock market but when the numerous
bids al the Sub Treasury had been opened, and gold
ran up TO fl52. the whole list took a sud.
den upward start, tho leading railways being
most conspicuous In tho advance The Van
derbiit shares were run up to 03lS for the
stock ard s7Ss for The scrip while New Jersey Gen.
trail touched ooA. Northwest common, catching
the contagcn, bounded up to 1875, and was closely
Followed by Lake Shore, Rock Island and ST. Paul.
Exceptionally, Reading was quiet and heavy, hold
ers being disposed 70 realize As IN gold, the clques
now began to unload and prices fell on, the market
closing dun and inactive The range Of prices for
the principal stocks is shown In the following
table OF
THE ExTRgNv FLUCTUATIONS.