The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-08-25
FINANCIAL and COMMERCIAL.
WALL SrEEEw,
WEDNESDAY. August 24--6 r. NJ.
Jup rntn nAupnu.rv

WALL STREET,
WEDNESDAY August IA T.. NJ
TUE GOLD MOVEMENT
continues to monOpoze the attention OF the street
to the exclusion Of speculative interest In the other
markets. Nor is 1t the more readily understood the
more u engrosses attention. but is gradually getting
10 DC OF the nature or puzzle, such as appears IN
many magazines the solution OF which. being quito
hopeless to the ordinary mind is promised In sub.
sequent number. So here to-day IL exhibited some
curious features opening active and strong
ana advancing rapidly one per cent from
the figure OF the first sales. From that 1t
weakened and went or y per cent but rallied
again y to y, and continued steady for some time.
suddenly 1t became panicky and dropped per cent.
but as quickly recovered, advancing rapidly In sue
cessive fractional stages. Here 1t stood at the
formal closing OF the room 17,.l, but subsequently
advanced further 4 per cent which, however. 1t
again lost, leaving OF at the same figure The
precise causes operating to produce these nuctua-
tons It would be difficult to state positively. The
story of pool having been formed gained further
credence early In the day. and may have stimulated
q closing out OF the remaining short interest left
over from yesterday, and 80 produced the nrst ad
vance. That this short interest has been gradu-
ally eliminated is shown In the rates OF the
gold loan market to-day, which ranged from nat for
borrowing 20 three per cent for carrying. The sub
sequent gradual decline Is explainable by the fact
OF the government selling gold to-day 81, 0o0. 900
being the amount announced, yet the Secretary hay
Ing the option to take all bid for This Is still further
borne out by the fact Of the sudden drop being
casoned by the report that the Secretary had
awaited himself Of such privilege This latter incl
dent however Is in itself puzzle the whole
amount bid for being only s2,o5O,OOo and the award
OF 81, 900 having been made and posted on the
bulletin board in front Of the cashiers desk In the
Sub Treasury building for some time before
the excitement in the Gold Room referred to
the report OF different result commenced.
The speedy contradiction OF this absurd canard natu-
rally enough produced q rally IN the market, the
later fluctuations being easily enough understood
as occasoned by the agitation OF the market after
sudden break. In regard to the pool, concerning
which 80 much Is SAID IN Wall street. it would really
seem as though In that discussion it began and
ended. There may be such q combination as Is
spoken of although it would be hazardous UNDER
taking and would certainly never reach the proper
tons OF that OF last year, but the most reasonable
explanation OF the excitement yet concerning it, in
the absence OF any proof Of the pool Is that parties
suspected or forming it Industriously circulated
these reports themselves, being desirous of creating
an impression that such an influence IL opera
tive on the market. II they could once
OBTAIN general credence In this regard know
Ing the truth. 1t would be good point them as
genuine pool; indeed, better as being safer than
any That could be formed at the present unsettled
period. Beyond this, which could fully account for
whatever Of artificial movement the market to-day
presented this terrible oee nofre OF Wall street does
not seem to be very formidable this time. The war
news was mostly imperative in the Gold Room TO-
day from Its indecisve character. A slight decline
10 bonds In London early IN the day may have
helped the first reaction, but there was nothing In
the reports OF the London market in the day to
influence the premium here. The following table
shows