The New York herald., 1872-08-24
Contemplated Movement for a
Decline in Gold.
The Late Bulls" TO Become Ac-
tive Bears"
Mysterious and COrrelatiye Strategy
in the Money Market.
A Further Heavy Decline
in Erie.
WALL STREET,

On 'Change to-day steadier tone was notice
able in wheat and Hour, with tendency towards
hrmness and a better demand, both on domestic
account and for export The cotton market was
quiet and without essential change.
THE DRY GOODS IMPORTS
The imports of foreign dry goods during the past
week were $4140,771, and The amount marketed
S4,OS4,231.
MONEY SEVEN TO THREE PER CENT.
There was Il sudden and remarkable relaxation in
the money market, with decline In the rate on
cali to per cent The business at midday was
fairly active at 6a per cent, with good many
loans at per cent. Up to two O'Clock per cent
was the general rate but after that hour lenders
became numerous and the rate declined to ), 4 and
per cent, the lowest figure prevailing just as the
banks were closing. The demand from Chicago has
almost ceased, the recent shipments of money from
this city having supplied the demand up to the time
of the elimination Of
THE WHEAT ''CoRNER,"
which event by its attendant heavy decline has
checked the movement of wheat from the interior.
The farmers got their ideas of the market unduly
elevated Dy the prices prevailing during the specu
lation, that it would not be surprising If the
farmers retained their wheat until late in the sea-
son. and possibly until winter, thus giving us an
easy market, or at least moderately active one
only, during the ensuing fall. The rates for
COMMERCIAL PAPER
continued firm at a 0 per cent the relaxation in
money ON call having been too recent to exert any
influence. Actual business was on the basis of
about 8 per cent for prime names. TOmorrOws
bank statement will bean interesting study in
nection with the now and renow of money the past
ten days, and also as an index OF what policy the
banks are pursuing with. reference to the accom-
mediation OF the stock brokers. Foreign exchange
was about steady on the basis of 1Osai 1887 for
prime sixty day sterling, and 1091s 1895 for sight
bills. The Bank of France shows a specie gain for
the week OF 100000 francs.
IMPORTANT TO BANKERS AND BROKERS.
Washington telegram this afternoon says that
the Commissioner of Internal Revenue has decided
that the tax sales of gold and silver, stocks and
bonds and upon checks and promssory notes
stands abolished on the 1st of October. The Treas
ury currency balance at this date is lower by
slOOOO,OOO than the first of the month, rejecting
heavy disbursements OF the government on account
OF pensions and the civil list.
DECLINE IN GoLD--l13zS A 1l3i4.
The gold market was weak, with decline from
IS7s to 113i4, and reaction at the close to 113Is
1885. The course OF the market was only the nat
urai result OF the changed tactics OF the ciuue-the
recent display of stubbornness the part OF those
who had not gone out with the main body of the
pool having been necessary stratagem to enable
them to get out also. 1t is doubtful If the pool
interest In gold now amounts to more than trile.
Indeed it would not be surprising to find in q few
days reorganization OF the elements OF the late
clique into
A NEW "BEAR" POOL,
to operate for decline to 10j log in GOLD this Win
ter, as a consequence of the reelection OF General
Grant and the marketing of our heavy crops OF
cotton and wheat and products of petroleum, pork
cheese, &c. At least the late "bulls' were paving
Off their gold loans to-day and disembarrassing
themselves OF the debris OF their recent speculation
We give the suggestion for what it is worth, Offer
ing in evidence OF such contemplated scheme the
facts as enumerated above. The leading operator
in the late ''bu' movement I'm gold is the same
who turned upon the market just after the Chicago
fire and made a fortune in the succeeding rise OF
stocks. He probably regards the election Of Gen.
eral Grant as a ioregone conclusion after the re-
markaple political developments OF the past ten
days. and hence his sudden withdrawal from the
gold pool and conversion to an opposite theory OF
speculation. The course Of the market is shown in
the tablet