The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-07
The Speculation in GOld---ltS History,
Progress and Danger.
The Monetary Stringency and the
Looking Up Conspiracy.
Buoyanoy Of Government Bonds and Stead
mess of the Stock Market.
SATURDAYS BANK STATEMENT

The course OF events in Wall street during the
week has been diversified by the activity Of
THE SPECULATION IN GOLD
and the advancement OF the price to HOS, the
highest the market has been since the sth OF
August, 1870 when gold was on its downward
career, after the sudden "jump to 1855 that ioi-
lowed the declaration of war between France and
Prussia In the Summer Of that year, This advance
Is all the more remarkable it is fatty in the face
OF the influences operating upon the market, the
success of the speculation being comparable, in
way to the rising Of kite which is lifted and sup
ported by wind blowing against 1t. AS an illus
tration OF
THE WORKING OF CHANCE
In the great tide of human affairs the upward
movement OF gold is a striking example, The
crowds who are going to Europe, the importers
who need gold for their business and the thousands
OF Others who, like them, have to pay SO dearly
for gold this season, can lay their losses to the
accident which kept two or three bankers from
participating in the glory ~ and profits OF bring
ing out the second instalment OF the funded five
per cent loan of the United States Here was the
beginning Of the geld speculation. The several
bankers whose Importance was thus SO
CAvALiERLY TREATED
found sympathiZers among some foreigners of
their Tx who had been likewise Overslaughed by
the European branches of the Anglo-American
Syndicate. Their mutual grievances led to league
OF interests, and the result was the organization
OF a gold clique in New York, embracing in its
numbers certain foreign firms who forwarded the
gold speculation here by trying to start panic in
American railroad securities in Germany Several
professional operators were brought into the
movement, which was fairly launched a month
or SO since, after series OF trials and discourage
ing failures, the
LEADING MEMBERS OF THE POOL
being saddled with gold from the smaller operators
whenever the market was run up by them in the
progress OF their efforts to get the speculation
aAOat The disparagement OF government credit
In this undertaking comes with i'll grace from GER
tain Of the clique who hold some sort Of an official
relation to the government as its bankers in
Europe. During the week just closed the clique
became desperate, in view OF the Treasury pro-
gramme OF gold sales for April, which entirely
different from their expectation Of it and would
have led to
A SERIOUS DECLINE
had they not boldly jumped into the breach and
lifted gold up by main force to 11Sa. They next
expected help from the raising OF the Bank Of Eng
land discount rates but In the absence OF the antlci
pated change the price OF gold receded to 1867. Still
later they renewed their operations In face OF
large decrease in the imports, and, step by step,
pushed gold up to 119h. The movement has now
become fraught with danger to all who are inter-
ested in It, the reckless desperation of the past
days indicating that the clique have either lost
their head or are
INSENsIBLE OF THE RISK
and extravaganza Of their plans AS we have re-
peatedly shown, there is not enough discrepancy
in our foreign trade to warrant the rise in gold.
Capital is coming here all the time from abroad, as
indicated by the lowness Of the foreign exchanges
Outside Of their unnatural depression the past
week by the scarcity OF money. Since the 1st OF
January the imports have been only 1--WE TO ten
millions in excess OF the exports. In settlement
Of this difference we have already shipped about
ave millions Of gold and ten millions Of silver. We
have
SHIPPED NO GOLD
OF any amount since early in the year. Silver goes
abroad because it is at o discount OF several per
cent as compared with gold. Next IN point of in
terest or rivaling 1t, perhaps, the success OF
the money '1ock-up," by which clique OF money
lenders squeezed all the way from to 1856 per cent
out Of the luckless borrowers who got into their
mercess tolls. Advantage was taken Of the poverty
Of the banks In connection with the additional de-
mand upon their resources through the April set
Elements Of the INTERIOR the clique locking up as
far as the bank statement dscoses, about four
millions OF greenbacks The result at the stock
Exchange Of
THE STRINGENCY IN MONEY
was quite disprsportionate, the decline in prices
hardly exceeding an average Of tx q 2 per cent
leaving out of consideration such tickle affair as
Pacific Mail and disregarding Panama and Harlem
the latter Of which went OF from 140 to 120 because
OF the disappointment OF the street at the terms OF
the lease to the New York Central. II we take the
aforementioned stock as an index OF the market
and "Centrar' is getting to be from year to
fol and
OF average stock movements, we find that
IL declined from 1O2 to 9s1 (the lowest
sale in the Irregular" way at 1907, and rallied
by Saturday to 1OlN. The rise in government
bonds has been another important feature Of the
week, the '67's having advanced to 1857, and the
sixes Of 1881 to 1908
DIVIDENDS, COUPONS, &C.
The receiver of the Guardian Savings Bank an
nounces dividend Of 20 per cent payable to
creditors Of the institution on and after Monday,
April 7.
A quarterly dividend OF 50 per share has been
declared upon the stock OF the Second Avenue Rail-
road Company, payable April 10.
The Long Island Company will pay on presenta-
ton the April coupons Of the bonds OF the New
York and Rockaway Railroad Company
LATEST PRICES OF GOVERNMENTS.
The following were the closing quotations for
government bonds United States currency skies,
1882 q IIs%; do, 1881, registered, ll7ls a rs:
do do coupon, 1905 a 120ss do. fve-twenties,
registered, May and November, 112X 1131z; de.
d. 1862, coupon, do, 1904 a ll7 do do, 1854, do
do, 117L 117h; do, 1865, do do, 1l9 l1eH; do
1857, registered January and July, 1ie7l 1i7h; do
1856, coupon, do, 117t4 HIS; do. 1867, do. do,
1854 11szs; do. 1865, dc. do, 1l7K 1ls; do. ten
fortes registered, 111ls 1119l; do. do coupon,
1l2X 113; do. nves OF 1881, registered ia lis;
do. DO, coupon, ia a lis.
COURSE OF THE GOLD MARKET.
The extreme fluctuations daily in the price Of
gold during the week were as folows:-
Highest Lo,rest.
Monday ACKNOWLEDGEMENTS 1sk 1l6I
Tuesday ACKNOWLEDGEMENT 171s 1l6M
Wednesday. Observation-Disclosures. 1175s 1867
Thursday ...................".... lisM ll7a