The New York herald., 1878-10-14
FINANCIAL and COMMERCIAL.
Review of the Week-A Very Fever
ish Speculation in Stocks.
THE GOLD AND MONEY MARKETS.
Statistics Of Imports and
Exports.
WALL STREET. |

SUNDAY, Oct. l3 1878
review OF last weeks market resolves iieelt into
autographed sketcn Of episode In the financial
career Of Mr. Gould. money article, calling Tor tho
pen Of Pintarch TO properly illustrate II, is an anom-
ay this sort OF writing bus tho iaies have SO or
dsred II and there is nothing wanting but the Pu-
tarch. An uncomfortable "shortness," which fre-
quently assumes the shape OF s'monsy" with some,
and Of 'wind" with others (athough there arc times
when the difficulty OF "raisng" either presents them
~ synonymous termsh appears to have afflicted Dir.
Gould IN the form OF .'stosks." Confronted With the
prospective and unpleasant results which attach
TO the position OF the vender s'who has
sold what isn't his'n," Mr.. Gould has been
taxing vigorous TO retrieve himself TO 40
20 II was necessary 10 break market values, and In
sh,s he has succeeded TO very marked extent a. a
comp arson ol tho prices at the opening OF the week
with those at tfe closing OF the same will testify to-
AZ nrst matters looked quite tue other way and when
Lake Shore rose to 70 at least oae prominent bull
operator convinced, by the "pricking of his
thumbs" that G ould was p atm fully squirming beneath
these members. Quite the reverse was the fact, as
the sequei showed; Tor, although the street impres.
sion Is probably that Tho archoperator was
squeezed into some sort OF settlement Of his Lake
Shore contracts the maximum price, this very elm
tnaton OF strong supporting power caused the stock
70 weaker ultimately to Jali OF nearly per cent
After Lake Shore Western Union was deemed most
susceptible to attack. Favorable reports carefully CIR
suated spiccd with somi-dficia favor had carried
he price up TO 96s, and provided market for such
knowing stockholders werc willing 10 accept hand
some profits while they were offered, and VINO were
aware tna,, however good the annual report might
be, thero was nothing in u 10 justify SO iancul
stock selling at SUCH high figures. So here was
another element OF weakness which favored Mr.
Gould, and hc used It with the result Of
otato 4
two prominent stocks like Lake shore and
Western Union thus giving way there was
nothing be expected OF the rest Of the market but
that II should follow suit. The mechanical and alto
gether artificial cash at values, which accompanied
tho natural depression, was aided by many prevail
ing elements OF o bearish nature. The foreign
financial news decidedly bad, there were rumors
Of burst up III the coal combination, money was
growing under crop demands ana the syndicate
taking gold out OF the street and turning into
the Treasury IN payment or bonds Thus additional
opportunity was afforded to strike blow ihs share
list over shoulders OF the gold and money markets.
apN IL was awaited or Gould's brokers bid currency
leans up 10 per cent, borrowed large sums.
which they did not bank hours,
and locked up further amounts by proGcr-
ing colat.rals, which nobody would take.
THIS LOCKING up OF currency was an ugly feature OF
the lo,se speculation peculiar TO civil war times, and
its uglincss to-day Is not miRated by the prevalent
belief that than national bank has assisted
In the movement. Asa side lever to move the money
market an irruption was made upon Gold Room.
ana many millions OF the s'precious' were purchased
with the result OF advancing the prcc TO 1o1k. The
depression In the share market continued Satur-
day; and although both money and gold were easier,
the pricos obtained were tho lowest Of the week.
The following table represents the opening highest
ana lowest sales way OF the principal stocks