Year: 1870

WALL STREET l
SUNDAY, Feb. 20, 1870
The features or Wall street during the week have
been the realizatons OF the stock clquos and


THE DECLINE IN GOLD.


Tho retrograde movement IN the gold market u


no part OF the original plan OF the majority OF ope


rators who Initiated general bull campaign In the


beginning OF the year. soon ~ 1t was positively


evident tnat period OF easy money was at hand.


When they took mold OF stocks they also


took hold OF gold, and both were pushed


with great vigor. or the result In the


stock market VIC have already had proof in


the general advance OF ten to twenty-five per cent
IN the leading active speculative favorites. Cold


however, was not so responsive, and moved very


suggishly. IL twice touched the vicinity OF 1881


after its original decline to 119sS bus beyond that
point the cliques found 1t uphill work OF O hard


character, and they consequently abandoned the
EFFORT The market has since been In the hands OF che
smaller spectators and OF the brokers who 1--we by


the trning fractional fluctuations in the premium.


There have been intermediate movements OF greater
or lesser degree based en- the Cuban matter
and the action OF Congress- but the larger


operators have given their attention elsewhere.


During the week which has Just closed they again


visited the Gold Room but this time with opposite


tactics. 1t may seem curious that they did not


originally begin shear" movement but IN the then


uncertainty Of the European markets, ana without


data to suggest the extent OF our imports in the


opening spring business, they hesisated TO 40 So


especially as q speculation on the shear" side OF
gold Is extremely dangerous and requires thorough


canvassing beforehand of the political and CONNER


cia situation foreign war, the death OF Napoleon


or many another contingency would Jump" the
premium TO the utter ruin OF the "shorts." When,
however, 1t was discovered that the prospect In
Europe was as peaceful could reasonably be
looked for; that the accumulation Of capital was
leading to decrease In the interest rate on the
Continent; that our imports we're beginning to de-
cline under the decentralization OF last September't
panic ths week they only about IS per cent Of


those IN 1862; that the leading foreign bankers


pressing their bills the market; and that our ex


year, their attention was directed to the Gold Room


as the field for "bearn campaign. That they ma We


enlisted In the work with all their capital and
enthusiasm seems evident from their unloading all
the stocks which they had been carrying since New
Years. The SUCCESS OF the double movement has so
far been rather gratifying. Moreover the plan pro-
misses TO aYord the cue for the speculative opera
tions or the spring and summer. When the
cliques unload their stocks they have the
means to ''oreak" gold; when gold IS down
| 1t influences q decline In stocks; then the cliQues


can buy back their stocks cheapy; their depressing


efforts taken away from gold again. up IT goes once
moro and sends stocks up again. The pro


cess Is capable OF repetition until one OF those acct


dents which 30 frequently occur intcrposes to spoil
Its working when the cliques VIII be driven to con.
sultati0n upon new plan Of campaign and . new
system OF tactics. The range OF the gold market Il


shown In the following table OF the OK treme nuctua-
tions daily