The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1864-11-19

We have had another big tumble in the pre-
MUM on gold since our last correspondence. 1t
commenced falling more rapidly about q week
since, pretty much like the storm barometer
heralding a week OF drenching rain. First it
dropped TO 30; then, of course, everybody who
was In the speculative mood knew, for a certain
ty, it would go no lower. Here was a chance to
get rich suddenly. Those who had a few loose
hundred dollars in greenbacks bought 50 large on
paper that their currency would 20 only a. a
margin. Clerks, apprentice boys, labOring men,
as well az the working classes generally of both
sexes, pulled cut their little hOardings and in
vested for a rise. 80 did the big ca capitalists and
merchant princes. They were all - Ouliing' the
market. They did not believe all the stories Of
Federal victories. They were positive they were
- cooked " news. manufactured by the - bear -
interests and the Union Leaguers. for stock Job
bling purposes and political effect. 1t would not
90: next day the victories OF Sheridan and Grant
were confirmed gold went down again instead.
IL was only a momentary depression, so the crowd
thought, aud they added to their margin, -
cover the decline and carry the investment a few
DAYS longer. To sell out then would be en~tailing
the loss OF their first margin. News came. on the
third day, that Early was routed instead of simply
being defeated, so down went the premium still
lower. the experienced . = bull " men hedging a
little by selling part OF their investments short,
and giving 4 trihe over to the :. bear - interest.
Sixteen guns were captured the next day from
the enemy, so away went the premium down 10
-IO-Lcn per CcuI. ltli VI AOuE udl-- tlOec bi
the :. bull I" class of operators, who sold some Of
their gold short, and became half = bears =" made
up their losses OF that day.
Twenty-Five hundred prisoners were captured.
This was reliable this time, We Were informed by
Secretary Stanton's despatch to Gen. Dix down,
down went the precious metal to 300. Then peo-
pie who had invested their small earnings became
somewhat frightened, and rushed TO the stock
martse md the streets leading 10 Wall and William.
to sell out before q further decline took place,
and save L portion of their margins. The anxiety
20 sell pushed the premium down To 100, during
the forenoon. BY that time, all the mall deal
ers, tTadesmen- and the poorer classes of small
operators had closed out their investments with
= Ioss Of about thirty per cent. on their original
capital. This was just what the leading capital
lists aud large {. bull " operators of 4 week ago
wanted. They had lost heavily, and now sought
the opportunity offered 20 recover themselves. In
the afternoon of the sixth day they combined
together, 20 control the market. All thOse who
coaId not hold on had gone by the board. Sales
had been pushed upon the market until
there were no more offers % sell. When the
decline had reached its eliminating point, then
the bear interests of the morning became bulls in
rhe afternoon. and bought largely 81 100, 70 be
delivered the day following. In three hours, the
dsmaud to buy became greater than the anxiety
shown in the morning 10 sell, and the premium,
by the time the banks closed, reached %, thus
eoabiing the sharpers to make eight per cent,
merely upon thsiT individual paper prnmisas