The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-01
COMMERCIAL AND FnANCIAL.
The Decline In GOId Monday.
Y.H4 NEW YoRK. Nov. 90

. 49," 4SAAt GNINs bos
The sudden decline In gold, early In
the day, caused quite m unsettlInR Of
values, The Government bond market
and securities At the Stock Exchange
quickly responding by lower prices,
and The first serious discussion re-
Spectlng possible resumption Of
specie payment, ut no distant day,
was noted Ia the atreelS. The closing
quotation, yesterday night, was l2Sk,
With early sales this morning At l23,
from which The price quickly dropped
10 l2lM. AtthiB point there was al.
most panic Ia the Gold Room,
while D more Berloua and thought.
iul feeling prevailed In bankeES' and
brokers' oflces, where the vRri-
ons phases Of the question were
discussed, The especial occasion Of
the decline was IN consequence Of the
announcement that Secretary Boutwell,
had directed the sals OF $ll ,00O, 900 Of
goldin December and purchase Of
81, 900, 600 worth Of bonds. This II
merely a continuation OF the SeGreta-
ry's policy, ahd would not have Contln.
ued the alarm any more than when for
several months past, he has directed the
same amount OF gold sold and bonds
purchased. except for the fact that on
the 1st OF January the coupon interest
due will throw upon the market near
ly thlrLy>two million dollars additions
al, making In round amounts during
the next ak weeks, about forIy-four
million dollars. From this, however,
should be deducted ten million dollars,
which, II ID estimated, will be req quired
for customs payments, leaving
balance Of thlrty.four millions ior the
aereet and country 10 absorb.-
This large amount 10 not required for
either commercial or speculative pur-
poses, and hence, while the scare was
In full blast to-day, both holders Of
gold and operators for decline were
heavy sellers. A reaction OF Il per
cent was, however, subsequently re-
corded. Several large importing houses
sending In their orders 10 purchase free.
ly, added to the rumor that influential
merchants had by telegraph Comnuni-
Gated with the Secretary OF the Treas
ury, and urged modification OF his
December programme. A further fall
In gold OF i've or six per cent will cause
sharp Bhrlnkage In all commercial
values, though the activity in market
this afternoon by orders would not
oooA W AuuAGhh9 III luIl6uAAbe u6'
cline. Many importers who were
purchasers lO>day bought 10 cover Dor.
rowed bills OF exchange not due til
late In December. The price to-day is
the lowest which gold has touched since
September 80, 1862. The money market
worked easily throughout the day, al
though toward the close there was o
more active demand among The brokers,
but the inquiry was promptly met at
six and seven percent, although the
majority Of transactions were negotia.
ted Of the higher rate. The demand
from the West TO accommodate the
pork trade has almost entirely ceased,
and the Temittances TO the Southwest
to-day have been on q restricted scale
Ito the amount OF about $4,000.
.'.' ,' IAnother DtSpdtehl
Wall street was in'a greater panic to.
day than al any time since the 24th Of
September. The excitement was caus.
ed by the fall In gold 10 price less
than at any time since 1862. Holders
OF stocks are greatly excited, and there
10 much alarm among holders Of pro-
duce and dry goods on account Of the
shrinkaGe In values. Banking houses
that hav0 discounted business paper are
uneasy. There are decided fears OF
financial craah. Some OF the advocates
OF speedy resumption OF specie pay
ments have become alarmed, and are
beseechtnR the Secretary not 10 sell
gold, while others are contendlnR that
the decline ought not be checked.