The New York herald., 1869-05-21
FINANCIAL AND CONNER GAL.
THURSDAY, May 2o-s p. M.

THURSDAY, May 2o-6 p. M.
Cold was again greatly excited to-day, ald the
price ranged between the extremes oil I4i% and
Ils,s with the advantage rather on the side OF the
'.bears." The drifting OF speculation TO the gold
market shown by the large concourse OF operators
who daily throng the sidewalks on New street and
watch the changing figures on the dial In the win.
dow OF the Gold Room. The general temper of the
market was bearisa, just as It always is when the
cques have unlOaded TO the ''outside publicv and
are ANXIOUS 10 buy back at lower prices. When gold
was at lso the aforesaid "outsde publicn could not
be induced to touch dollar OF the metal. Now that
1t has gone up ten or twelve per cent they rush in to
buy true to that instinct OF human nature which
prefers dear to cheap goods The great gold clique
who number several prominent banking firms and
combination of stock houses, are, in the language OF
the street shortn of gold The millions which they
have been carrying tile past month have been distri
buted 10 the crowd OF small operators and specu-
laOrs who began TO really believe gold would go to
100 within few days. This belief was induced by
the wonderful chain of circumstances taken advan-
tage OF and manipulated to aid the "bullsn
The Sumner speech in England, the advance
IN the English discount rate, the ductuatIon
In the foreign market OF American securities and
the reports OF Cabinet troubles the proposed recog
milton OF Cuba were all made available In alarming
the public mind and creating that distrust OF the
eter in the gold premium. To-day the work Of ''un-
loadlng' was not accomplished without an effort.
AT the outset the market disposed to look more
calmly al the condition OF affairs, especially the
fun text OF the English comments on Senator Sum-
ners speech was not so warlike after all. decline
In bonds IN London, due TO the advance in gold
here yesterday, first started the premium
and gave the clique their cue. The excitement
hHng aggravated by fresh rumors of business
failures there was a rush 10 buy which carried the
price to l44% Advantage was also taken Of the re-
port ,nay prominent persons had gone to Washing
ton to induce Mr. Boutwell, to change his policy OF
buying bonds and selling gold AS to the future
course OF the Secretary OF the Treasury, our own
Dispatches ana otaer kilograms assert positively that
he VIII adhere 10 the plan which he has pied of
IMPROVING the natlonal credit and promoting the
interests of the mercantile community. One OF these
teegams saws MIR. Boutwell, was very decided IN
hls intention not 80 change his present policy
for some time to come at least, If at all
AT noon to-day there upwards OF 500, 600 900
in coin IN the Treasury, and the prospects
are that this amount VIII increase before the end OF
th9 month, instead of diminishing, notwithstanding
the sale of s1,OoO0 600 week. The surplus on hand,
over and above what is actually needed, in the
vaults. is estimated at sS5,OOo,ooo and Secretary
Boutwell, is considering whether to dispose OF this
amount gradually and to purchase bonds with the
proceeds" In fact those who have been prominent
IN this pressure upon the Secretary lay themselves
open to the suspicion that they have been directly
concerned in a higher premium on gold.
Under the effect OF this intelligence concerning
Mr. Boutwell's policy the ''bears' H. e., those who
were "bulls" up to the turning point of the price,
sold the market very freely and hammered the figure
down to 1881, calling 1t the natural reaction.u
The MORO Castle, for Havana took out 100000 In
specie. The disbursements OF coin interest were
$27o,0o5. The course OF the market is shown in