The New York herald., 1870-02-25
FINANCIAL and COMMERCIAL.
WALL srREHT,

THURSDAY. fcb. 24-6 r. Nj
The excitement IN financial Circles to-day recalled
the days OF last september, when every eye was
directed to the fluctuations on the gold dial. The
galleries OF the Gold Room we're, as then, throngea
by an anxious crowd, while the amphltheatrc was
dense with brokers.
GOLD DECLINED TO ll66.
The feverssh tone OF the market at the opening
the feeling beng the Request OF the previous days
decline--rrepared the dealers for stil further
downward movement The first regular quotation
was ll73s, from which the price run rapidly down
l161s, vision Of specie payments within week
almost startling the terrified "bulis, ont Of their
senses. There are hundreds OF men in Wah street.
Americans by birth and vaunt-wno, puradoxically,
are always on the "bulln side OF gold and are ever
belittling the country. the government and the
finances. Such people are the victims OF the pres.
ent decline In the long list Of failures during the
winter there were many houses with TINS same
gloomy mental view OF the government who were
constantly looking for the utter demora.izaton OF
the currency and ise in gold to enormous figures
All these classes Of commercial spectators and gold
gamblers nave been sh,pwrecKed and laid up high
and dry by the sudden subsistence OF the premium
on gold. The market had two distinct movements
to-day. IL first went or to ll61s on the sale Of
'long" gold, which was literally poured upon the
market. 1t Will be remembered that In the bank
statement last week the curious discrepancy De-
tween the small loss Of specie by the banks and the
customs payments OF the week was explained on
the hypothesis thai the decline OF gold below l2o
had then brought out vast stores OF gold boarded In
families, in merchants safes ana like private
sources. This forenoon there large sales OF the
same kind Of gold. The effect was the decline
to 1l6k, the SPECTATORS selling out as WELL
In the afternoon the price reacted TO H. but upon
the receipt OF the news that the Senate had unani
mousy adopted resolution declaring against fur
tner imitation OF the currency. and on Its becoming
known IN at Secretary Boutwell, had bought one mil
lion OF ponds at the SubTreasury In addition TO the
million solicited, another semi-panic set IN and the
price tumbled TO 116H, which Is the lowest since
August. 1862. Inasmuch as the general rate paid tor
carrying" to-day was Az to per cent the market
seems as yet without short interest. Exception
ally as high as seven per cent was paid to have gold
carried, which was two per cent above the rate for
money on call. The gold SOLD within the past few
days has simply passed into the hands OF new line
Of buyers, who, as they are fresher in the market
and have unimpaired margins, can make better
fgnt but as the demand tor gold Is limited to the
few hundred thousand dollars requisite daily to
pay customs and as exchange is witnous tone or
frness despite the decline, the market closed weak
at the usual reaction from 80 great fall. II was
even said that Secretary Boutwell, is preparing sta
tstcs to show that our exports for the expired six
months OF the current fiscal year thirty millions
in excess OF our imports. 1t Is not stated however
whether the exports included shipments OF five
twentes the quotation for which advanced to 80 IN
London today, and, with the Senate resolution.
sisted In the .break" to 1l6h. The operations OF
the Gold Exchange Bank were as follows:-God
cleared, s57,445,oo0 gold balances sl,37s 3ol; cur
rency balances s1.7oo,7s2. The range OF the gold