New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-12
THE TUMBLE IN GOLD.
1Ts EFFECT ON THE MARKET.


PARED WITH THOSE OF LAST YEAR-AsHE
WE APPROACHING SPECIE fAi@ENi'
WHAT THE MERCHANTS SAY
No subject has attracted 80 much ihteies.'
%, long time "a the recent fall In the premium on gold
Every one is directly or indirectly anecleu W =, o.
with all classes 1t is the universal theme Oh CON
Gold ia the barometer which indicates the 'ao VI 49,
article whether 1t DO stocks merchanuio VI -,
"a nearly every person owns some one OF tneao
ronertv n ia not strange that the indicator on Ne"s'
and the newspaper reports Of Its changes are "a'Ohou
with such feverish anxiety , -, ,o,
cold ike the wind, goeth where it steth' ana men
hear the sound thereof but none can tel "ho"'' ~
cometh whittier 1t goeth ,-.,o ,ho
In this cty-tho mercantile center OF the nation'uo
sbrinkage Of values by such fail as mas recen',' go
Iaoo "a vary large and must seriously cripple many
ANAL bouses that have already been weaKeneu Ny 'no
heavy expenses and depreciation OF inc past 10"
That n fall of 10 per cent In gou-or sun 80,
ammunition OF premium, or even Resumption Vi spceo
bring serious panic ike 1851 Is
not at all likely The merchants OF TINS CITY, Win rio
exceptions are solvent and entirely able to sustain inc
loss that a return TO specie payments would inlet
In fact during the excitement OF the past rev
weeks, the remark has been made on every
side and with merchants In every branch OF
trade, that the best thing for oil parties woud
be immediate resumption. II the merchants OF TINS CITY
had their way they would gladly wipe out the premium
gold and reach specie OASIS ~
long struggle which they have been engaged In for the
past six years against the losses long drawn out INCL
dent to a depreciation of the premium.
The recent decline occurred at very opportuhe seasoh
OF the year for retailers and has borne most hea'y o
importers. The former class had not yet made their
purchases for the Spring trade. consequently tne S'
was smaller than 1t would have been at any oher seaSon
OF the year AS gold fell off, the retailers stopped puy
ing and now they are ready TO I'LL up their stocks at
largely reduced prices With importers, however IL Is
that stocks should be imported early IN inc
season i'm order that their customers the JopDes III All
parts of the country might besuppled lniue ior noi
trade These importers have paid duties 10 IarRo
extent at rates varying from 100 to 1913 Tor eou "heh
the premium fell below 30 per cent II ookeu 10" W oS'
people and great many importers coVereu ther Pui
ebases at rates varying from III to 100 THIS 1885, now
aver has been distributed somewhat between the I'M
porer and obbers many OF the goods covered at inc
rates named had already been sold TO obDers on Sner
basis for gold.
As general thing jobbers have light stocks at present
The downward course of gold began before many h"u
purchased their Spring supplies Those In the southern
trade will he tho heaviest losers stock theirs is the
earliest trade and to supply it they are compelled to
pnrcbase earlier than others Next come those engaged
I'm Western trade. Jobbers doing nearby taue'
through the Middle aud Eastern States not being COM
peed TO buy 50 early have the ghtest stocks OF any
Trade in all departments opened sluggishly, but now
the city IS lively after the first of March, and this season
buvers came 10 market in small numbers and generally
they absained from buying until the late break In the
prices The rapid decline in gold premium has had the
effect OF teaching country merchants that their only
safety is carrying light stocks until we nave feachcd
a firm specie basis There has been mnch speculation
regarding the effects OF further decline until godshoud
roach mar Tho opinion seems to be quito general that
could specie payments resumed very good business
would be done in every branch of trade and that inct
chants could again do business at profit The reasons
adduced are capitalists are tlmd and naturally
abstain from any enterprise, rightly supp0sng ta'
almost anything which their money could now DC III
vested deprecRe in value 10 an extent equal 10 OF
greater than tho depreciation Of gold until par is
reached whereas their money, loaned viii yield them
good interest and be daily increasing in purchasing
power When specie payments are resumed IL IS argued
that all this idle capital begging for employment at
our money centers will seek employment in business en-
rerprses and give impetus 10 business that has not
been felt since gold first bore premium.
The neoessares OF life are always the first TO be at
fected by decline in gold Luxuries compare
lively higher than any other class OF merchandise The
following facts viii show what The state of the wholesale
and retail markets has been since the opening OF the
'o"Soh III. WHOLESALE TRADE-PRNTs
1uree weeks ago sprasues prints sOid ut tiior now
they are offered at iOlc Mcrrimacks have fallen 2c
TO 1Otc Lodi prints, which selling at He are now
worth only lOic and 0Ic. Wauregans have decreased
from ltc to 9c Contnentals from lic TO Be- Arnolds
lO TO Sic. These prices represent the worm Oh
the goods when gold is lf thereabouts and not what
1t has cost produce them and bring them to market
the price OF gold aud the cotton, aud not on what
has actually cost to manufacture them II claimed
print goods up and would have done had not The mer
chants sold goods cheaper than they could manufacture
BLEAcuED AND BROWN GOODS
reduction has made this ne.as IN the others.
but the "New-YOrk Mills" and "Wamsutta brands
have advanced in price, Notwithstanding the condition OF
NILS was selling at ~, it IS - cents Utica Nonra-
Te which was selling at TO- now he ceu at Y Ty
II has also advanced from 10 TO 20 cents.
ENGLISH WHITE GOODS.
All foreign goods more less affected by the price
of gold much than any other of domestic manutac
ture Two weeks ago white goods from to y per
cent higher than Customers expect the merchants
to deduct from the selling price the amount Of the de-
cline in gold whereas the deduction should be made from
the actual gold OF the goods TaTiean, which were
selling two weeks ago for 90 3D. 20 and 30 cents are se
ingy desirable, have fallen from 80 TO 70 cents CERTAIN
weeks ago. now be purchased for 20 cents Many DC
srable articles IN white goods are SO scarce tha custom
pay to striped and fancy checked piques
GOODS.
Last season it hoped that owing to the severe
losses sustained by the importers few orders would be
sent TO Europe for goods This not the case,
however for the mportatons in this line are larger than
ever before. There was decline IN the material,
and in gold which. with the market heavily stocked
caused the season 10 open dull and until two weeks ago
the depression great About this time Stewart,
recognizing the need OF the country then instituted for
,he line OF goods. the system Of offering
large of goods every morning at reduced rates
This created CONSERVATION among the small dealers,
and Of tho large houses thought the
Motley very unwise. It has since proved however,
10 be the best thing that could have been DONE for II the
country had been filled with high priced goods, the iner
chants would have met with great loss. by putting
pces down, tho market was awakened and selling
basis secured. so the he was fairly broken,
orders were received from all parts OF the country aud
cnnndence was nucn more secnrel. A. y Stewart and