Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-05
WALL STREET.
GoId dn,rnto IIe 7-s.

New York, March 4.-The gold room
to-day has been the scene of intense ex.
citement, and the price declined to 1923,
the lowest point touched since August 10,
| 1862, when it sold at 1924. The down.
ward movement began yesterday evening,
and sales were made late in the evening as
low as 1144c. This morning before the
| formal opening of the room transactions
were between 114s@ll3E. The first re-
corded sale was at 1l355, after which the
price fell to 49,, and again advanced TO
III, fell to 1l2g5, and closed at 113l.
Our European BaIance.
The Post says the market Is depressed
by weakness in foreign exchange, and by
the statement of the foreign trade move
ment Of the United States as telegraphed
from Washington yesterday afternoon,
which makes a balance of trade against
this country for the six months ending
Dec. 31st, 1869, of only about $4,000, 900.
As the statement is an official one, it is
entitled to consideration although it
bears marks of having been prepared SO as
10 make as favorable an exhibit as possible.
Suspected Error of Several Millions
The Commercial contends the statistics
are erroneous, and that the adverse balance
should be $40, 600, 900 instead of $1,000
600, to which should be added S35, 600. 600
interest on bonds held in Europe, making
So, 900, 600. or at the rate of $11O,00O,O 900
per annum. The Commercial adds, how
ever, that this balance, it is to be assumed,
has been set off by the export of securities.
Cur RaiIrOad Elephants.
The Egpr6ss says Europe is and has been
for some time past buying largely of Am
erican railroad securities, either for cash or
in exchange for railroad iron. Scarcely a
day passes but some negotiations are con-
cluded with representatives of European
bankers for some of the new railroad securi-
ties being constantly brought out on this
market. f
Cotton Scrip.
The cotton scrip is very large, and being
marketed with unusual rapidity. Caution
on the part of the importers has brought
imports and exports closer together than
for years past, and the official figures show
our foreign trade is near evenly balanced.
A Notable Observation-Disclosures in Debt
Co America!
In these official figures no account is
made of the shipments of American securi-
ties, and there are many believers in the
theory that Europe is in debt to America,
and not America to Europe; thus it will be
seen the railroads are bringing this coun-
try to the verge of specie payment. 1t is
the natural and real cause of the present
decline in gold
Universal Smash.
The decline in gold to-day unsettled
trade in mercantile circles, and had de-
pressing effect in the produce market. Pro
visions of all kinds are lower. Flour de-
ciined fifteen cents Wheat is duh and
almost unsaleable, notwithstanding the
cable reported an advance Of one to three
pence in Liverpool.
In cotton great depression was felt, and
the buyers and sellers brought business
very nearly to a stand still
The Crisis i'm Cotton.
Prices have declined fully one-half per
h., and there was a disposition TO spec
ulate on still lower prices. The decline in
cotton of late has entailed heavy losses on
spectators holding cotton in hopes of
Spring rise, and the market is in that
feverish condition which might result in
much lower prices if cotton on the spot
was thrown on the market fully.