The New York herald., 1870-03-04
FINANCIAL and COMMERCIAL.
WALL STREET, /
THURSDAY, March SO Y. nj. (


The nckleness Of affairs In Wall street was apily
Illustrated to-day in another sudden change in the
speculative feeling. This morning the gold market
promised TO be steady and monotonOns for time
at least under the abatement OF speculative opera
ttons, while stocks gave indication OF continuing
strong II not buoyant. But q new element OF dis
turpance was communicated by modification OF
the Treasury regulations concerning the sales Of
government treasure and
GOLD DECLINED TO 1l49S.
The amendment referred 70 IL notice from the
Assistant Treasurer that in future .the government
reserves the right to accept less Of bids for
gold or offers OF bonds than the amount advertised
for" THIS change In The regulations set the specu
lators completely at sea to what might be the re-
suit In future dealings based upon the government
programme. or course no guarantee Is now ar
forded that the government will sell only
two millions this month, while, II the bids
are unsatisfactory no gold at aii may ne sold. The
price at the opening was ll5ss, but 1t soon de-
cllned to IFS. Here better quotations for nve-
twenties were reported from Europe while from
Washington came the oficial announcements OF the
Bureau Of Statistics that during the frst six months
OF tho present fiscal year our imports have e.c-
ceeded our exports oD less than 81, 100000 Now as
the figures upon which this report is based consider
only the imports and exports OF merchandise ana
specie. and as account is taken OF forty or fifty
millions OF our government bonds and railway
securities shipped to Europe during the Same Pc
Iiod, it became evident TO the God Room that gold
could not for good while Ut least be in demand Tor
shipment abroad. Indeed, II we regard our ponds
and ran way securities In the iigat Of merchandise
and they serve that purpose for the present-tne
balance OF trade Is heavily IN our favor. ana
0old 0a9nt To- come this todv rom Europe before
sixty days. This view Of the situation Is further
confirmed by the condition OF the sterling market,
which has been extremely dull for several weeks
and steadily declined IN rates until the bankers
cannot sell bills except at figures which must com.
pete with the quotations for the large supply Of bills
drawn against the shipments Of cotton, produce and
bonds To-day the leading bankers reduced their
for sixty days. bills to 1857, which was the
nominal qaoraton, while good drawers were selling
at 10S6. Again the spectators and the pubic have
bought heavily at lis lie, and the street. In the
parlance or speculation, was "l0ng OF gold, paying
rates as high as five per cent for carrying, when
government bonds, which are, Of course, inferior
to gold security were being carried for three
TO four per cent. 1t Ia the experience OF
Wall street that q unanimous "bull'' market
cannot maintain Itself because all holders
desire TO sell; hence the gold market was sensiyey
susceptible to decline, and gave way under the de-
pressing influences above recounted In doing go 1t
is repeating Its history OF few days since, when
gold was l2o. Everybody then bought and loaded
up because 1t was cheap. When the price halted
at ll5 everybody again went "long" OF gold With
similar result. The operations OF the Gold ExcnSnge
Bank were as follows Gold cleared $751; ,os 900; gold
balances, 81, 429 $50; currency balances $l.e77,ss
The rate for carrying ranged from four to five per
cent up TO Clearing House time. In the afternoon it
declined to three per cent with exceptional transac
tions at .nat'' Tor borrowing. The course OF the