The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-03-05
HARD PAN AT LAST.
YESTERDAYS Tumble In Goii-Tbc Bottom
Nearly ont of Wall SreCt-silvcr ALREADY
Paid Ont In G Cinnae-Thc Good Time COM
ing, Wait a Littlc Longer.


tnE, Watta Little Longer.
Yesterday was q field day in the Gold Room.
The tIrong OF anxious spectators in tie galleries.
anil the excited movements OF the brokers, recalled
more vividly than any subsequent period the Sep
tember panic OF last year. The announcement yes
terday morning that advices had been received
FROM tie Washington Bureau OF Statistics, stating
the balance trade against the United States only
two millions OF dollars for the six months ending
December 81, 1sG9, took tie street BY surprise.
Though REGARDED by many as Incorrect, the down.
ward tendency OF the gold premium accelerated
by the report, while the weakness OF foreign CT.
change and the glut OF commercial bills were also
successfully employed TO demoralise the bull ee-
ment in the Gold Exchange. To thcsc influences
must be added the movements OF powerful
STOCK BROKERS cLiouEs,
who are depressing the gold premium for the pur-
pose Of dcmoraliEinE the stock marKet. having tie
latter for their objective point AS the readers OF
Tng Sun have already been apprised, majority Of
tho speculators OF the Gold Room operating for
a decline, covering their short interest when
ever a small margin OF profit can be realized new
short interest Is again Put out, and q covering
OF tie sanie follows; this process being repeated
frequently during the day, and according TO the
temper oi the market. large number OF opera
tors also attempt to follow the changing current
and by their efforts greatly assist the varied nue-
tuations. Prominent importers, who purchased
gold among the tweniies and who have followed the
market down for the purpose OF averaging their
losses, have for several DAYS past also been un.
loading In the hope OF buying again at lower prices
Leueyer any long gold Was thrown upon tie mar
ket the operators iu tho Gold Room have quickly
suspected the TACT and the
STAMPEDE IN rHs rnsNiux
| has been greatly assisted by their efforts. The
| various eliques who have been operating in the
he'd l.Vp n IN.
bleI over tLelr purchases at a loss, and iur' cd
active bear, in the hope OF thus retrieving their
losses and force the prce to point at which an up
ward movement cUuld be successfully manipulated.
The whole tone and temper OF the country how
| ever, Is In favor oil u
| DECLINE TO PAR,
and the various crude theories presented to the pub.
| lie by enthusiastic nnancers, in Congress snd tie
| com ~, seem destined to be dstauced BY the natu
ity snd integrity Of The Government TO nee,
is oblisatio,s The ercc. upon tralo m 1
tn, commercial Interests OF the country, when
tue thousr uul consideration business circle. and
al are surprised II the ense with which the do n
ward oveuent Is hastened. Gold had no friends
yesterday IN Wall street aud the requirements OF the
preci. Us metal the purposes tof trade have ap.
feared noninal for many weeks.
We learl nat , nuinl er ~ Ire leading tanks have
been recently free purchasers o. silver coin NJ the
counter vi bullion u,okers intcn ling next week to
pay out ri yer in small suns, instead o. curren nry
stamps, as heretofore. On the otuer hand there are
larse amounts OF small rold and silver coin heinz
| OF years, but now rushed to market ~ secure IL,
sul remaining small premium
sPKcIB PAYMENTS RESUMED.
Tie steady decline in the gold premium has been
| followed by corresponding decline In the premiun
| On silver coin, which rules about 3 per cent below
| god, and commands but about 10 per cent premium
| over paper. This decline Il = led many dealers tC
avail themselves Of tile opportunity to create a
ssto and gain popularity BY paying out the b. isht
tue eyes and learts OF their customers. Console
| Gus among these was q slioe dealer Broad way,
| near Liberty street Who yesterday placarded toe
& ont OF his shop with the announcement that pu-.
chasers would receive change in silver. OF course
| he did n rushing business throughout the day.
and instead OF having big stock OF goods
| len on hand to be affected by a gen.
| his stocS az good prices and made mouev ell.
resturateur in the vicinity ui the Gold om tor.
titled himself with quantity OF dimes and quarters
In The morning. and thToug lout the day paid them
| out IN change, tact which, on be, ouins known
brought MIN UNUSUAL ru>h OF custom ets, gave
| him yefy large extra trade.
THs coSTAGIoS sPREApISG.
| The examples set yesterday by the few viii b,
| more generally followed to-day, nud next week, uu
less IN the meantime there should be a sudden Tls
In gold, specie VII De &c Claly taii out b. -nll
dealers and especially Tesiaura'Cuis. De.munitu
tue famous caterer, has been buy in. up sIcce lu
tins purpose, ana II Is understood v III use II lu,tel
fractional currency at all lis restaurants HeItwUek
lns plan vii a.sO be Iursued " Reilly urder th
Sack Exchange, Van kiIer in Broad street. an
m nv Others. Thus the prospect Is held out to ii
public that in a lew days tie old lamiiar click wi
Ue heard In everybOd,'s pocket aud d,espie Tia
theOr.e, aud sUecula ions Of po iticil economist
aud financial tinkerers, specie pnments viii be re-
sumeI naturally and easily by the people.