The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-12

fraction. When the price touched LII, as it
did about 2:20, there was a rush to sell, and
then the lots offered were IN the nelghborhood
of $50, 900 and Sl00, 900. This unloading carried
sl00, 600 sent it to ! again. This course was
pursued until 2:2s, when down 1t went to II,
and then the spectators cheered vociferously
The s'bears" manifested their qualification by ap-
plauding, which somewhat enraged the "bulls," !"
who went In strong and put up the price
to III, but it was held there for an instant
only. and down il went again to the two single
numerals. and then stuck for about two min
utes, when down j. plunged to lOI This was
greeted with more applause from the galleries
and the ''bears" The former were apparently
ready for anything, and were now Just in the
humor to applaud at every decline OF one
eighth. The exasperated f'bulls" could not
stand this, and. uniting thei1 horns for grand
ea er sent NTH ha thd Price eap np ert a sasy backed
out of the ring, and the excitement luled for a
few moments, while the ybears" gathered
breath and stammunition.f This was soon
forthcoming, and down went the price to- '105
under the pressure OF lots ofsl0O,00o.
OPERATING FOR RISE.
This. however. was the ldwest figure reach
ed The decline had been iEAuenced by vari-
rumor that the Currency biI&aad passed. Tflfs
rumor was contradcted, anaShe ''bulls" gath
cred in force for another 36e. at 2:40 the
price was loz. The next m9hent an advance
was E7 made to H. then to ana ad0o0es 50 on; until
observed with shouts of dlsapproval from the
gallery The excitement at;tllis time was in
tense.the ring being filled with operators,
and the lobbes crammed Eith people. while
the tumult was almost dea9htng. One broker
rushed frantically Into the ring, and, elbowing
his way to the front, shouted, In tones
loud enough to be heard above the din, his
the the current price. or couise he was taken
up, and finding that he twas successful he
grasped at other large amsunts until he had
enough to sink any small sratt. He was not
long In discharging cargo, fowever, which he
was careful to do the mom9t the price touch
ed above the figure at which he purchased.
At 81 o'clock decline fcommenced, and
din subsidized, and comparaf i've peace reigned
once more. The price rel Ped for few mo-
ments, and then went dowt to 1, but was Inn
mediately :lbulledn to 4. 9he next instant it
fell again to 1, and scarcely had that figure
been recorded, when up q went again to J:
In this way the price luctu$ed between and
1 until late in the afternoon, when the oper-
offices to reduce to intelligiDle shape the rude
memorandums they had nude during the day,
calculate their gains or losses, and then go
home ssto sleep, perchancevto dream" OF the
battle they must fight on thesmorrow.
THE BUSINESS.
The clearances at the Cold Exchange Bank,
as reported yesterday, weret $73, ,373, ,000-with-
in about two millions of the transactions of
the day before. The business yesterday, judss-
ing from the large lots thrown out during the
day, must have been very great.
EFFECT OF THE DECLINE.
The effect of this downward plunge in gold
Is not regarded with any sentiments OF alarm,
so far as can be ascertaineds The commercial
classes have, in q measure, expected it for
some time, and are therefore prepared to
meet it as much now as they ever will be.
Prices of imported goods have been marked
down in advance of the decline In gold, and
those articles which arc sold on gold basis,
such as goods in bond, &e., Will, OF course,
not be affected. AS soon as gold goes a few
points lower, specie payments can be re-
sumed, and then the publici must lend hand
to prevent any suspension of them. IT has
been ascertaintd thai on Monday several specie
brokers In Wall street tclcgraphcd to their cor
ss o sms in 4er ssn renF o sp
shipped TO this city. Yesterday one: broker
took an order for halt q million dollars in small
coin, which he agreed TO deliver In three days.
Others are pursuing the course advised BY the
Times on Sunday, and are making arrange
ments for the Importation Of large sums in Sill
yer from Canada 1t is very probable that in a
very few days this city will have all the coin
that will be required by those who are desirous
of efIecting a resumption Of specie payments.
Then, with the aid which the government Is
certain 10 give, the downward course Of gold
can be continued until 1t reaches point from
which any considerable advance will be I'M
possible.