The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-07

movements Of powerful stock brokers
cliques, who are depressing the Gold pre-
MUM for tho purpose Of demoraliEing thu
stock market, having tho latter for thdl
objective point. ,H'
A majority Of the speculators Of the
Gold Room arc operating for q decline
covering their short interest whenever q
small margin Of profit can DO realized; O
new short interest Is again put out, and q
new covering OF the same follows, this
process being repeated frequently during
tho day, and according to tho temper o.
the market. i' us. 'r -s
A large number OF operators also at'
tempt to follow the changing current and,
by their efforts, greatly assist tho varied
fluctuations. .n
Prominent importers who purchased
gold among tho twenties, and who have
followed tic market down for the purpose
of averaging their losses, have, for several
days past, also been unloading, in the hope
Ofbuying again at low prices, Whenever
any long gold was thrown upon the mar
ket, the operators In the Gold Room have
quickly suspected tho tact, and the stam-
pciIc in the premium has been greatly as.
sisted by their efforts.
The various cllqucs who have been OPP
Grating IN the market since the price
touched 100, have also tumblCd over their
purchases at a loss, and turned active bears,
In the hope Of thus retrieving their losses,
and force tho price 10 point at which an
upward movement could bc successfully
manipulated.
The effect upon trade aud the interests
Of the country when gold touches par is
beginning to receive the thoughtful con-
sidcntiOn Of business circles, and all arc
surprised at the case with which the
downward movement Is lIastcnGd. Gold
had no friends to-day in Wall street, and
tho requirements Of the precious metal for
the purposes of trade have appeared nOmi-
nal for many weeks.
We learn that a number Of the leading
banks hive been recently free purchasers
Of silver coin at tho counters Oi bullion
brokers, intending next week to pay out
silver In small sums instead Of currency
stamps nsherctoiOrc. N
On the other hand, there are large
Of gold and silver coin leing sent
10 bullion dealers, unlocked from the
boarding Of years, but now rushed to
market 10 secure the still remaining small
premium. The steady decline in the gold
premium hHs been followed by Il COrrC-
spending decline in the premium on silver
coin, which rules about three per cent
below gold, and commands but abOnt
ten per cent premium over paper. This
decline has led many dealers to RvRil them.
solves Of tho opportunity to create a sen.
Sation and gain popularity by paying out
tho bright ringing coin over the counters,
and thus gladdcning the eyes ind hearts
Of their customers. ''.
Conspicuous among these was shoe
dealer on Broadway, near Liberty street,
who .plOcarded the front Of his shop with |
the announcement that purchasers would
receive change In silver. or course he
did rushing business throughout the day,
and instead Of having big stock Of goods
lcft on hand to be affected by q general
decline in prices, materially reduced his
stock at good prices, and made money as
well. "a .,.r, !
A rcstaurantcr in tho vicinity Of the
Gold Room fortified himself with guam
tity Of dimes and quarters iR.the morning,
and, throughout tho day, paid them out in
change, u TACT which, on becoming known,
brought him anunusual rush off customers,
and gave him a very large extra trade. The
example set to-day by the few, will be
more generally followed tomorrow; and
next week, unless in the meantime there
should bea sudden rise in gold, specie will
DO generally paid out by small dealers,
and especially restauranters. Delmonico,
tho famous caterer, has been buying up
specie for this purpose, and 1t Is said will
uso 1t instead Of fractional currency, ut
all his restaurants, next week. This plan
will also be pursued by Reilly, under the |
Stock Exchange, Van Ripper in. Broad
street, and many Others.