The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-11
THE GOLD MARKET.

From the " Y. Tribune.
The first of the two sales of Treasury gold,
of one million each, for the current month,
which took place on Wednesday, realized
much lower price for the Government than has
ever been accepted at any previous sale. 1t
is but few weeks since Secretary Boutwell,
refused to make deliveries on any bids under
120; but on Wednesday, the prices offered on
the bids which were accepted averaged trifie
under 11Os. The range in the market
throughout the day was from 1104 to 1119,
and the transactions were very large, the fiuc-
tuations being rapid, and excitement running
high.
1t has very often been said in Wall street
of late that There are no bulls in gold" The
speculative holders of large quantities of gold
have of course tried to force it up in their
own interest; but they lost heart over fort
night ago. and have only been engaged for
some time past in efforts, at once feeble and
desperate, to retard the fall as much as pos
sible, and limit their losses when they were
compelled to sell out. The great majority of
operators have latterly been moving very
selves with the small profits made by re-
peated turns during the hundred fluctuations
of the day. But those who, on principle or
by temperament, ordinarily constitute the
bull party have shown themselves completely
demoralized. They have seen their old
stable arguments failing them day by day.
They have found the cost of these arguments
positive cost in actual cashmere than they
were able to endure; and so, throwing over
at once their arguments and their gold, they
have either jumped wildly to the other side,
or picked up such fragments as might be
found between sides, or stood bewildered and
helpless, asking with the Great Expounder,
Sand where shall go?" 1t has been almost
impossible to find respectable "bull" reason
of any kind anywhere in Wall street, and
those who, from interest, upheld the ''bulr'
with makeshifts which they would never have
tolerated in other days. 1t needs but a
slight opportunity, of course, to enable a
'bull' party to present itself again; and it
will certainly 60 hard with them if several
| opportunities cannot be found before the
struggle is finally given up.
| There have, of course, been heavy losses
| from the great fall in gold outside of the
spectators. Those who have large stocks of
imported goods bought and paid for at former
| prices-those who have large supplies manu-
factured with labor at its maximum, will suffer
loss Many of those who have been holding
property and real estate at fancy prices, will
make the discovery that their hopes of secur-
| ing big profits by its continued advance are
not likely to be quickly realized. Many of the
large operators in Western and Southern pro-
| uuctS VIII 1a1l 10 ODJaln tnelr anticipated pro-
fits. But, notwithstanding all this, we are
firmly of the opinion, which has not been
reached without at least attempting to get
knowledge, that a vast majority of the
business classes here, and throughout
the country, are to-day anxious to sea an
end to the fluctuations in the value of paper
money, and in all values, which have for
years past deranged all our business inte-
rests. The great mass of business men APP
prehend quite clearly that it would be to their
advantage to see gold and greenbacks ap.
proximate each other in value, so that bust
ness operations could again be carried on
understandingly, and upon a sound basis.
We believe that the bulk even of those who
apparently and temporarily suffer loss during
the decline of the gold premium. would inf.
nitely prefer the assurance which can only be
obtained by the application of the specie
standard, to the fictitious advantages derived
through the reckoning of nominal values
Our mercantile and other business classes are
heartily weary of the excitement and uncer-
tainty consequent upon ever-shifting prices
and values of goods and currency. They
have not only suffered through its demoraliz
ing influences, but have failed to secure the
business satisfaction which comes through
legitimate profits and assured returns. These
ideas have been expressed of late with greater
force than ever by men representative o.
I many business interests; and we believe tha
when at last we get within hailing distance