The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1873-04-04
THE GOLD MARKET.
Upward Tendency In Prices - Wall
Street on Saturday.


From the New York Times ]
Trade was lively enough in the Gold Room
on Saturday, In spite of the drenching rain,
which kept people indoors for the best part OF
the day, and pelted down so merclessly that
only those who had business engagements OF
the most urgent nature yentured outside.
Throughout the day the price of gold steadily
advapced-lhe ''bull" clique taking all that
was offered, confident Of Lne situation. There
were heavy sales made, but the confidence OF
the "bears" had been considerably shaken by
their discontinue, which had been chronic for
weeks past. 30 they gradually gave up The un-
equal contest. At 10 O'Clock. A. NJ. the hour OF
opening, e I'D stood at ll63. Half an hour
alter 1t advanced per ceut At II o'clock II
fell back, under heavy offerings, to l16s
Then 1t rallied, and during the next thirty
minutes gained per cent. At noon large
sales caused II 10 iall back an l. At l23 2. n.
the ruling price was ll62; al O'Clock The In
dicator marked ll6t; at u II was 1 better;
at 2 o'clock it reached III; at a II stood at
ll6H, and finally closed at III. stocks were
dun, and The prevailing topic Of conversation
in the offices downtown was the advance In
the price oil gold. Merchants who borrowed
heavily TO pay duties upon their Imports,
ascerlaining from the gold Indicators 10 their
establishments the condition OF the market,
10 many Instances called personally upon
their bankers aud brokers; and seltled al the
ruling rates, fearing that procrsslinatlon
would only result IN heavier losses. The
heaviest importers, however, still hold out,
aud express determination 10 fight 1t out on
.sthis liue IL 1t takes all summer" Bets were
offered by the ''bulls" throughout the day With
few takers, that gold will reach l26 inside OF
sixty days, and l30 before September.
The already startling advance 10 the price
has not been the result OF single day or
week, on the part OF gaug OF gold and slock
specuators. but has been brought about 10
great part by combination Of circumstances
which no clique, however powerful, could
well resist.
In conversation with several of the promi-
neut operators on Saturday, and at the Filth
avenue Hotel last evening, The following rra-
sons were assigned to Times reporter LOT
the present rise In gold, and for prospective
advance: That three or four parties own
nearly all the gold In the country, and can
iorce up The price whenever they choose; that
the treasury at This moment would be unable
to. sell gold and break corner If 1t was at
tempted, as there is only gold enough at Ills
disposal TO take care OF the Interest on the
United States bonds aud retain fund for
contingencies; that the importallons OF
goods are unprecedented, and an Immense
sum Is required by the merchants to pay the
too light to cause Il flow OF specie toward the
United States, and that not only does al! OF
the gold produced leave us, but also large
portion of the reserve which is held In Wall
street by Anglo-American banking houses, by
the sub treasury, and at various pUinls
throughout the country by different parties.
During the past year the volume OF specie
has decreased about s47 900, 600, leaving the
entire country with something like s66, ,00O, 600
of oold while In 1853 IL pOsSeSsed over
sl00. .000, 900.
Our Washington dispatches stale. however,
that The government will sell s600O,0O0 gold
during the coming month, go these deductions
are erroneous.
The London Times has also sounded q note
of warning 10 regard TO the system Of ex-
change which prevails at present between this
country and Europe. by which speculation Is
lostered aud Our finances are placed upon an
Insecure basis. 1t is estimated that by means
OF borrowed sterling exchange we are ALREADY
In debt to the other side many millions of dol
lars, and 1t seems probable from the recent
action of the Bank OF England that we may
be called upon to pay up these loans which
have been 100 often renewed. The market
for American securities, too, In Europe, has
been Injured by the bad faith of railway cor
poralions, which have delaulted In the inter
est on their hands, and this source OF gold
supply has been 10 great measure closed.
These reasons, as we'll as many others,
are adduced by the bull clique 10 support OF
their position, aud at present 1t seems prob
able that they will force up the price of gold
to etill higher dgure. What measures their
opponents may resort TO In the hopes oil
breaking the ''corner" have not yet transpir-
ed. Both sides coDcnr in predicting a lively
time in the Gold Room for considerable
season.