The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-02


Be Coming Small Fail
ures at the Stock Board.
Brokers got up very bright and early yesterday
morning and rushed down to their accustomed
haunts There was promise of o field day, and
there were many very wel informed persons who
predicted general smash up. The upward ten
dency Of gold frightened many who under usual
circumstances, might have been considered very
easy-going, peaceably disposed people But, with
all, there was a certain sort OF feverish tendency
to get excited, which BODIED no good either to the
market or the general community. Parties met
each other on street corners, and buttonholed
each other very extensively TO exchange views as
to the state of things. There was a general inter-
change OF Ideas, which. OF course, lett things pre-
cisely in the position they had been before, but
which, ut all events, proved one fact-that there
was something out Of the usua. way going on,
something which everybody would have nked to
be able to foretell.
When the market opened gold went down, and
continued to fab by cighths until it got just over
into the sxteens. This looked from the beginning
very bad for those who had been reported as hold
ing immense quantities OF gold in their own inter-
est but against the interest OF the community in
general. 1t was whispered around that the gold
senfngOut as rapidly as they could. This may have
been SO, but there was
ANOTHER SIDE TO THE STORY,
and which shows that If the original pool burst
there was q number OF other gentlemen who
were quite willing to take the other pools
chances and continue the game This theory
obtains some confirmation from the fact that
all the gold that was offered was speedily bought
up 1t is said. and the HERALD man has it from the
best possible authority, that one firm yeste rday
bought In 800 600 900 OF gold and held 1t. 1t was
also said that Mr.. Jay Could that great little man,
Is silent partner In the firm which contaminated
this transaction. Ii this be true, and 1t no doubt
is, Mr.. Jay Gould must be at the bottom OF this
second pool with the hope to send gold great deal
a Il mas sea me a s lew
down to some extent yesterday and that some
body was hurt, the demand Tor 1t was extensive
and heavy.
THE REASON OF COLDS AsCENDANcY.
The chief and most popular reason assigned for
the exports. 1t required no very deep calculation
to see that the tremendous imports would cause
proportlonate demand for the precious metal. The
question was with those who bought It up when
they saw the demand coming, whether they would
be strong enough to carry 1t. With imports trans
cending by millions the exports the use of gold
becomes imperative, and it must be bought. Those
who hold 1t under these circumstances ought to be
able to exact their own terms, and TO some extent,
they have done so. But the demand usually falls y
little toward the middle OF the week, and 1t may
have been allowed to fall slightly as to rise all
ture OF the Saturday steamers for Europe. These
are the opinions oil men on Wall street, who pre-
tend TO know. and have every opportunity OF
knowing, what they talk about To these 1t seems
most probable that gold Will not fall below the low
est price paid yesterday, but that 1t will continue
to rise. Others who argue in the same strain still
fuI ther add that SO long our railroads keep up
the price OF freights they have lately been doing,
the imports must continue to be greatly in excess
OF the exports.
THE FARMERS OF THE WEST
cannot afford to ship their produce East at the
xxyhs
roads for reights; and, in the meantime, not only
they themselves suffer, but the railroads and the
people rv suffer nss almost equally with them
who, without conscience--a thing II seems ridic-
ulous to look for nowadays-trade on the
necessities OF the public. This has come to be such
usual kind or speculation that 1t Is hardly looked
upon any longer as sinful and wrong. The mer-
chants, Il Is true, suffer severely but after all the
will have to buy the articles at an increased rate
and pay their hard-earned money therefor. That
is unless, as during the war societies be organized
to resist the sale oil foreign importatiOns but this
Is OF course, too ridiculous to be seriously dis
cussed.
The HERALD man saw a prominent financier in
Wall street yesterday, and asked him his opinion
about this gold matter which is setting so many
the present state OF AFFAIRS with SPECTATORS able at
any moment to ruin honest men, there was no help
for it and things mad to go on as they had gone.
But this gentleman said he had
THEORY ABOUT GOLD GAMBLING.
He added that he thought he knew OF way In
suppose he said, ''that the Custom House were
to take this matter OF gold into its hands, The
must always Ways be stronger than mere
quoted at 1ls to-day. suppose the Sub Treasury
announces that it will sell gold at ia Do you
think for one moment that these spectators, who,
after all, are very few and in themselves weak,
would to control the street against the
"But would not this be recognizing the principle
that gold is the standard above greenbacks9''
"The principle was accommodation the day that
by making the duty on imports payable in gold.
Here 1t made a distinction between gold and
Currency. But whether it would II be syecegnzin1
a new principle or not, what would prevent the
government offering gold in this manner always at
some slight price below the SPECTATORS price. 1t
would do the very thing that Congress has passed
useless laws about-stop speculation in gold.''
This theory NAV be taken for what il is worth,
and perhaps as one of the evidences of INSANITY
which pervade the gold market just at present.
In the Gold Room yesterday the excitement was
mooted point as to whether the quotations were
TO be sent up to ridicuously high prices or
whether everybody was to be relieved by its falling
down. 1t took
fortunately and If everybody was not satisfied the
majority was, at any rate. The dreaded storm had
passed over for a day and the morrow might take
care OF ITSELF But this does not mean to say that
everybodys mind is relieved. Far from IT, There
was little talked OF during the afternoon amongst
those who more particularly take an interest in
the price OF the yellow charIner.
Still there was one thing about q block OF which
interested Wall street very intensely, and in TACT,
the whole country. This was the money market,
stringent. In the early morning money could be
got at one. eighth but as the day advanced money
got tighter and went to one-quarter then to one
half, then still on fve-eghths, and shortly before
three O'Clock money was bought for a day at three
quarters per cent. The HERALD man saw one gen.
tleman who borrowed 10000 at one per cent until
tomorrow. II Is almost unnecessary. we presume,
to say that this interest Is above and beyond the
seven per cent allowed by law.
There Is q secret OF course to this stringency In
money. Two given Tor IT, IL Is said on
hand that some stall'' spectators have been bor-
rowing money from the banks until there is really