The Sun.
London, England, 1869-10-13 00:00:00

THE GREAT GOLD FIGHT.

(From the Anglo- American Times.)
For many weeks Wall-street remained dull dur-
ing the absence of the principal operators, and seve-
ral speculators compelled to remain in Now York,
sighed for the return of such men as VANDERBILT,
when stirring times might be again anticipated. No
conception, however, had been formed that the lull
was but the forerunner of the most violent cyclone
ever experienced in Wall-street—a pitched battle,
and an awful defeat. The contest began with skir-
mishers, who were gradually reinforced, till affairs
in the shocks of battalions
ownotrheeaafsteerurinooos aspect, in
the 22d September,
when the gold combination, having gathered in the
metal, rushed on the specie still in circulation and
drove up the price from 137 f to 1441. Then they
turned on VANDERBILT'S lines, and pushing before
them the rumour that a midnight injunction to stop
the proposed amalgamation had been served, sent
down the shares of both lines at the rate of one per
cent. per minute, till the New York Central fell 22
and the Hudson River 8, though there was a partial
rally at the close. On the following morning the
Gold Room became the scene of intense excitement,
the price opening at 1411, and cloying at 143 a, the
rates for carryiug over till next day, cash gold,
being ito per cent., while on the Stock Exchange
the excitement was even greater. At Albany the
directors of the New York Central and Hudson
River Railway Companies had met, to agree, if pos-
sible, to a consolidation of the roads, and all manner
of about as to their action,
while
th
VANDERBILT at Albany was taken
e abs e
n were e
of flyingvA N
advantage of by the " bears" to keep, down the break
in their stocks. New York Central ranged from 188 to
191, falling eventually to the lower figure, as well
as Hudson River, which sold at 168. The carrying
over of the stock was considered so hazardous by
money brokers that the price ranged from 136 per
cent. to 273 per cent. per annum. The fall in these
two lines brought down the others, and the opinion
which found utterance in these words was generally
entertained, that " railroad stock has been watered
so much that the original security is almost washed
away." Doubts were spread as to the action of
VANDERBILT himself, who was declared by those
operating against him to be at the bottom of the
panic. This was stoutly denied by his friends,
who maintained that he never lost sight of the
interests of his backers. Many prominent firms in
the "street" however bore him no good will for the
severity of the lemon he had given them last
winter. At this juncture JAMES FISK, jun., appeared
on Broad-street, a small circumstance though it
added to the excitement. Far and wide over the
country had now spread the intelligence of the
great struggle in Wall-street, and from every direc-
tion men poured into the city to witness or take'
part in a contention then rapidly culminating to a
crisis. On the Friday rain came forth girt for the
great event, and the opening of the gold market
was awaited with intense anxiety. Both Wall-street
and New-street were densely crowded, and eager eyes
were fixed to catch the first figure, which marked
150. Rapidly the numbers went up to 160, reach-
ing even 163, then fell as quickly, while bets were
eagerly offered and taken as to what the next would
show. Inside, fear or exultation plainly marked
each countenance ; the gold clique were vigorous in
the morning, acting as a solid body under the pro-
minent broker Albert Speyer. All the gold offered
they grasped, and bought with an abandon of con-
sequences, which carried dismay and hesitation
into the ranks of the bears. When the price was
135, " I want one million at 160," roared their
leader ; and so audaciously was the offer made that
a feeling of mistrust seized the sellers, and none
dared accept his proposal. So violent became the
fluctuations that all kinds of business were sus-
pended, exchange became nominal, and the field
was left to the gold speculators, who thus furiously
fought out the " bull" and the " bear" operations.
The " bear " and the " bull " were the ensigns
everywhere erected and the symbols the two parties
followed. The " bull" leader has been blanfed.for
his rash advance into the enemy's _lines, and it
even asserted that he went raving mad. At the
Stock Exchange, when the excitement had there