The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-25
FINANCIAL AND cOMMERC GAL.
FRIDAY, Sept. 2a-e NJ.

excitement consequent upon the elimination OF the
great corner in gold the interest and extent OF
which were hardly inferior to the famous corners In
Prairie du Chen and Harlem railroad stock. 1t was
no secret for long time past that the specializing
clique who have been so prominent In the street
ever since the Erie OF 1868 were engineering
movement in the gold market. TO those who
looked upon the matter from an ordinary standpoint
1t seemed impossible for any combination Of men
get possession OF gold enough to render it scarce
that Its value would enhance beyond the figures
fixed for 1t by the demands OF commerce and the
credit OF the country. To effect in rail-
way stock the amount Of which was limited was
within the power, OF course, OF every combination
possessing capital enough; but to corner gold which
aboupds all over the earth seemed an Utopian
pCheme. The attempt was, therefore, all the more
brilliant and on par with the daring and pluck
which Wall street gamblers frequently show. 1t is
rule In the Stock Exchange, as 1t is in all Nature
that every action must have It's reaction. The great
gold corner eliminated to-day at los, from which
figure the price at six O'Clock this evening had
broken to 131x-the latter being by curious coin
cidence the lowest figure touched in 1869. aud the
one from which the gold clique started the upward
movement.
It is no easy task TO attempt the record Of Wall
street to-day or portray the wild excitement which
prevailed. As natural sequence OF the sharp ad-
vance in gold the day before there was nm early
attendance OF brokers and operators at the Gold
Room. Long before the hammer OF President Hoyt
announced the formal opening Of business the
brokers were busy among Themselves and the pit
In the centre Of the apartment was bedlam Of
yelling and gestculating men. The entrances We're
clogged with messengers anxious to communicate
with those inside while New street ana the brokers'
offices were crowded with frantic spectators, watch
were IN the Vicinity of 147 thence, at ten O'Clock,
the formal opening of the Gold Board the price had
risen $50. Heretofore 1t ha gone up by eighth
at tme Now 1t took jumps OF quarter, half
and one per cent OF time until 1t touched 1885, The
scene at this moment belittles every attempt at
description. Here was rise OF ten per cent from
the DAY previous. The operators in gold were the
only persons iu danger up to this time. But now
the brokers themselves became alarmed on their
own account, the advance having In the great ma
jorty OF instances obterated all the funds left in
their hands by their customers. To increase their
apprehensons end the excitement the 'buls"
began to send around for checks representing the
increase in the price OF gold. In the parley which
ensued over these transactions there was pause
in the upward flight of the precious metal,
and many private settlements were made
with the bears at fgares several per
cent below tho market But some OF the
bears still stood resolute and de1ed the clique,
making good the difference each time they were
called upon to do SO. One Of the most prominent
brokers In the street.-the reputed agent OF the
clique-again appeared In the room and bid 100 for
any part OF the millions. The excitement was
again fearful. The price was hardly qnotable The
standing bid was for an amount which no one dared
to sell. The confusion became SO great that the
price became wildly irregular and was different in
orto thn
were bought in at 1o5 just before twelve O'Clock.
THIS was the highest figure Known TO be PAID. At
twelve O'Clock 1t had receded to 100. In few min
utes later it broke ten per cent at time until 1t
touched 1913. 1t danced up and down III the scram.
BILE to purchase SO that all attempt to record quota
lions was out OF the question. 1t failed to recover
The great corner was broken.
OF the causes at work 10 produce this sudden
tevulsion 1t is dlflcult find the exact source.
Primarily it was imitation which had at length
to explode. The great and inevitable laws OF
finance would soon have wrought the change; for
with the price at 1875 gold would nave this way
from all quarters of the earth. The sound common
sense OF our business told them such an extrava.
giant dgure could not be maintained. Although the
ylso In gold was over thirty per cent our national
securities in London fell only two three per cent.
OF the Immediate causes runor and report have
great deal to say. One report has it that some Of
the clique secretly sold out their gold yesterday and
also went short OF the market. The discovery OF
this fact enraged the others that they determined TO
'squeeze" the traitors and hence gave orders the
broker who stood bidding 6o put the market up. 1t
was just this detection began to be made public
that General Butterfeld promptly announced the
receipt OF an order from Washington to sell four mil.
lions OF gold and buy four millions OF bonds, the
right being reserved to accept all the bids submitted
IN IN init tho ont A.
% accept them. Here was Niagara Of gold ready
to be turned upon the market, the only limit to the
government disbursement being the amount OF gold
In the Treasury vaults. At the saino time the broker
OF the clique was suddenly met By a demand to put
up the requisite margin on his contracts as provided
for In the rules Of the Gold Exchange. He was un-
able to do 30. The crash came, and gold dropped to
AS, thence rallied several per cent bus again slowly
declined to 131K.
For the remainder OF the day the Gold Room and
all the approaches thereto were ike the vicinity OF
great nro or terrible calamity after the climax has
passed. A sudden quiet and calm came over the
scene The brokers, hoarse with shouting, earlier
In the day We're gathered in groups comparing notes
and talking In subdued tones Each few minutes
the hammer of the presiding officer called the as
eemblage to order, and gold was bought or sold
sunder the rule for the account Of some defaultng
bull or BEAR The greatest indignation was mani
tested toward the clique by those who had sold to
them at the extreme dgares OF the day, and an IN.
terestny dispute has to be settled between the clique
and their broker. The latter, Mr.. Albert Speyers,
was unable to take the gold 80 sold to him, and
asked permission to make an explanation, which he
did In person from the rostrum OF the Gold Room.
lie said that the gold he sold Yesterday was for
count Of Mr., Belden To-day Mr.. Jdehes Fisk, Jr told
him TO sell what ne did. The order also came from
Mr. Gould. When Mr.. Speyers was asked II he had
demanded a margin from the gentlemen he men,
toned no was not explicit In his explanation, but
left the impression that he had not taken that pre-
caution He SAID all the gold he sold was for their
account and that not dollar was for hs own. This
portion Of his statement is denied by gold clique
VINO assert that In his excitement he sold more gold
thnva mi m n n w ha Ia