Norfolk day book. [volume] (Norfolk and Portsmouth Va.) 1868-1880, 1869-09-29
The Gold Gamblers.

TO give our readers tolerable idea
If the doings at the great gambling
bs,l" in New York on Friday last, we
make few, extracts from the accounts
given in the papers of that city;
THE FIGHT.
II was not until IL o'clock that the
comparative monotony was broken;
1h0t was bid. The bears began to
vince.
"Hell's to pay now |" shrieked a gray
haired man, apparently burning over
with agony. a hundred fists were sha-
ken at each other over the little foun-
tain. and an internal series yells filled
the room. To an outsider it was i'm
nossible to distinguish either bid or an
offer, The bulls had now begun their
grand charge. They swept the bears
before them like chat. From 1908 the
metal suddenly jumped to 1851. This
vas unprecedented. Men began to rave
and shrek like mad dogs. They rush
ed about the little fountain in paraox-
ysms of fury. The special wonder was
that in the anxiety of the bears to sell
and the bulls to buy, SC little regard was
paid to the last reported quotation
Price on both sides seemed mo object"
Men within few feet of one another
differed widely in prices, and there
were dozen different quotations for the
metal in as many parts of the room:
The bears gathered in a group, and
snapped and snarled 10 turn. The bulls
shouted with joy. Within fifteen min
utes the premium was forced up to
1921. The bears sold very readily to
their own clique at 1856, when the mar
ket rate was 100. They refused to sell
to bulls at any price. Mach OF this
traffic among the bears might have been
"washes," or fictitious sales, reported at
figures below the market, and to keep
down the price, and much also of small
or lots than the big speculative blocks
which the bulls were after.
DARING BULL MOVEMENT.
Thus stood matters when Albert
Speyer, a leader among tho bulls, threw
among the raving mob the tempting
offer of 100. Such a marvellous bid,
coming from dealer known to be fully
responsible, startled the whole room,
and for few moments no response was
made. But before the thunderstruck
auditors could regain their equipoise,
James Brown, an equally well-known
broker and agent, offered to supply Mr..
Speyer's wants with one, two. three.
four, aid up 10 five millions. The
prompt acce ptance of this bid, while the
bears were selling to their own crowd
at 1856, gave the bulls renewed conf
dence. During the two minutes pre-
ceeding this bid, :, the market price had
stood at 1921, 1862, 161, and 1904.
ghis wavering is easily explained. A
prominent bull, while within his office
I watching the kilograms from the gold
4 room, received private dispatch from
Washington, informing him that Bout
! we'll would positively sell 100000
1 to-day. This instantly paralyzed the
4 bulls to such an extent that the price
/ fell to 166, and then to $50. The next
bid was 48, then "A, and finally 40.
Il Then dismay seized the members pres
1 ent, for the decline meant nothing less
than the ruin Of all concerned in the
snpg.
q The bulls had gone into the fight full
q ly prepared to take from $10,000,000
Il to 500 100000. So asserts one of their
B clique They had not taken 100000
s when they heard Of Secretary Boutwell's
action. The rapidity of the movements
u and the magnetic influence of the gold
s,om was too much for them. Tier
4 heads became giddy, and in a twinkling
they lost control Of the market. The
q $4,000, 900 threat of Boutwell's was but
a flea-bite, but they were fearful that
this movement was a preconcerted one,
and that $40, 900, 900 would be thrown
upon them, if necessary, to crush the
market. 1t was not until the rate
n grounded at 40 that they rallied. 1t
was nearly noon. Gold again began to
mount the stairs. 1t sprang from 14O
to $50 at a single jump. The bears
acted as if fash Of lightning had pass
led through the room. Bedlam again
broke loose. The room was filled with
shrieks and curses. In another jump
Y the metal struck 100. At this point
a Duncan, Sherman & Co. let the bulls
have large amount, and they took it
In seeming confidence.
Fl DEsPERATIoN AND MADNESS.
Again came the ashington rumor,
and this time, it was said, direct from
the special treasury agent in this city.
1t was asserted that Grant had ordered
Boutwell, to sell the gold, and that he
would order him to sell $50,000,000 if
Necessary. Away went the market in
another grand crash, and never recover
ed until it touched 1873. In the street
~ went lower. Tho bulls were ruined.
Men were maddened. Speyers grew
crazy. His eyes seemed fixed in de-
Spair. He spoke to his friends IN
aesky voice, and rushed about the little
Fountain as if in terror. At length he
raised his hand, and shouted hoarsely
to the heated, struggling mass below
him. This extraordinary spectacle
nearly silenced the operators. In few
words Speyers accused some unknown
Person Of an attempt to assassinate him.
He is after me now with big knife"
shrieked Mr.. Speyers. "Look, look T.
ae continued, "don't you see the knifel"
las it was evident he wss erazed, ne wss
placed in carriage by his friends and
tsnt home. Mr.. Speyers was not the