The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-25
FIRST EDITION
O. . l. -.
The War in Wall Street Yesterday.
Boutwell, Bursts the Gold Ring-Wa-
terloo Defeat of the Gamblers
Terrific Scenes in the
Brokers Board-Mil-
lions Lost and
Won - The
Wreck.

Below we give the description of the great war
between the "bulls" and 'bears" in New York yes
terday, as reported in the morning journals OF that
city:-
From the ~ Y. Tribune Of this nldrning
Nothing In the history of monetary affairs can
compare with the wild commotion of yesterday
Night at last came down, and closed as furious
financial battle as was ever witnessed. IL was the
Bull Run of the stock campalgn-the utter rout,
wreck, and ruin of thousands. The story yester-
day Will be remembered for years. From very eX-
haustion, both vctors and the conquered laid down
together on the field of contest.
The lights alOng the camps OF the foemen, at mid
night nlckered over busy fingers figuring losses,
pale faces computing balances and crippled men
binding up their bruised accounts with basam of
hope and expediency. The tomorrow was looked
for with anxiety by thousands, with pleasure bya
score; for on that tomorrow hinges the mighty
issues of finance. If compacts made regularly are
fulfilled, the swollen current will run peacefully; II
not, breaking banks and ali opposition it will
carry havoc and confusion.
How the Market Opened.
The Gold market opened tremulously. Anxiety
and fear were upon every face, and the operators
were like chat in the wind. Every breath blew
them from side to side, and each eddying gust
caught them up and tossed them into the whirlpool
within its influence. The market opened at 15O pro-
badly, and rose hurriedy to co. and to SO, and in ten
minutes fell 20 cents. There was constant click
| wires became exhausted at noon and
| stopped for moments rest. There was vigorous
who came up every time solidy and squarely, buy
| ing millions more of gold than there was in the
market, and taking all that they could reach Con-
sternation and despair seized the BEARS and in the
midst OF the furious din, above the and tumult
was heard an the voice OF Albert Speyer, prominent
price was then 1876. Again up rose the bullion; yet
few dared to take Mr.. Speyer at his word. feeling
OF dlstrust deferred speculation and many turned
| away from offers that would have made them for
tunes If the contracts had been honestly kept New
street was thronged, tumultuous sea OF excited
men SuTged through it, shouting and CARRYING
| on excited conversation. The merchant suffering
keeny from the confusion in the Exchange marked
watched the 1utterng indicator in despair. Busi-
ness of nearly all kinds became suddenly stagnant,
and all classes and professions mingled In the throng
| in Gold Room and on sidewalk. An itinerant ped
der with toy bull that tossed its horns and bel
| lowed grufly in one hand and growing bear in
forces who struggled for the mastery in the market
and many placed the miniature beasts in prominent
positions in their offices, to prove that they had not
| deserted their favorites in this trying hour.
The ThunderboIt in the Gold Room.
In tne GOLD Room, Just before the rumor OF the
despatch from Washington which caused the bulls
to lower horns and quit the contested field no pen
can do the subject Justice In the various offices
thanking the street exciting taking place.
Margins that had disappeared in the tempest were
batted for by those who contended the brokers
were deceiving them, and brokers in vain endeav-
| Harsh words passed between men usually calm, and
excitement and anxiety kept pace with the
| at its highest point The bulls seemed more firmly
united than ever. Speyer's advance too far into
Jne enemyS lines broke confidence In his leadership.
| There was a wayer, hutter along the lines, and
| then the rumor came that the Government had
ordered Messrs. Duncan, Sherman Co. to sell
thirteen millions Of gold II fell like thunderbot
| into the ranks OF the ''clique" Men bowed before
| the storm like reeds in gale; right and left the
wounded fell, and down to 130 went the market. All
through this excitement, from the very first, many
have believed that united with the Erie ring were
| the pet lambs OF the Tammany organizations and
scattered here and there along the were men
| OF prominence in the Democratic party; aldermen
and councilmen despatched the marble floor with
|
| leaned in convenient doOrways; Congressman and
Assemblymen were in earnest conclaye; and the
redoubtable James Fisk, Jr., and John Morrssey
| changed cordial greetings on the curpstone.
The Panic.
| The thunderbot fell. The Government, with a
| strong arm, thrust itself between the contending
forces, and in an instant struck blow that para.
| lyzed them. For an hour there came calm-the
blow staggered all but the rest was merely to re-
cover, and then the excitement began again, but in
| another shape. Directly opposite the Stock EX-
change is the office of Smith, Gould Martin, who
Rumor also had it that the firm OF William Heath X
co. Were employed by Messrs Smith, Gould q Co
the gold AT O'Clock, as If by mutual
understanding, both offices were be-
the differences on their sales At noon, James Fisk
Jr, and William Belden who were said to have beer
the chief movers in this panic left the street to
itself was magn1ed into an important event
directly bearing on the events OF the hour. Al
| Smith, Gould a. Martins office Mr.. Smith appeared
and stated to the excited throng that owing to the
| immense business OF the day, and the consequent
delays in the Gold Exchange Bank they were
obliged to refuse TO transact business for the day
but would pay all their liabilities in the morning
| The clamorous crowd OF brokers not to be pui
off, and two deputysherits appeared at the door and
| guarded it on the inside.
Brokers' Clerks Slash Each Other.
At that moment clerk OF Smith, Gould az Martin
by the name of Benjamin II. Armstrong, who was
| Keeping back the crowd from without, was struck IN
| the face by Herman A. Cruger, clerk for another
firm, who attempting to get in at the door
Armstrong retaated, giving Cruger powerful blow
in the face, and out poured the first blood of the
Broad street war; The crowd now swelled to thou
sands, and the belligerents collared by police
men, who hurried them away. Threats or ven.
geance against Fisk and Gould were freely
Rufus Hatch, OF No. 10 Broad street, leap
l ing upon a railing, said, 81 will bet one
| thousand dollars to one that this house will pay
| every dollar" This was received with a slight
| cheer and the crowd as If half ashamed, drew back
and the pressure at the door increased Both OF The
| parties who were engaged in the fight at the doo
were taken to the Second Precinct Station-House 10y
| Ohicer Gilbert. Fortunately for them the Sergeant
was dsDOsed to be lenient with them, and an elderly
| gentleman who went into the staton-house with th
| cuprits quietly pleaded their cause by stating tina
| the dav had been one Of intense excitement In tn
| street: no one scarcely knew what he was about
The Death Struggle of the Balls.
| From the Sun.
The bulls had gone into the light fully prepared q
take from s1OO00,000 to s2O,OOO,OOO so asserts on
| of their CLIQUE. They had not taken t!,OOO, 0O'
| when they heard OF Secretary Boutwelps action IN
| rapidity of the movements and the magnetlc lhnu
| ence OF the Gold Room were too mucn lor tneI
Their heads became gddy, and IN a twlnkihg tne.
lost control of the market The nt s'eS the
were fearful that his movement zen ooS was ,oa pre-
concerted one, and that S2O,0OOOOO would p
thrown upon them II necessary 10 crush tne e ma ma