The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-27
FINANCIAL AND COMMERCIAL

SUNDAY, Sept 2G 1.'o''
The week In Wall street was emphaticalIy one OF
sensations The great and absorbing feature OF In
Teresa was the elimination OF the gigantic specuia-
tive movement In gold, but the other branches OF
business were alike subjects OF unusual Interest,"
aud would have formed sufficient sensations In
themselves had not the magnitude Of the interest
manifested in the Gold Room temporarily Overshad-
owed everything ese The clique who had been
slowly ana patiently laying siege to the gold mar
ke and had lued many OF their oppo nents into the
belief that they were beginning to fail OF courage, II
not Of means to carry out the programme which
they had 80 publicly announced, suddenly bestirred
themselves at the moment that q semi-panic
was IN the stock market, and when d.
version was most likely to tell with double
effect. On Wednesday afternoon the price
was advanced TO 14lK. 1t was suffered to remain In
this vicinity night and next day was advanced
to 14sk. The trembling among the shorts may be
fanced at this persistent and irresistible advance.
On Thursday night the Gold Room was feverish and
excited, but few dreamed Of the events Of the NOR
row. Next morning many OF the shorts whose mar
gins were near obliteration gave up the struggle
aud covered the price rising to $50 at the opening
of the board. Tie circumstances Immediately sue
coeding this point OF the rise and preceding the cu
minatiOn thereof are involved In the utmost confu
sion. and long litigation be ore the courts will only
unravel the real facts From all that can be gath
cred, however. it appears that certain members Of
the gold clique VINO were not daring
enough to continue the corner longer,
perhaps too shrewd to believe 1t could
be maintained in the face OF the terrible oppO-
sition which receiving had sold out on Thurs
day afternoon early on Friday and gone short OF
the market as well. 1t was the discovery OF this
reacery that led to the subsequent sharp pressure
of the price to the eXtravagant figure of 1929 and
to 1885, which was for moment the price In one
portion of the Gold Room. Thh remaining members
OF the clique, men who have been very prominent
during the past twelve months in the violent mani
pulatlons of the STOCK MARKET were constrained to
this step as bold move to get out without loss, the
necessity being sweetened by the hope of revenge
business bong 1t In all fortyseven millions Of gold
at prices ranging from 143 TO 100. Ihey
say that he exceeded his commissions. He
says that he bought only what ne was ordered TO-
1t was at the extreme point of the market that
several prominent and respectable firms sold heavy
amounts OF gold to him. The clique had resorted to
the deepest etrrontery of 'calling up twenty per
cent? from the sellers in ratification OF the contract
as provided for by the laws Of the Gold Exchange.
similar demand being made the other way, either or
both parties having the privilege, there was
failure to respond on the part of the Clique side.
This signal OF bankruptcy led to the panic The
great decline might perhaps. have been stayed for
while longer; but at This moment the government
teegraphed its intention to sell gold and the great
collapse ended. The price fell at first to 13S, thence
reacted but again fell of, and gold, which at noon
was cheap at leo, To many was at nghifall spurned
at 1917. The range during the week was as
fOOWs:-