The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-10-05
THE VAR IN WALL STREET.

cotton, tax - ''.it-,+' .ssa ZETA.
TIE VAR IN WALL STREET.
How tt Began and how 1t yvas wagcd-
tho Great Bull and Hear c,iques Un-
masked. s.z i1ty. rs. i!
T-=-.. y .s.yu-4
The New York worlS says: "Iiow the great
bull clique, who got possession Of from ten to
fifteen mtlions of gold Inst summer, entanglei
the great bear clique into tho enormous
Short transactions which oulminated on Fri
day, and how the great bear clique, in the
midst Of their dilemma, secured the interfer-
ence OF the Secretary of the United States
Treasury, so that the inflated price of the gold
in the, bulls possession came tlmbling down
about their heads, arc problems, the explana-
tion oi which, in 9 concise and homely way,
will clear the, minds OF men all over the
2 9 It required enormous capital to purchase
this sum Of gold, and 8 low prevailing price to
make the purchase worth while. Both these
conditions existed. The bull clique had au
ENORMOUS capital e operate with and the bear.
that the bull ring, watching their chances, suc-,
ceeded in buying ten or twelve millions at 1856
Of the bull purchase, and absolutely sssentia &asi
TO the success Of the bull scheme after the pur-
chase, was the secrecy of thet purchase, and,
tSeSe TIVE Snan aoDs Hf e sSs @ SSaS aat 5
. II. readers will pay attsntia; t ;shey may PEI
haps be made to understand hoWthe thing was
done. -e.r;.u- iss, ~. a ~ y
Il PRSt ASshe Asth s ,u oai
San5 SdI5"a accustomed s saa kaS 6s} s.
-euH ncd-f ,eie, nt.es. %st-1IS I'd,
Sech tiles -; :"
si,M npmys - ysill;. hrse
e %sR;a " j. l li29s ~ -. :. 7s r " SHi ,'ss ss
on Wall ll;street but have not gol ,a.e q. Nall
cal newspapers. 1t is sufficient for the pur-
poses OF this explanation to understand that
both cliques consisted Of some offs the riehest
bankers, brokers and spectators In the
metropolis iHf,I .pt'r ,,ylH -
2. The bears having entered the market first,
the object OF the bulls was to !.cornern them,
ond oil other dealers In gold. The first step OF
the bulls was, therefore, to get possession and
control OF the major quantity of gold In the,
market 3 AS the t0ta quantities q
banks and subject to the drafts of indlviduals--;
rarely exceeds twenty millions of dollars, and
as q good deal of that amount belongs to the
government, or Isl held by parties outside .ofi
obtain tho control of say from ten 10 thirteen,
millions, is Of course enabled to dictate the
price OF gold at tho Gold Room and on the.
street.
Next, It must be remembered that purchases
of gold at the gold board, of government Sc
cur1fies ut the National Stock Exchange, and
OF railway and other shares at the New York
Stock Exchange, are very rarely, In fact almost
never, made BY members Of the. great banking
and speculative firms, or by Persons who are
publicly Known to represent them. Il often'
happens that single house has need on q cer-
tain day OF million or two millions of gold
or 'securities Fit should send its knoWn agent
into the market to make that purchase, AL
holders Of the gold or securities demanded
would, would instantly become aware Of ths firms ne
million or the two t1iIIiSns to bn3, kdbbts the
customary, method Of self defence. lIt sends
to a half dozen, or . dozen, different brokers
to buy. each, o hundred Thousand, or two
hundred and a.ty thousand, as the case
may DO. The brokers, with these orders In
Stock Exchange, and eject, one by one, the
purchases. Every broRer {es In her9s bonhd)
keeps tho secret Of whs he Is buying for No
one broker knows that another. brokHr, who
sion, similar TO His nem the same prinSlpal
gold or securities asked for, knows. to whom
betweens Of the great spcculators on either
side; and It is only by sharply watching the
offers and bids that the selling brokers may
possibly ascertain or suspect that an unusual
tics In their trust suspicjon that induces
hthen instantly to Faise the price. ~ -. ~:
As this method: Of procedure is habituaIly
adopted by single ar1ns IN me region @ & e. wal