The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-09-28


day last, is fought over again in the New YORK
papers. The fight was fought and decided just
as g faro bank fights conspiracy OF its custo-
mers. 1t was contest ofnerve and confidence
backed" by long purses. The party which
had bought up all the gold within reach, and
put up its price, seemed to be victorious. They
displayed their power over all who had sold
.short" gold, and we're busy making trium-
plant settlements, and contracting for enor-
NOUS differences, when some OF the wealthiest
bankers of the world, whose plans had been
skilfully laid in concert with their European
correspondents, came into the market and
offered unlimited amounts Of gold at the in
fisted prices made by the conspirators.
This daunted the "bulls;" they hesi-
tated; and before they could recover their
calmness the price fell nearly twenty per cent.
They then made strong rally, but their rein
forced opponents contested the ground with
new energy and courage, and, in spite OF the
wild fuctua tions, it was evident that there was
weakness among the "bulls" which must end
in defeat. 1t was at this time that the Treasu-
~ announced the sale Of $4,000, 600 OF gold on
Friday. This announcement doubtless prccipi-
tated their retreat; but they were essentially
beaten before. Indeed, had they not been bro
ken in courage by private combination, this
movement of the Treasury would have been q
slight thing for them. But in the hesitation
and confusion winch the foreign bankers had
already pro luce d among them, this new attack
loft =, af,rn
fidsnce and they seem to have surrendered at
discretion.
THE SCENES AT THE GOLD EXCHANGE
throughout the day was interesting to stu
dent OF human nature. Here threats OF as
sassination arc exchanged between men who
have always passed for sober and quiet bank
ers; there, two clerks OF leading firms engaged
in a hand-to- hand fight, which proves their un-
regulated temper and very imperfect pueinstic
training. In the gold room itself some of the
dealers lose their wits, and bid lnsanely
amounts ke the national debt, at unknown
premiums, or declalm wildly about the ''air-
drawn daggers" that pursue them. In tue
great bankers Offices supposed mllllonalres
contradict one another, with violent language,
"a to the purport OF verbal orders, by which
one or the other or both must now bo mado
ipsolyent; while others. fearful OF those whom
their Vaccinations have ruined, surround
themselves with armed officers, or drive rapid
ly away in close carriages. One ove1taxed
brain is consigned to an asylum for the III
sans; another goes home so oppressed by the
terror OF financial ruin that it chooses rather O.
voluntary death.
THE GOLD ROOM,
Imagine little fountain in the centre of the
Hppolheatron. The centre OF the fountain is
a bronze Cupid, with dolphin in its arms.
&Lo ~ a
stream, which falls in jets into the BASIN
below. Fancy an iron railing. ninety feet IN
circumference, about this basin; then space
OF some twenty feet between tho wcls and tho
fountain; aud you bave q rough idea OF the
Gold Room. .Oo one side there are ;wo galle-
ries-the lower for the errand boys, and the
upper for the spectators. We stood in the
lower gallery. Beyond the fountain, with his
back toward New street, stood the secretary,
recording the sales, which he caught by his
ear. Near him Is the telegraph operator.
Wires run from his machine to neary i've hum
dred brokers' officers, who are thus instantly in
formed of the state OF the market, and aro ena-
bled to make their bids undisturbed oy the tu-
rious excitement which rules in the Gold
Room on momentous occasions.
OPENING OF THE FIGHT.
We have described the Gold Room. At 10 A.
M. the board opened, the vice-president in the
chair. Usually the heavy gold operators re-
main in their Offices aud bise their bids, which
they send BY messengers, upon the reports re-
ceived BY their Office telegraphs. But the
magnitude ot the fight drew most of the mo.
gus into the amphltheatre, and they entered
upon the combat with thu feroclty OF gladla-
tors. Among the prominent operators in the
arena were Albert Speyer, Henry CleWs, Hor-
sce Waldo and his brother, MIR. Colgate, OF the
Arm Of Trevor & Colgate; Messrs. Kimper and
Heiser, and fifty others. The fight opened at
10 A. NJ, with gold at $50. The bull clique
seemed unusually quiet. A quarter OF an hour
pa ssed, and 150 was still the ruling hgure.
The secretary seemed in no wise overrun with
business, and the telegrapher operator worked
his machine and conversed gliby with the by
ISLANDERS.
THE GRAND CHARGE OF THE BULLS.
II was not until II O'Clock that this compare
tive monotony was broken /; 150t Was bid. The
bears began to vince. "Helrs to pay now "
shrieked o gray-halred man apparently burn
ing over with agony. A hundred fists were
shaken at each other over the little fountain,
and an internal series OF yells filed The room.
TO an outsider it was impossible to distinguish
either bid or an offer. Tho bulls had now
began their grand charge. They swept the
bears before them like chat. From 1904 the
metal suddenly jumped to 1854. rhIs was I'm
precedented. Men began to rave and shrek
like mad dogs. They rusaed about the little
fountain in par0XySms OF Iurv. 1ne spe-
oial wonder was that in the anxiety OF the
bears to sell and of the bulls to buy, so 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 quo
tations for the metal IN as many parts OF the
room. The bears gathered IN q group, and
snapped aud snarled in turn. The bulls shout
ed with Joy. Within fifteen minutes the pre-,
MUM was forced up to 1929. The bears sold
very readily to their own clique at lbs. when
the market rate was 160. Thoy refused to sell
to the bulls at any price. Much 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 smaller lots than the big specu-
lative blocks which the bulls were after.
THE CRISIS.
Thus stood matters when Albert Speyer, o
leader among tho bulls, threw among the raw
ing mob the to nptinG Offer OF l6o. Such a
marvellous bid, coming from dealer known 10
be fully responsible, startled the whole room,
and for o few moments no response was made:
But before the thunderstruck auditors couid
regain their equipolse. Jas. Brown, an equally
well known broker and agent, offered to supply
MIR. Speyer's wants with one, two, three, lour,
and up to five millions. The latter amount was
promptly accepted. The prompt acceptance OF
this bid, bile the bears were selling TO taeu
OWL crowd at 1S5 gave the bulls renewed conh-
dence.
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