Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1869-10-07

; Millions on Millions Lost and WOIt-
p C0t0sSld Gumjng and Stupcs,do.s
FUlures-Hsaaity IN tie COLI
Room-Secrctuy Boat
accH sHlashjHg the
Rag.
y terrific hurricane swept over Wall
street yesterday Broad street. New street
and Exchange place were strewn with
wrecks. Every gold and stock broker
wore palid face. Moueved men rushed
about the streets as if insane. Some Of
them were literally made insane The
gold excitement during the war and the
fearful bank panic Of 1897 were thrown
into the shade The dealings IN gold alb
sorbed evcrybody's attention, and stocks
were comparativly Of no account. No
such scene has been presented to public
gaze since the memorable Jay Cooke and
Chase panic of May, 1864.
TIE ONSET or THE BULLS.
The bulls in gold had gained courage.
The gold clique were satisfied that they
stood upon a firm foundation, and resolved
10 make determined onset. Yesterdays
Washington telegram announcing that
Secretary Boutwell, had refused to sell his
surplus gold in order to relieve the strin-
gency Of the money market. had been
backed by private dispatches to the same
effect. 1t was positively aycrred that the
distinguished bankers who had urged the
Secretary to this course had been met with
fat refusal. The thing seemed to be
settled. The bull clique, who held all
the available gold, at once decided that
the market should be forced to the high
est point. The sales at the Fifth Avenue
Hotel on the previous evening had given
them renewed confidence. They felt salts
fed that their net was too strong to be
broken.
CLAP OF THUNDER FROM WASIIINGTON.
1--WE have it in our power to put gold up
to 200, and we mean TO do it," said one of
the leading operators of the ring early in
the morning. They attempted it an failed
disasterously through Secretary Boutwelfs
announcement Of his Intention to hUv IL
four millions to-day. The bulls deny that
this was the cause of their overthrow, but
the fact Is self-evideut. They had blown
up their bubble to its utmost extent
and on the mere announcement of Sec
retary BoutwelIs Il burst like clap Of
thunder.
BEFORE TIE BATTLE.
Before 9 A. NJ. both Broad and New
streets we're filed with outside operators.
They seemed TO suIH the approaching
battle in the very air. Their white hats,
with mourning bands. shook with excite
ment, and they fourished their little
books in the air as if confident Of win
ming a fortune in no time. Every man
had his own little rlrmOr, and industrious
ly circulated among his friends. e Gold
gold I''-this was all the talk The indi-
Gator in the front of the Gold Room.
which resembles the time board at a race
course, looked at the crowd in dumb 81
lence, but it was to announce tie death
knell of many an ardent fortune-seckcr
before the close Of the day.
FORTUNES MADE AND LOST ~ AN IN
SLANT.
At 9 A. NJ. the bidding began on the
street. Gold was offered at lIJ. and was
snapped up on the instant Down it went .
TO I44d in a iiffy. and was back TO 10
within half minute. The street became
intensely excited. Men grew nervous .
Up went the precious metal to IIGl at a .
single jump. Then III. and close on the .
heels of these figures 1IS. y >pa.modIc .
yell arose from the crowd at this result. .
Men began To shrek and shout and -four
ish their little books more violently then
ever. The bears on the street made a
tremendous rally, and back gold went TO
l47. Another rush of the bears, and
I4GJ was reached Confusion cnsucd. .
Everybody seemed to bid and offer at the
same time. and 149 grew out of the
smoke. In a second 40 and 1901 was
reached
THE SCENE II THE GOLD ROOM.
During these outside operations the
members of the Gold Board dashed up
the Broad and New street stairs and dis
appeared. The San reporter followed. Il .
was but twenty steps to the lower gallery. .
Imagine little fountain in the centre OF
the Hippotheatron. The centre Of the /
fountain Is a bronze Cupid. with dolphin .
in its arms. From the head of Cupid /.
arises a tiny silver stream, which falls IN .
lets into the basin below Fancy an iron .
railing ninety feet in circumference about /.
this basin; then a space of some twenty .
feet between the walls and the fountain T.
and you have a rough idea OF the Cold .
Room. On one side there are two .
Galleries-the lower for the errand boys, .
and the upper for the spectators. We .
stood in the upper 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 nearly five hundred bro
ker's offices. who are thus instantly IN .
formed of the state of the market, and .
are enabled to make their bids undisturb- .
ed by the furious excitement which rules
in the Gold Room on mOmcutous Occa-
siOns
THE OPINIONS OF TIE FIGHT.
We have described the Gold Room. .
At 10 ~ NJ, the Board opened. the Vice .
President in the chair. Usually the heavy .
gold operators remain in their Offices and .
base their bids, which they send by mes /
sengers, upon the reports received by their
Office telegraphs But the magnitude Of
yesterday fight drew most of the moguls /.
into the amphitheatre, and they entered /.
upon the combat with the ferocity Of gla-
diatOrs. Among the prominent operators
in the arena were Albert Speyer, Henry
Clews, Horace Waldo and his brother,