The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-09-30
PANIC IN THE NEW YORK
GOLD AND STOCK MARKET.

During the past week there has been great ex-
eitement throughout the country, in consequence
of an extraordinary panic in the stock and gold
market of New York. The rise in gold and the
depression of the cotton market excites alarm
everywhere, end there is general apprehension
of financial crash, perhaps never excclled on
this continent. II seems to us that the planters
of the South-alone can maintain themselves, if
they ore 10 be subjected to the terrible test of
such an ordeal as has been predicted. In this re-
gion of the cotton States, it is probably out of the
question for many planters to hold on to their
cotton crop during the winter Advances of fer
tilizers and the ruinous credit system will force
the larger number to market their crop, and IN
our opinion this will be done at lower figures than
cafsbe obtained next spring. But the States to
the south and west of the Carolinas, with more
abundant crop, and greater facilities for holding
on to theil: cotton, will adopt wise poilcy oy
waiting the result of the complications IN the
great financial marts.
In order that our readers may be advised as to
the nature ami extent of the panic created ny the
sudden rise in gold and the fluctuations OF the
stock market, we give some extracts from new
York papers on this subject. As preliminary to
the excitement, the New York Sun of Tuesday
thus explained the formation of clique:
can alliance of the most powerful and inHuen-
tial firms in Wall street, including notorious-Erie
sneculators, has been effected with view OF oo-
tanning possession of all the gold in the market.
When this is accomplished, the conspirators can
dictate their own terms, end merchants and oth-
ers, who are compelled to buy or borrow gold'
must necessarily procure it of this aurlferous
ring. 1t is also believed that these schemers own
all the gold deposited in the banks. having mus
the power of control, the operators are gradually
raising the price of gold about On eighth per cent
daily. Their agents in the gold room buy oil that
ia offered ut their standard bid and only sell at
quarter per cent. higher. At this rate, they will
elevate the buying and selling price -ench succeed
inc week about one and half per cent. In addition
to this method of bleeding those who of necessity
have occasion to use gold, we are told that they
threaten, at no distant day, to refuse to lend at
any price, and to sell only on their own terms"
The New York Tines thus ventiates the opera
tons of the clique, and makes further disclosures
concerning their ultimate designs:
"Old operators in the street soy that the bull
CLIQUE which now COutTOlS tuV boiu hi" nS' 40 INV
most powerful clique we have had in gold since
the war-if not the greatest that has appeared
since gold went above par eight years ago. The
names of parties who are supposed, if not posi-
lively known, to compose this CLIQUE are freely
mentioned.
"That the rise in gold during the last few
weeks-including the sudden advance OF the last
two or three days-is the work of clique or ring
is perfectly we'll known. There is nothing in the
Al. in ifc ro1o
iustify the extraordinary appreciation of the pre-
MUM. 1T is the scheme of q clique exclusively
said one intelligent broker; nothing else whatev-
err, And he considered that this was demonstra-
ted by the facts: 1. That exchange on London is
plenty at 105 to 107, which would afford hand
some profit for The importation of gold from Eu-
rome at present prices it being, moreover, we'll
known that million Of gold or more is now on
the way here, and still more has been ordered.
2. The parties who hold the gold in this market
are paying an eighth per cent. day for carrying
it. These two facts he considered to be in them
selves conclusive as to the nature of the present
bull movement.
..This clique have been engaged in their opera
tions for months. They bought gold when 1t was
at l4O-and they bought it all the way down to
l3l4-and then they kept on buying it us it went
up again, their purchases being especially heavy,
some time ago, when it was OF 1874; and, at pres
ent. they seem to kave control Of all the gold in
The market end in the banks. II is understood
that when they commenced their more active bull
operations at 1874 in the earlier part of the month";
the CLIQUE held at least $40 900, either in gold
itself or in tbe contracts of parties who were
short to them. Although they have bought large
ly every dey since that time, it is supposed that
thew have sold and settled with those short to
them to fully as large IN extent as they have
boueht-so that at present they actually hold no
more than when the price was 1874. In the uean-
time, they have realized large profits from these
sales and misunderstanding, of course, to
lose ultimately upon what they have on hand
when the market breaks"
The New York Tribune describes the exciting
scenes among the brokers on Thursday last, and
from its article we extract the following:
Around The circle where the stocks are called,
the Yelling, screaming, screeching mass ebbed
and flowed, seeming apparently crazed. Each man
seemed determined every minute to test the capaci-
ty of his lungs by indulgng in series of frantic
wells. New York Central, Harlem, and Hudson
were assailcd from all sides. It was stated that
the New Central Directors, on Wednesday, voted
in favor Of consolidation, and the Harlem folk
would do the same yesterday. This caused another
squirt, but many discreditng the rumor, the stocks
were driven down lower than ever.
If the crowd acted like demons in the Stock Ex-
change the gold brokers were genuine devils. They
stamped, raved and yelled. In Wall, Broad and
New streets the excitement spread. There was but
one topic of conversation in hotels, restaurants,
bar-rooins Offices and barber-shops. But few events
since the days Of the Rebellion exceled the excite
ment of yesterday in the Gold Room, and if the
one great thought that seemed to press itself first
on the minds Of all could have been expressed in
one uttered word, that word would have been
"Gold." On the street but one theory prevailed
in regard 10 the rise in gold, and that was that
the clique had resolved to bring matters to an is
sue.
For the Anderson Intelligencer.
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