New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-02
WALL STREET.


gamblers would shortly plunge the country into
another panic. They were called "old fogies" ana
croakers and their warnings were UNDECIDED. Inc
history of the past two weeks shows that their pre-
dictions were but too well founded. That history
has already been writen-we bad almost said written
to death-by the daily press but in order that all
our readers may thoroughly understand the subject
we here endeavor to condense it into brief space
as possible bringing it down to the events of yester
day.
Some weeks ago it became apparent to bankers
and moDeyed men generally that powerfGi ana
wealthy interest was at work with the aesigh Vi
docking up" all the gold in the market to be USED
by those outside of their own numbers only on the
payment Of good round rate of interest OF 10 DO
bought only at high premium. In the course OF
few days the knowledge of the "god clique" flor so
it came to be called became general and for many
DAYS the public were RECALLED with countless sDecula
lions as to what would be the result of the gold
movement. For long time the leaders of the clique
contented Themselves with raising gold little, low
ering 1t little and on. alternating 1t as they saw it,
so that on one day stood 1861 and the next foil to
1874 But they were only humoring the market. On
Wednesday 25th of September gold stood 1879 at the
opening fell 10 1874 at noon and then gradually rose I'M
iii $3.50 D. H., when 1t stood at lA. The excitement
intense and after the regular days business sales
and purchases were made at the Fifth Avenue Hotel,
where large numbers OF brokers had congregated.
on this day, also occurred the rstlof the series Of
panics in stocks when Central fell about asa per cent
Harlem ~ to IL per cent and Others in due proportion,
all because 1t was rumOred that some judge name I'M
known, but probably, 1t was thought, Barnard had
granted an order prohibiting the consolidation Of the
named. 1t mattered little that this proved
to be unfounded, and that the Very Honorable Judge
said so the market had been broken confidence lost,
and the gold clique had succeeded in one of their main
designs
On the next day Thursday there was more excitement
and another sharp advance in god (which touched 1Ai
closing, at p. M, at l43t. But to aid the
clique, which was able without assistance to
carry the premium to the highest point
reached, rumors relative TO Spanish affairs became
plentiful as dupes on Wallst, and gold mounted
steadily until these rumors. like Others which had pre-
coded Them proven to be the devices OF spectators
Then there fall which would have been heavier
had not the clique stepped in to support its market
The stock market was excited and variable while the
sTngency in money began to give serious alarm to the
mercantile world. 1t is noticeable fact that on this
day the OF Broads loaned money openly at over
the legal rate for the first time since the sautay lesson
which the Courts taught them last Summer But these
signs of the times, only straws that indicated
the direction OF the financial gale which had already
to sweep the street. The amusements
OF the day were also increased by the addition Of defa
cation, but as everybody's attention was on gold or
stocks it scarcely attracted passing attention.
Friday. Sept "a, the grand field day. Its scenes
were indescribable In the early morning when the
pavements were yet wet with dew the brokers wendell
way the street. grded for stirring contest from
which they hoped 10 emerge victorious. The bulls and
early the ground, and at hour when in
ordinary times the street graced by the gambo Of Of
Zee boys deluged with the slops and sweepngs OF
careful janitors commenced fight for money such rs Is
rarely than in lifetime. The earliest
ranged from las to 4t but at the opening
10 M, the indicator marked l6O The scene in the
gold room wild Around the fountain
which occupies the center iof the amphitheater-
weak little fountain that sends forth its feeble little
let of Croton as though it played under proest-were
gathered hundred brokers, all wound up to fearful
pitch OF excitement, yelling screaming ostng crowd
ng but always with eye to tho "main chance, bny-
ng and selling. AS time advanced these men became
wilder until when gold jumped 10 1885, the room was
perfect Pandemonium. Outside OF the room, In the
constant throng Of people passed 10 and
TO- and the Indicator fronting on Newest was watched
or hours and hours by many thousand anxious At
a. NJ the price reached G0 and 1t was at this point
hat the excitement eliminated. One broker became
mad with excitement, lost all control OF himself,
md purchased fabulous amounts at these high
lgures taking 1t not by ,thousands, or hundreds
II thousands, but by millions at time At 1885 a. M
he highest figure OF the day reached, and at 1921
the upward movement met sudden check. The first
al-to l61was caused by rumor that foreign bankers
we're prepared to food the market with gold, but In
lew minutes afterward the deathbow in the shape
irst of q rumor then Of authorized announcement
hat secretaryiBoutwe had ordered the sale OF 100000
y gold The panic was instant and overwhelming.
Down went the premium-so rapidly that n man
who had stepped outside OF the Board 10 speak to
friend returned In less than ten nutesto ind that from
"a the premium had dropped TO 1856 The downward
from this point at the rate OF one per cent per
minute almost, until at 1920 p IN. the indicator marked
fha fail he I'M
IN check IT, They threw their whole force against the
and while part Of the room the latter were
offering TO sell at 1885, the former loudly offered 10 BUY
AZ AS one reckless operator he already alluded to
as the mad broker) actually purchasing several
millions at 100. Their efforts were in vain
The fat Of the ates had gone FORTH and the bubble had
burst Men grew pale with excitement and the paor OF
fear took the place OF the ruddy freshness On
many manly cheek In that short hour vast fortunes
had been made and lost Men had stepped brskly into
the ROOM the of hundreds OF thousands OF dollars
only to 20 forth beggars Others, who had entered
went forth possessed Of thousands OF suppostous
wealth for they did not know poor dupes that the pros
meet for the payment that hours transactions was as
aimsy az the transactions themselves After the collapse
dread silence fell upon the Board Gloom was IN every
face Men began to think for the first time perhaps that
day of the prospects for settlement and those thoughts
were gloomy indeed. For an hour or more unlucKy
hung around the gold room obectess down
cast, gloomy, then slowly went away W proou ono
their losses
Theindignation among spectators against the Clique
and more especially against its reputed leader Mr. james
Ftsk yas something to shudder at Had he made his
appearance on the street the consequences would have
been fearful mob excited as this never stops with
one victim For the rest OF the day thel crowd whch
had filed the Gold Room and the street on which faces
took up their stand Broads dividing their attention
hetween Smith, Could Martin Co. Ia reputed Clique
frm) and others who supposed to have falied'
numerous failures were spoken Of and the street was