The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-06-25
TIE DOWNFALL orr THE GOLD BULLS.
A Black Friday Revival in Wall Street
Tho Extreme Hazards Of Pool spccuin-
tieus-washinaton Omciais In tho Bull
Interest-k otchum's Associates.

Tho Extreme Hazards Of Pool Specutn-
tieus-wasbinaton Omciais In tho Ball
Interest-Ko otchum's Associates.
As the facts Ia the case Of Thursdays collapse
Of the bull movement In gold are more fully de-
veloped, and the exact position OF the various par
ties iu that clique better comprehended 1t is evi-
dent that more signal defeat should be ehroniced
than could ordinarily have happened, even under
the most favorable circumstances. As rumors are
flying thick and fast In Wall street respecting the
fdsoo, II seemed proper that . rcstns Of the same
should be given our readers. Sun reporter there
fore interviewed the various lending firms In Wall
street. from whom he Obtained the following par
tculars:
Mr. Boyd has not hesitated to give the name Of
Edward Ketchum a. his principal, and we have rea-
TO believe that the latter also had associates,
whose nnsncial ability for the successful accom-
plisbment OF higher prices for gold was undoubtcd.
The upwsrd movement was nsuEuratcd under favor.
,ble auspices, with ample capital at command to
meet their programme. Tho market cheeriully re-
sponded to the adroit manipulatons Of the clique.
and prices slowly though steadily advanced.
In sustaining tie market. however. such large
amounts OF gold were purchased above III that
whom tho several cliqucs operating for q decline
commenced the downward movement the power OF
un @ % ono p ses Tere
In gold who sought a decline for tho purpose OF
breaking the railway share market and also the
mad Tor their object lower prices in order TO cover
their klting" bills OF exchange, drawn In antcipa
tion OF the passage OF the Senate three-story for
eian Funding Bill Loan.
Smaller cliques were also operating for = decline
simply as an exclusively gold speculation, but the
whole force OF ttese combinations, though acting
independently OF each other greater than APP
pcared on the surface yet they would not have sue
cocded had the associates OF MIR. Ketclum. who
controlled large capital, promptly come to the rescue,
and forwarded HIM the email amounts required.
One hundI cd thousand dollars would probably have
prevented 1hursday disaster the short interest
gold exceeded thirty millions and probably forty mil
lions OF dollars. The calling In OF these short con
tracts md the delivery Of gold would have caused
All excitement equallcd only by the September
panic, when the price WINS so quickly advanced
TO 1862 by the salne tactics. We merely refer
u these preliminary iaeis as Illustrating how
be turned into disaster and also to show the
extreme hazards OF pool speculations Reports were
current in tue street that several prominent cques
had been In some manner apprsed OF the eject which
romonstrances with the larger cdpitalts had occt-
stoned and tie increased short sales OF gold before
the failure OF MIR. Boyd was announced There were
Washington were in the bull interest and confidence.
On the best iniormation IL Is certain that millions
of gold being carried BY Connecticut banks Ahd
hsnkers on which only par value bad been advanc-
cd and that the whole fdsoo OF Thursday could have
been averted II less than onethrd OF the ordinary
MARGINS In gold had hecn supplied from parties who
could have incurred no risk In advancing the same,
for the reason that for the present there Is proba
bility Of gold touching par.
funds were forwarded yesterday, and that the com
paratiyey small amount OF Indebtedness outstanding
will soon be adjusted The same bull clique In gold
was also heavily operating in stocks, though the
amount estimated on the street at forty thousand
| sharee on Thursday was evidently greatly exag.
gerated. portion OF these shares were yesterday
sold out upon the street. after better tone OF the
market had been induced. THURSDAYS gold 6asco
has quite disturbed street specnlatlon
and several days will elapse before operators VIII
resume their accustomed cooiners and quiet.