The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-10
THE GOLD FUNERAL.
Terrific Onslaught of the Benrs-Fenrful suf'
ferings of the "Bullso-Specie Payment MusI

Terrific onslaught oil the BeurS-FeufIuI
ferings of the ''BulIs'-Specie Payment Must
Come.
The excitement in the gold market the past
few days attracted large numbers yesterday
morning to the vicinity of the Exchange, for
the purpose of witnessing the gold funeral.
The galleries of the Gold Room were densely
thronged at an early hour, and New street was
soon crowded bya surging mass, who watched
the rapid fluctuations of the price with the most
intense interest. The old favorite pastime of
betting on the changes of the dial displayed
from one of the windows on New street was
again revived, and thousands OF dollars changed
hands.
cited and doubtful as TO the result of the days
programmes but all were quick to discern that
a severe struggle between the bulls and bears
was impending. The great question of the
morning was whether the Secretary of the Trea-
sury would sell one million of Government gold
as advertsed; and according as private tele-
grams were received from Washington in favor
or against the sale, SO the premium declined or
advanced. being knocked about like a foot BALL
suddenly falling - to per cent, and as quickly
recovering from the decline.
Soon after l2 o'clock the price rallied to l111S,
under the influence of heavy purchases by
strong parties, aided by covering of the short
interest," and the market appeared to have
turned for strong upward movement, when at
1910 p. M. announcement was made that the
Secretary of the Treasury had accepted the bids
for gold. This was the signal for the most des-
perate onslaught of the bears which has been
| Witnessed since the famous September panic
| The scene which ensued in the Gold Room
batled description.
There was an immediate rush to the iron rail-
| ing which encrcles the fountain, operators
climbing over each other in their efforts to sell
| out, and for time the excitement was quite
| equal to the best efforts of black Friday" The
| floor of the Gold Room was quickly thronged
/ by members of the Stock Exchange and others.
| While the halls leading to the Gold Exchange
1 do nOnl,ad that fO tha
was quite impossible, just in front of the Presi-
dents desk hundreds of thousands were being
sold at 11012; while at the same moment, on the
other side OF the fountain, the transactions were
| equally rapid at 1l0A and 1109l.
In the space of six minutes, from 1910 to
1916, the price fell from 110% 10 1104 aud
| rallied to Ill. Offers were made to sell in
quarter of million lots at 110A, 1l0%, 110l5
| the market became more steady, but the great
| struggle of the day was over and the price, under
| the influences of strong bull movement, wa:
| carried up to 11l19. About half past 8 o'clock
| another sharp raid was made by the bears, ant
the price quickly dropped to llO9s,. at which
figure it remained steady till the close, afte
| touching l1O13.
been created during the past few days, and the
| contest will doubtless be soon again renewed
The bull CLIQUE. which sustained the marke
| early in the afternoon, evidently became alarmed
| by the news from Washington that the Funding
bill would pass the Senate last night, at thu
evening and late in the day began tumblinl
| overheard their purchases. Since gold com
meneed its decline from 122, there have beer
many combinations formed to manipulate al
upward movement.
One'clique purchased largely at 100 to 121,
second at l19@l1916, third ut ll619@ll7
while more formidable clique than the other
| went In heavily at lis. As the price gradual.
= declined, these several cliques unloaded at
heavy sacrifice, and then turned bears TO re