The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1871-09-28
EXCITEMENT IN WALL STREET.

aSstSiNuJ RiIoiiOOb, uuout oiio |
o'clock, the bulls in gold received a
dose which reminded Thorn oil that |
they took from Secretary Boutwell, |
in 1869, and which resulted in
tumble of gold from 170 to about 1876,
and precipitated the famous gold
panic. The Secretary yesterday sold |
six millions instead of two, as adver
tised, and temporarily knocked the
feet from under the cliques who have
been for tho past two weeks forcing
up tho premium and squeezing the
loan rate for gold.
The combinations which have been
in existence on the street for the
past two weeks are two in number,
and have been organized for two
different purposes. A clique has
been formed with tho object of lock-
ing up greenbacks, and thereby
making money tight, SO as to infu-
ence the stock market on the bear
side. This clique joined hands with
a clique in gold, whose object was to
lock up all the cash coin, thereby
advancing the premium and COMPEL
ing borrowers to pay nsurious rates
for the use of gold. The bear clique
in stocks hoped, by keeping up the
squeeze on the market, to induce the
Secretary of the Treasury to sell at
least four millions of gold yesterday,
and thereby withdraw from the
banks that amount of greenbacks,
which would assist the money
squeeze next week. This was the
plan, and both cliques worked earn
estly for it's accomplishment. On
Wednesday the secretary partially
defeated the scheme Of the bear
clique in stocks by purchasing three
millions of bonds, then by putting
that amount of legal tender notes
into the banks in payment of them.
Yesterday the excitement In the gold
room was intense all morning, for
the operators concluded that the
Secretary intended to sell larger
amount than he had advertised TO do,
and the great number of them went
"short of the Market" SO that by
noon at least four millions was dis
counted in the room. The bull
| clique were there, prepared for the
emergency. At noon fifty bids,
amounting in the aggregate to abont
nine million dollars, were opened by
the Assistant Treasurer, and when
it was shown that tho average bids
were below the market price, the
bulls assumed that the Secretary
would no sell more than four million
| dollars, if he did that, and therefore
bid the price up to 114s. About half
past one there were collected in the
Sub-Treasury large throng of oper-
ators, over anxiousiy awaiting the
announcement of the awards. Sud
denly the room was cleared by the
proclamation from Mr.. White, the
cashier, that the Secretary would &C
| cept six million dollars, and a grand
rush was made for the gold room.
which at once became the scene OF
the most tremendous excitement. al
most equaling that of Black Friday
in 1869. The most timid OF the bulls
were anxious to sell, and lots ranging
from $4,000 to $500, 600 were offered
and taken in twinkling. Every
body seemed to be selling, and but
few were buying, and in consequence
the premium dropped in less than
five minutes to 113s and thereafter
fiuctuated wildly between that price
and Has. Changes were so rapid
that the registrar could scarcely
record them, and was obliged to
obtain assistance while he manipu-
lated tho keys Of the telegraph.
Ono moment the price would be up
and another it would fall, and for the
space of almost fifteen minutes the
fluctuations averaged ten per min
ute. The center of the room was
packed with mass of operators,
each one yelling himself hoarse and
seeking to make himself heard above
the din. Some leaped upon the rail
ing OF the ring, and with both hands
raised, sought to make themselves so
prominent that their offers would be
needed, and all were most frantic in
their gesticulations. But the princi-
pal leaders of the bull movement
stood firmly at their posts and bid for
large blocks at one-eighth below the
market, and took immense sums, one
man, it was SAID, loading up over
s5,oo0,oOO of the gold thrown by dis.
couraged operators. Men who had
bought an hour before at 114s sold at
ia, and retired satisfied; but giving
a glance at the indicator as they
were going out, would return to the
contest on finding that the price had
advanced to 1l4f, and buy again.
In this way the excitement contin-
ued all tho afternoon, and BY the
time the market was closed the price
had reached 1l4i bid, and was con-
sidered strong at that. There were
various rumors about the street dur.
ing the late hours OF the afternoon
regarding Secretary Boutwells in
tentions. One was that he would
accept the bonds of 1862 in payment
Of the six million gold sold by him
yesterday, and thus circumyent the
schemes of the bears in stocks. who
were understood to contemplate
squeeze in money to-day. Another
statement was that the Secretary was
all tho time during the reading of the
bids quietly sitting IN the Assistant
Treasurcr's room, and thereafter con
suited with him respecting the amt
which should be awarded. 1t was
ascertained, however, that the Sec
rotary was not within reach or the
telegraph yesterday afternoon, and
1T WAS said that Assistant Treasurer
HIllhonse acted on instructions re-
ceived by mail yesterday morning,
giving him discretionary powe..
III The boys OF the present genera,
ton DO not become race Of ram
blers it will not be for the want of |
proper temptations, or because they
are not taught by easy and progress
sive lessons to hazard their money.
In almost every town, prize candy |
is offered for sale-viIe mixtures Of I
clay, sugar and red lead, done up in |
eolored paper, which is supposed to |
contain postal currency. If BOYS |
tfaVei IN cars or visit fairs they are
importuhed to inveso i'll prizo pack
asos Of stationery and confectionery |
Even at church and Sabbath. school I