Evening star. [volume] (Washington, D.C.) 1854-1972, 1872-11-25
ANOTHER BLACK FRIDAY.
what Caused and Followed the Ar
rest Of Jay could.

The NoR'wKsr coKNER IN WALL STREET
nEpLAM BROKE LOOSE AMONG THE BULLS
AND BEARS.
The history of the latest Wall street sensation
is briefly told BY the New York Herald, as fol-
lows: One balmy Saturday in the early part Of
last October the attractions OF the rsce-course
at Jerome Park withdrew from the busy whirl
OF Wall street the younger of that noble pair OF
brothers who have made themselves 80 fsmou
in Erie and other speculations-viz., Messrs.
Jay Gould aud Henry ~. Smith. While Smith
was disPorting himself on the grand stand of
the great metropolitan sporting ground Gould
Was in his Office IN Broad street, watching the
stock indicator and spying out the plans OF hi,
speculative adversaries. He was then, as he
had been for many long day before, bear"
and his many interests were so wrapped up in
the market that he could not afford himself q
holiday, ss had his younger ally. His trusty
scouts proving around the treasury in Wash
ington startled him with important intelligence.
The government had decided TO and would on
next Monday relieve the money market with
i've millions OF currency and five millions
OF gold. Gould and Smith had been lock
ing up money TO cause a fall in stocks.
Here was a sudden danger 20 their plans Such
an effiuN of money would ruin men operating
on the "bear" side. Gould, foreseeing such a
hing, covered his speculative sales OF stocks and
came out a "bull'' with very long horns. Smith
was away at the races sll this time, and Gould
was unwilling to close his contracts for him.
Smith, learning Of Goulds action, upbraided
him with ingratitude. quarrel was the result.
The long time friends became enemies. Smith
remained a "bear" and Gould continued .
"bull." In the course of the succeeding few
weeks Gould Joined "pool" in North western
and cast his lot with the "bulls" Is against the
"bears," who included Smith. The "bulls" put
losses to Smith, who In revenge has turned over
the books Of the former firm Of Smith, Could
Martin q Co. to the president Of the Erie rail-
many millions Of Erie money. Gould is arrested
and held to bail, but returns to Wall street aud
takes revenge In turn upon Smith by putting
northwestern shares to two hundred per cent.
Such is the story,
TIE SCENES In AND AROUND THE srocK Rx-
CHANGE,
at the closing on Friday, are graphically told by
the New York Herald, which says:
'The whole thing was indeed so sudden as to
take away ones breath, and men stood bewil
dered and mentally paraly zed i'm the midst OF
storm such as, in the same limited area, Wall
street had only seen q very few times before.
In the bankers Offices the brokers stared at
the tell-tale figures on the tape in mute as
constituent; l.o, .; 80, 40, 30, and 50 on up
to $50 seemed to be simply incredible, and
even If he did net say so, a man could not
resist a suspicion that, for brief season. the
operator at the Stock Exchange had been seized
with q fit of insanity, and that he was writing
simultaneously on thousands OF tapes the
wild suggestions of q disordered IMAGINATION
But in the Exchange itself the excitement
seemed 10 approach almost tragic signifc ance.
Every man on the floor gathered around the
northwest clique brokers, who stand usually
near the Wall street door, and looked on aghast
al tilt tufOte Vi me FINANCIAL earth1Qake
that had overtaken them. Nothing but the i'm
possibility Of making anything by such eNtor-
tionate figures was in the way to prevent the
victorious bulls from pushing up the stock yet
another 100 per cent Such were the fears that
now took possession OF the crowd that suryed 20
and fro,- while Dme men jumped upon the
chairs and gazed panic stricken at the scene,
and as the clock struck four, wild bids of 300
were heard flying eagerly around the hall.u
When darkness ended the battle down town
the combatants APPEARED to have, as usual,
the excitement, IL not the combat, was renewed.
1t is known that Smith is short of the stock to
an amount exceeding 10000 shares, and that
Drew is in a similar position as regards up-
wards of 20, 600 shares. Considerable excitement
existed in the stock market i'm New York on
Saturday. Northwestern sold first at l55, then
at $50 down to las, again at $50. Later in the
day North western common stock was sold under
the rule for parties who refuse to settle, forty
three Thousand shares, to KennoD, Cox & Co.,
(which Daniel Drew is special partner, for 81
cash.