Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1873-10-09
AUsTINsaMOWER COUNTY, MINNESOTA, THURsDA7

Locating 91h.s and a0eldn wa. vaak a
\ lS1 There waa5 s1SQdOk do { i,
j thS 9ub.TreAaary, bpt somebodv la;
i pf0nise 4 thatsthe gofesnment two1li
4 net ssa. The clique rea1Iora c0iiE
bny gold without feAr.a In the n,i1di,
OF September it bought $9. 600. 600 a
1884 @l34 in one batch. on the morn
ing of Wednesday,, the 22d. II held
severai millions more, than there were
in the city of Now York outside The
Sub-Treasury, and yet the pr1ce had
been forced no higher than 141. The
clique settled its plans on Thursday
evening. It had loaned fold, in immense
Gums at 1873. The pla6 al. Rtstwav ;to
call in all Of this, lock it up and force
the bears to settle by buying in under
the rule. The Tenth National Bank Waa
to have been used to shift the immense
Sums, but the appearance of the bank
examiners unsettled this plan, and the
programme was to put gold up swiftly
and frighten the bears into direct set.
Elements. As il vas, the officials Of
the bank agreed to certify to an unlim-
tied extent night aha day. Oh Thurs.
day it did certify checks amounting to
S25. .OOO, ,O00 and on Friday, spite of
the presence of the examiners, &14-
600, 600 more. All this time an army
of holders in tho pay OF the clique,
and under the leadership of one Albert
Speyers, was buying up all the cold
that was offered, and endeavorinR to
bring it up to 200. Their efforts were
more than successful. Gold reached
16o, and for an instant touched 1856,
Ihls was the harvest time for the
clique, and while some of his agents
were thus keeping the price BY bawl-
ng bids for millions at.160, Gould was
unloading through 4 dozen different
brokers At far lower figures. but vet at
IN immense profit to himself. He had,
however: pushed the price too far; and
when news came that Secretary Bout.
veil would sell a, ,000, 900 of gold the
price fell even more suddenly than
Ut had fisen, and general ruin and
utter confusion. fell upon Wall street.
to certain extent eveninvolving those
who had been chiefly instrumental. IN
producing it. Down, down went che
falsely bolstered price. The day Was
the biackest that ever set on Wall
street. Men knew not where they
stood. ;, The confusion and madness.
was SO great that it was supposed sthat
all the clique had gone down. OF the
times that followed it is impossible to
give an idea. There was . run on the
Tenth National Bank the next day, and
. million was drawn ont. The Gold
Clearing House kept $14, ,OO0, 600 mex
trlcably locked up. The $500, 600, 900
Of clearings demanded in one day. of
the bank dizzied its incapacity. Gould
had not yet done his work.
When it was publicly known that
only the account of his firm was
needed to finish the clearances for
Black Friday, and when upon that
acoonnt fortunes we're spending, hourly
at the Grand Opera House, where he
was guarded from the mob BY police,
not to send it down. The bank went
into the hands of q receiver. Then
came crash. Four firms were declared
suspended. Then came q rumor Chat
Lockwood Il Co., Vanderbilt's brokers,
had gone under-the strongest house
on the street. They had been carrying
Pacific Mail, Lake Shore, Chicago and
Northwestern, on which the loss wsa
millions, with money ut 800. to j, 200,
per cent. q year. The firm went down,
But Vanderbilt poured in millions, and
sent up Lake Shore, Northwestern,
and Central, held them, and saved
himself: o. Saturday, October l,
Gould began his cleafauoes-not- till
then: The delay of the clique il
settling is accountable, with the cumb-
rous machinery of the Gold Exchange
and bank, for the terrible, wear and
tear of the week that followed the fatal
EIlday. q. (. u. u: "a y. ~ T. \