The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-01
4 WALL STREET WALTZ.
Gold Dances Up to 11S l-2
and Back to 117 1-2.
Exciting Scenes Among the
Gold Gamblers.
Rise of Seven Per Cent in Gold
During Two Months.
THE MOVEMENT AND ITS MEANING.

THE MOVEMENT AND ITS MEANING.
Gold made many men sick yesterday; 1t has been
making the business interests OF the country sick
since the middle OF January. The "bulIs' have
succeeded in raising the price OF the precious
metal In two months over seven per cent and yes
terday they climbed up another round In the lad
DER.
A visit to the Gold Room recalled many OF those
exciting scenes familiar to the seeker OF fortunes
In lump This royal road to ruin was crowded
with the gold cormorants, and the dismal vesti-
bule, strewn with paper fragments, foul with
Getid air. ana shrek pen of the superlatve rank,
contained the chieltans OF the Wall street vox.
1t was field day. All the scenery OF q great
gold "spreen was perfect at two p. NJ Around the
circular railing enclosing the little bronze fountain
whose pelucid jets OF water havepo long fallen into
muddy spray after gathering the dust OF the atmos
phere, was crowd OF sellers and buyers; they
were Of all types-types OF that hoarse- voiced
broad-shoulaered, mustache- twisted being whose
business Is gold.
type enters. He wears q Bismarck collar a
blue scarf and Spring style silk hat, and, crowd
Ing through to the railing, exclaims, "a quarter
million at 1s3sw
wild roar Of voices follow at 49,, and the type
moves frantically about the vesibule, notebook in
hand, seeking purchasers at his own figures. The
telegraph instrument clicks; those fatal figures
which have driven so many men to wealth or
poverty change. and gold is quoted at 11sS.
What howl follows. The shriekers, rising on
their toes, seek for new note in the human voice.
They extend their hands, as Ii they were expound-
ing the most exciting passage in war declama-
ton. while the typical broker puts forward his
longest arm and proclaims,
''$275,00O AT 1871"
he does not neglect to turn his long white hand
over several times and himself bestow glances OF
silent admiration upon its form and whlteness,
while the indicator moves back to 11S1a and he ad-
vanccs the price Of his coin. During this transac
ton below two rough, farmer-like men in the gal-
lery discuss their profit and loss.
''Give orders to sell, l tell you. then youn know
how you stand tonight Don't you see, the price
will tumble and fall below Is tonight ~
EYES, but 1t must go up.u
s'Sell, sell, sell, l tell youl'
Another man staggers into the gallery and begins
to DEFY the rules by smoking, when peremptory
f Put l out t that sc ciea pi ISSUES '0r'h-
The shrekers st0p-they always stop for little
nn.and when the pursued drops his cigar the
There is one tall, smart character there who
deserves immortality II he always bowls as he
on calling names, and so are the weary, toil-worn
clerks who sit IN the tribune and relapse SO hand
signs and yawns. What wearisome oc-
cupaticn Is theirs. to listen to the shouting
OF iol tunes, to behold the poor become rich and
the humble become arrogant; and yet, like the
apple woman In the streets live from day to day
their same routine lives But every interest was
represented In The Gold Room yesterday. The curb
stone brokers who are content to accept COM
mission or one-thirty-seco OF one per cent for
their operations; the illead countrynan who sells
out his arm Tor u few thousand dollars and comes
70 the city with all his baggage in a small hand
parcel, In the nope that he may become a Daniel
Drew or jun Fisk, as he has read the
weeklies the victim OF several ae iam lpares
who goes to 1.-THE street., to regain fortune
which he has thrice lost In the counting room; the
heavy, bold operator, to wnom such a clique move
mcut as that OF yesterday is a mere ripple, and the
silert. thoughtful gatherer OF rich daily balances
whose capital Is his skill In detecting the careless
admissions OF those around him these were lew
OF the men who made the Gold Room echo and
during one OF these field days and measure the
brokers below Wild in their excitement rrepressi
BILE in their iun and quick to catch the bid or otter
OF every fresh operator who dashes up to the rail
ing. y ID their 'clrcus" now; but how long will IL
continue The nrst gentleman who expressed
himself TO the reporter stood in front OF the Stock
Exchange in Broad street.
.sWhat does this movement mean p,
1t means simply this, that 1t is clique move
ment TO put up the price OF gold in order to coun
teract the moral effect OF the announcement Of the
Treasury sale OF $4,000, 900 OF gcd.n
'Thcn 1t has no bottom to itYn
'.None at all, in my opinion, You know as wen
~ do about the matter, thought
Leaving this highly intelligent and well-informed
business man, the reporter called at the house OF
Jay Cooke Co., and enjoyed a brief conversation
Bagacity IN the street.
"You believe that this movement is influenced by
the announced Treasury sale ~
mot at all. II the Secretary had ordered the
sale OF four or eight millions OF gold instead OF six
millions, the result would have been the same.
The Clique who have engineered this movement
own nearly all the gold In the street. ana their OBJ
iect is to make coin as scarce as possible"
ssThen you believe IL to be an artificial price
-11sKY"
'iPureIy sol The clique began to sbulr gold
about the middle of January, when it was about H.
and since that time the price has advanced
seven per cent But these evils correct them
selves and you may look for an early return to
natural values"
'-of course this Is q great public evil9r
sCertainly. They nave taken advantage OF the
existing state OF the market to make the advance
OF today
"what do you consider the immediate cause OF
the advancey"
1Tnat is impossible to say. They are accumulat-
ing gold because IL makes bullion scarce. Perhaps
market Is very weak today
''Perhaps We shall have grand collapse soonf'
ssOh, every thing must settle sooner or later into
its normal condition"
There we're those who argued that the rise
due to the heavy importatons and the consequent
demand OF merchants for coin to meet their obiga-
tons. However, this. the present moment, is no
favorable opportunity to enter upon career OF
gold speculation for those who operate on 'ssnall
margins season Of ruin and disaster threat
ems, in which the small fry, usual Will most GER
tainly be consumed, and in which the heavier
operators must make or break.
THE SCHOOL INSPECTORS