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

from $3.50, 0O0, 900 to 5000, OOO, 600 OF
floating gold, and gold was. weak ut
iii. There was: $50, coz, 600 in
the Sub TREASURY, but somebody had
promised that the government would
not sell. The clique, therefore. could
buy gold without fear. In the middle
of September it bought SO. OO0. 900 at
1873! Nl34 in one batch. On the morn.
ing of Wednesday, tho 22d. it held
several millions more. than there were
in the city of New York outside the
Sub-Treasnry, and yet the price had
been forced no higher than al. The
clique settled it's plans on Thursday
evening. 1t had loaned gold in immense
sums at 1873. The plan at first was 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 was
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 brighten the bears into direct SET
Elements. AS il was, the officials of
the bank agreed to certify to an unlim-
tied extent night and day. Oh Thurs
day it did certify checks amounting to
$25, OO0, 600, and on Friday, spite of
the presence of the examiners, $14-
600, 600 more. All this time an army
of holders in the pay of the clique,
and under the leadership of one Albert
Speyers, was buying up all the gold
that was offered, and endeavoring to
bring it up to 200. Their efforts were
more than successful. Gold reached
l6O, and for an instant touched 1855.
This 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 16O, Gould was
unloading through dozen different
brokers at far lower figures, but yet at
an immense profit to himself. He had,
however. pushed the price too Tar, and
when news came that Secretary Bout
we'll would sell 81, 600, 900 of gold the
price fell even more suddenly than
it had risen, and general ruin and
utter confusion fell upon Wall street,
to a certain extent eveninvolving those
VINO had been chiefly instrumental in
producing it. Down, down went the
falsely bolstered price. The day was
the BLACKLIST that ever set on Wall
street. Men knew not where thew
stood. The confusion and madness
was so great that it was supposed that
all the clique had gone down. OF the
times that followed it is impossible to
give an idea. There was a run on the
Tenth National Bank the next day, and
a million was drawn out. The Gold
Clearing House kept $14, 600, 600 mex
tricably locked up. The $500, 600, 600
OF clearings demanded in one day of
the bank dizzicd it's 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
account fortunes we're spending, hourly
Gould telegraphed from his barracks
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 receiver. Then
came crash. -Four firms we're declared
suspended. Then came q rumor that
Lockwood & Co., Vanderbilt's brokers,
had gone underline strongest house
on the street. They had been carrying
Pacific Mail, Lake Shore, Chicago and
Northwestern, on which the loss was
millions, with money at 800 to I, 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 /,
Gould began his clearances-not till
then. The delay of the clique in
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
Friday