The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-25
THE GIGANTIC GOLD POOL.
A COMBINATION WHICH sTAGGERS THE BUSINESS
WORLD.

The history of Wall street presents no exac
parallel to the gold pool which now seems to
have thorough control of the market. There
have been hundreds OF combinations in stocks
and gold, but these have generally been run
on heavy credit system, while the gold pool
OF to-day, as far as can be ascertained, is en-
glneered on purely cash basis. In the lock
ing up of gold hitherto the practice OF the
cllques has been to make their original pur.
chases of cash gold pledge it as collateral for
a loan OF greeubacks, buy more gold, pledge
this in turn for greenbacks, and Sc on in
definitely But i'll this case the combination
Is what Wall street men call "solid." 1t
moves but leaves Lo trail.
Gold is taken from the street by the mil
hon, and disappears mysteriously still
th1se who hope to see it turn up i'll the banks
are disappointed. 1t is never hypothetical
with the banks, it does not find its way back
to the street; it is ilden from sight More
than this, the operation of withdrawing gold
from the market is slowly and mysteriously
going on every day. The premium is ad-
Vanced point by point at the will of the pool
and cash gold needed for business purposes,
can be bought or borrowed only from its
agents and at its own rates. Wall street never
vas so mystifed. la former pools there was
always something upon which to form an ac-
curate Judgment, but in this there is nothing
calcula ed TO definitely point out the person.
ellie OF the clique. The street is full of rumors |
ana gossip, but when an inquirer tries to pin |
his lntormer down to solid fact he finds that
most OF his statements are founded upon con-
lectures more or less justified by circum-
stances.
WHEN THE POOL WAS FORMED.
lhls much Is conceded, however, on all
sides, that the pool is one of the strongest.
odds tha tcbr ,3l,,,
Of any in the history of monetary gambling.
II was formed when gold was selling between
~ and ll3, but SO quietly were its move {
nents conducted that 1t wa, many DAYS be-
ore the outside operators were aware of its |
magnitude Point by point the indicator was |
ed up. until yesteriayit recorded 1l6s at a
me time, the market closing at l1G5 Now /
nd then indications We're thrown out by the I
rl1ul managers OF a tendency to weakness.
hen the bears came In with a rush, and the v
esuit was Just What the clique wanted-the a
'fhia'lon OF heavy short interest HoldiHg v
early all the cash gold, the clique fixed its b
wn rates of interest, squeezing the shorts Y
one occasion to the tune of per cent Der a
lem. Il
knowing that any suddenness of movement
a their part might prompt the interference Il
the government, which killed the famous ii
lack Friday combination, the managers al
orked slowly, but surely. strengthened their b.
osition day by day. The scarcity OF gold 1t
Id the condition of the finances and mer OF
lntlle affairs favored them, and besides this hc
tlr members were men Of immense re- by
urceS. ..
Opinions as to the managers of the Clique tv
fer almost as widely as the poles Some
okers are positive that Uncle Danr Drew
ID Mr.. Eugene Robinson are the head and al
ont OF the scheme, but there are others who le
intend that the manager and chief spirit of Gu
e combination is Jay Gould, whose recent IA ~
lllant achievement in connection with ., "
cltic Mail and Union and Central Pacific he
We greatly added to his fame as a shrewd W
d calculating tinancier. -h
SCI
STRENGTH OF THE rooH wi
much cash gold 90 you na
nix the pool controls r.,
Operator The amount is estimated bv some
slo,0G0,0 900, but think ST., GOO, 600 is
arer the true ii CURE. But the puzzle in the his
ole matter Is as to what becomes of the Ho
Id certificates. They have disappeared Wi
erly and left no sign. This shows that the IN
ol Is the strongest on record in cash re- the
'rces. Nobody knows of single loan ne cha
lated by it with bank, aud from this hel
t1ofI ~. c1,