The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-01
THE GOLD EXCHANGE.
RS roRaAL DISSOLUTION OBSERVATION-DISCLOSURES

ITS FoRaAL DISSOLUTION YEsTEIDAr-woRDs
or PARTING SKETCH OF IT'S history.
The old Cold Exchange died a comparatively calm
and tranquil death yesterday, considering the vigor Of
IT'S lungs IN past times and lis great capacity Tor noise
and hustle on every plausible occasion. But the dis
solution was expected and due preparations bad been
made for peaceful exit. To-day the Stock xchange
steps in and under It's guardianship gold will continue
10 be dealt In a commodity the the past.
Al the close OF business quito crowd gathered in the
Gold Room to witness the last throbs OF the expiring
Exchange.
THE HOUR PARTING.
Mr. Morris, president OF the Exchange. came for
ward at three O'Clock to the dissolution OF
the corporation Its history he said OF the
most eventiu periods IN the history OF the country. He
reciied somewhat briefly and nurrcdy the chief points
In the history OF tue Exchange naming the dates
OF elections, adoption modification OF rules. &c.
Tho Exchange has bad presiding officers in its
time. IL was organized in 1864 with Mr. H. NJ. Bonc-
dict as president He continued in Office until
1885, Mr.. Townsend Cox was president from ls6s TO
1869; Mr.. J. +. Underhil from 1869 TO 1870; Mr.. H.
s. Camhos from 1870 to 1871; Mr.. ". A. Gibson from
1871 10 1872 Mr. G. 0. Morris from 1872 to 1873; Mr.
j. b. Colgate from 1878 TO 1916, and Mr. Morris, again.
from 1876 to date
Mr. Russell, President OF the Stock Exchange,
explained that the Stock Exchange having leased
the Gold Exchange building, had decided 10
continue business there and bad also arranged
with the State Bank 4 clearing house. In connec
ton with gold transactions is intended to call gov
eminent bonds in this room The first call OF bonds
VIII be at quarter past ton O'clock the second at half
past eleven A. NJ aud the third ~ two T. NJ. Instead
OF dimnutlon he expected 10 SEQ large increase of
business in the Gold Exchange A committee Of five,
he said had been appointed to arrange rules, and for
the present most OF tho officers oil the Gold Exchange
would act temporarily
MIR. Mclean, chairman of the Committee OF Arrange
mcnts OF the Stock Exchange on TINS matter. also
spoke briefly assuring the members OF the Gold Board
that II was desired 10 act IN way that must prove
satisfactory TO them Ia TINS absorption OF the COD
Board by tho Stock Exchange. At the conclusion OF
his remarks the Gold Exchangc adjourned sine die
THE COAL HOLE.
Prior the organization OF the Gold Exchange there
we're one or two efforts at the formation OF corpora
ton Tor Transactions In gold. which had then become
an article OF commerce. The first was started IN a
basement in William street, called tho ''coa hole. :"
At this timc the Stock Exchange from patriotic
motives, refused to traffic in gold. and tho coal
hole" crowd were regarded with consider
able dsiayor Aiterward the same clique and
others had their headquarters In place called
Gipin's newsroom. Tho annual membership foe was
SIS, and the crowd was a mixed one operating with
out rules, frequently violating contracts, making
enough din and cIatcr to drive any scdatc merchant
crazy The first efforts OF this knot OF Irresponsible
spectators we're OF such an irregular character that
after awhile tho reputable brokers, impeilcd by the
cxgcncies of the time, concluded TO start the Gold Ex
change Mr. John Bloodgood organized this Board,
which was promptly Incorporated and opened at the
corner OF Beaver and William streets fhis was IN
October, 1864, two years and nne months after tho
first sales OF gold at premium. The initiation Ice NJ
this tmc $780, Tho rules strict, and tho men,
bcrs operated In the Stock Exchange q com
sion for merchants needing gold.
During the career OF the old Gold Exchange as u Will
henceforth DO called, II saw numerous and exciting
"corncrs" in gold. Chief among these the "Back
Friday' panic OF September "a, 1863, the history Of
which 10 so well known
':BLAcK FRIDAY"
At half-past nine the morning previous gold was
quoted at I4l y and II closed At li3n. BY tho close
the bulls had the market cornered. The first lot
offered "Black Friday" morning was one OF IL. 900
at l45 Then it foil of h but almost immediately ad-
vanced to l46 Great excitement cLsued, and IN halt
an hour gold 150 Between eleven and hali-past
eleven O'Clock II reached 1925. Meantime the
bears doing some independent transactions in
gold 1875, aud tho receipt OF de-
spatch from Secretary Boutwell, ordering g. 00O 900
gold sold ana equal amount OF bonds
purchased II dropped TO l40 But II rallied
TO 1850 again, and last closed ut l32 1888 The
Gold Exchange Bank, In consequence OF these violent
fluctuations Jailed to make its cearances for some
days. aud period OF much excitement succeeded, IN
which threats made against the vcs OF prominent
members of the bull clique
In 1866 when Mr. Mccullough Secretary OF the
Treasury his broker sold day $50 600 900 at 1870
3 just after tho sale the steamer Cuba brought "a
this city news OF tho failure In London OF Overend
Quincy Co., OF the reported embarrassment OF the
Bank OF England and OF the battle OF Sadowa, which
altogether, sent up the price Of gold to 1GSla.
Many other instances OF the exciting times through
which the Gold Exchange existed might be cited, Blu
they arc numerous to be gwen IN detail in AM
brief account OF these stirring experiences. To-da,
tho Exchange opens at the usual hour, and business
will 60 on much the same as In the past.