Mexico weekly ledger., 1878-11-28
THE BLACK HOLE AND GOLD
ROOM.

thus congratulates himself: "There
was no sale of gold on Thursday, al
though there were offers to sell at
100 1-16, being the lowest price
since 1861. The gold room contain
ed ten or twelve idle brokers who
gathered around Secretary Merser-
/. cans desk, but the fountain once the
centre of speculation and the home
of one unhappy goldfish that died OF
terror in the noise and turmoil OF
Black Friday was totally deserted.
The fountain spurted forth a weakly
stream just plentiful enough for
tears instead of the whilom jet OF
spray that cooled the lofty o and
made the defunct goldfish elevate his
fins in joy and delight. The brokers
looked as discoLsolate as the foun-
tain. The secretary sat behind his
desk with his register before him, but
there was nothing to record. Two
doorkecpers guarded the entrance,
but there was no temptation to enter.
as that in the days of yore prompted
a big Tennesseean to force his way
in and take palt in the row, SO they
had a ~sinecure of it. There was only
one offer to buy gold; it came from
the representative of a big house that
was known to need gold for customs
purposes, and the little group of
brokers darted from the secretary's
desk toward the door as he entered
prepared to trade on any terms. He
was willing to give ne more than par,
and the brokers went back to the
desk with a ludricrous effort to dis
guise the fact that their sally had
been designed for trade. In short,
gold has practically ceased to be a
commodity. The Gold Room-techni-
cally the New York Stock Exchange
Gold Department-may live a pre-
earious and poyerty-stricken exis-
tence until the LIST of January, but
probably before that time it will die
of hamilton"
The first regular traffic in gold
commenced early in 1862 in New
York in what was known as tho Black
hole. When Wall street took it up
the habitues of this den became curb
stone brokers. Gold was then worth
103 in June of that year it rose to
100; in September it touched 1874 !;
in October, 1873; in January, 1868,
it rose to 100, and in February to
173, and during the balance of that
year it ranged from 125 to 152. H.
1864 gold exhibited its highest val
ues; in June the fluctuations were
most violent, and prices as high as
230, 240 and 250 are recorded Oh
the 18th of July it rose to 285 after
that it began to decline, and by the
end of the year reached 233. In
January, '65, gold opened at 226
and closed at 1874. In 81 its aver
age value was 1870, but in May it was
as high as IA; in September it be-
came known that Jay Gould was
about to make an effort to put up
gold; on Black Friday the price was
hoisted to 1872 1-2. The brokers act
ed like madmen: they howled and
yelled and jostled like wild beasts /;
n lost his mind and fortune togeth-
er, and was led away from the scene
maniac, VIII the secretary Of the
treasury sell goldi was flashed along
the wire at noon the answer came,
s'Put "a, oO0, ooogold-on the market
In less time than it takes to write it
gold fell to 1873, and brokers retired
to figure their losses. Some of the
heaviest were ruined, and many OF
the winners never fingered their
gains. The Gold Room was closed
for a week, and nobody knew how
they stood. In 1870 gold ruled
rom Ill to 122 "a; in 1871 and
1872 it ranged between 10S and lis
. in 1878 there was an advance to 11s.
but after the panic it fell to 109.
Since then there has been O slow bu,
steady decline in its value In green
backs, at the same time as compared
with commercial commodities its
value has advanced about 8 pei
cent.
gALLAwAY IN CONTEMPT.
49, s~4 HF - -