The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-16
KING GOLD UP AND DOWN.


che R.bsiiion-Ths ceatr-ss Bet,v.sa the
Scene Yesterday ana that Black Friday.
There was no sale Of gold on Thursday,
although there were offers 30 sell At 100 Lie.
being the lowest price since 1861. The Gold
Room contained ten or twelve idle brokers
who gathered around Secretary Morssreau's
tesk. hut tho fountain. once the centre Of specn-
lation. and the home OF one unhappy goldfish
that died Of terror in the noise and turmoil OF
Black Friday. was totally deserted. The foun-
tain spurted forth weakly stream. just plentl-
ful enough to serve for copous tears instead
OF the whilom jet Of spray that cooled the lofty
room. and made the defunct goldfish elevate
his fms In JOY and delight The brokers looked
rs disconsolate az the fountain. The Secretary
eat behind his desk with his register before
him. but there was nothing to record. Two
doorkeepers guarded the entrance. but there
was no such temptation 10 enter a. that which
In the days OF yore prompted a big Tennessean
10 force HIS way In and take part In the row 30
they had sineoure Of 1t. There was only one
offer TO bur gold. II came from the representa-
tive Of big house that was known to need gold
for customs purposes. and the little group Of
brokers darted from the Secretary's desk to-
ward the door as he entered. prepared to trade
on any terms. He was willing to give no more
than par. and the brokers went back 10 the desk
with ludicrous effort TO disguise tho fact that
their sally had been designed to make a trade.
And thus the dreary day passed. without life.
without movement without trade. In short.
gold has practically ceased TO he a commodity.
The Gold Room-teoh ideally the New York Stock
exchange Gold Department-may live q pre-
yhe ist Of January. but probably before that
time i will die Of inanition;
advance being the panicky feeling in London.
but the transactions were small.
The dealing in gold as q commodity has q
intQrpetinR " haCnn
early in the war OF the rebellion. although II
was no, until Jan. Jan9T s; 1852 that It became
and in uptown hotels at night; but they were
try The Ts, Bun Run ' Sattis n In c JSl1
sion o. Enc cOneSersass aSs flushed with i HiSio
~ into Washington had no perceptibe effect.
ardent Northerners had predicted. e might
lion and when tho signs Of the Tines showed
that the Government would have to expand the
began to 20 up in price. and score. OF specula:
tors started up in downtown regions that had
nae In S Sod Wss IN dark eear IN
liam street. called the Black Hole. because OF its
but the trade WORMS Of n the U
Of the big gpnwS IN Wall street and the litile
TSsSceforward they confned themselSss 10
curbstone speculations. or took flyer" now
and then IN an uptown hotel.
The first days transactions in the New York
Gold Exchange-such was the name Of the or
ganization that wiped out the Black Hole-Tere
the premium fell on to. l02s on the 10th, and
lOl on the 18th. reaching i0l. on the 18th OF
then wintering near Warrington In March il
struck l0l several times and in April the high
sa being the "a. date he Siege c
which was protrscted longer than bad been ex
mum went down iffs' but the aneer TAI ties
Of West Point and WiIlis.msburg sent itap again.
Landing. and then up, into the centre OF the
deadly peninsula, combined with the reverses
100 and a fraction. July saw the army Of Nc.
Clellan encamDsd around Harrison's Landing.
and the rs.a s'S Mas an sat aSyanss
from 1903 to 40. some days the dial moved
s%o per mot sRs Sen sss
still not discograeinH. there was hardly
ment to pa and IN the middle Of T octobeT H the
premium touched lSs on some news that no:
body now TeeSIs nN0yem d IA and December
there were great military events These proba.
bly, bore their fruit 10 January. 1868. when the
iSss to i4s. Zen days aitsrward there was an
advance to $50. and the highest price on the
ruduaton in any one day was Ave per cent.
Late in February there was bad newe from the
np the month. Better news came in March. the
Eastern army being In Laotion. and a success
price ranged from 80 to iss with The 'q Sdva an
tSEe In favor 81 ~, The higher ngIres The pre-,
but on the sist ii touched $50. In April.
May and June there were no eventful move
S Sd' srY s s'r saw soa S S5R to
!22c: This was an expression q confidence in
Bull Kun Battle The next great battle tile T wss a,
Aptietap on Sept. II. 1863 on that, day the
h.a "u cssS e9R ss ss SS
cross the South Mountain so soon, When IL
was ascertatned tina, Antietsm. although a
gold market were inanitesJnai. From thai
time out for he rest Of 1868 the premium
were frequent. and brokers who were content
with short turns made money Those who
sands thai we're llsbiq q ehsaIi them Ha FSsir
only anchors were large margins and nm
In January. 1862. the war that was to have
listed seventy-ave days had run eighteen
and the issue s wss irP Tse qa No.
osns 1T at m2 Tam Tsa S 10 to iIs
advance was Ave per cent; taxing the closing
quotation OF each month but In April ls4 was
psy PS on Of rs% s' %s snd
This was begun In May. and was 50 formidable
In i: dimsnsons and 4, so VEL deined
from lSs to 100 as the campaign advanced. the
other causes affected the market than those re-
ness troubles abroad, the balance OF trade
was against US, the Hood Of green
backs ana the high prices had suDerin-
duced the imitation that has since brought us to
the brink Of ruin and troubles Of all sorts
were imminent. The fluctuations in gold on
several OF the days OF that month were 80 vo-
lent that no record was kept and practically no
corded was 1874, but subsequently 1857, 2Os.
2l0. $50. 245. and $50 were recorded. partly on
account OF the causes named and partly be-
cause the campaign In Virginia did not strike
the speculative mind a. entirely satisfactory;
In July 1864. this feeling still prevailed. and
the premium advanced from 250-makin9 q
Jump Of 28 per cent. In tho first day-to $50.
Then there were several victories and the
highest and lowest prices on the sQth OF July.
went TO 2S5. on unfavorable news from the
South, being the highest price on record.
In August. 1864. gold declined from $50 to
23l mot to touch the ftactionsl and in Septsm-
Der OF the same year the premium fell to l9l on
favorable advices. October. 1854 closed at
221h. having once showed a quotation Of l69
but in November. on the uncertainty Of South
ern events. the price was run ~ to 253 although
Il closed at 23S. On one day the fuctuAtion