The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1881-10-14
BLACK FRIDAY.
Its Incidents Recalled by the Death Of Albert
Speyers. VIII" was the Central Figure IN the
Great Scheme to Put u the Price Of told.

Its Incidents Recalled by the Death Of Albert
Speyers. Who was the Central Figure Ia the
Great Scheme to Put Up the Price Of told.
The recent death in New York of Albert
Speyers recalls the incidents of Black Fri
day, in which he was the central figure. He
was the principal broker of n pool composed
of James Fisk, jun, Jay Gould, VIM. NJ.
Tweed, Henry n. Smith, Peter Il. Sweeney,
VIM. Belden, and several others, formed Ia
put up the price of gold. Speyers began
purchasing on the first of the week, and at
the close of business on Friday night,
September "a, 1869, he had bought over
$50, 900. 600 of gold for the account of the
pool. When he began buying the price
was 1870. On the morning of Black Friday
it opened ut l45. Speyers went into the
gold-room with orders from the pool to buy
all the gold offered up to $50. He did SO
and reported. Then he was directed to con-
tinue purchases mp to l3J. When the price
was advanced above 100 the terrible excite
ment of the day began. Most Of the men,
bers of the pool were assembled in the office
of William Heath Il Co., from which they is
| suedorlers and sent encouraging messages to
Speyers. They assured him that the short
interest exceeded 800, O00, 900, that they
had ample resources to margin upon his
purchases, and that the Government was
with them, and would not sell any gold
About noon the price approached 100.
Then Speyers, under new orders, rushed to
the front, and offered that figure for any
part of Il million dollars. His cry, "One
hundred and sixty for any part of mill
ion" ran ont above the confusion
rs he bought million after million at that
figure. Then he raised his bid TO 1862 l-2
the highest price of the day. At this mo-
ment dispatch came from Secretary of the
Treasury Boutwell, to the Treasurer in
this city directing him to sell 1000, 900
of gold. While the brokers were trying to
learn whether such an order had ever been
issued the price of gold dropped from 1870
to 40, rallied again, and finally declined to
l3l in the early evening.
The action of the Government wrecked
the scheme of the pool, and bedlam follow
ed in the gold-reom. 1t was reported that
Speyers became insane. While the excite
ment was at its height, just before the crash
came, some one handed Speyers note,
warning him that an attempt against his
life was meditated if he continued his work.
He pushed into the Stock Exchange, of
which he was Il member, sprang upon the
Presidents platform and made request to
be heard. He repeated his information,
and added: Nov, | am here, j
:.
Any man that wants to shoot me can have Il
chance, and any man that said he would
shoot me is poor, miserable coward"
Then he rushed out and across Broad street,
into William Heath's office, where the men,
beers of the pool We're assembled. Fisk told
him to go back and buy more gold. Before
the day closed Speyers was taken to his
home in Il carriage completely exhausted and
unstrung When he returned to the street,
several days afterward, he found that Fisk
and others Of the pool had repudiated the
transactions he had made, or large part of
them. This threw him into bankruptcy
along with the dozen or more other brokers,
who were obliged to close their doors. He
finally instituted suits against JAY Gould and
others To recover the amounts that he claim
ed were due him for the purchases made on
Black Friday. He was unable to meet his
obligations to those from whom he pur-
chased, and that was followed by suspen-
sion from the Stock Exchange, which was
practically expulsion.