Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1881-01-12
BLACK FRIDAY.

Its Incidents Recalled by the Death of Albert
Speyers, Who was the Central Figure in the
Great Scheme to Put Up the Price of Gold.
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 pool composed
of James Fisk, jun, Jay Gould, VIM. NJ
Tweed, Henry N. Smith, Peter B. Sweeney,
VIM. Belden, and several others, formed to
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
$35, 100000 of gold for the account Of the
pool. When he began buying the price
was 1870. On the morning Of Black Friday
it opened at AS. Speyers went into the
all the gold offered up to $50. He did so
and reported. Then he was directelto con-
tinue purchases up to 1856. When the price
was advanced above $50 the terrible excite
ment of the day began. Most Of the mem
bers of the pool were assembled in the Office
of William Heath & Co., from which they is
sued orders and sent encouraging messagest to
Speyers. They assured him that the short
interest exceeded $10O,O0O,0O0, 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 160
Then Speyers, under new orders, rushedt to
the front, and offered that figure for any
part of million dollars. His cry, "One
hundred and sixty for any part Of a mill
ion!" ran out above the confusion
as he bought million after million at that
figure. Then he raised his bid to 1872 IL
the highest price Of the day. At this mo-
mont 1ic,,o+ob mo FROM Cooro4o ~, Tho
Treasury Boutwell, to the Sub-Treasurer in
this city directing him to sell $4,000,O00
of gold. While the brokers were trying to
learn whether such an order had ever been
issued the price Of gold dropped from 100
| to 40, rallied again, and finally declined to
| 131 in the early evening.
! The action of the Government wrecked
the scheme of the pool, and bedlam follow
ed in the gold-room. It was reported that
| Speyers became insane. While the excite
ment was at it's height, just before the crash
came, some one handed Speyers a 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 a member, sprang upon the
Presidents platform and made a request to
be heard. he repeated his information,
and added: Nov, I am here, I
dm SOOu JarSeC. OQOOC me II you care.
Any man that wants to shoot me can have a
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 mem
bers of the pool were assembled. Fisk told
him to 60 back and buy more gold. Before
the day closed Speyers was taken to his
home in 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.