Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-04-01
MEN WHO SELL MONEY.
Their Profits wsfe large Durlnr Tho
rsnic-now rhey opsrn,s.


rsnic-Hov rhey opsTnss.
Tho men who son money made lot q
money during tho panic. They nre stln
gathering IN cash from the sale OF cash
Dealing In bullion aud specie has always
been considered profitable. But hard times
mako it dcubly 20. When the merchants arc
hard up, the money broker roaps harvest
When tho financial world IA In trouble. gold
and silver arc exported and the spccle hank
crs get liberal and frequent commissions. II
doesn't follow that they arc shylocks. Quite
tho contrary. The leading money bankers Of
the country are Indispensable In troublous
monetary periods They help out Lombard
street, In Londoni Wan street, In Now York
Devonshire street, In Boston and THIRD street,
in Philadelphia. md furnish money where
ready money is m great demand.
Nearly I'LL tho great banking institutions,
with foreign conncctions, arc 70 certain ex-
tont, money buyers and money sellers. Tho
importation Of gold early In tho panic was
conducted by large houses. The exporting
Of gold, altar the sherman act was repealed,
was managed by tho same houses. Tho world
renowned houses OF brown Brothers. Drexel,
Morgan 4 Co.. and Morton. Bliss y Co., en-
gased in the export and import Of gold to
certain cxtont But they did not make
specially Of this branch Of 1Dauce. The New
York house that may be considered the leading
specialists IN this line are those OF Iadenberg,
rholman n Co., and IaEarl Freros The oue
rs German concern and the other Is French.
They did an enormous business. Ladonberg
bought In Germany "a wo as In Great Brit
ain. The Lazard Brcthors secured consider
ablo In Paris. There was a time late last
GUNNER when tho vaults OF the Bank Of
France and the collars OF The Bank Of Kng-
land poured out tho rich yellow metal boz
cause they wero paid rates tlist warranted
them letting it 80. Not c,cr four months
afterwards, those same tanks NODDED their
coiIors replenishcl aud n,ld the bankers act
ing as thoir correspondents In America to
ronru some Of tho 81 shat had gone across
the Atlantic carlioriL 'tia year. Tho Bank OF
England has for clti ~ baoa noted az the
great gold repository y the world, but OF
late yearg. the gold ~. -e OF tho Bank Of
France has exceeded fhts Of any banking In
stltution in any Of tho Countries.
Only In the periods OF tie greatest none
tary depression and excitement IA there a
grcat demand for groenlgeks and email
NhfNAN'H . NNAN WIZ "a hAN fNfNNNNNNlA NNNiNiA
cash In 1878 and somewhat Of u similar
premium IN 1891 But tho year 1893 win 10
on record us the rod letter ora for dealings
IN the ordinary small coin Of tho republic.
Then IL was that a comparatively obscure
nrm roapcd o quick fortune. on Wall Street,
onlya icw doors from broadway, was the
house Of Zimmerman Forshay. when
money began 10 DO badly required, this
house stood ready to supply It at u premium.
During the week already instnnoed. tho
llrm practically oomorod the market. Il
raised the percentage OF premium day after
day. az tho demand Increased II was a
tempting halt and Il took. Hundred OF peo-
! plo scrlpel and boarded until they got to-
gethor all the way from nifty to a thousand
| dollars and then sold q TO Zimmerman a
Forsh0y Just na fast as e was bought II
was sold at q larger figure. Tho line Of Gus
toners reached all day long clear up the
street Ono day tho crowd waa NO great that
the services OF policeman were nquirod 10
keep IL In order. Il was impossible to ac-
commodnto the patrons In tho crowded ofil0e.
Fortunately for the nrru, but not for tho
sufferer. hrokor failed Tow doors above,
aud the money dealers at ones rented his
ollcoa, which we're larger and moro commod.
lous Even tho now quarters were alled
duly for many weeks, and up 10 recently
there was moro or loss OF steady demand
Ion currency at a slight premium. II Is esti-
mattel The irm cleared, just in tho difference
between the prices paid Tor money and the
prices ~ which ~ was sold over 100000 In
| one month
This episode must DO cbronicod in the
annals Of the panic OF 1854, us one Of it.
most unique eventa.