History of the United States, Volume 4Andrews, Elisha Benjamin
History
History of the United States, Volume 4
Andrews, Elisha Benjamin
United States -- History
By Wednesday, September 22d, they had pushed up the price of gold in
greenbacks from 131 to 141, causing a disastrous tumble in stocks and
almost a panic. The money market grew tight, and interest enormous.
Loans were to be had only on the very best securities. On Thursday gold
still advanced, showing that the corner remained solid. At the last call
it stood at 144; at the first on Friday, September 24th, 105 was the
figure. The ring was believed at this time to hold in gold and in
contracts to deliver the same, over $100,000,000, while all the gold in
New York outside the United States Sub-Treasury was hardly over
$10,000,000. Only the Government could break the corner. At eleven
o'clock gold was at 155, whence in half an hour it rose to 160, then to
162, then to 164. In the midst of an excitement never paralleled in the
Gold Room before or since, it was announced on authority that the
Government would sell. The price at once went down to 135, and the power
of the clique was instantly broken. This day passed into history under
the name of "Black Friday."
[Illustration: Several men watching Bell using a phone.]
Professor Bell Sending the First Message by Long-distance Telephone,
from New York to Chicago.
[Illustration: Hysterical traders shouting and waving their arms. The
room has a 30 foot ceiling and a balcony. ]
The New York Gold Room on "Black Friday," September 24, 1869.
The Chicago fire of October, 1871, was the most disastrous yet in the
chronicles of our country. It began in the evening of October 8th and
raged for over twenty-four hours. According to the best estimates 250
lives were lost, 98,500 persons made homeless, 17,500 buildings
consumed, and $192,000,000 worth of property destroyed. The main
business portion of the city was included in the tract burned. Thirteen
months later the most destructive conflagration that had ever visited
Boston swept the district below Washington Street from Summer nearly to
State, and eastward to the water's edge, being the most solid business
portion of the city. The loss was placed at $75,000,000.
[Illustration: People running away from smoke and fire.]
A Scene during the Chicago Fire.
Public-domain text, read in full here on John Shaqi.
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