The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-12

MONEY MARKET.
sunday, Jan. 1l-6 r. M.
tn mast vash has bean full of sxctenent The bro
ksrs IN Wall street have been very much
rapid decline in quotations for stocks ana the anxiety OF
those interested in the great corner in Erie Earoad mas
increased by the delay Of the decision. Inc COM
mee appointed by the board to report upon the m.s
have held two meetings, and heard the argumeh" "
counsel but II Is still very uncertain when they viii.
port or when the matter will be settled The shortA
argue that the receivers got up In the stock.
and that AZ such operations illegal according to the
rules Of the the receivers have claim for dn
ference; while on the other hand the receivers argue
that there was no attempt to corner the shorts that it
was regular Transaction, and that il was their
rood luck and fortune than the result Of any corner.
planned and perfected by them. AZ the counsel for
the plsntiSj hs shorts took the ground that corner
had been made, the counsel for the deendshu ne re-
cevers, merslv st mpted to reus the arguments pre-
sene If tho ousstion upon this point the shorts
viii ret the best Of the case there Il very ls any
doubt, but that corner attempted ana sucoee'u
far the stock in the market 81 tns time "o"a p
nit, and 1t only by the creation OF now s'oo. o
the bonds Of the company, that the anor' sA, 49,
themselves from the position 10 which tney nao %"
placed.
Soon after the books for subscription to ths M 800
of $s.ooo.o oo had closed, last FALL certain
terestsd In the eastern termination Of the Erie
and in Hoboken lots, became large purchasers of the
old stock Of the company through their broker ind
vdual representing the Union Club Of this city, in Wall
street The object tune In view was obtain suf
hcisnt influence in the company bring the line Of road
nposibe, from Pisrmont ether point through N.
Jersey, to Hoboksn large number tho old shares
erefore purchased consolidated and hedfor the
above purpose Az these operators members Of the
uded IN thevw W ali IN If tha
they held, with the aid Of other members who into
the movement whom the contemplatedto pur
chase large portion Of the stock still aAoat in the
ke and hell by other individuals in small lots leaving
less number ofshares than they obtained contracts
from the shorts to deliver II is well known fact that
veral Of the receivers induced many to hold the stock
they had by representing and almost guar antseng that
the consolidated shares would 60 to par In this
they cut on every Of the shorts, know
ing that they had got them under contract to deliver
almost double the number Of shares Of this stock that
were in the market Az an illustration of this operation.
will cite After the consolidation Of the old
Erie Railroad stock there In existence but 1900
shares Of reduced consolidated stock OF this the
party interested in Hoboken lots, &c. purchased 2ooo
shares less leaving 5000 in the market Of this
suppose 500 shares heldby individuals who had
been induced to hold by the of the par
ties interested leaving aAoat shares subject to the
market to purchase knowing that only $500 shares
Ininaly exist and purchase, buyers sellers option.
5000 shares Of Erie Railroad stock The shorts know
ing that there in existence 500 shares leaving
they Suppose q margin Of $500 shares, sell fast
they find customers and do not into tho movement,
until they fnd themselves cornered, and short 1900
shares These 500 shares cannot be obtansd the
ket has been swept clean the receivers establish price
and demand the difference between contract price and
and that ruling at the time Of delivery. There can be
but little difficulty in establishing the fact that more stock
was sold by the shorts existed In the market but not
more the whole number Of consolidated shares In
existence The question whether existed or not
may turn upon this point and this Wow Of the matter
the receivers have tho test side of the the re-
ceivers prove that NO of tins kind existed at any
time they WILL without doubt be entitled to decision
in their favor az the shorts have raised that ISSUE and
cannot complain appeal il defeated upon their own
points.
Whatever may be the result Of this affair." the snsct
will be good both in establishing precedent and in
causing an explosion of these operations a. they arc
without doubt of gambling nature than any other
the street.
We annex table giving the quotations FOR stocks in
this market for eaeh day of the week jus clcsed COM
pared with those at the close Of the previous
week. Will be perceived that prices have fallen on
several per Some of the fancy railroad stocks have
declined within the past two three days three and i've
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