, 1866-04-14
~hAtft Costs 10 Corner Wall Street.
From HafpeE's Weck1y.l

About three months a4o, TIM leading director Of
'he stoci oi tSat concern Rad Sseu o.essoia By sae
reckless Peass Of Wall siree', and undertook 10
.eosner the shorts;' that Is 10 tay TO nu. up tho
fulr1e delivery should NJ, bo able to bay when tncY
vtnled ii. TIE stock IN the ne1s hbothood OF 81
The director houeht and bought, sud ~ he bought
es, 9nd present., 81: II he had gone On hnyinx It
There nc lm"is, hoaeSer 10 ,he capacity Of even
the boldeet spetu1ator.. Dy the lime tue Esic ii.
rec'or had bought ralher more than all the .tock
aEoat @ IN 'nla country, nc thoushtk II ~as tins to
Hr bad achieved onebaif Of his enterprise. Ils
Es :ser, he 's s s. oo 5e0
Themselves compelled 10 buy In ut IS. and the
d'dereDct-S1, 500 on every hundred sha.es-weot
Into The pocket Of the Lpecnla1Te director Ihefe
vile m1Dy who. having sold shnf- At So, refused to
bny In at 95 ard ,ernaincd '.ehor!" " borrowing the
stock fsum daJ 70 day These the s?eeuIsslve d.
re. sssoT p punished oy rvi9s'rR to lend TIA rtock ez
paseut ). .Bea1s" PAD their Il per cent dsy, and
ssl9sea e coy soyeT; AZ ne wak and famthsa1ted
The question nots WIS, Ehat 10 do with the stock
On hand! A few ihsa.and dollars had been taksn
rpeculssipg director found himself the oxner Of ali
the Et,e nnoat In this market at average cos Of
o'er ~. There Was no demand for the STOCK. No
body IN Vail street or out OF II rtnted lou shares
Al 50 there had bern fma1l cons umptlvo demand.
81 n5 there WIS zone at all.
1he specutattve director formed many coubiua.
ing Others In h.s operation. In the course Of day
OF tn 0 ihete combinations led 10 disputes anon.
sf Ht The parties t. n
sduTt qa pea hein: ra,fed. such quantities Of stock
were thrown upon the market that IN tev dsy5 he
price It u from " TO Is.
[be speculative dl1ec.ot had not srteee3ed I'm
selling al! h1s stock A. his aceount then stood
the speculation had cost him something less than
@ hslf million. i "a. painful reflection ior man
IN ttocks, and e*p ciaily In Ere.
week Or 20 elnp'ed. and The director resolved
to look ,oE ni2 morey where ne hsd io'tis. He oe-
qnick as be, End Ere began once moru 10 z1se rap-
idly. From teventy.are 1t jumped up 10 eighty,
I've I'D onfuussT 1bs Snecnlsii1a rtox 70 szny
hia GRIND demonstration. he bought ali the stock
that could ee had At the prIeesay 30 0u0 ah.res IN
ont Nas ca1led In. From onrqua1ter TO oue-half prr
cent day VIE aRHin demaoded for the use OF ihe
STOCK. once po5s the bears Wcr- squeezed wyhin
held cut On the next day the grand pinch was o.
dered. The stock opened at ,e12hty-sesen, and
s1ery ons said il N. Egng 10 ninety oetqre noon.
there Was an annie euppy fully 10 QUO shares were
Eold in ihe morning. quite snc1ent 10 supply the
pressing wants Of he Bears: Il, subsequently, ap-
for lac9 sharsa ii and The holder Of his
I'LL H00 AeJt4tE0 LIE CuIuef tY Euppl5H3 Ina He1fE
At the expense ofihe settler Of the cali. Thus oueo
more the attempt 10 corner the shorts had 1alied
1t took the speculative director but iew dsys to
realize that be had once more missed bis marx.
Mosl OF the shorts had covered their contracts and
as there was no conaunptrve demand ior The stock
At eighty slx. II was clearly futile to put up the
price. The dntctor bezan 10 sell win v1coF and
despatch How much hs sold and at what ptfce Is
only kno~n to hiuuself znd his brokers. Within I
fortnight The price fell ,ep per cent. and rtal stock
wac s, being delivered from the speculative diret-
tors heard 1t IL not unrta ,ona dc 10 suppose thai
ut leas: qnarier OF million Dust have reen )osf
by him ana his friepos IL their fecord e,seupt to
coElcr Erie
It's now supposed that they have altered their |
position. md gure shor1 OF the ttoc, In thi- new
.dvt1tnre tney may os may not retne7e the lo=ses
the! baye me. nt'n IN iheir previous attempts 10
corner the stfeet Bnt Erie viii have to fall FefJ
low Indeed to yield them The x7oo,0cD thrown away
r. The tEo ahotuTe enterprises OF January and |
Ma[eh, lstI.~ -.
ne iss.on = should net be lo'1 upon Wan street
e IeSalatoss Il the leading dtz.c1oE Of the Enc, !
WIN Unlimited capita}, rnrisaed aklll, anl yast |
poWel, eou!d not s1eeeed in making money BY cor
ner1ne fhat e'oek. II j. tafe to conclude tnas no
etoek cal hereafter be ptodtab!y s'cosue1ed'' up-
iesE the party wh;ch corners II be con ent 10 take
the stock and Keep 1t for ID IndedoIte period or
time thereafter. Such operation. in 1osd ,ntict