The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-18
FINANCIAL AND CONNER CIAL.

w
marset have not been 30 violent nor the volume OF
business SO large as yesterday, but the Keeling
was one OF continued excitement especially during
the afternoon when the news reached the street OF
q renewal Of the Erie Railway war In the courts.
Erie and gold were again the features OF business.
The former dropped from 3d. the opening price, TO
a. but rallied late in the afternoon to 40 so. Cold
opened at 1863 and settled to l34 before the adj
tournment OF the board.
The rival SPECTATORS in Erie are again litigants.
The party after suffering great loss at the hands
OF the other have had recourse to the aid OF the law
II appears that Mr.. Daniel Drew, en- ex-drector OF
the road, was 'cornered" in short speculation, as
well as number OF banking houses doing business
on foreign account, who, through what they believed
70 be anticipatory news OF the value OF Erie, as
quoted at the London Stock Exchange, were
tempted to sell 'short." Such Is one or the many
versions on the street. Indeed, the whole
atmosphere OF Wall street was rife to-day
with all sorts OF rumors concerning the
movements and operations of the various parties 20
the transactions IN this famous stock. The situation
is 30 confused aud the smoke OF the contest YET 20
dense upon the battle field that II is very dicuit 10
get satisfactory view Of the real condition OF aias
IN the truce which the courts nave suuuehJ NC
clared Enough is seen, however, 10 siio" '''a' ''e
speculations Of the last month have peen on elgan-
TIC scale such as were eqdaieu peiofe IN wan
street, while IL Is doubtful u tiey nave ocen sui-
passed elsewhere. Millions OF dollars have been
handed as II they were thousands, and the capital
employed has been such TO make the outside public
Oane win astoaishment q. the daring and boldness
or the GENERATORS. During the day an Injunction was
sued out in the Supreme Court, before Judge Suther
land restraining the directors OF the Erie Railway
nom doing anything further toward the issue OF new
stock ana enionng them from disturbing any OF tho
papers, accounts or moneys of the corporation. 1t
was granted upon the application of Mr.. August Bel
mont who is the possessor OF four thousand shares,
the value OF which he alleges IS likely to be derre-
cated by reckless management on the part OF the
aforesaid directors The application IS supported by
the ailidaylts OF Mr.. Francis Work and Mr.. Daniel
Drew. The latter makes clean breast OF his
connection with the movement last winter, in which
he got out OF the corner prepared for him by Mr..
Vanderbilt, and acknowledges that he Joined the
great Broad street clique formed for the purpose OF
''locking up greenbacks,n and contributed million
dollars for that object which lie subsequently with
drew. II is curious turn OF fortune that he should
ind himself now in the very predcament he was In
last winter but with his former allies for his btterest
enemies Mr.. Belmont appears the litigation, it is
said the representative OF the foreign houses VINO
suffered from the rise i'll Erie engineered Sa
affairs on the losing side of the battle for battle it
was and is between financial giants or the strategy
on the other side nothing is positively known out
Side OF their own camp. 1T is ruinored however,
that in anticipation OF such step on the part OF Mr.
Belmont and Mr. Drew the directors themselves or
30 many OF them prvy to the alleged speoula-
tive OF the funds and stock OF the corporation
secretly applied for and obtained four days ago the
appointment OF a receiver from their own ranks, the
person selected being, the report further says
Mr.. Jay Gould. 1t Is also said that to put Us much
nj
Law in case an Injunction should issue seven
millions OF gold have been transferred across the
Hudson TO Jersey City, thus placing 1t beyond the
jurisdiction Of the New York courts. On the OF her
hand it Is asserted that the losing party intended
sue out an injunction, II they did actually try
do so, in the United States courts to reach the
funds If they were SO removed
The eject or these proceedings was to distract the
whole stock market and prices wildly irregular
for time, but without the wide fluctuations OF yes
terday. Erie opened on the street In the early
morning at So 81, but declined to So before the first
board. At the open board it was quoted between
81 and 81 and thence steadily declined until the first
lush OF the news OF legal proceedings, when 1t
dropped 10 Al, with offers at As, seller thirty It
went up aud down during the afternoon between Al
and 40 until it assumed something like steadness in
the vicinity OF the latter figure at four O'Clock. The
rest OF the list, sympathizing with Erie. weakened
with II proportlonatey and recovered in the same
degree. Erie became firm towards the close
al 40, on the strength of suspicious that the
clique contemplated, before they were served
with the injunction cancelng bonds stock. ana
thus 10 give cause for another ''bull' movement.
When the injunction had been served this frmness
continued under the impression that there would be
scarcity OF cash stock owing TO the large quantity
locked up the legal proceedings and hence there
was difference OF one TO two per cent between
regular and seiler-three transactions. Late in the
evening an operator on the street. suspected OF be
tng in the Drew interest, freely Offering 10 buy
Erie at so, with the privilege, however, OF selling Il
back at 4s within three days.
Gold opened at iSoT and sod mp TO 1884, and
thence declined, at times quite rapidly, TO l44.
The ial led TO reaction. and the price closed In the
room at 13iis. subsequent TO which there a rise
% 13iss, and decline b. five O'Clock 10 the nnal
quotation 134is 134k. The attempt TO keep up the
s'corner' was failure for several reasons In the
first place, gold ~ not easily controlled green
backs. The temptation or high price
induces sales by outsiders. while the metal
leaks IN mys,eriously from unexpected sources
This fact, together WITH The necessity or
putting the precious metal ont OF the reach Of the
injunction, compelled the clique 10 unload" and
gold was steadily poured upon the market from the
ngure 1861 downward The story that seven mil.
Hons were carried over TO Jersey city to-day thus
seems 10 gather probability. The loaning rate was
from Is 10 "a for borrowing before Clearing House
time, after which loans were made nj ia. and at
1-64. The gross cleaTnss a. The Gold Exchange
Bank were t18G s0iO50 AT the gold balances
$2,o5l.s4j. The government was reported 10 be
selling gold. TIE range 10 price u shown IN the fol-
lowing tablet
opening price,. .........................1 1907
hgnest price. 1891
ENcss ........'............ lJs5t