The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-20
FINANCIAL AND CONNER GAL.

THURSDAY Nov. ls-e r. n.
Wall street continues TO be kaleidoscope OF In.
seresting changes Tuesday Erie and gold were the
features. Yesterday Erie was the absorbing object
OF speculation. To-day New York Central comes
upon the stage as Erie makes tt retiring bow.
The great campaign In Erie has ended with victory
for the CLIQUE and discontinue for their opponentA
The latter were forced to capitulate on very hard
terms They took the best they could get Annihila-
ton stared them In the face did they persist
In the struggle. The great Erie "cornern
sburstedn about two O'Clock this afternoon. The
efforts OF the Drew party TO stay their fate
by purchasing stock themselves at the ruinous rate
TO which the price had been forced were without
avail. Il was their last card. The sublime strategy
which procured for the receiver OF the Erie Railway
the power to purchase back the oyerissued stock
was too much for them. 1t was the decisive ma
sn6uvre OF the battle. The clique could now run
Erie up to par, which contingency would be the
tain bankruptcy Of the sshorts." nag Of
truce was sent In and settlement arranged
by which the Drew party paid for the stock
at an average price OF 81 to So. They
put out their contracts at from IS 70 70
on an average OF 81 to SO. As they were "short"
10000 shares and had sold "callsn on 1000 more
little arithmetcal calculation win show that their
losses, after making allowance for the stock pur.
quarter OF dollars. This Of course is tribe. pecu.
niarllv. to the wealthy operators who were caught
oy the corner" and they would hardly regret It
were 1t not for the triumph OF their enemies and the
s,du oats ton Of the whole thing.
The course OF Erie was as may be conjectured,
very ftful In connection with these movements on
the part OF the respective combatanH It opened
In the morning on the street at all sorts Of prices
with difference OF ten per cent between stock do
verabe on the spot and stock deliverable before the
usual hour, which 10 q quarter past two O'Clock In
the afternoon. The sign was Immediately interpret
ed to mean that the "cornern was to eliminate to-
day. and the result has proved the OF the
inference. The price Of Erie for cash, went up az
high 81, but the bulk OF transactions took place
between 81 and 60. After the bursting" Of
the "corner" It went down to az, the
price about two O'Clock IN the afternoon. From this
point 1t took sudden start upward, partially In
sequence OF report that the settlement OF the Drew
party was Q "hoax" and partially because IL was
said the receiver was buying IN stock N accordance
with the powers granted him to retire Of the
overissued certificates. 1t assembled gradually and
rapidly to the vicinity Of 40; but as nothing tran.
spired to confirm these reports It settled again, and
at six O'Clock this evening Erie Is quoted at ~ AN
Whether it Is to be permitted to remain quie. lies
within the knowledge OF the clique. With the power
TO issue new stock and withdraw the overssues-and
the clique have the power and the opportunity to do
either or both-Ere is ever q reliable means Of
profitable speculation In their hands. The printing
press will continue TO supply all the new certificates
required to make another .short' venture success
full, while the retirement OF the certificates at any
moment will permit "long" transactions TO be
equally remunerative. Certain circumstances which
win presently appear indicate that the clique intend
to let the fertile field OF Erie lie falow for time
,fln
the list. Certain 1t Is that at the close Of business
tonight Erie was comparatively neglected, while
New York Central and Hudson River suddenly came
into active notice.
1t seems that few weeks ago the clique suddenly
became ambitious OF subjecting New YORK Central
TO the tender treatment which they have been dealing
out to Erie, and hence they began to buy and put
away the stock and make contracts for more.
How far this ambition extended 1t Is useless to
attempt to guess, but doubtless they sought to con-
troll the direction OF the road and elect president
from their own number. The veteran Commodore
who Yields the destinies Of the Central was
TOO willy to suffer himself to be so easily
thrust from his throne. He headed on the
game BY suddenly closing the transfer books
on the 7th inst, preparatory to the election
which is to come or on the 9th OF next month. To-
day the result OF this complication shown in the
sudden rise OF New York Central stock from 121x
cash in the morning to 100 ct four O'Clock in the a
sernoon. There was report on the street that the
clique had obtained q mandamus from one Of the
Judges ordering the opening OF the books and that
they succeeded by this means In having $4,000 or
$4,000 shares transferred under their name. That
there was demand for the STOCK is undeniable.
Both the clique and the agents OF Mr. Vanderbilt
were heavy purchasers. while one per cent was re-
ported offered for the use OF proxy stock The price
s,udor fhfo afu,ulua tn 100 the books were
not rcopened, nor was any mandamus served at
the transfer ONCE up to the close OF business. Sew
eral differences may be drawn from these facts In
the first place 1t Is probable that the clique bought
the stock with the intention Of controlling the elec-
zion, but were banked by the closing OF the books.
1t is doubtful they procured enough stock to cast
majority vote II is rather authoritativey asserted
that Mr. Vanderbilt and his friends, as soon rs they
discovered the scheme, took good care to provide
themselves with than half the stock OF the road
II the clique did procure enough they failed in getting
the mandamus. In either case they found them
selves pretty well loaded with the stock The sus-
picion, therefore, gained ground towards the close
last night that the price up merely to enable
them to "unload" probably. The consequence was
q very uneasy feeling after half.past four O'Clock,
and the price OF Central declined TO 1901 127H at
six O'Clock. Hudson River, which IL also under the
wing OF Mr.. Vanderbilt through sympathy with Its
neighbor became quite active and closed at 12Sk q
l24. The remaining stocks the list were compare.
lively neglected, through wholesome fear on the
part OF operators
Money was easy at six per cent, with frequent
transactions at Owe and fewer at seven. The lat
ter was the bank rate, but 1t was not sustained.
The banks turned their attention In consequence to
discounts. The brokers have large SURPRISES which
their customers are AFRAID to venture In the present
uncertain state OF the stock market,