The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-19
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Nov. 1916 P. NJ.


WEDNESDAY Nov is-5 P. NJ.
The Erie LITIGATION has assumed novel features in
he appearance OF an order OF the supreme Court
enionng the nartles 20 the Belmont Drew suit from
proceeding under their injunction. The preparation
Of ths document was suspected the street smulta
neously with the issuing OF the Injunction, and the
fact has been already noted in this column. 1t
was obtained In advance OF the latter and therefore
forestals its effect. Such strategy is par with
ali the operations Of the clique who have made Erie
football and il exhibits the pr OF the master
mind which has planned and carried out all the mag
nincent schemes connected with the speculation in
Erie. However questionable these schemes may be-
their skill and success exhibit Napoeonic genius on
the part OF him who conceived them.
The course OF Erie to-day was variable and at
times excited, but the amount Of business trans.
acted il it was small as compared with that OF Mon
day or yesterday. The present condition Of affairs
has paralyZed all dealers except the great parties to
the controversy. NO one else knows how TO inter-
pref the situation, and there is general dis
inclination to operate In Erie, as well as In
the remaining stocks OF the miscellaneous list.
lncomprehensible as is the connection between
them or Illogical as may be their sympathy the other
stocks vibrate with Erie, and Generalization In the
one creates weakness in the other. The "outside
public, the brokers are pleased TO call the GUS
"
ton, are completely befogged as to the future course
or things In Wall street and their brokers unable
to give them any light clue. The vast majority OF
houses buy and sell Ia the dark, taking
care in this particular time TO be pro-
tected by wide margins. In the earlier por-
tion Of the day Erie weak and unsettled On
the street it was quoted in the vicinity OF Al
and closed the call at the open board at 4T56 a
az. AT the regular board its price better clos
.lxa mi.
ceivership was now beginning to be known for
certainty and the stock gradually improved under
large purchases, supposed TO be by the clique, for
the purpose of making another corner on the Drew
party. The latter discovered this fact, and about
TWO O'Clock in the afternoon there rush for the
stock, the price suddenly going up TO 55 at three
O'CLOCK The struggle for the stock led to very lively
competition. The "outside publicu and their bro
kers, who were 'long" of Erie, were highly delighted
the price steadily 57, the quotation at half.
past five O'Clock. How successful the .'corner Will
prove remains to be seen. The Drew party threw
themselves into the breach at 40 and bought from
that price upward. The .'cornern depends for It's
accomplishment upon the amount of stock rela-
lively held by bo.h sides to the quarrel Things are
TO eliminate to-day or tomorrow; for the clique in
buying Eric at any figure, also put out large con-
tracts to sell from two to per less within
three days. They are also in for "short, twist
themselves II the Drew party can render the stock
scarce IN turn. The appointment OF receiver
however, places the game in the hands OF
the clique and restores to them all the power
which they had before the injunction was sued
out The issuing OF new stock or the withdrawal OF
the recently issued certificates is Of as they
choose The street is making merry over the curl
Gus perplexltY OF affairs and watching with bated
breath for the grand explosion which must ensue
no hos that
the foreign bankers who were interested with Mr..
Drew In the ''shortn speculation in Erie have tried
or win try, to obtain the interference of the United
States Courts. As foreigners they may apply to
tribunals and prevent an escapade OF the clique to
New Jersey with the funds OF the corporation which
they could not do they to endeavor to circun-
vent the matter OF the receivership by another ap-
phcation to u State court.
Gold opened at 134, and then declined rapidly TO
1855. From this point 1t turned and rose until 1t
reached 1861 at the adjournment Of the board and
13i,a later in the afternoon The cause OF the rise
IL variousy attributed. There doubtless large
number OF ''shorts" who bought to cover. The
Clique, too, may have had remnant OF the gold
which they locked up the other day and which they
wished TO dispose OF more advantageously than
at the low price OF the early morning. Sympathy
with Erie, mysteriously at work here again, also
had something to do with It, The rise is singular
in the face OF the confession OF Mr.. Van Dyke, the
6ub-Treasurer, that he sold gold yesterday and
day. The amount thus put upon the market was
hardly less than three-quarters Of million. The
range in price Is shown in the table,
10 A. M............ 134I IL M. l344
l0:l5 A. M........ 1891 2:3o p. M.......... 1861
1880 A. M........-. 134 p. M.............. 1854
At half-past fve O'Clock the quotation was 1862
1867, with sales at 1854. Nothing further has been
said OF the reported transfer OF specie Jersey CITY,
Such step would not be necessary with the ap-
pointment OF receiver. The borrowing demand
quite active during the forenoon and as high as
lie was paid against Clearing House time. In the
afternoon, =, and per cent were paid for carrying
over balances, and as high IL asked for the loan
OF gold for tomorrow The gross clearings at the
Gold Exchange Bank were sl56, 407, 600 the gold
balances s2s5s,962, and the currency balances
S4,5o2,55o.
Governments opened steady, nuctuated with gold
and closed quite rrn. After five O'Clock there was
aspirted demand for co.'s the strength OF cable
despatch announcing that these bonds had gone up
10 TAX in London and to 70 at Frankfort. The final
quotations were folows:-United states 6's, 1851,
registered, l13X q 1l3,f; do. coupon, ll4h4 ll4k
5-20's, registered, 1908 1o6A; 5-2o's, coupon,
1852, ITO llos; do, 1854, 1878 1914; do, 1866
1917 1913; do, new 1896, 10 n 1l0Is; do, 1867,
11o,S 1Ioh; do, 6's, 1865, Sio1l 11Oa; l0-4os,
registered lo3% alos5S lo-l0's. coupon los 1861.
In the stock market business commenced without
animation ana at decline In the general list OF from
quarter to two per cent. The abundance of money
does not stimulate speculation proportionately. At
the open board prices closed as follows the CALI
Cumberland, 81 q 40; Wells, Fargo II Co. Express,
20 a ISL; American. Al 45: Adams, 4sh a4s'6;
az Np-rhaDfgf n