The New York herald., 1868-11-17
FINANCIAL AND coMMERc GAL.


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AoNDAy, Nov 1851 p. II.
~oa.v na. heen . very excited one In Wall street.
.rd rsv;ves rem,npoences Of the great Harlem and
.spra,rie Doen .cSrners' and the Atlantic Mall
.sdronD - The estures OF business were gold and
Erie, upon whose msnipuation hinged tho doinss Of
ena mole dsy Erie after the sudden advance Of
s.turaav rgnt and through an utter absence OF any
snov,sdce upon which TO base its value, nuctuated
voleutly between 4s,s and o.. In gold the bulls pro-
duced squeeze" oven moro severe than that which
vas experienced about six weeks ago. The price
was run up to 1877 rather than pay which some Of
she shorts borrowed gold ct the excessive interest
or ose per cent per day. s9f e>
TIE transactions on the street In the half hour be-
fore ten O'Clock were wildly irregular. Erie which
concentrated the earliest business, opened at SO
"a, but was rapidly run up to 81. ow much OF that
peculiar process known a. ''washing' was done 1t
Impossible to say, but that 1t practised during
this day is freely charged. Recourse to such bogus
sses show how demoralzng Is the tendency ofspecu-
htion Atthis latter highest figure those 'long" Of
the stock began to unload and although there were
intermediate sudden and large reactions, the price
had descended to 4sx by one O'Clock In the after
Az Ear 1t is possible to discover through tho
confusion Of the hour and as near as may be gath
cred from the dozen flying rumors that agitaA the
street, it appears that the recent great
Q ombination OF ''bears" who 30 successfully
broke the market by steady and persistent effort
became dsinte grated, all large bodies win when
there comes division OF the spotls. Hence, after
che compact which kept them together 80 long. had
been fulfilled by the running OF Erie down to the
vicinity Of IS, q small faction parted company and
jnned with an ex-drector Of the road who, well
snnmber or .'bear' houses, were discovered to be
~shortr OF the stock. This condition Of things
afforded fine opportunity for nice little piece Of
financial strategy and revenge. The great Clique en-
tered INTO an alliance with the Northwestern party
offensive and defensve, covered on both stocks and
sent the prices OF Erie to figure which produced
the utmost CONSERVATION, IL has not 30 affected
some houses to create apprehenAons for their
stability. Two failures are reported already, and
two or three more are whispered on the street.
One failure OF small stock -broking frm dong
business on the "wild-cat" system Of very small
margins. Their bankruptcy has embarrassed one OF
the members Of the open board, who was indirectly
connected with them. Stocks were bought In for
him under the rule, but his insolvency y not yet
asserted. The cause OF the failure was q 'short'
venture In New York Central. The alliance, although
eminenty successful in advancing Erie was not SO
successful with Northwestern, which remained
stubborn In the vicinity OF s5 o 81. The i'm
petus given TO Erie reached the rest Of
the stock list at the session OF the first open
board at ten O'Clock, the transactions embrac-
ing about 80, ,oos shares, nearly one-han Of which
were Erie. The dealings In New York Central and
Erie together constituted onehaH Of the business OF
me session II not OF the whole day. The 'bullsn
who benefited 80 largely by the change OF tactics on
the part Of their late opponents, the great bear
clique, were Jublant In the extreme. From the fact
mat new contracts for ''short sales OF Erie
pat forth during the day it Is evident that the
Dination are '1ong' OF the stock again st the de-
enned prices Of the afternoon, intend abandoning
Il for the present
The feeling IN the Gold Room was hardly less ex-
sited than in the stock market over 'squeeze''
produced by 'locking up" OF gold by the par
ties, as far can be ascertsined, who success
fully tied up currency month ago. 1t seems TO be
the.same kind OF strategy transferred TO different
neid of operations Tney began last Friday 70 buy
and put away gold just at the Time, 1t win be re-
nnembered, that new threats OF locking up green
backs broke the stock market and gold was
cheapest. The frat effect OF this withdrawal was
1ek ON Saturday, when the price hardened
and closed At the highest ngure OF the
week. Gold opened on the street at
1904, with sales high as 1863. before the regular
commencement OF business. 1t opened in the room
at 1854, and attempt to UNLOAD" OF this figure
ran down the price suddenly that the parties In
control discontinued selling which they could well
afford to do, the premium was still one per cent
better than when they bought, while for the cash
metal they were obtaining interest at rates varying
nom one-eghth to three-fourths OF per cent per
diem. The effect OF this strategy was witnessed in
fhe subsequent rise Of the premium during the after
noon until touched 81, the highest point 1t attained
Auring the day. The range in price Ii shown in the
table:-