The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-23
FINANCIAL AND COMMERCIAL,
srSn.Y. Nov. %. 1888.


SUNDAY Nov. %, 1888.
The week closed upon an eventful period in the
history Of Wall street The excitement portion OF
the time was Of the most intense nature and The
prices Of certain stocks vibratel with the widest
frreguarity. The occasion OF this disturbance OF
values and or the conmotion which 1t produced was
the senuel 70 the recent docking up" combination
90 make money stringent and cemoralize the stock
list II seems that one Of the principal parties TO
this scheme an ex-director OF The Erie Railway,
ouarrelled with his confederates after entering SO
far into their plans to contribute million OF dol
lars out or four millions which he promised to ad-
vance In carrying out the project for producing
tght money market. Either inside or outside OF this
combination be had put out contracts sell sshort'
ZOO shares OF Erie and had sold 'cas for 40 900
more. Out. OF revenge his late confederates deter
mined TO ''cornern him. Accordingly ON Saturday
afternoon last they 'coveredr their own s.shorts'
and before he could learn their stratagem or make
headway against it they had the price Of Erie up
60 81 Affairs stood In this condition until the be-
ginning OF the week. In the meantime he
10 far Inundated himself as to beg for
mercy Finding that he could obtain none he insti-
gated or participated in motion for an injunction
20 restrain the directors OF the Erie Company from
nsing the funds OF the corporation for any purpose
whatsoever. The clique, however, were too smart
Tor him. Suspecting that such would be his next
move they had quietly obtained an order making one
OF their own number receiver OF the affairs OF the
company. Fooled in this direction, he made des-
perae EFFORT to purchase the stock at the then mar
ket price, in hopes OF saving as much as he could
from the coming destruction. His enemies then OBJ
tanned supplemental order, authorizing them to
withdraw as much OF the stock had been over
Issued THE effect OF which, it acted upon,
20 send the price OF Erie up par This last stroke
II Thn .soarp or,,r poiu cd
on Thursday, when he capitulated with the best
grace he could, selling his contracts at loss OF
about twenty dollars per SHARE The clique
now overloaded with the stock and the ex-drector
saw chance for revenge In turn. They had pur-
chased it all the way from 35 to 81, and the great
bulk Of 1t in the vicinity OF SIS. 1t easy to de-
moralize the street the subject of Erie
after the fraudulent character OF the opera
lions which the clique resorted to origi-
paly IN their attack upon the market
"A sudden hue and cry was raised against Erie and
1t is now almost without quotation. petition has
been numerousy signed asking its expulsion from
the list at the stock board until is properly regis
tered in some trust company responsible banking
house. Although this disparagcment OF Erie origi-
mated with one Of the parties to the quarrel and
instituted for selfish motives, the public likely to
be the gainer-anoher proof OF the fecitous results
springng out Of the disagreement OF rogues. Erie
~ now where 1t should be-tn the hands OF the CLIQUE
OF swindling stock gamblers, who were too dishonest
TO confne themselves within the legitimate strategy
OF the street. and had to resort to fraud to accom-
plish their designs. The stock in their hands has
already fallen from IS to A. and will go still lower il
the honest dealers Of Wall street will continue their
determination not to have anything more to do with
It until the transfer books removed from the
stock gamblers office and placed in some public
banking house open to inspection To make good
their losses by this fall In the stock the clique will
be forced to retire the over issues when they
will virtually confess the fraud which they have
practsed on the stockholders and on the
public in general. They are desperate In their
Efforts TO get rid Of the proofs OF their crime and
suddenly turned ''bullsn on Friday and Saturday,
with view OF getting rid OF the stock. For this
purpose they begged and borrowed oil the money
within their reach, and rendered the banks as rich
as they could the close Of the week. This favor
able aspect OF the money market failed to induce
speculation So many have suffered by the "break"
IN stocks and the absence OF tone in the stock
ket and so many are prohtng by their example that
extreme caution is the rule among operators. The
week closed upon duh market in consequence.
Gold was active in the early portion OF the week
ehrough squeeze" produced by the clique, who
made movement In the precious metal at the same
time that they forced the "corner', in Erie. The
price went up as high 1884, when they sunloaded''
restoring the price to dulness in the vicinity OF
z34k. AT the close last night there was further
decline TO 134k, the market being weak on account
OF the sales OF government treasure, to begin to-
morrow monday. The range OF gold for the week
~ a fni