The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-11-20
WALL STREET.
"Erie, Outlets Down and New York Gen.
tral Stock Looms UP.

The New York Herald of this morning reports
affairs in Wall street as GolloWs:-
Wall street continues to be "A kaleidoscope OF
interesting changes. On Tuesday Erie and gold
were the features. Yesterday Erie was the
absorbing object OF speculation. To-day New
York Central comes upon the stage, and Erie
N axes its retiring bow.
The n eat campaign in Erie has ended with
victory for the clique and discom iture for their
opponents. The latter Was forced to capitulate
On very hard terms. They took the best they
could get. Anuihilation stared them in the tace
aid they persist in the struggle. The great Erie
"corL er" "bursted" about O'Clock this after
noon. 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, we're without avail. 1t was their last
card. The sublime strategy which procured for
the receiver OF the Erie Railway the power to
purchase back the overssued stock was too
much for them. 1t was the decisive manoeuvre
Of the batlle. The clique could now run
Erie up 10 par, which contingency would be the
certain bankruptcy of the "snorts." flag of
truce was sent in aud 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 s5 to 40 on average of 81 to
36 As they were "short" 80 900 shares and had
sold "Calls" on 40 900 more, little arithmehcal
calculation will show that their losses, after
making allowance for the stock purchased to
"coyer," amount to about q million and q quar-
ter of dollars. This OF course is a trihe, pecu-
niarily, to the wealthy operators who were
caught by the "corner," and they would hardy y
regret IL were III not LOT Inc triumph e1 tlelc
enemies and the nlauUGls ton OF the whole
thing.
The price of Erie, for cash, went up as high as
| 62, but the bulk of transactions took place be-
tween 81 aud 60. After the bursting" of the
"corner' it went down to ~, the price about
two O'Clock in the afternoon. From this point
| 1t took sudden start upward, partially in con-
| sequence of report that the settlement of the
| Drew party was hoax" and partially because
il was said the receiver was buying in stock in
accordance with the powers granted hlm to
retire 600 of the overissued certificates. 1t
ascended gradually and rapidly to the entity
| Of 40; but as nothing tIansplred 10 confirm these
reports, 1t settled again, and at six o'clock this
| evening Erie is quoted al 44@D443. Whether 1t
is to be permitted TO remain qglet lies within
| to issue new stock and Withdraw the ovsrissues
and the clique have the power and the oppor-
tunity to do either or both-Erie is ever relia-
BILE means OF profitable speculation in their
hands.
Certain circumstances which will presently
appear indicate that the clique intend to let the
fertile field of Erie lie fallow for a time while
hey undertake raid among other stocks on
the list. Certain it is that at the close of bus
ness 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 sud-
denly became ana bilious OF subjectiug 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 it Is useless TO attempt to guess, but
doubtless they sought to control the direction
OF the road and elect President from their o Sn
number. The veteran Commodore who wlelds
the destiDies OF the Central was too willy to
suffer himself TO be so easily thrust from his
throne. He headed off the game by suddenly
closing the transfer books on the 7th instant,
preparatory to the election Tnien W. Is 70 come on
this duplication was shown in the sudden rise
of New York Central stock from l2lh cash in
the morning to l29 at four o'clock in The after
noon.