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

SUNDAY Nov. %, 1885,
The week closed upon an eventual period In the
history OF Wall street The excitement portion OF
the time was of the most intense nature ana The
prices OF certain stocks vibrated with the widest
irreguarity The occasion OF this disturbance OF
values and or tile commotion which it produced was
che SEQUEL TO 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-drector OF the Erie Railway,
auarrelled with his confederates after entering SO
far into their plans to contribute million OF dol
lars out OF four millions which he promised to ad.
vance in carrying out the project for producing q
eight money market. Either inside or outside OF this
combination be had put out contracts to sell shortn
10000 shares OF Erie and had sold 'callsn for 900
more. Out of revenge his late confederates deter
mined to corner" him. Accordingly on saturday
afternoon last they covered" their own .'shorts y
and before he could learn their stratagem or make
headway against they had the price OF Erie up
60 o. Affairs stood in this condition until the be-
ginning OF the week. In the meantime he
20 far Inundated himself as to beg for
mercy. Finding that he could obtain none he insti-
gated or participated in motion for an Injunction
60 restrain the directors OF the Erie Company from
Osing the funds Of the corporation for any purpose
whatsoever. The clique, however, were too smart
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-
perate enort to purchase the stock at the then
ket price, in hopes OF saving as much as he could
from the coming destruction. His enemies then OBJ
tanned a supplemental order, authorizing them to
withdraw as much OF the stock as had been over
Issued the effect OF which, were 1t acted upon,
20 send the price OF Erie up to par This last stroke
was too much for him. The .cornerr eliminated
on Thursday, when he capitulated with the best
grace he could selling his contracts at o loss OF
about twenty dollars per share. The clique were
now overloaded with the stock and the ex-director
saw a chance for revenge in turn. They had pur-
Chased it all the way from IS to 50, and the great
bulk Of it in the vicinity OF So 1t easy to de-
moralize the street on the subject Of Erie
after the fraudulent character OF the opera
lions which the clique res0rted to orgi-
Dally In their attack upon the market.
"A sudden hue and cry was raised against Erie and
1t is now almost without quotation. A petition has
been numerously signed asking its expulsion from
the list at the stock board until 1t is properly regis
tered in some trust company responsible banking
house. Although this disparagement Of Erie orig-
mated with one Of the parties to the quarrel and
instituted for selfish motives the public Is likely to
be the proof Of the felicous results
Il now where it should be-n the hands OF the clique
Cfswndllng stock gamblers, who were too dishonest
70 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 stin lower II
the honest dealers Of Wall street will continue their
determination not to have anything more to do with
It until the transfer books are 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
practtsed 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 s'bullsn on Friday and Saturday,
with view Of getting rid OF the stock. For this
purpose they begged and borrowed all the money
within their reach, and rendered the banks as rich
~ 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
Axtreme caution is the rule among operators. The
week closed upon dull market in consequence.
Gold was active in the early portion Of the week
through 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 137, when they "unoaded,r
restoring the price to duness in tile vicinity OF
AJAX. 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
was as foiloNs:-