Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1869-08-11
WHAT CAME OF JUDGE BARNARD's

WHAT CAME OF JUDGE BARNARD's
BED CHAMBER INJUNCTION.
When this last undreamed of act
was made public on Wednesday, at
noon, it was apparent that the crisis
was not far off. Daniel Drew was
cornered. Erie was scarce and selling
at A., and would not become plenty
until the arrival of the English steam
er OH Monday; and so, at AZ, Mr.. Drew
flung himself into the branch to save
his endangered credit, and, under his
purchases, the stock rapidly rose, un-
til at five o'clock on Wednesday after
noon it reached 81. Contrary to eX-
pectatiOn, the "corner" had not yet
eliminated. 1t became evident the
next morning that before two o'clock
that day the issue would be decided
Drew fought desperately. The Bro
kers' Board was wild with excite
ment. High words passed collisions
took place; the bears were savage,
and the bulls pitiless. Erie touched
90, and there was a difference of l6 per
cent. between cash stock and stock to
be delivered in three days-when the
steamer would be in-and difference
of 10 per cent. between stock to be de-
livered on the spot and that to be de-
livered at the usual time, which was
a quarter after two O'Clock. Millions
were handled like thousands; fabu-
lous rates of interest were paid (;
rumors of legal proceedings were fly
ing about, and forays of the Erie
chiefs on the Vanderbilt roads were
confidently predicted. New York
Central suddenly shot up under these
influences per cent, and Vanderbilt
seemed to enter the field. The inter-
est of the stock market centered in the
cOmbatantS, and on these two great
corporations. All other stocks were
quiet and neglected, while the giants
were fighting it out. The battle was
too fierce to last long. At quarter
before three o'clock the struggle would
be over. Yet now, at the very last
moment, the prize which trembled
before them eluded the grasp of the
Erie ring. Their opponent was not
saved, but they shared his disaster
Their combination had turned on the
fact, disclosed to them by the Erie
books, that some 800, 900 shares of its
stock had been issued in the ten share
certificates which alone are transmit
ted to London. This amOut they sup
posed to be out of the country; the
balance they could account for rs be-
yond the reach of Drew. Suddenly,
as two o'clock approached, and Erie
was trembling in the Cos, all Broad
way-every tailor and boot maker and
cigar vender of New Nork-seemed
pouring into Broad street, and each
new conner held eagerly before him
one or more of those ten share certifi-
Gates, which should have been in
London. Not only this, but the poek-
cts of the agents of foreign bankers
seemed bursting with them. Bedlam
had suddenly broken loose in Wall
street. 1t was absolutely necessary
for the cOnspiTatOrs to absorb this
stock, to keep it from the hands of
Drew. This they attempted to do,
and manfully stood their ground,
fighting against time. Suddenly,
when the hour had almost come
when five minutes more would have
landed them in safety-thrOugh one
of those strange incidents which occur
in Wall street, and which can not be
explained, they seemed smitten with
panic. 1t is said their bank refused
to certify their checks for the sudden
increased amount; the sellers insisted
on having certified checks, and, in
the delay caused by this unforeseen
difficulty, the precious five minutes
had elapsed, and the crisis had passed.
The fruits of their plot had escaped
them. Drew made good his contracts
at 81, the stock at once fell heavily to
II, and dull quiet succeeded to the
excitement of the morning.