Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-03-30

| York, but one Of the parties was Rbsent
un der pretext Of other engagements.
The consequence was o postponemeni
of the meeting. Up to this time the Erie
| clique had not appeared on the surface
! but, as it has since been ascertained,
| they, with leading express men who have
always been understood to be on terms
/ Of the closest business intimacy with
| them, were large sellers Of express stocks.
Three days before the meeting above re-
| ferred TO, when it WAS supposed there
was nothing to prevent the consumma-
/ ton of the above contract, and when
/ the stocks were booming" the inside
cliques were unloading upon those who
were not in the secrets.
Upon the postpOnement of the meet
| ing, the report was circulated trouble ("
! This broke Adams from II to 65, and
/ United States from 69 to 56.
! At this point the Erie clique showed
/ themselves on the ground. The first step
was an order to the United States to quit,
accompanied by an announcement that
| the Erie Company, on and after March
l, would run the express over its lines.
This project had previously been talked
up with an institution known in our city
as the Erie Transportation Company,
which had a charter from the State of
Kentucky, under which an express COM
psny could be run. The m -mbers of this
company were made to believe that they
were to step into the boots Of the y Uaited
States Express Company and the Great
Western Dispatch, and its officers were
ordered to New York to close up the ar
rangement. At the same time an agent
was dispatched from New York to Gin
cinnsti with q circular, printed, probably
10 hot evrnnnd ont rio
convertible bonds" This circular read
about as folIowsI
NEW YORK February 28.
"On and after March l, the Erie Rail-
road Company will run an express over
its lines, in place Of the United States
Express Company. Railroad agents will
until further orders, act for this express.
J. GOULD"
This circular looked fishy. AS Mr..
Wade innocently said of the action of
the Senate, in regard to counting the
electoral vote OF Georgia, it might be
said it was official if it made no differ
ence, or it might be said it was not ofii
cisI if that made any difference. 1t did
not look like an official document; but
it was carefully distributed. The agent
arrived here, and proceeded 70 look up
quarters. He proposed TO rent the build
ing formerly occupied by the Merchants
Union Dispatch, but he was careful to
make no offer; he merely asked ques- |
tions.
But all this looked like business. Ad- |
ans Express declined to So, and United |
States to ga big fall. Here was large |
profit for the inside cliques, who sold |
short at prices 20 per cent. above these
figures. Now the shortsn began to |
81
II fell on Monday. On Saturday dis |
patches were received, saying that the |
Erie had postponed their express one |
week to enable the United States Com
psDy time TO gather up its clothes and /
walk.
II now began to be strongly suspected |
that the whole movement was a cOnspir-
acy, such as are oomman in New York
stock circles, TO make q speculation, and
the stocks began to advance. The par
ties who were previously large sellers,
were now heavy buyers. United States
advanced to SIC, and Adams to 623c.
O1 Saturday the cheat eliminated.
were received announcing /
that the United States Express Company
had closed twenty year contract with
the Erie Company, which gave it not |
only the express business, but also the
entire through freight business on the
lines Of the company.
Thus ended this great movement in
express stocks. It was we'll planned and
speedily executed. The cliquss made
several millions by the operation, and
now they are ready for another game.
Il might be supposed that the Erie
Company, which the Erie
clique used for their purpose, had been
left out in the cold, but its stockholders
have, We are informed, been cared for in
the L Uaited States Express Company.
Some people might suppose that there
Was a swindle somewhere in the move
ment;" but then it is up to ths New
York standard Of morals, and having
proved a great success, it will add new
glory to the fame of the meu who planned |
aud carried it out. 1t will improve their
credit ia bank, elevate them in social
circles, and cause them to be lionizsd in
WI ali street.