, 1870-12-20

there. Many were inclined TO di3creait the
tunor' altogether; mary others shook their
hasda AID looked Niae, b9t,. Mhau pumped,
ve!e found to te fall ,.of emptiness.
tics who hsru no connection With the
m-ster whatever Tbs runor, however, Is
fouLded On fkEts, And to DsAka tho connection
Ct como Of The Chicago y 1ionll Banks With
! atock- -iobhng pool tnt. !s.ble to The render.
tt s;seioa ef s stota aed
Company. It Viii be remembered that 5car
ago Mr. Alexander 2Gtchs1l, OF lHiEaukoe,
vas President Of tie compa35, md ita ro.da
Wete being mtnaged, not only in tbs interest
Of Ellszukee. hut IN the interest Of Tho s'St-
were prepsrirg 10 conso1i1ate it With ths MI
wxukce i st. PAIL The party in o2posi-
ttm TO this Management Originated the
scheme Of getting contrpl of the stock, aleot-
ing Mr.. John F. E1ey,.of tho Ro:k Ialand
Road, ! President, . seeottne = better ,aia.ge: u
thought, together with Bcme new And impoe-
tktt extensions Of the ooupAny's roads 10 Eard
Minnesota, would inc1eAee the value Of tbs
stock 80 that the : pool" who should 50 in to
buy up tho stock and control the election
the spool" would hxyot to ho:d about e., ,0oo,-
600 Ct the STOCK TO effect their purpo,e, z7d
that aa this en-. COO coo o. e:nct enuld BE- c,r-
red On = margin Of 10 per cent, e 000, 900 OF
caeh would b required A good many
ctpita1 SITS Of + speculative dispoai,ion in tins
CITY thought tlese Was Legitimate geouna
eocu7h fot an advance In the stock TO be IN
dacsd to take = sLare IN the ';pooL" Tle,e
were also eono other interests that might be
ssryed by ch1nge in the management Of the
company. Its LAak bAlascs here VA. known
to average about s5o1. 900 inow kept at TIT
Firs. md the Second National Dauks-) Tie
securing OF this account " as desirable thing
IN fr3t,E & nd IelEt h1ng+ Pr a.HANfR
we're induced to take m interest in The
"Pco}, with the understanding that shoy
were TO have tho company q acoouat II Mr.
Tracy Vas elected. and, Wills the
bankers probably thoneht it good
tLeir resaecii.e banks were to hive no other
benefit frcm 1t than the securing OF the
accounts. Tie orEa1izatloo OF the "pool"
w.t begun early in the present. year. About
575o, 600 Of the $2, ,Goo. COO thoughtto be uece.-
sazy was ra,sed IN this city, largo number
oshels. tire "eleva:or ring" commonly sup
posed to bo Represented by Hiram Wheeler
AID 4 few others, who wanted to influence the
management Of the Northwestern Company
in tlss delivery Of gain to their elevators to
snceinctly stated, ia believed to have been ~
folloas to buy up the stocs, elect VT. Tracy,
President, cut Gown tho expenses OF this roads,
atops Tho policy OF. new znl important
connections In Ni.consin and Miane-
eota, influence the management OF tho
company il, connection with rhe elevators AMI
barks ~ above mentioned, run the stock up
to rar and gradually work 1t Oh into the
LeldiEg Of the puolio- The whole Of this pro-
graton.a has been carried ont eroept the run-
ning up TIE price and the selling i out. This
very important finale seems to "hAuE flre."
Mv. Tracy has coma bitter enemies in Wall aud
Broad streets, Enado by the unexpected issne
Of Keck Island ktoek Inst summer. Taese
formed bear clique, whose most prominent
+. E.p.tsensa' ives are Rufus Hitch i Co. By
tho operations Of tho bear clique, the
stees his bean depressed considetahly.
cut. A story has s1so besn st.rted-whsther
having any foundation in fact, or whether only
- dsvcs OF tho enemy, 1B not known-thAt
the New York wing Of the pool" finding that
the Chicago wing vas determined to get out,
ard that they tthe New ioskers) would have
to hold the stock, have becn privately and in
dividua1y selling the sto>k down so Is to take
tbs tnteFest OF the Chicago party OF their
hands at Us low price al possible; henca tho
demand Of the latter for settlement by
general division Of tho ttock before
further losses are male by the ;. pool while
reilly 10 bull clique in tho msrket .exsept
the Chicago party, who don't feet bui1i&h
enough to hold on, and the finale may be tha.
those wEo are ceiling tbs market down will
get bsatsn" worse BY the natural reaesion
TIM 'hy e.. e55psst to .hs the CHI chle,Se Ss
majority Of the ''poo1" who are no.i io, aud
! three -foulths OF whou1 are New forkere. will
he obliged 10 cortiaue In, and to hold the
stock md bring their capital to lts support,
| Tor the simple reason that they have 30 much
| that it cannot be worked OF without breaking
down the price md resulting IN great loss
II the Northwestern Company can show cou-
causiy.ly that their roa3s are better
uansc-4 ..c.- y..---- 80, u. :....:-tz.
operating EXPENSES have been largely cnt
down uElcr Nj; Trays management {whic',
Is believed to be tho case), that their recent
fcmi.arnual ca.h dividend was declAred out
OF legitimate profits, md that their cornec-
| tious At Winons and other places In the Eorth-
| west are being pushed forward in good fifth.
| sna that the statements to the contrary pub
| l,shed in the New York Commercial Advertiser
and tbs New York HorM wesc incorrect, and
| made cnly in the interest of the bears,-it
these thinga can be shown, the stock OF tbs
NorthN catern is wcrth par. because Auy legit-
inlato 10 per cent stock is worth At leis,
par- The corruption Of the management,
aEd tho !" elevator ring" will go far toward
throwing discredit upon ,ta figures and state
| menis.
In the local money market, the prominent
feature VAS the scarcity OF currency eonse'
quent upon larger demand from tho coun..
| Wy 10 1fB ~ FAJUcut 1oF uoEs+ A01o CAusSt
larger offerings Of e1charge, and decline il
itE plico- Some Of the banks were unable 4
get eur,ercr enough by the sale Of e1chang.
Ind wele Obliged to order considerable sum,
from New York.
Money is tight, and the bauks arc eopdria:
Recommendations to euc1, borEnrorn have ia
tlisputable diins upon their fATorn.
Exchange IVES sold between bAnka to-day 1
from 5oc IL ~. per Il .0o0 Discount, and 10 th
afternoon could not have been eold bette
Than 1-lO discount, At the counter, banker
tt,I at 1-lD premium and bug 1t 1-l0 discount
| Tho following quotations for buying an
sc.sS soSe'uhme1e .h po1o s tsres sspeas, ser
tarri.Eed by Lunt, Preston / keAn, bAnks-t
| Il fisik sftnff