The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-28

The battle IN Erie stock that has been raging IN
Wall and Broad streets during the week was con-
ttnued yesterday. but in q very mild form. There
was, as matter OF course, less excitement than
on Tuesday, and 1t was confined to but few skin
mlshers.
When the Stock Exchange opened and Erie stood
at 60 there was considerable excitement for brief
time, but the receipt or intelligence OF decline In
London quickly had It's effect upon the Spectators
here and the stock tumbed rapidly to CO. It soon
after recovered to SO, and then nuctuated between
81 and 62H. The Spectators who, the previous
day. had boldly entered the arena to
gamble on the stock, seemed quite undecided
how far to venture and many carefully avoided
taking any risk, as 1t was very evident that while
the market in London was 'soft" II was unsafe to
venture too far. AS the day wore and the intel
lgence from beyond the Atlantic indicated that the
rival factions there. who are supposed to be com.
petitOrs for the stock, had inaugurated O truce,
Erie began to fall and the tumble was hastened in
great measure by the operations of Daniel Drew,
and Duncan, Sherman & Co., which Will be referred
to hereafter. At about half-past three the quota
tons stood about g. but then began to break, and
in the course of q little over an hour went of to
6Sk, the closing price.
While the ruling prices in London had much to
do with the decline In Erie the fall In the afternoon
was greatly owing to the sale OF $4,000 shares by
that bold operator, Daniel Drew, who stepped into
the market during the day on o large transaction.
About midday he closed with Duncan Sherman II
Co.. agents for English principals, for the delivery
OF 50OO0 shares In one lump at IS. at this time the
market stood at 81. It Is understood that the
OF the sale are that Mr.. Drew the right to
deliver the $4,000 shares any time within the
ensuing twelve months at this price. Mr.. Drew and
Duncan, Sherman Co. made mutual deposits. 1t
is said Of IRON to twenty per cent In the Trust
Nop,p hi yvhi was
ated for the former by Whtteiey & Nelson, OF Elk.
change place. After this aston dlng transaction
Mr. Drew offered to sell fifty thousand more OF Erie
the same conditions, but he found no takers. 1t
is believed that the negotiations have been made by
cable within the past few days. There are many
who believe that Mi. Drew has made losing con-
tract, and that he will be unable TO purchase
rate that will enable him 10 cover his margin; but
he feels very confident OF a further fail and ex-
pres ses the belief that lie can buy at 80 and make
profit OF S25 per share, or 81, 100000 on Inc days
transactions.
AS already stated the closing of this contract ma
terlaily affected the MARKET and Erie commenced
the reporter of the HERALD conversed with
number OF the brokers and bankers, aud they seem
TO be widely different in their views as to the prob
a anar Of tine u asea W as IN
renew the contest for the possession OF
controlling interest In the road, and that the
hand, express the belief that the crisis mas passed.
far as Erie Is concerned, and that some other
otoOh VIII NC eH0 ASAU SOAAVo uPoA w CANA'0 enO
market
outside ofthe Stock Exchange about two O'Clock
two brokers met. One Asked
"Wel, have you lost on Eriep"
mo. Yesterday made $4,000; but to-day nave
not touched 1t with cent. guess the chances
have passed. The market in London Is soft to-day,
and the excitement there has evidently abated. and
the stock Will not likely huctuate more than three
or four per cent for the rest OF the week. should
not tie surprised 1t even went down TO from So to
So l have ventured as far as 1t is prudent and
wouldn't advise my friends to go in again."
'.Well, agree with yOu," said the other. 1.-THE
Heath and Raphael and Mcdenry interests have EVIL
IDENTITY drawn out; one or the other is satisfied,
and as orders are not coming In very fast 1t is
|. may be possible that the inactivity the market
thereis attributed to the fact that this Is settling
day, and after Good Friday the competition may be
renewed with greater energy"
Mr.. Rolston. OF the Farmers Loan and Trust
Company. in answer to an inquiry as to the number
OF shares transferred SAID he could not tell 'All
the certificates sent here nave been registered, bus
we are still two days behind the actual transac-
TONS Inc certificates Tor these two days have not
yet been sent US. We have registered about one
hundred and twenty thousand shares, and sup.
pose the whole number transferred may amount 10
10000 shares. think now 1t will not be more,
though at one time expected more"
The excitement on change was by no means as
intense as on previous days, and the interest
In the quotations. was not SO general. Street
gossip says that many of the brokers VINO
threw themselves into the Erie maelstrom have
come out badly hurt, but no serious failures have
been reported. 1t is possible, however. that when
they come to square accounts and fulfil obligations
some VINO now think themselves sale may discover
that they have been financially shpwrecked.