New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-28
HORACE T. CLABKs TESTIMONY


o WHAT is vour business. andwhere do you reside
A reside this city. and have relations TO some OF Vic
railroad interests of the country.
O. We're Won during che month Of November and are
v-u sl the owner of any railroad stocks, ara u 90
STINT, some Of them. refer 90 active and what are
called leaduc speculative stocks IN this marketl A.
was then ANA am s. the owner of considerable nuin-
her OF shares of some oi he active and leading specma
tive stocks in This market; what stocks IN particular are
tho,e n respect OF which YOU desire to make inquiry
O. Chicago and Northwest common stock aud Lake
Shore sf1cEl A. was Then and am slA an owner OF
considerable number of shares OF hotl ot these stocAs
O. Have y1u been familiar during the present month
ia tine course OF tie stock market u this CITY In rcla
ton 90 those and other leading active stocks A. l
think have been.
O. Has there been during The present month any par
ucu m movement in North Vest common stock A.
FROM period beginning shortly prior TO tie Boston fire
a1d since Aat event. there d. sc been active dealings ~
inns market u North West stock. and the hucu-
aous iu Lake shore have Dee1 considerable during le
sane time.
@ State the general course OF tho market IN these
rcsuects shortly 01or TO and including Nov D. 1927
An active speculation. as You term TO- in North-West
con mon stock commenced prior 10 Ae teAluk '1
forests: t was asserted the Northwest Company
pr. 0ssa % issue upon tho laIle ,-5e a- ~ ~
immadltelv convertible into stock, doue m les
by tle Erie Riway Company under the adninstfaIloa
uf II MEL Drew, jaw ruul.. smith, ana oJuei5i Oie
ho.Ie- Of the Nor hives common stock were opposed
str and therefore interested n the deprass ON of its
price Wsre favorable u IT. LIS , g1gifce ~ Sl5e
r. & ,,1d m ~ the ay emf would produce "a manic IN
tc fo.E narzet as did the Chicago IRE. in Octooar
Is. Tie activity iIEyrtu- Wes. common Stock ana re
.,-r Nj 0f The Holding aided iu sustaining the market
ana me expected panic did not Persons dealing
ia STOCK TcIel these panic expectations were
arIe sellers ot Tie 1toCk, and were not careful ID an
atVc Sales ON lot perhaps an expert IN relation 20
the ndilon OF tle stock market but should say mat
10 was n an unsettled condition after the hrsr recovery
tie shock OF the Boston calamity: trlor 20 we
eadfr specuage stock had resulted from the lock4p
Of curl aey alleged to nave S.eSA pace 9y gTl lc
had Think ceased prior 20 the Boston nr9; put the
effects OF the depression st rested upon the market
BULL AND BEARS BY NAME.
O. state. u you know, in what relation Messrs. jay
Could Daniel Drew, and Henry n. smith respectively
stood toward the market for Northwest common STOCK
on nov. 20 1872 and during that weekl a. It is wei
known to the owners Of the stock, and is an undoubted
fact that Drew aud smith were short OF the Stock
through their brokers and 9tler SCI ana II ~ l-o laes
and equally wei known that Gouid was al owner OF
shares 0f Northwest common ttJrki Drew ana 5mlth
Ncrr therefore Interested IN te depression on te llIAet
value vi ile sock. while, Lle other nanu EOuld was
Interested r0 sustain ana advance tnc market price.
De- what n. atICn aid you and Augustus ccheil stand
at inp time toward Jhe market IOi lAt auu leI
of Northwest common stock, and were mfeIesJsd
against depression We were also owners "a otlol -
r0d Stocks ana were adverse ~ paLcs aue tAer cols
,1-r- . wore 0upIsed 10 the lookup OF money, and
Interested 20 aiay tue alarms persons Interested
tr,r1 rI7t was our side If the issue.
a. Dad you hear amy intimari0n, on OF shortly before
on otherwise 20 Interfere win nm or nus -hcity or
property the purpose OF ahecrns Ae SOCK afAtli
a iu are afternoon ut Nov - IL vas uinoIed nal
scheme had been devised 10 c1use quo lIIest ut M.
Gou.d 90 time ana under Crcunstanees ei ili'e. 70
produce panic iu the stock market ana 20 aus so"'
DEP 4slon lA s-s No., ~ ~ '', connected win this
q. Wuai names u INV VIZ l-Att - 80,
r..lorf A. Tie names 0f Drew ana smith were a5-o-
rrrt.o with The admin stration of the Erie Railway
Company were parties 20 the scheme.
Fri m. Var Company upon ,his sunect; 50 state the
e.r.uusauctsI Az Lad 40 interview VITA any Oucet
etle-f With tie non r r. W.tson. the President OF
that Company; hearing, dining the afternoon 14 ne -st
sr.-. I .le knd YOU lave referred mntured on
baIr sa.,c rratHre5 oa led upon MI Watson the
Els Was ONCE. ABOUT p O'Clock ul di tAe ia, aAa
sad. IIe .u1..auce OF VI hat occurred az that inuer
vieF4 A.. i stated -le Case ~ Ar Watson as nave
her .l.lra DO, ANA lnlorled Ain ar to me current
rnmors of the street. is called IN respect Of the pro-
posed ct.lu of the En-, Railway Company said to
LiM tllt openly stated aud was believed by great
uumhe.s CHAT Smith, Uno lad qulrreled win Could
tiul. tie King up OF dc lookup continuation had
arranged with the Erie COMPANY ihat smith Should
mEc certain st4einenfs .nplcllnS 0Oula tls partner
lHe TRANSACTIONS Of le %. and be himself released rom
49, .at.,n.: M Wtfso1 stated tbaf he had NOT
released smith, and lau lot agreed ~ DO nOr had Ae
l... ,- q franc nom Sir watson. knowing nom
hs lg personal character that It could be implicitly
THE RrLEAsE EvALID.
O Was ANYTHING saic 40 thiH interview concerning
release from the Company TO r Gouldi A. The matter
Of Mr Goul release referred To, and think Mr..
watson stated that he advised by counsel that it
wac Invalid and suggested 10 him that while that
might be Boz and while the releases 10 Gould and Drew
might roth be imDeachcd and nvaldated for fraud or
Dtu1r cause, ncyertAcless until such upeach-
mont or iuvaiidau0n the releases might nave
bearing upon the QUESTION OF PieliMlnad5
bau; Mr. Watson and myself inlershanged
Tie Qe...on OF excessive bail. said 10 M Watson that
.a- rumored and generally believed mat disregard
fUv4sa Vfffr ne %
~ oI0 iVi nee yyfcS would prove de-
Ftretys % ~ Gould, aud result in general havoc N
the market; aud further expressed the opinion
70 Sir Watson tha rom 70 D15lne15 AnteIssls OF man s
40 o50009 not Wise measure IN me lnleFes. OF
g sOeAIo.aers ~ Jle .5rle ka"9y 1y'HIpa ny,
ialay protect A. Waon eonened u Tie spiniea that ne
ssa ~ e ..s 5 & & siT iis q Re aisssi sSi 5sa
81 NJ Nass siea a. in'eaion o. be PAT 5oes ~
gre 1 should b arrested Ia me morning ana
i--n Fr5aids n rer. 70 he os1 aret o. ID
D. 1o-'l .galeol 'aeFe7 r. hs lsrieaiai 'as, - NJ
Gc5 Fs rssstl matter in The hands Of
. ioa asl.d va ,ie.sr g. L " Barlow within Butler
leaa 4 'aa L. lr-sss buaDess Iseat A. ino~ eA,l VI
are s nos ir.r " ,bs Ordinary Of The sos1 HaT1e
iheo ~ Dr. ifass ssi nunse in reiPee Of NC
lsast a. Tsvsr zen i:,r 10 stocks IA wallet more or
q As,ai VS., yos ga lo.orn lou he Rre Bfrsy
Oaos % Ses y era ala sss,s d aEs yoar
qs alsa o ioSS h.,s as Ne. Intense s' sie
or s 1i5ne7 ne t h is- nj N ~. ssss Va 20
sIe. esaessi u Soweai sioel 7lss ls5sselE
q Al ~hst Of Le DAY reats 5sua, maze bstrssn
soe-l9Lss '.a ..a i ay1 af vih Tsoisnes 70 h2et
geai solI 2 a. s.ie .'ai aft as,ses ihn oe',s a. q
's.s au Be a'r .i % nee as igetssoss o che aAi
f n a. los a Is are gsies, sls b. 1osiHg stock
ga "a "a, so'ros 80 81 s e5 we ne sa,i p s 20 se s
70 tf sf.ss yi-r 4l - si,gtl On se l-f ss nj 'su