The New York herald., 1872-11-27
HERALD

The following were the closing prices es:-Tennessee,
ex coupon, 10 70; do, new, 75s 76i4; Virginia,
ex coupon, Al a SO; do. sixes consolidated bonds,
644 55s; do, do, deferred scrip, 1874 II;
Georgia skies, 70 q so; do. sevens, SO 90;
North Carolina, ex coupon, 35t< SO; do,
funding, 1865, % Q 80; do do 1868, %
2s; do, new, 81 a 90; do, special tax, 13h
Is; Missouri skies, 95 951a; do, Han
niDal and St. Joseph. 9l,s 92; Louisiana skies,
Sc IS; do, new, so Sc; do. levee sixes so a 5o
do do. eights 10 s0 do. do. eights 1876, 70 so;
Alabama nves, SIS 60; do. eights, So q s5; South
Carolina skies, so 81; do, new, January and
July, 23k 241; do. do, April and October, 80
81; Arkansas skies, funded, 40 q AS.
STOCKS UNSETTLED AND LOWER.
The stock market was unsettled, with an even
tual decline and q feverish tone at the close. For
the first hour or so there was q fair degree Of
buoyancy and strength bequest OF the previous
days activity, but the Improvement In these early
dealings brought out heavy sales, under which
there ensued decline ranging from u to 3A per
cent outside OF Northwestern common, the
greater extreme occurring In the case Of Pacific
Mail and Northwestern preferred. the latter having
served its temporary uses as legal tender In the
proposed settlement OF the contracts between
GOULD AND SMITH,
while the former was purposely knocked about by
tue StOckWcH party, Will D VIeW 10 lnuuClnE u ueW
'.shortn interest. The Northwestern corner
was relaxed to-day, by the complete, or nearly
complete, achievement its object, and the only
settlements outstanding and in dispute are those
between Jay Gould and Henry N. Smith, which
cannot be brought TO issue at the stock Exchange,
as neither OF these famous operators Is q member
Of the Board. The purchases "under the rule'
last night for account Of Drake Brothers, were
nullihed this morning, and an apology made those
gentlemen for the rash and hasty order to the
Board to
BUY IN THE STOCK.
Gould being the aggrieved party, held Garland,
Martin h Co. responsible for the stock instead,
and had 1t bought in for their account by Osborn
4 Chaplin, to whom 1t was sold ut $50 a 40. AS
Gould is member OF the defaulting firm 1t Is a
curious transaction as it stands; but, doubtless,
he intends to hold his partners responsible
for their quota OF the loss incurred by
the firm in the difference between the
contract and market price Of the stock. In our
explanation Of this matter yesterday 1t should
have been stated that the stock was loaned to and
not borrowed from Joslyn, Bach Co. Like
Artemus Wards Mormon love story, the topics of
the money market are oftentmes very confusing,
and, like Dundreary,
THE MONEY REPORTER
is often compelled to unravel mysteries which mo
fella can understand Hence O slip Of the pen or
a lapse of the tongue Is not very strange acci-
dent, but Ia still one to which every wellreguated
money writer is studiously averse. The final draw
ing in Of the Northwestern seine having revealed
no further victims of the "corner," the lines were
relaxed and the stock after thesales at 14o $50,
was next offered ut 1O4 and then at 100. The pool
have every share that is in the city, and as their
load has cost them all the way from 70 up to 200
(for they had to buy some small amounts from out
siders at the latter price, in order to perfect the
"cornerD, the extent of their profits is not readily
calculated, but is hardly less than two or three
million dollars. Perhaps they can sell the stock to
the Lake Shore party at IS a so per cent, or per-
back to the public.
THE PROFITS OF THE "C0RNER"
have reduced the price Of the stock to the pool
to about so per cent AS to the dispute between
Gould and Smith, it will doubtless 60 to the Courts
and many persons think that Smith will have a
good chance before a jury Of defeating Could when
he proves the tender Of the intrinsically more val
liable Northwestern preferred stock in lieu of the
common stock, which he borrowed and was re-
quested to return. We believe there is an absence
OF rulings on the ingenious point raised by Smiths
lawyers, so that the custom OF the Stock Exchange
would be cited for precedent and have its proper
weight In affecting the decision. A some what
analogous case, however, occurred In Chicago,
where contract to deliver No. Spring wheat was
defeated by a "c0rner" in that grade OF grain.
The seller made tender OF the superior article
classed as No. Spring wheat, and the Courts up
held it as q good delivery and satisfactory dis
charge OF the obligation.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest