The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-09-21

were regarded as the allies OF BIZ. Drew IN Inc
Erie corner. That is, the triangular duel ran
something in this shape. Tne clique squeezed
gold on .the Germans" Inc latter had 10
retort on Mr.. Drew ny forcing MIN to take care
of Erie while they took care of their gold, and
Mr.. Drew retorted on the clique by shutting
off the supplies of Erie, all OF which wonld
be pronounced by Sir Luclus O'Trlgger
A VERY PRETTY QUARREL
az Il stands. AS the game began In Erie we
trace The effects there first. The successive
.ssuueezlngn of that stock under Mr.. Drewis
mprcjless fingers evoked from the ''bears" q
fuc,nating series of cash considerations rang
ing from / to % per cent. for the use of the
shock in ihis afternoons deliveries. That is,
The operator who was "enort' OF a hundred
shares had to pay from twelve and o half do
lars up to two hundred and lilly dollars Tor the
use of q hundred shares inkeeping his con-
tract alive. The stock naturally advanced IN.
der this pressure, and at onStlme touched IS
cash. the other extreme beidg 493. The DIFF
ference between
CASH AND REGULAR
in one exceptional instance, where doubtless
both orders were very hurriedly executed,
was AZ per cent. The gold clique were next
10 relort. They had opened lneir guns on
uthe Germans at the very beginning Of busl-
ness 10 the loan market by demanding and
getting as much as 1 per cent. Tor the use OF
gold at the Clearing House, and In the despe-
rratIon of the succeeding struggle they put this
compelled lie "shorls" In The gold market to
nav si25 for the use of each $40, 900 gold re-
penirrd 10 settle accounts at the Clearing House
Or at bank. This was the highest figure men
Toned on the book, but there Ia reason for be-
lieying that the brokers OF
MR.. A. T. STEWART
paid as high as one-half per cent for one large
lot of gold, which he was using In his business,
and one rumor this evening says that the ''cor-
nerr of 10. day has cost him as much as $75 900
cash. This rate has been exceeded once only
Ia history of the gold market, q "corner"
several years ago having put the borrowing
rate TO two per cent for one day. The adroil-
ness and silence with when tne present cor
n,rn was projected and carried out have been
a promIDent feature of II, such movements
Generally being noised about a long time in
advance of ANYTHING being done. Foreign ex-
change was demoralized, and prime sixLy-day
sterling sold at lO7 tor cash, or about enc per
cent below the previous days standard.
THE CORNER IN MONEY
was naturally a further Development of the
great ~slrugyle between tie parties to the fight
over gold and Erie. Mr.. Drew needed money
to corner Erie and the clique needed money
to corner gold, and between their several
efforts the rate on call was run up TO the e1-
t~ravaganr rate Of per cent for the day,
equivalent 10 225 per cent per annum. the
early dealings were at what now seems the
modest and lnsignlhcant rate of q per cent.
and %stringenoy was not preolpiLated until
about Two o'clock, when the omlnons appear
ance OF s7 par cent. gold" was followed by
sicommlssions"f for
TURNING STOCKS,
the demand continuing until about twenty
minutes Of Jour o'clock, when The quotation
was Sa4 per cent. At q quarter 10 four q coun-
Ter demonstration was made, ard some money
changed hands at as low as 4 per cent, but 1t
was evidently done for effect, as no checks
could be certified at that hour. AS q conse-
ouence the stock market wavered and de-
cllned, and, 10 the last half hour of business,
went off quite rapidly, the fall In prices rang
ing from one to. three per Cent. The virtues
of the four O'Clock plan OF adjournment were
seen in the arrestlng OF the growing excite
ment orthe street. Over night calmer thoughts
will prevail, and, as q consequence, the mar
ket tomorrow vii, be likely 10 be swayed by
the consideration that money cannot remain
very long 30 stringent or gold and Erie con-
linue 80 source as to.day.
GOVERNMENTS LOWER.
At the outset the g0pBrnmeutllst was strong,
in sympathy with the rise In gold, and prices
were In some instances even a fraction nlgner
az compared with the best figures OF Monday.
But the market yielded under the excessive
demand. aud pxLravagant rates for money and
a pressure of sales laie In the day occasloned
a decline OF tag per cent. The tone Of the
market was lirm throughout, however, and
remained 30 to the close.
SOUTHERN SECURITIES NEGLECTED.
The only dealings Of any Importance In the
Southern State bonds were confined to The
TeDnessees, which were moderately active al
72u724, the new bonds being heavy, II moi
weak, The new South Carolinas sold at 24sa2o.