Rock Island Argus. (Rock Island, Ill.) 1871-1872, 1872-11-25
How the Old Thing w orked.
WashbuIn is Said to Back
Out and Leave the
Course to Oglesby.
An Epizootic Suggestion.
Exercise Your Horses
Gently.

NEW YORK, Nov. 22.-Wall street was
the scene of intense excitement this after
noon, with Northwestern common as the
absorbing feature This stock has risen.
under the operation of corner" from
% to 200, the actual transactions being
comparatively small
The corner in Northwestern absorbed
all attention, and wild excitement pre-
vailed. The sudden demand for the stock
set in about 2 o'clock, under which the
price was bid rapidly up to par, then to
l04, at which figure some 1000 shares
were purchased Then under the continu-
ed demand and small transactions there
was an advance of l per cent at a time to
ll2, followed by rise under lively bidding
to lie, l20, l25, 1870, $50, l52, 162, l65, at
which figure the last known transaction
was made; then to IT'S, $50, 1877, and
finally to 200. The corner is the closest
since that made in Prairie du Chen, sew
eral years ago Unless wealthy men were
short of the stock it is not probable the
clique would so run up the price. as so
great an advance would cause the suspen-
sion Of ordinary dealers unfortunate
Rumors speak of several failures, but
the names are unauthenticated
Late in the day the street became aware
of the arrest Of Jay Gould at the suit of
President Watson of the Erie Railroad
who claims 50, 1000 due from him TO
the Erie stockholders. Gould is said TO
have entire charge of the Northwestern
pool, and his arrest caused panic among
tho hcar1 yho h,l Il
themselves.
Money is tight, and loaned as high as /
per day, with most of the business at 3-l6,
closing at 6a7 per cent per annum, with
offers after bank hours at 3a5.
New YORK, Nov. 23.-The Wall street
markets to-day opened amid great excite
ment. There was a rush at the opening
on the report Of those short, to cover, and
the general market became strong The
Northwestern corner" which primarily
caused the commotion, is still kept up. 1t
is reported that a good many short con-
tracts in Northwestern were privately set
tied last night on basis of I25, and that
other private settlements were made this
morning at the same price
About p NJ. the excitement in North
western increased, Vice President Mitch
ell buying in Northwestern common stock
under the rule for account of brokers fail
ing on their contracts. Up to2P. NJ. 3
600 shares were so bought at 200; 10O
shares at 1856, and l 300 shares at 200.
Kenyon, Cox x Co. having been defaulters
in these contracts, All the stock was sold
by Howard Lapesley. The Exchange
closed promptly at 3 O'Clock The entire
amount of Northwestern stock bought in
under the rule was 400 shares, at prices
ranging from l55 to 230, the defaulting on
contracts having been by brokers who
usually do business for Daniel Drew ONLY
a small part of the short interest was COW
cred under the rule, the remainder being
allowed to stand over for private settle
ments, which may be made before Mon.
day. The bulls are enforcing their terms
, of unconditional surrender. The entire
list closed firm at the advance.
Very few journals here are verdant
: enough to claim that Jay Gould's arrest
, has been made in the cause of Justice.
! That event is simply the playing of o
,, trump card by the Wall street bears,
notwithstanding which, they are losing the
,, game. When Jay Gould was President
! of Erie, his business partner was Henry
: n. Smith. When Gould's speculations
turned out we'll he pocketed the profits
and when he lost, he charged it up to the
Erie railroad In order to effect this
Gould and Smith private accounts wer,
kept in a peculiar manner, only the two
partners sharing the secret
Daniel Drew, few months ago, gave
: Gould and Smith squeeze In Erie, anC
they resolved to have vengeance on him
While endeavoring to corner Drew, they
! quarreled and for nearly three months
: have been rampant enemies Gould wen
! over into Vanderbilt's S party, which is nov
= giving a death hug to the shorts" IL
9 Northwestern common. Among the short
are Henry n Smith, Drew, and Traverse
: They sold short about seventy thousant
+ shares of Northwestern at 70, which to
= day reached go Smith threatened Goult
t with arrest unless he eased up the corner
but Gould was obstinate, for pecuniar
. reasons, therefore Smith has "squealed
+ on Gould old operations in Erie, charg
II ing him with stealing about ten millions
4 Smith would doubtless take it all back
o Gould would release his short interest iron
! chancery 1t is this row between collosa
gamblers that the New York Times head
lines, "'at last, meaning that righteou
Judgment has overtaken the chief plunder
er of Erie Geuld's arrest was decide
on in Wall Street in order to break up tn
corner, and, to all appearances to-day,
D. has had the opposite effect Thirtee
n hundred shares of Northwestern commo
O. were bought in under the rule, said to b.
n long to John Bloodgood. 1t seems certai
rs Gould owns in stocks and contracts 200
900 shares of Northwestern common, tn
capital stock of which is only 14o,00
shares.
at 3P M.-There is great excitement o
y Wall Street, and Northwestern shares ar
Z now being bought in under the rule fc
A. parties who refused to settle. Forty thre
o. hundred shares just brought $500 casl
= supposed to belong to Daniel Drew Tn
only suspension actually known lis Troc
& Co.
= SPRINGFIELD, Nov. 23.-The semi-off
- cial announcement in the special froI
Madison to the Tribune, that the Hon. l
B. Washburne would not be a candidat
4 for Senator, has had the effect to sett
the excitement concerning the Senator'S
succession, and it is generally concede
that Oglesby viii go in without opposition
= Cullom only hoped to succeed as con
W promise candidate, in case of heate
fight between Washburne and Oglesb.
and now that there is no prospect of thi
nu he regards his chances as homeless,