The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-25

Erie, there was decline from SAX cash and b3h
regular, at the beginning to 50x at four O'Clock.
The Erie 'corner" underwent some notifications,
which show In curious light, the vicissitudes Of
Wall street speculation. Indeed, as the banks the
other day put an end TO "c0rners In money, II is
not improbable that way has been discovered to
subvert "corners' In stocks. Nothing seemed
surer than the corner" which Daniel Drew con-
cocted in Ere but the laxity Of certain rules Of the
board regulating the
DELIVERIES OF STOCK
has enabled the quick-witted young men in the
Smith-GOuld clique to laugh at the Old geAtlemans
endeavOrs to maintain the "cornein upon them.
To-day the stock OF which they are 'short" was
again bought In "under the rule" and doubtless
the same thing would be done forever should
the nominal corner be kept up. Yesterday they
sold Mr.. Drew the stock he bought In for them,
and when they defaulted again to-day and he
again bought In for their account they sold him the
stock over again. At the close the street was Of
the opinion that
"nnRY, AND "JxY"
had rather got the better OF their ven
cradle tutor and ex-c0nfederate. The de-
cline In the stock late this evening looked as n
Mr.. Drew had given up the contest, although he
may have q powerful trump card to play yet. He
Is as fertile in resources as any operator on the
street, and may startle the clique with trick
worth two of the one they have played on him. 1t
was further intimated that he had foreseen their
game and had sold out his stock early In the day,
but there was hardly business enough in the stock
as recorded at the Board to cover the transfer Of
his heavy holdings. These several Influences, as
well as
that the Java, which Ia due this evening from Eng
land has 900 shares on board, helped 10 depress
Erie when everything else was strong and advanc-
ing. Meantime the question OF the loophole in the
rule about contracts for stock which allows them
to lie over to the next day In case deliveries
not made at the specified times is undergoing
thorough discussion In the Governing Committee,
although no new conclusion has been reached. It
took the ''smart" members OF the clique to find
this oophoe, their necessities In the Hannibal and
st. Joseph matter last year having quickened their
apprehension on that occasion to their benefit now
After Erie
THE MOST IMPORTANT FEATURE
was an advance of 10 per cent In Panama, which
rose from 1851 to 141H on purchases by the Pacific
Mail clique. In explanation 1t Is said that the latter
party have run the stock up to 'corner the Smith
Gould clique, who, in endeavoring to smash the
market and make panic last week, Graded" Pan
anna, and endeavored to demoralize the stock and
induce moneyed men to call in their loans upon the
ish efforts OF the Pacific Mail pool and disconcert
the "bulls" generally. Panama, 1t win be remem.
KNOCKED DOWN
to 125 equivalent to 121a as the stock now stands
ex dividend), and the cliqne to get it there are
credited with having sold "short," $500 to 1900
shares The crisis having gone by and the markets
having recovered, the Pacific Mail party proceeded
to take their revenge. To get additional means
they even sold out some Of their Pacific Mail lex.
planning the heaviness OF that stock the past few
days., and began operations to-day, with the result
above stated. To keep the public and private
investors from selling and aiding the clique the
rumor was started that
PANAMA a'urG ..r. deur
was to be consolidated with Pacific Mail and the
capital raised to ten or twelve millions by a scrip
dividend. The consolidation has been seriously
contemplated ana will probably be attended by an
increase Of the stock at some future day. Toward
the close there was sudden rise Of 2S per cent IN
New Jersey Central on the announcement Of the
regular quarterly dividend Of 2a per cent, payable
October q, the transfers closing September 30,
which had been reported previously as omitted.
At least the quarterly dividend on Lackawanna has
been passed, and a similar action in the case Of
NEW JERSEY CENTRAL
was Inferred for the reason that under the terms of
the consolidation the earnings were to be pooled
and the two roads share equally in the dividends
Will not the directors be good enough to give the
reason for this invidousness, to call It by no
harsher name Lackawanna closed at es. 'The
latest thing out' about New York Central is q
rumOr that Mr.. Vanderbilt contemplates scrip
dividend Of 60 per cent (making the capital
$15o,oO OOo to be sold to present stockholders for
80 per cent cash or $50 ooO the proceeds to be
devoted to widening the roadway and rOadbed and
laying two extra tracks, making four in all, between
New York and Buffalo. The transfer books for the
Rock Island dividend Of per cent will close Octo-
Der g.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest