The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-11-25
THE EXCITEMENT IN WALL
A. STREET.
The Great Corner in the Stock
Market.


The Great Corner In the Stock
-.I4, Market.
NEW YoRK, November 23.-The Time,
has the following about the Northwest
corner: During the morning and in the
early part Of the day VIM. Travers COW
cred bis shorts, paying, 1t Is alleged,
$4,000 difference. Charley Lamont
stood up to the rack also and paid his
differences, amounting 10 nearly the same
sum. These contracts were settled on a
basis Of $50. The highest estimate Of tho
amount OF stock Of which Daniel Drew Is
short is "a, 900 shares, and the lowest 49,.
900. Should he settle in full upon tho
closing price Of Northwestern, he will
lose nearly $2,5000OO in common. A
rumor said that Henry N. Smith was
short 10000 shares, which will involve
him 10 a greater extent than Daniel
Drew. The opinion was freely expressed
on the street that he would not pay his
Losses In full, but lei his brokers stand the
brunt Of the contracts. 1t Is said that
Drew was caught in a trap by a device Of
Gould's, which was ingenious in It's way.
Gould went to Drew q lew weeks ago
and suggested the possibility of singing
the street on Erie, In which TRANSACTION
the latter was 10 appear as a bull. Mr..
Drew Joined In with the idea and went
10 work secretly 10 buy up large blocks
of Erie, locking them up in safes as last as
they were purchased. The stock in Ibis
market was soon gobbled up and as con.
sequence the price Of Erie began 10 ad.
vance. Gould also bought Eric largely at
low figures on the start but sbstained
from purchasing any when 1t began TO
advance. The stock rose to SOL and
Gould unloaded his entire interest on
Drew, thereby nettinga considerable proE:
It. Drew, ignorant OF the bad faith of his
ally, and wonderingst the large QUAINT.
tiesot Erie stock which continued 10 flow
in as he kept on purchasing, went It alone
and was making fair progress in bulling
the market on his own account, when
Gould turned new card, in some way he
became acquainted with the fact that
Horace F. CLARK, Augustus schell and
the Vanderbilt party genenerally, were
endeavoring to obtain Central Chicago &
Northwestern stock, IN order to eel the
road in their own hands and supply the
missing link to the great railroad chain IN
the West, he thereupon formed a coali.
ton with the Northwestern clique and
going 10 Drew, who still supposed
he was helping him to bull Erie
suggested that as blind to their real on.
Grafton 1t would be good plan TO 90 short
in Northwestern, and thereby throw the
street off the scent. Drew, relying upon
the judgment Of his quondam associate in
Erie, acQuieses in this arrangement, mere.
ly saying that he guessed It was SAFE 10
go short of Northwestern, and It might
tickle the boys to speculate in something
new. His brokers executed his orders,
and the design was accomplished. Tie
attention Of Drew became absorbed in
the success Of the Erie bull movement
and while he was watching the rise in
that stock he paid little attention to North.
western. Gould found that Drew was
trapped and kept away, occupying hls
leisure moments In engineering. Friday
night Drew, speaking TO a Times report.
er, and still entertaining some homes
ot u decline in Northwestern, remarked
jOcllarly, II hearn Nor VESTS risiu." Yes.
terday at the close Of the Exchange when
Northwest reached $50, the remark was
made 10 Drew, "Nor west Is rising"
"RisiDgl" responded Drew, "risiup
Why It's riz !" .,.. 80
Drew realizing the perddy of Gould full.
ly yesterday sold out the Erie stock which
he bought to skin the street, and ii ia sun.
posed Will use the proceeds to settle m
with successful parties He also unloaded
u large amount Of Wabash and various
other stocks. Il Is expected that he will
settle on Monday.
At the Fifth Avenue Hotel last night
there was considerable excitement amop1
the banaers, merchants and brokers'
c!uNed by the various reports which
were circulated relative to the second ar
rest oi Gould and It's connection with the
Chicago & Northwestern corner The
story as It gained circulation was. that
the Erie Company has determined 10 ar.
rest Gould again that he might be held
IN greater bail than $l,0O0,0OO. This
was contradlcted In several quarters, but
there seems TO be no adequate Grounds
either for It's assertion or denial, Watson.
President OF the Erie Company, stated
that'it was his intention TO have the hail
made large enough to 10 some way guard
against GouldS running away, but
that was his only object and to-
tally disconnected with stock iobbine
Watson thought that one million dol|
lars was sufficient bail for the present. al
though he deprecated the custom of di-
minishing the bail as the proportions Of a
defalcation increases. There is much
interest manifested concerning the events
OF tomorrow in Wall street, and anxieay
IN regard TO the course Of tho market Is
intense. :
The World says we are greatly mis-.
taken in the character OF Mr.. Watson. IL
having once grappled with this CRYING
curse OF our country in person, one Of ia
notorious representatives, he does mot
Keep his hold with bull dog tenacity, until
he has brought bis quarry 10 earth.