The New York herald., 1872-09-14

Emo STOCKS was discovered and the ''bears" In
that speculative favorite were suddenly and con-
siderably incommoded In getting the wherewith to
make their deliveries. the fact OF practical
CORNER IN ERIE
eIated the sbulls" ell around the street. and onered
80 much OF an argument to tho other side against
the dangers OF 'short" sales that the "bears"
were constrained to help the former In rails
ing prices quite generally during the remainder
OF the day. the closing transactions being at
large advance upon the opening prices. In the
case OF Erie the "corner" was the work OF some
foreign bankers Going business In Exchange place,
who called in all the stock which they had pre-
viousy loaned out, being joined in the movement
by other parties also interested On the "bull"
side There had been all along large
SHORT INTEREST
In the shares the result OF that oftrldicued spirit
OF speculation which induces the average Wall
street operator to buy when prices are high and
sell when they are low. Hence as the crowd had
bought at rs last Spring they rushed to sell II at
45 few weeks ago. making by their unanlmity
and numbers on the 'bear" side a demand for
more stock than the current supply Of the street
was capable Of satisfying. The consequence was
an organized movement to take advantage OF this
state Of affairs with
- THE RESULT .
seen this afternoon. 1t Ia not often that Erie has
paid Its holders dividend. But 1t was made to
yield handsome one to-day, each hundred shares
OF the stock being worth for their use over night all
the way from twelve dollars and half to slxtytw0
dollars and half or to put It In the vernacular of
the street. from to X per cent ION the par valuc.
A quarter per cent was readily and freely paid, and
for good while
THE FEE
was half per cent or fifty dollars That is the
nj a hund drada ahQra nj atnc xvaa utv fnr
the use OF them over night their full value In cur
rency (free Of interest or consideration and .
bonus OF fifty dollars For some time past Erie has
been lending "lat." That is, 1t was virtually
making its owners a return equal to the average
rate from day to day. This resumption OF dividends
on Erie Ia not likely, however, to be of long dura-
ton. Tomorrow or next day may see the tide of
speculative warfare 90 against the 'bulls," and
place them at the mercy Of the "bears." 1t Is said
that q little
SHARP rRAcrIcE.
perfectly legitimate, however, had been employed
In tightening the corner to-day. The 'bulls' in
the pool took advantage Of their privilege to
defer their deliveries until the last moment and
so deranged the deliveries all round as to compel
"cash" transactions up to the verge Of three
O'Clock Usually single certificate OF stock can be
made to do duty In half dozen different deliveries
the same day, but then the parties must be all
agreeably disposed toward each, and their ''boys"
pretty lively on their feet. But IT, as happened
this afternoon, 1t suits one party to withhold his
stock
UNTIL THE LAST
lawful minute, it Is quite evident that the "shorts
at such time must exercise their pedal extremi-
ties in no lazy manner even II they choose the al
tentative of buying "cash" stock. AS consequence
Of the corner" there was q general scurrying to
close up speculative contracts, and one prominent
firm were credited with having bought in 5000
shares The price In the Irregular way" rose from
AK to 49N, and as high as 4ss was paid "cash''
when the price, usual way, was 40. The 'bulls"
under of this diversion advanced their forces
all along the line, and the closing prices were In
most instances the highest OF the day.
HIGHEST AND LOWEST PRICES