The New York herald., 1872-11-24


The following were the bids for the city bank
shares Manhattan, 152: Merchants, 1i5; Mechan-
les, 133; America, l4s; City, $50; Phenix, lol;
Merchants Exchange, SO; State OF New YORK, lo7;
Mercantile, 1876; American Exchange. 109z; irving,
125; Citizens 1856 East River, ll5; Marine, 1856;
Commonwealth, 83; Manufacturers aud Merchants,
100; New York National Exchange, 97; F0urth
National, Ill; Tenth National, 86 Oriental, ITO;
Gold Exchange, 1OS; Bankers and Brokers' Ass0-
citation, so.
MONEY STRINGENT.
The money market was stringent, and the rate
on call ranged from per cent, gold TO u per cent
ito Monday "and interest" The market relaxed
after TWO O'Clock, but became stringent again be-
fore three O'clock the closing quotation being Lilo
u, equivalent in reality to 132 1-l6, owing 10 the
rate being paid for the two days to Monday. Mer-
camille paper was neglected and without quota
tion. Foreign exchange was steady on the basis
OF loSA for prime bankers sixty-day sterling and
10 for sight bills. The London market was steady
for consos and American securities, Erie being
ceptionally weak and nearly two Per cent lower.
STOCKS FRvERISH AND sTR0NG-NORrHwEsTERN
CLOSES AT 230.
The central figure OF the situation in the stock
market was Northwestern. which opened at 155, as
against 200. the closing price Of the previous day,
the stock having been first offered at $50 by the
brokers OF the pool. in pursuance OF = policy
OF basing settlements on that quotation. As may
be fancied the sales OF the day were mostly for the
pool although great deal Of "long' stock came
out OF the hands OF lucky 0utsidersr who had left
1t with their brokers without specifying price for
its disposal, and stories OF individual fortunes
made In the great rise in Northwestern are as
plenty as usual in such periods Of
EXTRAORDINARY SPECULATION.
The fluctuations during the greater part OF the
day and up to within quarter of three O'Clock
were confined to the limit OF 14O 165, although
good many odd lots came out upon the market at
struggling figures all the way down to 100. The
fact was generally understood that the pool were
willing to settle with the ''bcarsn at 150, and this
figure was accepted by all the smaller operators
who were short In amounts ranging from one hun
dred up to five hundred or even thousand shares.
Indeed it is known that where some OF the smaller
houses OF the street were
UNABLE TO COMPROMISE
this basis the pool let them or for such an
amount OF money as they could pay without bank
ruptcy-a piece OF generosity not unmixed with
policy, as the corner would have been much less
efcctual had the pool drawn down upon their
scheme the dangers of general panic and Its In
evitahe accompaniment an excessively stringent
money market Like the model family doctor,
who moderates his charges according to his es.
their demands upon the "shorts' according to the
strength OF the latter. Hence the asper
ity with which they
WENT FOR" DANIEL DREW
late in the day. after protracted series OF efforts
to get that gentleman up to the captains office,
during which he had proposed, it is said settle
mcnt at lbs, and had offered his check Tor the diff
ference, crying as he rendered 1t, 'srhere, boys,
there's the cash you've stolen from me. hope 1t
Ssiil do you good" But the 'boys" refused to
settle except on their own terms. and the old man
went back to his basement, where he
BEaoANED HIS BAD LUCK
and postponed the settlement, hoping, doubtless,
for turn OF good fortune like that which saved
him years ago when he was almost as badly cor
nered bs Billy Marston. Still, as time and tide
wait for no man, and as quarter past two O'Clock
had passed and gone without delivery of the
stock he was bound to return, his creditors went
to the board and had 64OO shares bought in for the
account OF the brokers acting for him. The pool
meantime, had made settlements with quite a
number of the leading bears, J" and the stock, as
said, had hung in the vicinity of $50. But now
the forcing of Daniel Drew to q settlement caused
FURTHER ENORMOUS RISE
The first broker to demand his rights was S. w.
Boocock, who presented his grievances to the
President Of the Board, and that ohicer In turn
proceeded to buy in the STOCK "under the rule."
The first one hundred shares cost 1856. The bids
were then advanced without q sale until 199Z was
reached when two thousand shares were obtained,
the transaction being concluded with the purchase
Of thirteen hundred shares at 200. The next
house TO
DEMAND REDRESS
was that OF William Heath Co., to whom
Boyd Vincent h Co. were in default to the
extent OF three thousand shares. 1t Is
only fair to say that Boyd, Vincent Co.
entered protest against the transaction
and claimed that the absent stock had been
loaned to Daniel Drew by Heath Co. and had
been simply passed through their office. The pro-
test did rot arrest the purchase 'under the rule"
and the three thousand shares were bought In as
follows:-lOO at 199 100 at 200, 500 at 202 500 at
2oe 300 at 212 500 at 22o 500 at 225 100 at 22s and
400 at $50. This was
THE FINAL SALE OF NORTHWESTERN,
for the Chairman, consulting his watch, found 1t