The New York herald., 1872-11-26

Z,OU
currency balances. OBSERVATION-DISCLOSURES. 3,2lS, sos
The Sub-Treasury paid out $4,000 on account Of
redeemed 1ye-twenties and $4,000 on account Of
interest.
STOCKS BUoYANT AND HIGHER.
The better news from London and the easier dis
position Of the money market, aided by the prestige
given the ''bulls" by the extraordinary success OF
the "corner'' in Northwestern all combined to i'm
part strong and buoyant tone to the speculation
at the Stock Exchange, with resulting considera-
bic advance in prices. AT the outset of the up
ward movement there was some sceptcism OF Its
outlastng the day. for the that the first i'm
pulse was believed to have been communicated by
the "bears' themselves in their efforts to close
their interest, theory partially conarmed by
heavy purchases OF 49,.
NORTHWESTERN PREFERRED -.
and Lake Shore, to cover speculative sales out
standing for the account OF Henry n Smith and
the numerous party who generally side with him
in his operations at the Stock Exchange. The adj
vance in Northwestern preferred was, next to ana
after the continued sensation in the common
stock the chief feature of the day the price OPEN
ing at s6ai and rising to 1922 with reaction to 921s
and closing rally to 90 a 81, the buying among
parties outside the ''snorts" being stimulated by
rumor that some provision OF the contract under
which the preferred stock was created had been
discovered allowing its conversion into the now
very
DESIRABLE COMMON STOCK.
The sharp-wtted German brokers saw the chance
for a handsome margin OF profit between the New
York and Amsterdam markets, and sold millions
OF the stock here, and Immediately cabed
across for the low-prced stock, which the
slumberous burghers OF the Netherlands were
quite willing to sell at an equivalent OF
81 ss. 1t is said that Mynheer Won
Kooplmannschoopf who bought so much North
western preferred year or SO since, as duly re-
corded in the HERALD at the time was frantic
with JOY at the extraordinary demand for his
patiently held investment. The next feature was
Pacific Mail, which, under fresh move of the lever
by
THE sToCKwEIL PARTY,
was run up from 81 to 91as. The rest OF the list
advanced 8 per cent Lake Shore, ON the rumor
above mentioned that Henry Smith was heavily
short OF it, rising to 92ss. Northwestern common
was too high-prlced luxury to tempt q general
indulgence in 1t, and 1t was left accordingly to
those who were compelled to have dealings in it.
The price was fixed for time at $780, as II for a
basis OF settlement again, hut varied subsequently
from LAG to 200 with few sales OF "Odd lots at as
low as $780, The relations OF Gould and Smith were
discussed as much as ever, only that the
MYSTERY OF THEIR POSITION
was somewhat cleared up by transaction "under
the rule, at the Board this afternoon, whercat
1000 shares OF Northwestern were bought in for
account of Drake Brothers, at the instance Of Gar
land Martin Il Co. From the statement given In
explanation by Drake Brothers it appears that the
stock In dispute had been sold "short' by Smith
In the Office or Garland, Martin 4 Co., Of which
Smith and Gould the special partners and
"Co." The transaction had, OF course, to be con-
cealed from the knowledge OF Gould, and Drake
Brothers were asked as favor to borrow and
clear the stock for Garland, Martin & Co.
CURIousIY ENOUGH
the stock was borrowed from the firm OF Joslyn,
Bach Co., OF which Smith and Gould are also
special partners. The interchange OF the stock
and Of the equivalent check was made through the
house OF Drake Brothers, and the transaction ended
there so far as the latter are concerned the SUBJ
sequent renewals Of the loan being made by the
principals themselves Now, Smith In the
one firm used Goulds stock In the other,
80 that when Gould wanted his stock back Smith
was sorcly distraught to get 1t. The Drake
Brothers, as an Intermediary, were called upon
for the stock, but very paturaly disclaimed their
responsibility. The stock was bought in for their
account, and under their protest and appeal the
whole transaction goes up to the Arbitration Com
mttee for adjudication. AS a revelation OF the
DfAMoSD.CUT-DrAMoND
strategy OF the great "bul' and the great
''beari In the Northwestern speculation
in their two firms the developments this
afternoon arc very interesting. Hannibal and
st. Joseph advanced to 35k, and some
parties fancy that this means another trap OF
Gould TO catch Smith. Notice was given to the
Board ths morning OF the intended conversion OF
Peninsula Railroad mortgage bonds into common
4 n ssxaF.. 49,