New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-25
THE WALL-ST. BATTLE.
TIE GREAT CORNER IN CHICAGO AND NORTH
WEST.


OF THE BULLS COUNTED BY mLLIoNS-JAd
Gould DEFIANT-THE ERIB DIRECIOhi
READY TO PRESS THE SUIT.
Wall-st, on Saturday, was maelstrom In whicn
all ordinary sounds were drowned by the fearful
din of the rushing currents of the Stock Exchange
Though tho excitement Of Thursday and Friday
was not repeated, there was lively and absorbing
interest developed, especially among what may De
called the outsiders" who tiocked into the Oear
GARDEN to see and hear all that was 10 DC DONE
But those who expected to see culbute genera III
the Street were disappointed blythe appearance OF
calmness with which business opened. The shorts
in Northwestern Common (the topic OF the hour
seemed to have resigned themselves to their fateand
went about with sero-comic air Of POPULARITY, in
quiring if Northwestern hadn't "riz" Later in
the day, however moro serious aspect was given to
affairs, the bulls having once more demonstrated
their ability to carry the stock to any
point they wished But there was manifested
disposition to allow the price to Gnger alone
within what might be called a reasonable limit,
affordng the badly-wOunded bears show for set.
Element; to carry the price to any more extraN a.
CANT point might leave them in such rage that
they would repudate their contracts; the study
now was to apply the screws just as much as the
luckless "shorts" would endure without utter col
lapse Thisswas done 80 judiciously that, strange
to say, there were no failures
The scenes in the Stock Exchange and vicinity
were very lively. Newest, in the rear OF the Tx
change, was crowded with roaring mob OF men,
Joking betting, and calling out tho latest items OF
news to each other. About every indicator were
crowds Of eager spectators. The brokers were INSIDE
in full force and the visitors gallery was crowded
throughout the session. which closed at 3 D. M, as
is usual on Saturdays. Among these on
lockers were not a few ladies who had
been drawn thther by curiosity to sec the
dealings in Northwestern Common. Other stocks
and operators therein were affected by the prevail
ing excitement The shorts" naturally rushed into
cover having wholesome terror of the influence OF
the example of Northwestern on the market.
Everybody in fact, seemed to fancy that some Oh
the old bruisers who nfest Wall-st. had laid their
hands on the very stock in which they were operat
ing This feverish suspicious feeling soon developed
into stronger sentiment and as the shorts got IN
with their contracts the market rallied to and 81
per cent advance. At 215 p. M, delivery hour, the
turmoil was something terrific for q few minutes,
when the defaults were announced and the defaat
ing stock was bought in under the rules ms
closed the rush in Northwestern for the week,
giving the final quotation at $50, and yet the Gull
mination of the corner is not reached The scalps
of the grand sachems of the shorts are yet worn
in their proper places.
THE BEARS ATTEMPTING TO COMPROMISE.
The stock which had closed Friday afternoon at 400
bid and no shares in the market opened on Saturday
morning OF l55t being understood that it was the de-
sire Of the bulls to effect settlement at those hgures OF
at so at least Soon the stock declined to 15 l25 was
bid at intervals and the stock was offered at 49, WIN
sales OF fractional lots as low as 100. some sman
shorts" were settled and there was report that one
large contract was closed at 125, but this afterward
DID rnh ain Aa
those who said to have settled at about lO are H.
r. TraYers, Charles lamont, and others.
In the meantime a rumor had been circulated tnat
Daniel Drew had offered to settle with the bulls at 49,
but that his offer had been unceremonously rejected
and that he had been informed that $50 was the least
that would be taken. 1t was believed that Drew and
Smith were trying defer the time Of settlement hop
inc that some fortuitous circumstance would enable
them to elude the demands Of the bulls and that they
would yet be enabled to break the corner kunors
OF the attempted compromise and its utter failure
reached the street, ana 2l5 p. M at Wmch momeh ue
yeries OF stock cease, awaited with great anxiety
for as it was known that the bulk Of the contracts
matured on Saturday, it was thought that the puIS
would undoubtedly avail themselves of their right under
the rules of the Board buy in the stock for the account
of the defauting bears. Accordingly the brokers as
senbed around obong table that stands before the
rostrnm from which the presiding officer communicates
with the Exchange.
BROKERS BUYING IN STOCK
q W. Boocock was the first broker who applied for the
of the rules Of the Exchange, and ordered
the purchase of $500 shares for the account Of Kenyon
Cox A. Co. of Wallst. They had been acting for Drew,
who it is represented, is special partner In their
house. having invested $4,000 therein The first hund
red shares OF stock obtained without much dill
Guilty at 1885, and then ensued the greatest advance yet
made The excitement became intense. The presiding
officer OF the Exchange who was buying in the STOCK
was compelled to advance his bids until 1924 was
reached when the remainder of the 1900 shares was OBJ
tanned The purchase OF 1900 shares at 200 concluded
the transactions for the account OF Booeoek uu,or,
Heath Coz Of No - Broadst. to whom BOYD s dno
against purchase for their account claiming that tue
stock mad been loaned to Daniel Drew and had OILY y
NOT avail and the 5000 shares were bought In under the
rule follows 100 at l9 100 at zoo so ct 2 go at 200
This was the final sale in the Exchange, for 1t was
O'clock the hour at which the Exchange closes on satur
day. -,, ,o,ros
The highest estimate Of the amount Of stock OF which
Daniel Drew Is short is $4,000 shares and the lowest
10000 Should he settle In full upon the closing price OF
North.Western he will lose several million dollars.
Common rumor claimed that Henry n. Sur n was short
40 600 shares which will involve him TO greater extent
than Daniel Drew. Should these men desert their
brokers In this emergency number Of the latter will
fail. One failure was reported on saturday: -,
A
THAT an Injunction about 10 be served by the bears
hut no such proceeding developed The laws OF the
stock Exchange provide that member VINO procures
he service of legal instrument upon an officer OF the
Board in any way restraining him from the exercise OF
bs duties becomes liable expulsion from the EXCHANGE
@Durng the day Gould remained at the Office OF OSBORN
e Chapin 10 Broadst. Very few persons were admitted
70 see him "a he was burdened with business, ana was
sIso suspcious OF second arrest. His brokers were
momenry passing in and out OF the room, being Gu
gagged in executing his orders.
JAY GoULDs VIEWS
Mr. Gould stated that his arrest was merely stock
,ohbinr operaton and brought about by those who
were in danger of being ruined by the Northwestern
corner He characterized the charges as ridiculous and
asserted his belief that they would not bear serious n