The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-19

0ered On a state OF panic the excitement running
high and leading to an active pressure 10 SELL which
carried prices down in all directions The hinge on
which the decline turned was Erie, the dealings
wherein recalled the many previous animated
movements In the stock not only since the change
in its direction last spring, but In its still earlier
history. The market here followed London, as 1t
has ever since the point was established clearly
that the controlling interest the other side OF
the Atlantic The '.break' to-day was fully five
per cent more upon the lowest price Of the
previous day, the bottom point touched being 81
Naturally this sudden reduction a the quotation
brought out great deal OF stock which the holders
were unable to project with additional margin
and from those who were determined to limit their
losses. No fact has been more evident than that
the American SPECTATORS In Erie have been on the
wrong side pretty much through the whole move
ment since last March. Selling It 'sh0rt" at 40 q
So they went long OF 1t at 10 just in time to meet
the downward tide and to buy from the clique of
English spectators what the latter had bought
when the former sold. The excitement was in
tenshed by rumors Of an impending heavy failure
in London. but the disaster had not arrived
up TO the time the market adjourned,
IL we may 80 interpret the closing
silence of the cable regarding the further fate of
the embarrassed parties. rumor was current on
the Stock Exchange that the old Erie pool had con-
trived to get control Of enough stock to re-elect
themselves when the time arrived to hold the cleo
ton next month. We give in another part OF the
paper, and also in our editorial columns, our dis
cOveres touching this latest alleged coup OF the
famous Erie Ring, all OF which we must supple
ment with paragraph from the HERALD money
article Of last month, indicating probably the basis
of the transaction by which the Ring to get into
power again. The paragraph referred to was pub
lished May 30, and is as follows:-
strange and acttve aceakness took possession of
Erie and lowered IL from 6S to 63A. The London
market was credited with beginning the ''break,"
but the lowest point reached at the close on the
other side was hardly below the equivalent OF 66 so
that the further decline here was an extra perform
ance on the part OF the American actors OF the Erie
drama. 1t was, doubtless, concentrated opera
ton TO 0citeUe the general purposes or the JOrtfd-
able "bear" combination now working against the
market, although one rnm0r had 1t that the de-
cline was to be attributed to reported singular
offer rom the controlling parties IN England to sell
the election for million and a hdirW dollars to
any party here wishing the administration Of the
road.
The question, therefore, is, who bought the con-
troll of the road thus so mercenariy disposed of by
by the London protectionists Evidently those
who were rich enough to pay million and half
OF dollars, and whose interests chiefly were to be
served by Generalization OF Erie and the whole
stock market. The course and facts OF speculation
in Wall street for the past four or five months in
dictate to everybody familiar with the prominent
operators and their relations to the market who Of
these parties are most likely to have been the
buyers Of the betrayed trust OF the Lon
don pr0tectionists. Hereafter let hear
no more British charges of American dis
honesty and chicanery. The selling out of Erie to
the Ring by the parties who were to Dust that Ring
is a darker stain on the English reputation than
was ever affixed there before. The thousands OF
outraged and swinded English shareholders, men,
women and children, and their luckless fellow
shareholders this side will now see that the dis
honesty, freely charged to the child, must have
been inherited from the mother.
The lowest prices were reached generally before
three O'clock the easier closing Of money at which
time, as well as liberal covering Of ''short" con-
tracts, induced reaction and steadier market at
the close
HIGHEST AND LOWEST PRICES
The following table shows the highest and lowest