New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-27
THE CORNER BROKEN.
FINAL SETTLEMENT IN CHICAGO AND
NORTH WESTERN

FINAL SETTLEMENT IN CHICAGO AND
NORTH WESTERN.
| CLOSE OF THE GREAT STRUGGLE IN wALL-sr.-
DREW SETTLES AT 1875 AND SMITH AT ABOUT
100-LossEs OF PROMINENT OPERATORS -
| PRELIMINARY RXAMINATION IN THE Eiib
SUITS.
The excitement in Chicago and North west
ern Railroad stock, whether common or preferred na
almost completely subsidized in wall-st. yesterday IL
| being generally understood that both "bulls' ana
.'bears" wished TO effect a settlement II they
had not already compromised. Early in the
day e,4OO shares Of Northwest common stock
| were bought in under the rule for the account OF
| Garland Martin & Co., by order OF Osborn Chapin
Goulds brokers), the stock being sold by scranton
scovlle for the "buls" In addition 500 shares were
bought in for the account OF "whom It might concern
by order Of another firm Of brokers' These transactions
were generally regarded tho closing operations In the
famous Northwest corner
It is possible that the may be shifted to the law
courts. and another chapter added to the revelations re-
Gently made IN Wall-st.
The price of the stock had opened at FRONT $40 to $50
for lots Of 100 shares and 125 for fractional los but
later in the day the stock declined the rumor Dc
came current that Daniel Drew and Henry ~ Smith had
settled at reasonable figures. Inquiry eliced the IN
formation that Drew had settled at 1875 and Smith at
about 100 These statements appeared 70 be corroborated
by the fact that OF the brokers for the bull clique
had offered quantity Of the common stock at 100 but
had not been able TO sell st. owing 10 the fact that he
could get better bio than s5 At the close OF the
market the bid advanced TO 90. but the stock
still held at 100 there were sales. Northwestern
preferred opened 92a declined 70 3d. aud closed at
from soi to 0Os.
DANIEL DREw's SETTLEMENT.
small and select party gathered about II p m on
Monday. at the residence of Jay Could at No. 5s Fifth
ave. Prominent among these the Hon. Augustus
schel, Richard sche the Hon. Horace f. Clark, Daniel
Drew former broker and personal friend OF Mr. Drew
G. J. Osborn OF the firm OF Osborn Chaplin, brokers,
employed by Jay Gould and his associates In the North
West corner" and others Interested I'm the matter
Requests had been sent TO Henry ~ Smith, and o. W.
Josyn Of the firm Of Josyn, Bach d Co.. in which house
both Gould and Smith are special partners, to be
present II was understood that efforts would be made
effect settlement; and indeed several fruitless at
tempts this direction had been made during tho day.
Smith and Josyn declined TO attend tho conference.
The consultation protracted Various propO-
sons were made and rejected the friend OF Drew IL
understood acting umpire in the matter at ISSUE In
this case there seemed to BE- disposition the part OF
tho yictors push the vanqushod to the wall In other
words, it not proposed 20 ruin the veteran "bear
rather TO extract from him the largest possible.
FINALLY l25 was the rate agreed upon and this basis
O settlement was made. This compromise affected
nearly G5OO shares Of Northwest common stock. The
greater number OF these shares contracted to be
delivered when Northwest common was IN the neigh
lOrhOOd OF 3d. IL Is alleged by those competent tOJudBe
that the corner" has cost the veteran operator nearly
II not quite 81 100000 This includes the stock bought in
under rules the Stock Exchange the accounts
Of his brokers.
lie was settling the accounts, Yesterday and
during good part Of the day was engaged with White
ley & Nelson and Boyd Vincent Co. in ascertaining
the extent his losses 1t is understood lat In each
instance where North-West common stock vas bought
10 under the rules for the accounts OF his brokers' Drew
has settled with the latter in full
HENRY n SMITHS COMPROMISE.
The interview with Henry n. Smith and his partner,
o. W. Jrslyn, printed exclusively in THE TRIBUNE Of
Yesterday was read with much interest the street
IL was accepted by the brokers and by those interested
in the POOL as an ultimatum the part Of r. Smith.
that II his tender Of preferred stock IN lieu Of the COM
mon were not accepted he would contest the matter m
the courts In any event he would not allow himself TO
be pushed TO the wall. 1t was known also that Mr..
Smith was acting under the advice OF counsel.
Under this condition Of Affairs 1t deemed best TO
move slowly and carefully. 1t evident that he
would not surrender without striking blow.
During the day, Gould sent for smith. and they were
closced together for long time. They were Joined
later by other leading "bus" 1t Is understood that
Gould and his associates first demanded the figures
at which Drew was allowed to close out his contracts,
but this offer was rejected at by Smith, Who de-
cared that he would only settle the basis OF the price
asked for the preferred stock on Monday.
NEGOTIATIONS were kept up during the day. and
at length about 3 D. M, n conclusion was reached
If was resolved to allow Smith u settle
on the terms OF the price OF inc lIe4tlIou
stock ON Monday, hut ranged during tho ua from
So TO 1O3 this lett vide margin. Those who profess 10
know that about 100 was the hgure az MHch the
settlement was made the news spread qloA'! On tle
street. ana the price Of both the common an tc lIt
ered stock fell at TO 100 aud 50 respectively ana
later TO even lower figures.