The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1872-12-03
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STOCK GAMBLING.


Course Of Affairs in Wall Street
To-Day,
NEW York. November 24-The tri-
umlh, Of Jay Gould and the Vanderbilt
party, in corncring Daniel Drew, Henry
N Smith. and other Wall street leaders
in Northwestern shares, is rearly COM
plete. The battle has gone against the
bears, and they must now settle on the
best terms they can extort from the vic
tiers of the recent bear lopel ,ens in
Northwestern. Jay Gould SAYS: "The
bear party consists of Drew,W. B Dun
can, Henry N Smith, w. B Travcrs,
and Others. They were largely short
of stocks at the time of the Boston fire,
and lhen expecting, that it would iuin
out like Chicago, increased their shares
ut the low prices made Monday morn
ing. They then appeared to have been
offended because hir Schcll, Mr.. Hor-
ace f. Clark and myself went on the
opposition track TO prevent panic, and
as a resort they gotup these legal pro-
ceedings, their programme being to get
excessive bail, and have me arrested in
the middle of the day, when the large
operations of the street aie always be-
ing carried on, and as was rather con-
sidered the leader of the buil move
ment, they calculated such action would
create panic in stocks" 81 t,s-
TIE public are disposed TO accept
Gould's version OF his arrest as true -
The Vanderbilt party Is severely criti.
cised for shielding Jay Gould with bail
if he has stolen Sl0,0G0,000 from the
Erie II easury.'.,The new managers, lol
Erie are also coAdcmncd for holding
control for nine months before discov.
ering the abstraction of such an euor-
nous sum. r. gar f. .#.if
New YORK, Nov. "a The Times has
the following about the Northwestern
Corner: During the morning and il
the early part of the day William Trav
ers covered his shorts, paying, it is al
legged, $3.50, geo difference, Charley La
mont stood up to the. rack, also, ant
paid his differences, amounting to Dea
the came sum. These contracts wer,
settled on the basis of 100. The high
est estimate of the amount of stool
which Daniel Drew is short is 24,0 ,00t
shares, and the lowest $4,000. Should
he settle in full upon the closing pric,
of the Northwestern, he will lose nearly
80, SOC, ,0G0. Common rumor said tha
Henry n. Smith was short 40, 600 shares
which viii involve him to greater ex
tent taan Daniel Drew The opinion
was freely expressed on the street tha
he would not pay his losses In full, hu
let his brokers stand the brunt of tn
contracts. e.
1t is said that Drew was caught in tb
trap ey "a device of Gould's, which wa
ingenious in its way. Gould went t
Drew few weeks ago and Suggested
the possibility of singing the stree
on Erie, in which transaction the latte
was to appear as o bull. Drew joihe
in with the idea and went to work Sc
cretly to buy up large blocks of Erik
locking them up in safes as fast as the
were purchased. The stock in thi
market was soon gohbled up, and as
consequence, the price of Erie began t
; advance. Gould also bought Erie largs
ly at low figures on the start, but at
stained from purchasing any when
. began to advance. The stock rose Sc!
and Gould unloaded his entire interes
upon Drew, thereby Letting consider
able profit. Drew, ignorant of the ba
faith of his ally, and wondering at th
large quantities of Erie stock, whic
; continued to flow in as he kept on pun
chasing, went it alone, and was maxim
fair progress in bulling the market O
his own account, when Gould turned
card. In some way he became acquain
ted with the fact that Horace F. Clark
Augustus Schell, and the Vanderbilt
party generally were endeavoring to OF
tain control of the Chicago and North
) western stock, in order to get the roa
in their own hands, and supply a miss
ing link in great railroad chain to th
West. He thereupon formed coal
ton with the Northwestern clique, an
= going to Drew, who still supposed b
| was helping him to bull Erie, suggeste'
that as blind to their real operations
it would be good plan to "'go short
in Northwestern, and thereby throw til
street off the scent Drew, relying mp
on the judgment of his "Quondam" as
sociate in Erie, acquiesced in this IL
rangement, merely saying that h
guessed it was safe to go short G
Northwestern, and it might tickle tn
!, boys. to speckilats in something new.
His brokers executed his orders, an
the design was accomplished. The al
tention of Drew became absorbed in th
cuteness of the Erie bull movement,an
while he was watching the rise of tn
; stock he paid little attention 10 NORTH
western. Gould found that Drew wa
trapped, and kept away, occupying hi
leisure moments in engineering the rist
Friday night, Drew, speaking to
Times reporter, and still entertainin
some hopes of decline in Northwes
tern, remarked, jocularly: 81 hear
INVEST risn'," Yesterday, at the clos
of the Exchange, when Northwester
, reached $50, the remark was made t
Drew: Northwestern is rising" "R
3 singT' responded Drew, "Rising; VIII
sph's riz"
: Drew. realizing the perfidy Of Goul
t fully, yesterday sold out Erie stool
5 which he bought TO "skin" the stree
and it is supposed will use the proceed
to settle up wkh the successful partie
} He also unloaded a large amount {
: Wabash and various, other stocks.
is expected that he will settle on MOI
E day.
, At the Fifth Avenue Hotel, last nigh
: there was considerable eNctemer
4 among bankers, merchants and broker
: caused by various reports which wei
e circulated relative to a second arrest {
Gould, and its connection with the Oh
cago and Northwestern corner. I'll
story as it gained circulation was th'
q the Erie Company had determined
: arrest Gould again, that he might !
D held in greater bail than one millio
d dollars. This was contradicted in SCI
oral nuarters but there seemed to he n