New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-11-29
selIinn nnnteI Drew ON Erie.

Nryr YORK. November 24.-The Tines
bes the following about the northwest cor
uer: During the morning. and in the early
part Of the day, William 1raTers covered
his shorts, paying, it is alleged, S25p0OO dlf-
ference. Charley Lamont stood up TO the
rack also, and paid his differences amount
ing to near the same sum. These contracts
we're settled on the basis of -.
The highest estimate on the amount OF
stock which Daniel Drew is short is "A oUO
shares. and lowest $4,000. Should he settle
in full upon the closing price OF Northwest
ern he viii lose nearly $4,000, COO
Common ruTnOr says that henry ~;
Smith wac short 10000 shares, when 9 VIII
involve him to greater extent than Danlei
Drew. The opinion was freely expressed
on the street that he would not pay BIS
losses in full. but let his brokers stand the
! brunt Of the contracts.
1t is said that Drew was caught IN the
tran bv device Of G0ulds, which was IN
| genious in its way. Gould went TO Drew
| few weeks ago, and suggested the posslDn-
! i+y of "singing' the street on Erie, Ia which
| transaction the latter was to appear as
| hull Drew Joined in with the idea and
went to work secretely to buy up large
| stocks of Erie, locking them up in safes as
| fast as purchased. The stock in the market
! was soon gobbled up, and as consequence
| the price of Erie began to advance. Gould
! also bought Of Erie largely at lower figures
! on the start but abstained from purchasing
any when ii began to advance. The stock
| rose to fiftv.six and half, and Gould IN
| loaded his entire interest upon Drew, there
! bv netting considerable profit. Drew lgnUr-
| ant of the bad faith of his ally, and wonder
! ing at the large quantities OF Erie stock
which continued to TOW in as he kept on
purchasing, went it alone, and was makil &
| fair progress in bulling the market on his
| uvI
| In some Way he became acquainted with
the fact that Horace +. Clark, Augustus
! SGheII, and the Vanderbilt party generally,
| were endeavOring to obtain control of the
! Chicago and Northwestern stock, IN order
! to get the road in their own hands, and sup
! ply the missing link in the great railroad
| chain to the West. He thereupon formed a
! coalition with the Northwestern clique, and
| going to Drew, who still supposed he was
! helping him to "bull" Erie, suggested that,
! 40 q blind TO their real operations, it
would be - good plan "to 90 short"
| in Northwestern, and, thereby, throw the
street off scent. Drew, relying upon the
| judgment of his 'quauGam'' associate in
Erie, acquiesccd in this arrangement, merely
saving that he guessed it q vas all right TO
90 short Of Northwestern, and iS might
tickle che boys 30 speculate IN something
new" His brokers executed bic orders
and the design was accomplished The at
tentiou Of Drew became absorbed in the
cutenesS Of the Erie bull movement, and
| while he was watching the yisa Of the stock,
| he paid little attention to the Northwestern,
| Gould found that Drew was trapped, and
J kept away, occupying his leisure moments
in engineering the Iiae. On Friday night
Drew, speaking to the Times reporter, and
still entertaining some hopes of decline in
! North western, remarked jocular!y:
81 hear that Northwestern has risen"
Yesterday. at the close Of Exchange, when
Northwestern reached go, the remark was
| made to Drew: Northwestern is rising"
"Rising," responded Drew. "rising-why,
its re II Drew, realizing the perfdy Of
Gould, Yesterday sold out his Erie stock,
which he bought to skin the street, and
it is supposed that he will use the proceeds
to settle up with successful parties. He
also unl0aded & large amount of Wabash
and other stocks. 1t is predicted he will
settle or Monday at the Fifth Avenue
Hotel.
last night there was considerable excite
inent among bankers, merchants and bTOk-
era by the various reports which were cir
cuated relative TO the second arrest of
Gould. and its connection with the Chicago
and Northwestern corner The story, as it
gained circulation, was that the Erie com
pany had determined to arrest Gould again
that he might be held in greater bail than
81 00O, 600, but this was cOntradicted IN sew
efal quarters, but there seemed to be no
adequate grounds for assertion or denial
Watson, president of the Erie company,
stated that it was his intention to have the
bail made large enough to, in some way,
guard against Goud's running away. but
that was his only object, as he was totally
disconnected with stock iobbing. Watson
thought that 100000 was sufficient bail
for the present. although he deprecated the
custom of diminishing the bail as the pro
portion Of the defaloation Increases.
taken in the character Of Mr.. Watson. ii,
having once grappIed with this crying
curse Of our country. in tho person Of one
of its most notorious representatives, he
does not keep bis hold with bulldog tcnacity
unit! he hus brought his quarry TO cazth."