The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-27

cent upon the closing quotation or the previous
day, tho "jumpv In each instance being due to the
progress already made IN the London market by
the time the gavel of the Chairman or our
Stock Exchange calls the Board to order. In
other WORDS London has adjusted Its bank account
and is thinking about gong nome when the coupes
ana stages drop brokers and their customers at
the entrance to the Stock Exchange for the begin.
ming OF their daily lab0rs. From all that may be
surmsed London is more excited than New York
over the course OF Erie, ana doubtless the specua-
ton there s prolonged far into the night at the
clubs and coffee houses after the closing quo
tatt0n OF the New York market has been re-
ceived through the cable. the very first sale
OF Erie this morning. as recorded on the
tape OF the stock telegraph. was at "a, cash,
against co. the price Of the closing sales the night
before. This difference was due 10 the relatively
higher position Of the London Market, which, as
was known to the bankers by private despatch and
subsequently to the public by the press kilograms,
at the latter. We give the quotation for "unpro-
tected" shares, which are the equivalent of the
American certificates. Adding the differences for
exchange aud the gold premium the quotation 81 is
about 65 In our MARKET With knowledge OF these
facts tho foreign bankers were immediate buyers OF
all the stock that offered, up to the equivalent OF
the London price, their energy and confidence ut
terly terrifying the "bears.n who next rushed in
save some vestige of their money from the threat.
ened obiteration of their margins, and frantcally
bought until the price had gone up to 67K, or l5K
per cent since yesterday morning. This rise
brought out the foreign bankers as sellers again.
The latter holding knowledge Of the London
market-the key to the whole situation in Erie
were on the inside at all times. and calm and cool
when everybody about them was excited,
bought ana sold according to their Information.
Consequently there was rapid decline from 67K to
64k under resale by the foreign houses Of the
stock they had bought in the morning; then reac.
ton TO Co. then 'break" to 81 a further Offer
ing by the foreign bankers, who were now followed
by o new crowd OF ''bears' and by hundreds OF
timid "bulls" who feared the elimination had been
reached. But here the foreign bankers stepped In
again. and with the rigid "54" OF L0ndon-0r 65
here-the stock slowly recovered to e4X, and closed
as near as might be on level with the London
market The delay in the transfers and the accu.
mutation OF the certificates at the transfer
office have made the shares very scarce for delivery,
and commission OF u per cent, or $l2 so for each
hundred shares. was at one time paid to-day for
their until tomorrow. One failure was reported
this afternoon, the broker having been 'short' and
unable TO fulfil his engagements, but his creditors
are not heavy losers. Indeed, considering the ex-
traordnafy movement in Erie, the scarcity OF bank.
less be traced to the severe examples which the
Governors have made In recent cases OF reckless
brokers. The rest OF the market was independent
enough OF Erie. all things considered, and was dis
posed 70 be guided by the usual influences Of the
market. Hence, with the activity In money,
prices were generally weak and In many Instances
lower but with the relaxation at the close OF bank
ing hours recovered and closed strong, with, IN
several cases. considerable advance over the OPEN
ing figures. the last remark applying more directly
to Union Pacific, Pacific MAIL st. Paul, Rock Island
and Northwestern, although Wabash Ohios ana
Western Union were not behindhand in the upward
furry towards the close. New York Central, Lake
shore and Reading were comparatively dull and
steady. Pacific Mail advanced to e3A in answer to
Albany kilograms promising speedy action with
reference to the bill to reduce the capital stock, and
Boston, Hartford and Erie, dying as tail to the
Erie kite, sailed up to So.
HIGHEST AND LOWEST PRICES.
The following table shows the highest aud lowest