The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-26

assr me capacity OF that STOCK for afurther advance

amer me capacity OF that STOCK for further advance
had been generally ignored, not discredited. But
as already explained in tniscolumn. tie real mar
ket for Erie Is in London, and not in New York. 1t
should be remembered that during the last five
years Of the history OF the road large majority OF
the capital has been held on the other side OF
the Atlantic, the immense wealth OF the OLD World
readily and quietly absorbing the Fsk-Gould Issues
until some effort at protection was made
in the restriction OF dealings to the certificates
carrying the stamped ticket OF the famous London
committee. In explanation OF the fresh rise In
Erie In London this morning. where the price
opened at 40 as against AN ON Saturday night, 1t
s said that the previous advance had already made
the fortunes Of thousands OF spectators In that
market, and inspired speculative mama which
has been seldom equalled IN the history OF the
phleRmatic population OF the Eight little island"
We are left Us yet In the dark as to the
extent and details Of the Erie speculation
in England and Europe generally, the cable
bringing US only the meagre figures OF the quota
lions al certain regular intervals OF the day; but
there Is little doubt there is excitement over
Erie in the Old World than there Is In the New, the
fortunes already made temptlng the lucky ones to
fresh ventures and arousing the cupldity Of thou
sands Of others, who think 1t may not yet DO too
late to get share OF the wealth to DO made by buy
ing the stock. Technical matters also assist the
revival Of the speculation in London. The pur-
cnases now are mostly for the middle OF
April, the business previously having been generally
done for the close OF March, the setting day for
which VIII be wednesday next owing to the string
OF holidays at the end Of the week. On this side Of
the Atlantic the populace-the "fools"-nave been
tile lucky ones like the masses in England, and the
victims have been the professional class who have
sold Erie step by step as it rose until they have
been forced by lack OF further means, or by sud
den conversion Of their OPINIONS, into buying and
closing their interest The American spectators
have been beaten oil around, and it was their
purchases which helped the rise on the Stock Ex-
change to-day. The victims belong to ali parts OF
the country, the impression having gone around
generally that the road was enormously in debt and
would be discovered to be bankrupt when the new
directors examined the books. The telegraph wires
were busy bringing In orders to protect contracts on
the 'short'' side. Baltimore Is credited with enor-
nous losses at least ten thousand shares OF
Erie having been bought in this afternoon Tor
the account OF the "bears" In that city.
1t would not be surprising worse story could be
told for Boston and Philadelphia, but the specula.
| tive operations OF those cities in the New YORK
| market are not so readily traced, owing TO the
! more numerous channels OF communication be-
tween them. 1t Is suggested That the sudden rise
In London for the day from AN to 48N has been
helped also Dy desperate effort Of the Heath and
Raphael party to wrest the balance Of power from
the McHenry or Atlanta and Great Western party.
by buying the stock without stint, both In London
and In New York, the first purchase of any moment
to- day in this market having been made by the Tor
eign bankers. The earliest price here was 81 from
which there was q sudden Jump" to 65, thence
steadier movement to SEX, reaction to 661G and
fresh rise to 59A reaction to 67a1 and thencelor.
ward rise to CO. az which the last sales were made
as the descending shutters OF the Stock Elk.
change closed behind the departing crowd OF
brokers' The New York market closed
fully IN per cent higher than London,
an inequality due to the domestic demand not only
for the "bu side, but TO cover speculative sales
The bcarsn were forced to buy in, not only by rear
son OF their apprehension OF unlimited losses but
through fears OF corner In the domestic market.
where more stock may have been bought for Europe
than can be delivered. The difficulty or the specu
lation for decline Is furthermore aggravated by
the accumulation of the certificates at the transfer
and registration Office, az many as 100000
shares being reported awaiting exchange
into the ten-share lots, customary In the
foreign market. IN view Of tie distress occasioned
the banking community, who have to lie out Of the
| money represented by these shares. it would be
| only proper OF the Farmers Loan and Trust Com
pany to increase temporarily their clerical force ana
expedite the transfers. The general market sympa-
thized more or with Erie, and some Of the little
cllques endeavored to fan the excitement IN their
own favortes; but, while the activity was general,
1t was evident that Erie was the great attraction
| and had followers despite Its already exalted
quotation. Quicksilver preferred was run up to "a
| and the common 10 Az. rise OF one to three
per cent took place In Wabash. North western. Rock
| Island Ohlos, Pacific Nal, Boston, Hartford ana
| Erie and 1T. Paul. Reading and Western Union
| were neglected and Union Pacific and New York
Central exceptionally heavy and weak. quarterly
dividend of OK per cent has been declared on New
Jersey Central, and Delaware, Lackawanna and
Western, paying April %, the books closing
March 80
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices OF the principal stocks during the days
Htghe3h Lotrest.
New YORK Central. commune. e5 oak
New York Central scrip cox eOn
Erie. OV "
Erie preferred .................. w ISM
Headipg. ACKNOWLEDGEMENTS. 114Z 1l4H
Lake SHORE wa eoIA