New-York tribune., 1873-07-22
THE CORNER IN ERIE CLOSED.

The "oornern i'm Erie which was created on
Saturday by the German bankers eliminated yesterday
amid great excitement on the Stock Exchange. Tho
earlier transactions we're at 6ai regular" and e6
casbu but later the difference became less and re-
nlained for time about to per cont In the morning
the German refused TO lend stock and the bears
were forced TO buy It cash" and sell 1t out regular
which made the large difference noted above. In the
afternoon considerable stock was bought In under the
rule at the Stock Exchange At the beginning or this
operation Woerishoer Co. requested Mr.. Wheelock.
the Charman TO buy IN 1000 shares OF Erie for the
count OF Oppenheim Brothers, and the Chairman
proceeded to bid for the same in one lot and had
bid the stock up TO g. while lots of from 100 to 800 shares
were offered at 6 This proceeding created the utmost
indignation among the members OF the Stock Exchange,
who were loud in their protestatons against such
course declaring that 1t was unjust TO tho defaung
brokers making them pay an unnecessarily Dgh price
for their stock and unjust TO those members OF the Ex
change who had orders TO sell smaller quantities a the
market price, they were responsible to their
prncpals many OF whom could not would not under
stand hy GOO shares OF stock should be sold at high
fc1res while lots OF 100, 900, or 800 could not De
disposed OF at the same Mr.. Oppenhelm stated tEat
the contracts for this eO0 shares were made In various
lots and protested against the chairman ouSing Tue
whole 600 shares IN one lot At this juncture John
Bonner offered resolution that the stock he bought In
lots the Same II sold This resolution was caF
rad amid GREAT entusiasm the stock was bought
in under the rule in smaller lots and the prce oechs0
considerably. Between 5000 and 1000 shares were
horht in Uuder the rule at from CA TO g. Immediately
after this the stock dropped COZ when II was reported
that the new nma steamercty of Chester had arrived
in the barr with shares OF stock which would be
available FOR delivery to-day At the close there was
rally 70 GOT followed by reaction 10 g. Eric Is offered
at 56 SELLER CO. 81 seller 80 ami so seller 10 days.
The corner" was the subject OF very general discus
sion in The street" Among those who were "iong
q, tho stoc ondtpstrumental in making the "corner
were Woerishofer & Co., Heideboch, Frank q Co..
Rptten S Bona and Phillip speyer Co., all of Ex-
eo.nlace and Broad-st Woershofer & Co., how
over were the lei ding members of the movement, and
IA resnonae 10 the inquiries OF TRIBUNE reporter stated
that corner was tho result OF call for large
onantitv Of Erie loaned by German bankers They said
tot there were about 5000 shares held by tines bank
ORG outeds OF which there few shares In this mar
kct They declined however, to impart the names o
those fer accounts the stock was bought III at the
stack Exchange There 400 shares bought for the
account ul Osborn & Chaplin, GOulds partners and
| brokers This supposed to be the result OF mis-
| understanding, however for Gould was generally sup
nosed 10 nave been short" OF a large quantity, foI
which be- had made arrangements. but, owing TO some
clerical OF other error this 20 not adjusted and
was consequently bought in under the rule This was
rrobably the case for the managing clerk OF Osborn
Cbapin hnrriedly entering WoerishOers office yester
dav afternoon asked 81 they Osborn Chapn) had mol
delivered all their stock but he was informed that they
and shares had therefore been bought