The Sun and the New York herald., 1920-04-18
Pioneer Corner in Stocks.

Pioneer Corner in Stocks.
The first remarkable corner in stocks was
the pioneer Morris Canal corner Of 1885. A
clique of New York and Newark operators
bought up all the stock Of this company
secretly at from so to 40 per cent below
par, when II was a drug on tho market
Then they bought all the stock that any one
would sell to them for future delivery.
Their corner was not in sight al first. but
as the time for deliveries grew short the
price Of shares went kiting up 10 $3.50, at
which price the holders arranged 10 settle,
taking profit Of considerably more than
100 per cent
Still more pinching ana rasping to the
shorts was the first notable corner in Har-
lem Railroad, now part OF the New York
Central system, which followed soon after.
This was a Gould venture. There were only
1000 shares in all Of the capital stock. but
$4,000 shares were bought by the ring Of
operators within seven weeks Stock bought
in July. buyer so days" paid more than 70
per cent. profit to the ring at $1s5, the price
fixed in September. One historian described
the shorts as "superheated" for the corner
vas not yet familiar institution. Appeal
was made to the governors and after a warm
debate the majority decided not 10 interfere
Then the ring eXultantly gave the screw
another twist and put Harlem to 200. FinI
adjustments were at that figure.
Second to the Harlem corner wers the
corners in Hudson IN 1888 and Rock Island
in 1S63-64. The first was adrotly managed
by Leonard Jerome and his allies. who Gre
sted deceptive appearance Of weakness and
then drove the price Of shares up from flI3
10 $3.50. The Rock Island corner was TIE
scheme OF Anthony w. Morse and Thomas
c. Durant. 1t put Rock Island up from ;lo'
to $149, and shares would no doubt have gone
much higher II the corner had not e4en
weakened by the secret sales Of a member OF
the pool. The double cross. evidently, was an
institution then as now.
W. II. Marston, IN the years Immediately
following the war, engineered the Prairie du
Chen corner. THIS bold speculator had made
small fortune earlier In the market Buy
Ing the shares Of this obscure Western rail-
road a. $50, he put the price UP 10 sass
share and was hailed as king Of the
Street. Later. caught In a panic, his house
OF sand fell about his ears and he quit the
Street, dead broke.
Anthony w. Morse, one Of the ahrewdest
operators Wall Street ever knew, cornered
Fort Wayne stock in 1854 and shot the pncs
within sixty dsys from sss to s152 A sud
den turn in market sentiment. ths unsI.
pected coming Of a period OF tight money Up
set his plans. Fort Wayne dropped 50 points
IN Gay. running many OF the props to the
corner.
Erie Many Times Cornered.
Erie, In the good old days or the had I'D
Gays. has been cornered almost as mary
times as 1t has commuters It had no, then
rallen to its present low estate in the stocL
market and was considered one Of the gilt
eosed investments Of the day. On one 90
casion Jim" Fisk caught DAME, Drew sho7
OF tie stock. Fisk created an entire nsE
Issue OF Erie and fed It out to Drew in fine
style.
In another instance Fisk. who was hen
treasurer OF the Erie. personally loaned the
company sa.6oo.ooo. taking an issue Of coni
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