Year: 1872




Since jan $3.50, ,ss2 1868 slo7 45o,o77 slel os2
In Wall street the various markets were again
intensely excited and the fluctuations in gold and
stocks wide and feverlsh. Taking the situation at
the close and making comparison of prices at the
Stock Exchange with those at the beginning Of
business, the result shows less brilliantly for the
several parties concerned in the desperate specu-
lat0ns which led to the commotion.


SECRETARY BOUTWELL,, M
in Offering the relief Of the resources OF the Treas
ury Department, unlocked the door to the several
corners and practically disposed o. them for the
day. AS to the relations principal operators and
ciiques it Is believed that their position as regards
the market has not materially changed. Very
naturally the doings of Tuesday left the whole
street in nervous and sensitive state; SO that
when the Stock Exchange opened this morning
there was general pressure to sell, almost regard
less OF prices, the bidder at anything near the pre-
vious nights closing quotations generally getting
the stock without delay. This feeling OF anxiety
was intensified by the concurrent news by the
cable that the directors OF


THE BANK OF ENGLAND


at an extra meeting called this forenoon had raised
the minimum of the discount rate to per cent as
against 31s per cent, the previous rate haste to
alter the figure which was interpreted to mean a
pretty active condition of the money market on the
other side, and might be supplemented by further
advance at the regular weekly meeting OF the drec-
tors on Thursday morning. This procedure OF the
Bank OF England was already foregone conclusion
when the Bank OF Prussia raised the rate to per
cent on Monday last and the anticipation OF 1t de-
pressed our bonds In London that day. giving the
earlier impulse to the recent rise in our gold mar
ket fortutous conjuncture OF events which doubt
less stimulated


THE ZEAL OF THE CLIQUE


now operating for an advance in gold and fall In
the STOCK market. The alarm Occasioned by this
news had the effect of making the lowest prices of
the day In stocks for within the first half hour of
business 1t was rumored that the gold clique had
made settlement with the veteran Daniel Drew
and the whole market became strong at once. In
30 confused mass Of rumors and reports as pre-
vailed during the day 1t was difficult 10 get any.
thing like consistent statement OF


THE REAL SITUATION,


but there is little doubt that the several parties
stand in practically the same relation to each other
as they did at the close OF business on Tuesday after
noon. 1t Is possible that Mr.. Drew has parted with
great deal OF his Erie, for which he found ready
market. with view to helping those OF his brokers
who are holding his other fayorite stocks. He
found 1t pi oitess operation to pay half per cent
for the carrying OF his Canton and Wabash In order
to crafty his desire to press the "cornerp in Erie
Indeed, Mr.. Drews participation In the game was
doubtless sudden thought. and his retirement
may be as speedy o conclusion. 'Is this free
fight ~ inquired the gentleman out West after
few minutes OF


UNPLEASANT EXPERIENCE


In the combat into which he had entered on the
assurance already that 1t was. Being told again
that 1t was, he excrted his preroga.ive OF free will
and Withdrew. While all this is the purest spccu.
lation OF the street as to Mr.. Drew's doings t. is
certain that the pool with which he took part have
not given up their intention OF maintaining the
corner" in Erie. and threats are made that the
s.ooA VIII oe kept as scarce as ever. whatever
the controlling power to-day, Erie was in urgent
demand and was worth at one time as much AZ
IL per cent, the price rising to 53J<, cash This
was an extreme and an exceptional rate, and
eraduay relaxed until, at the close, the stock was


OFFERED Al 'FLATr


or free OF interest upon the currency coatera, ad
vanced against 1t. This was, in fact the cumina.
ton OF the Erie corner" for to day. whatever nav
be done In the future upon a renewal OF the effort
TO continue the speculation. The next principal
incident OF the day. the clew that unraveled the
maze of speculation and relaxed the money market
was the purchase from the street by the Secretary
OF the Treasury OF


THREE MILLIONS OF BONDS,


for which over three and quarter millions OF cur
rency was exchanged. 1t Is true that only 100000
OF the bonds were sent in for cash to-day, but the
moral effect Of the transaction was fully as opera
tive as II the whole sum had come forth. The total
oneripgs OF bonds were about iour and three-quar.
Ter millions at llo.s7 to 1925. The accepted lots
were obtained at 1lo.s7 a I1l.,s. Meantime money
mad opened as nearly as might be at an eighth per
cent ior the days use and had hardened to quar-.
ter per cent, equivalent to about


W PER CENT PER ASNUM


But the anticipation OF large acceptance OF bonds
at the Sub-Treasury caused gradual relaxation.
and the eventual appearance OF the Treasury mo.
ney In the street seeking employment for the
night caused decline In the interest rate to per
cent before three O'Clock, the quotation for money
closing a per cent, and no inquiry existing after