The New York Herald Newspaper, November 27, 1872, Page 4

4 —_— THE NORTUWANTERY “CORNER.” THE ERIE CONTROVERSY. Question of Vacating the Order of Ar- rest Against Jay Gould. Tmportant Testimony of Horace F. Clark Before the Referee. The Evidence of Augustus Schell To Be Taken. In relation to the question of vacating the order of arrest issued by Judge Fancher against Jay Gould, testimony in support of the application to vacate was taken yesterday before Mr. McDonough, ihe referee. TRSTIMONY OF HORACE F, CLARK, Mr. Horace F, Clark testified as follows:—Q. ‘What is your business and where do you reside? A. Lreside 1m this city and have relations with some o( the railroad interests of the country, Q. Were you, during the month of November, nd are you still the owner of any railroad stocks? and if 80, state some of them, Ireter to active and what are called leading speculative stocks in tits market. A. I was then and am still the owner of a considerable number of shares of some of the ACTIVE AND LEADING SPECULATIVE STOCKS IN THIS |ARKET, What stocks in particular are those in respect of ‘which you desire to make inquiry? Chicago and Northwestern common stocks ana Lake Shore stocks. A. I was then and am still an owner of a considerable number of shares of both of those stocks, Q. Have you been familiar, during the present month, with the course of the stock market in this city in relation to those and other leading active giocks? A. I think 1 have been, Q. Has there been during the present month any particular movement in Northwestern common stock? prior to THE BOSTON FIRE, Qud since that event there have been active deal- {ngs in this market in Northwestern common #tock, and the fluctuations in Lake Shore have been considerable during the same time. Q. State the general course of the market in ‘those respects shortly prior to and including No- vember 22, 1872, A. An active speculation, as you term it, in Northwestern common stock com- menced prior to the happening of the Boston fire; (88 Wis WOU iL idve uy THE RRIK RAILWAY COMPANY, under the administration of Daniel Drew, Jay Gould, Smith and others. The holders of the North- ‘western common stock were opposed to such issue, ‘while those who were short of that stock, and therefore interested in the depression of its price, were favorable to it. This difference of opinion aud interests excited LARGE DEALINGS IN THE STOCK. The Boston conflagration occurred on, I think, the 9th of November. It was expected that the event would PRODUCE A PANIC in the stock market, as did the Chicago fire, in Oc- tober, 1871. The activity in Northwestern common stock and the strength of the holders aided in sus- taining tae market, and the expected panic did not ensue. Persons dealing in stock who retied upon these pante expectations were large sellers of the stock, and were not care- ful in all instances to own the stocks of which they made speculative sales. Iam not, per- haps, an expert in relation to the condition of the stock market, but I shouid say that it was in AN UNSETTLED CONDITION after the first recovery from the shock of the Bos- ton fire. Prior to the Boston calamity a conside able depression in the price of the leading specula- tive stocks had resulted from the lock-up of cu rency, alleged to have taken place by the procure- ment of MESSRS. DREW, GOULD AND SMITH. A lock-up had, I think, ceased prior to the Boston tire, but the effects of the depression still rested upon the market, Q. State if you know in what relation Messrs. Jay Gould, Daniel Drew and Henry N. Smith, re- spectively, stood towards the market for North- ‘Weatern common stock on November 22, 1872, and during that week? A. It is well known to the Ce of the stock, and is an undoubted fact, ha DREW AND SMITH WERE SHORT of the stock through their brokers and otherwise, and itis also @ fact, and generally well known, that Gould was an owner of shares of Northwest- ern common stock. Drew and Smiti were, there- tore, interested in THE DEPRESSION OF THE MARKET value of the stock, while, on the other hand, Gould bi] interested to sustain and advance the market Price. Q. In what relation did you and Augustus Schell tand wt the same time toward the market for that und other stock? A. Mr. Schell and myself were owners of shares of Northwestern common stock, wod were interested against depression; we were also owners of Other raiiruad stocks, and were ad- verse to PANICS AND THEIR CONSEQUENCES, We were opposed to the lock-up of moneys, and felt interested to allay the alarms of persons tnter- ested in this description of property rather than to cause them. That was our side of the question. Q. Did you hear any intimation on or shortly be- fore November 22 of any scheme to cause the ar- rest of Jay Gould or otherwise to interfere with him or his liberty or property for the purpose of aifecting the stock market? A. On the afternoon of November 21 it was rumored that a scheme had been devised to cause THE ARREST OF YR. GOULD at a time and ana circumstances calculated to produce a panic in the stock market, and to cause, of course, @ great pression in the market price of the leading sto: Q. What naincs, ifany, Were connected with the rumor? A, The names of Drew and Smith were connected With it, and it was asserted that per- song connected with the Erie Railway Company were parties to the scheme, Q. Did you have any interview with any officer of the Erie Railway Company upon this subject? If 80, state the circumstances, A. I had no interview with any oificers of the Erie Railway Company in relation to the subject, except with the Hon. P. H. Watson, the president of that company. Having during the alteynoon of the 21st and the early morn- ing of tlre 22d of November learned that a scheme of the Kimi you have referred to was matured or about béhig matured, I called upon MR. WATSON atthe Erie office about noon of the 22d, and had an interview with him on the subject. Q. State the substance of what occurred at that interview, A. I stated the case to Mr. Watson as 1 have here stated it, and informed him as to the current RUMORS OF TIE STREET in respect to the proposed action of THE ERIE RAILWAY COMPANY; Isaid to him that it was openly stated and be- lieved by great numbers that Smith, who had QUARRELLED WITH GOULD since the breaking up of the lock-up combination, had arranged with the Erie Company to should make certain statements implicating Gould (nis partner im the transactions of 1863), and be himself released from his common liability with Gould and Drew in respect to those transactions. Mr. Watson stated that he had not released Smith and had not agreed to do so, nor had he released Drew or agreed to do so. I was gratified to re- ceive this assurance from Mr. Watson, knowing, from his high personai character, that it could be implicity relied on, Q. Was anything sald at this interview concern- ing a release from the company to Mr. Gould? A, the matter of Mr, Gould's release was referred to, gud I think Mr. Watson stated that he was aavised hy counsel that it was invalid, and I suggested to Lim that while this might be so, and while TO GOULD AND DREW . might both be impeached for fraud or other sum- cient cause, nevertheless, until such impeach- ment or invalidation, the releases might have a hearing upon the question of preliminary bail, Mr. atson and myself interchanged opinions upon the subject of ball and upon thie question of excessive ball. I said to Mr. Watson that it was yumored and generaily believed that, disregarding Gould’s release, It was a PART OF THE SCIEME to obtain an order for excessive bail, and to have him arrested ata time and under circumstances whioh would prove destructive to Mr. Gould and aesultin GENERAL HAVOC IN THR STOCK MARKET. @nd { farther expressed the opinion to Mr, Watson Guat ruie so the faa Mterests ot a WALLY a A. From a perlod commencing shortly ; serted to be a acdtor to the rte Radway Company for $10,090,000 was not a wise measure in the in- terests of the atockholders of the Krie Railway Company, whose interests he was endeavoring honestly and faithfully to protect; Mr. Watson concurred in the opinion that the LEGITIMATE PURPOSE OF BALL was to secure the Appearance of the alieged debtor, and not to destroy him in advance of the judgment and execution; Mr. Watson disclaimed any inten- tion on his part to molest Mr, Gould unreasonably or unnecessarily, and, I think, added, that he had given express instruction that he should be arres- ted in the morning, and not at night; Mr. Watson further disclaimed, and I know he did so truly, any know in reaph 0 the atock market or in re- lation to Mr, Gould's conneetion therewith at the particular time, Q. Did Mr. Watson state in whose charge the action against Mr. Gould was placed? A. I think he said the matter was in the ands of the counsel ofthe company, Q. Are vou acquainted with Messrs. 9. L, M. Bar- low, William Butler Duncan and William R. Travers as business men? A. I know each of them. Q. Are not they familiar with the ordinary course of the stock market in thia city? A, As to Mr. Duncan and Mr. Barlow 1 do not know; I should say Mr. Travers was a well informed man in re- spect to the stock market. Has not Mr. Travers been a dealer in stocks in Wall street more or less for many years? A. 1 should say he has, - What time did you reach down town from the Erie railway office? A, On November 22. Q. And what was the state of things in the market on your arrival? A. [took no particular note of the hour, but think it was about two o'clock when I got down town; there was then INTENSE EXOVTRMENT IN THE STOCK MARKEL} Imet Mr. Augustus Schell a few moments before two o'clock; he injormed me that he had heard at @ quarter before twelve that something was to occur before two o'clock to produce a panic in the Stock market; there waa SPPCIAL EXCITAMENT IN NORTHWEST common stock, which was advancing in price. Q. At what time of the day are settlements usually made between stock brokers, aud which is the important hour with reference to stock trans- actions? A. I should say that from a quarter past two until three o'clock was the important hour in an excited stock market; deliveries, I think, cease at a quarter past two, and between that time and three o'clock bank accounts must be margined to meet the ductuations of the day, Q Explain what you mean by the expression stocks must be margined. A. Short sales of stock are gencrally made by borrowing stock, and SELLING THE BORROWED STOCK upon the marke; the lender of the stock haa the right to require that the borrower of the stock shall margin up to the market price, and the bor- rower on the other hand, may require the lender to margin down to the market price in case of depression: by margin I mean a deposit in cur- Tency equal to the difierence in price; when stock is borrowed, the borrower pays the lender the market price. Q. Regarding a dealer in stocks situated as Mr. Gould was on November 22, 1872, at what hour of the day would it be most ruinous to his business to sks ae Meter his piace of business or inter. fere with ls Uberty should gay ry hour Be whlch Mr. Gould wat ntiooted Gate AP. & At about what hour was Mr. Gould arrested? ould think shortly before or about three o’clock—between half-past two and three o'clock, Q. When you came to the office of Osborn & Cha- pin, at which Mr. Gould was arrested, did you find Many persons gathered around the door? A. There was @ CROWD AND CONFUSION, and very great excitement; it was not without dimiculty that ade my Way through the crowd, Q. What occurred in that ofice in relation to the question of bail?, A. Mr. Gould was attended by several counsel, who were in attendance awaiting the intended arrest; one of the counsel inquired te het wand he taken on the spot; the inquiry 7 one of the officers, who stated be taken except at SHERIFF'S OFFICE, ot, and that the ball must justify al estate in the city of New York; s at the time and the gas was lighted: quarter-past threc o'clock; I was in- he oficer allowed Mr. Gould a few minutes of time to arrange his business before be- ing taken to the Sheritf's oitice; [ glanced over the papers upon which'the arrest was founded and which were in the hands of one of.Mr. Gould’s counsel, and observed that THE EXISTENCE OF THR RELEASE of Mr. Gould by the Erie Railway Company had not been alleged; this circumstance, in connection with other circumstances to which [have referred, strongly impressed me that the movement, so far asthe arrest was concerned, was in accordance with a plan to take Mr. Gould from his office at a time when it must INEVITABLY CREATE A PANIC in the stock market; Mr. Schell and myself con- curred in that view, and we determined that it was our duty to CHECKMATR THE MOVEMENT ifwe could. He preterrea to become bail on the spot. The officer, not feeling at liberty to take it, \ook Mr. Gould to the Sheriff's office, where Mr. Schell and myself at once went and executed the bond, and we did it upon the same principle dat we Would have interie/ed to put out, THE CHICAGO OR THE BOSTOP FIRES had we been present at their happening and been able to extinguish them. * Q. What would have been the effect upon Mr. GOULD'S FINANCIAL POSITION. and upon the warket generally if at the time he was arrested he had been kept in close custody without the power of giving bail? A, I have no doubt it would have RUINED HIM. A panic unprecedented in its character must have inevitably ensued. Q. Who would have profited by sucha panic? A. None but parties short of stocks, Every other in- terest would have been injuriously affected. It would have RUINED GREAT NUMBERS OF MEN, The failure of the scheme did produce a panic among the street sellers of Northwest common stock. In the course of one hour the price rose nearly 100 percent. This rise was caused by the competition of the short sellers with each other to cover their stocks. Had the scheme been asuc- cess, there would have been an enormous fall in the price of the stock, and the short sellers would have been enabled to cover at perhaps a large pene The whole market would have sympathized, an ENORMOUS LOSSES would have been sustained by the holders of other railroad stocks deait in in this market, Q. Are you largely interested in ratlroad prop- erty as stockholder and officer? A. Iam. Q. In your judgment and in the ligut of your ex- perience could the arrest of a DEBTOR TO A RAILROAD COMPANY, in the manner and under the circumstances of the arrest of the defendant in this case, in any way promote the real interests of the corporation creditor, or could it be reasonably expected by any officer of said corporation, familiar with the course of business, that it would do so? A. I can well understand why parties short of North- west common stock should have favored the measure, but lam ata loss for the theory upon which the Erie Railway Company should be ‘willing to cause the FINANCTAL RUIN ofa man whom they allege owe them $10,000,000; there must have been some misapprehension about the matter; Iknow Mr. Watson well, and know him to be a man of the very highest integrity of pprroee and of character, and Iam satisfied that . Smith did not disclose to Mr. Watson with his other revelations the relations which he himself, as well as Mr. Gould, sustained to the stock marke’ at that particular time; had such disclosure been made to Mr. Watson I feet confident that he would have given such directions as to the time of any arrest which he might be advised by his counsel to procure, or wonld have tended to prevent the utter ruin of the debtor to his corporation, Q. Was not Mr. William KR. Travers a director of the Erie Railway Company at the time of this ar- rest and one of the sureties in the undertaking upon which the order of arrest was obtained? A. Lbelieve Mr. Travers to be a director of the Erie Railway Company; I don’t know who were the sureties for the Erie Railway Company in obtaining the order of arrest, Q. Assuming that Mr. Travers was one of these sureties and had PERSONAL DIRECTION of this action, in conjunction with other directors, do you think he could have been ignorant of the effect upon Mr, Gould's financial condition, which his arrest, under the circumstances you describe, was likely to have? A. I think Mr. Travers a well- informed man and perfectly competent to form a correct opinion as to the effect of such a transaction upon the financial ability of Mr. Gould, Q. Lrepeat the same question with reference to Mr. William Butler Duncan. A. J make the same angyer as to Mr. Duncaa that I made as to Mr, Travers, ‘ Q Did you see THE ORDER OF Annest in the hande of the Deputy Sheri? A. I saw thé original order of arrest, 4 Did you observe anything peculiar about that order? A. I observed that the amount of buil required, namely, ONE MILLIO F DOLLARS, | was written over an erasure of the sum of nine this interlineation and | millions and upwards; erasure seemed to me to be in the handwriting of the Judge who issued the order; the circumstance hod a which confirmed my impression that the whole SCHEME OF THE ARREST at the particular time, and under the particular circumstan was part and parcel of @ stock-jobping transaction; had not the Judge intervened against the application to hold to bail egregiously excessive, it is certain that Mr. Gould would have been incarcer- ated, at least for the remainder of that day, be- yond the hope of bail, and that fact would have probably resulted in his financial ruin, Qi Ould had been held to bail in a sum as large as $9,000,000 would or would not that tact, when known, have had the effect of intensiiying the panic which you have previously stated would have resulted from his failure to give bail in $1,000,0007 A. I think it would; the exaction of such an amount of bail would have been, 80 far as Mr. Gould was concerned, EXECUTION BEFORE JUDGMENT. If hati ia to be fixed for the purpose of punishment it should be so fixed alter judgment; if the pur- pose Of bail is simply to secure the appearance tor trial it seems to me it should be restrained within CONSTITUTIONAL LIMITATIONS. Tam not ceviain whether or not it las been de- NEW YOKK HERALD, WHUNESDAY, NOVEMBER 27, 1872.— cldea by the Courts that the provisions in the federal and State constitutions as to excessive bail are applicabie to civil suits; but it is certain that if they are not applicable it was in the power of the instigators of this suit to have decreed per- petual imprisonment upon preliminary process. Q. How many persons are there in the city of New York who couid possibly give bail in the sum Of $9,000,000 within an hour after their arrest * A. I should say very few, if any. Q, How many persons could in like manner and time ee ball for $1,000,000? A. Not a great num- ber, Itis the discretion of the Sheriff to accept or refuse bail in the first instance. therefore, He, can determine as toits sufeciency. ir he shoud decline to accept, close imprisonment necessarily follows until relief could be obtained from the Court out of which the process issued. This would inyoive Gin. Delays are said to be always dan- gerous, Tn hia case delay would have becn cer- ain ruin, Mr, Clark then signed his igepomtion, after which an adjournment was had to take the testimony of Mr, Augustus Schell, ART NOTES. aleeaereas Matters are far from brilliant in the studios owing to the wilftilness of patrons, who will insist on keeping away. It is altogether too bad on their part to leave the children of the palette to pine in the shadow of forgetfulness, Indeed, it must be regarded as @ most inconsiderate procceding,- for no one with any claim to tenderness of soul would think of abandoning artista as a body to their own resources, Taken away from their canvas they seem to be aa helpless as fish out of wator. They lean on their mauistick as acrutch, and if Some imp of Dame Fortune kicks the support from under them they flounder about in the most help- less way. Now, when patrons are not thoughtful they are cruel, for by their neglect they meta- phoricaily snatch the crutch from the artist body. Ifthey could only see the gloom that the turning away of the sunlight of their smiles and approval casts over the artist's world they would never have the hearts to cause so much apprehen- sion and concern to the sensitive inhabitants of the studios, who are depressed by the mere frown of ill fortune and eiated by the faintest whisper of appreciation and success, Some are fortunate enough to have their bread and butter secure, and this portion of the painting tribe take things philo- sophically enough, and regard the sorrows of their less fortunate fellows somewhat cynically. McEntee 1s busy in his cosey little nook in the Teuth street building ona scene in the Catskill. He has reached that point of convalescence when it is rather pleasurable than otherwise to remember that one has been sick and we look on the resumption of labor as an agreeable change from the monotony of invalid Itfe, The picture upon which Mr. McEntee begins his labor represents a wood- man’s cabin buried in the shadow of a wood, and almost hid by the foliage. The scene is wild and rugged, and in distance rises the outline of the dark purple outlines of the Catskill mountains, Brambles, grasses and flowers, with here and there large boulders pressing up, form the fore- ground to this wild and picturesque scene. An ex- cellent example of this artist’s style of panning Winter scenery has just come back to him from London, where it was exyibited in the Royal Academy. It obtained a place on the line, and was favorably noticed by the English critics, Whitbridge is also working on a scene in the Catskills, but has not yet got it into such shape that we can say much about it. The composition is good, and the tree studies are close and careiul. ‘an Elten’s scene in the Shawangunk Moun- tains 1s a spirited composition, We look froma nigh bluff across a valley to where the mists are encircling the peak of the mountain in the dis- tance, Through a riven cloud a flood of sunlight pours down in the valley, giving a very charming effect. The painting of the sky is especially happy, as the artist has succeeded in imparting tothe clouds that aqueous feeling which we see in na- ture. “Harvest in Ulster County” ts the title of an interesting landscape, in which some figures are introduced. J.@, Brown has ae sketched in one of his ad- Mirable genre subjects, which promises to be one of the most successful he has yet painted. It will illustrate @ game well known to the street boys as “Open Your Mouth and Shut Your Eyes.” The sense of humor which runs through the pic- ture is of that kind which at once enlists our sym- Pay, and makes a lasting impression on the mind, it is quite free from all coarsenae:s, and yet is an admiravle picture of street boy character, “Folks Are Out” represents a little boy eating the green Rages that his mother had put up safely for the ple, It is not yet finished, but proniaee to be a very clever picture. Winslow Homer, who also succeeds admirably in catching the characteristtcs of American Ife, is cneaged painting a@ rather im. ortant picture, In which some dozen figures will be introduced, It shows us a number of his boys playing “snap the whip.” It is full of action, and the figures are well drawn. The peculiarity of Mr, Homer's color is not pleasing, but we are willl: forgive it in view of the vigor of the char drawing, which redeems all defects. ~ O'Donovan has on exhibition a bronze medallion ofGeneral Lee in Schaus’ art gallery. It is said to be a very good likeness of that able soldier. . Moran has just finished another of his inimitable sea pictures, It is breezy and full of atmosphere, with that true sense of motion in the waves which Moran almost alone among marine painters has been able to convey. Augustus H. Gandens, a Bahia young Ameri- can sculptor, just returned trom Roine, has com- menced & bust of Mr. Evarts. LITERARY CHIT-CHAT. Dr. Davip F. Strauss, in his last work, “Der Alte und der Neue Glaube,” avows his position, as one of the “thinking minority” in religious mat- ters, to be that not of a puller-down of the Christian Church, but of one who will not seek to prop up or improve it because not believing in its virtue or permanency. Amid all the movements and changes in the Churches—both Catholic and Protestant— and the explanations, apologies and preparations to be witnessed all around, Strauss adheres to the view, declared more than a quarter of a century ago in the “Life of Jesus,” that if Jesus is no more to be acknowledged as the Son of God there is no Justification for praying to Him and making Him the cehtre of a system of worship by preaching year after year on His words and deeds, Sm BERNARD BURKE has another book nearly completed from his prolific pen. The subject this time is “The Rise of Great Familles.”’ It there were no great familles where, oh, where would be Sir Bernard Burke? Mr. Murray has in press a splendid book of art, being the Kensington Memorial to the Prince Consort, Albert. Its price will confine its circula+ tion to the few, being from $50 to $80acopy, ac- cording to binding. THE ATHENAEUM makes fun of the British “Blue Book,” or Parliamentary documents, as follows:— When the liberal party first tasted the sweets of permanent power they put eveything in commis- ston, from the great dog cart question to Arctic discovery. Then commenced the epoch of “in- quiry,’’ the haleyon of barristers of seven years’ standing, the incessunt flux of Blue Books. Al- though the duties of Her Majesty’s Commissioners | in Lunacy—themselves copions contributors to this distracting literature—may not have been increased during that dark blue period, overwhelming Blue Bookiem, it is said, bilghted many a promising ca- reer and desolated many a home, The writer goes on to declare that if this evil had not been mitigated official and public life would have become insupportable. But ponderosity and dulness at last wronght out their own cure to such an extent that the Blue Books of the time are much more portable in size and condensed In style than of old. Iy CooLky's “Handbook of the Toilet’ Messrs, Lippincott & Co, have reprinted one of the most useful of the later English manuals relating to per- sonaland domestic economy, Mr. A. J. Cooley is well known as an industrious and careful compiler of books of reference and information. The chap- ter on “Beauty” in the present work is full of curi- ous learning, and the chapters on health, cleanil- ness, dress and ornament abound in useful and sagacious suggestions. ALEXANDRE DUMAS Was probably the most in- curably extravagant man that ever lived, No author setting to work to invent a perfect prodigal ever conceived a being more prodigal than he, The wealth of the Rothschilds, had he possessed it, would not have lasted him a year, and when he died he left behind him just twenty francs—he who had earned millions by his splendid taients and | energy. or ahi ie MR, ANTHONY TROLLOPE AND BARON TAUCHNI’Z Brevoort Hovst, NEw Yorx, Noy. 20, 1872. To THE EprroR OF THE HERALD :— Sm—On my arrival here yesterday morning 1 was surprised to see in your paper a statement that I had compromised my lawsuit with Baron Tauchnitz, the Leipsic publisher. IT have never had any lawsuit or auy difference whatsoever with Baron Tauchnitz., Perhaps you will do me the kindness of inserting this letter. ‘am, sir, your very obedient servant, ANTHONY TROLLOPE, CAVED GIN OF THE “CORNER.” How the Contest Ended and What is Said on the Street. Interesting Interviews with Stable Stock-Brokers. Jay Gould's Siesta---Samuel Barlow's Opin- fons---What Watson Will Do~- Vexed Vanderbilt, BULLS AND BEARS BOTH BREATHING. THE LAST HEAT. Collapse of the Corner—An “Amoozin In- cident” of the Contest—The Story of the Last Day of the Struggle. Yesterday witnessed at last what was practically the collapse of the long-pending corner in North- west, and there was @ corresponding inflation o1 spirits among the “gay and festive boys” of the Board of Brokers, There was, however, very naturally, and in accordance with the general be- lef as to the effect of the break in price when it should at last arrive, a slight depression in the price of the stocks on the general list. But this was not very serious in degree, and excited no alarm, For the immediate future everybody seems to prognosticate skies normally clear and a return to the average routine flow of business, THE HISTORY OF THE CORNER has many features that have not yet been written, its incidents fortunately have been rather comic and ludicrous than tragic, and they are gradually being disclosed in the thawing of tongues and ela- tion of spirits produced by the happy termina- tion of this tremendous financial earthquake, One ofthem at any rate deserves to be told. Gould and Smith, the most CONSPICUOUS FIGURES in the contest—the Menelaus and Paris of the ight— were, as is generally known, common partners in two or three houses, At one of these, which did businesg for both of them, the active and con- trolling partner indulged his friendship for Smith by lending him some—and a very consid- erable sum, too—of Gould's stock, in spite of the rigorous instructions of the latter that under no circumstances was a borrower ever to be permitted to lay his clutches upon it. This is funny enough to begin with; but more remains behind, As was, perhaps, inevitable, Gould at last aiscovered the amusing game that was being played upon him. Dire was his wrath, and, with his features ablaze with RIGHTEOUS INDIGNATION, he strode into the office of his offending agent to give that gentleman a piece of his mind. And what could that gentleman say in response to the reproaches that were heaped upon him? Perhaps he had been betrayed into the indiscretion inno- cently, and only discovered his error when it was too late to escape its unpleasant consequences. He “looked all around for a hole,” as some one said in narrating the facts, and the only one he could find was to saddle the transac- tion upon another house. This house was, of course, also very indignant at first, though the matter has since been satisfactorily SMOOTHED OVER, and Jay Gould was much too old a bird to be the victim of so empty, vain, thin and illusory an ex- cuse. “And, sir, you had better believe that ho damned him up and down and shook bis fist in his face and called him names, and generally made one of the loveliest scenes that ever transpired even in the heated atmosphere of the street.’ Nor could the culprit say anything in reply to any purpose. He wilted and had to take “his gruel like a man." Such is only a specimen incident of this mammoth struggle. There are plenty moro such, but they are hard to get at, and will creep out only gradually as time enables them to be disclosed without too greatly provoking per- sonal bitterness, - THE PHILOSOPHY OF THE CORNER was admirably told by a good-natured broker yes- terday, there they were. sir,” said he to the writer, with their noses to the grindstone, and every time the d—d machine slacked np a little shey tried to get their head away, instead of gracefully waiting ‘until it had made its last revolution. And the mo- ment they erage, oreven made a movement, the engineer of the arrangement started his in- fernal wheel again, turning it as briskly as Gould would have done that celebrated organ, by means of which Smith was kind enney to say that he would have to get his living with, per: haps, if the generosity of tus friends, who would have to start him in this new business, should stretch so far. I tell you, sir, it is my private Suinive that among organ grinders Gould would an IMMENSE SUCCESS, as he is, and always will be, at any business to turn his hands to to Keep him’ out of mischief and fn his daily bread. Now, sir, in @ corner, all you ave got to do, as Lhave been trying to say, is to get out of itassoon as youcan. The first loss is ‘he least loss. The more you wriggle the more you show your weakness. And, besides that, it hurts you in another way. It makes you a little ‘off color’ a8 a man of your word, re: at any hazard and at any sacrifice to keep your engagements, d that is a worse misfortune toa man in the reet than to be busted a dozen times over.” That is the way Wall street looks at the battle now ended. Most of its POPULATION SYMPATHIZED with the man who had won, as opinion in Wall lly does, now ‘and henceforth forever, of pity or con- dolence were wast upon the wretched victims who had been impaled upon the horns of the corner. Everyone reserved his admiration for the genius that had been sublime enough in its daring and cautious and yeas Sep enough in its purview of the future to carefully and noiselessly plot out the ruin, absolute or modified, of so many of the denizens of the street. EARLY IN THE DAY the corner showed signs of weakening. The first thing that looked like a break was a purchase of no Jess than 6,400 shares, under the rule, at a decline from 150 to 140, This would, to an outsider who be- lieved everything that was told him about the completeness and perfect symmetry of the corner. have looked like a commendable dispiay of modera- tion, humanity and forbearance. But veterans in- terpreted it very differently. “Let up on them!’ quoth one, contemptuonsly replying to a suggestion from_a gentleman of this species. “Let up on them! Never, sir, while the ROUND OF THE SEASONS comes and goes in the order appointed by Provi- dence, unless, indeed, they can’t help it, “No, sir, youcan bet that they have found out that they can’t do any better, and that’s the only reason they have for letting the uae drop. Mercy, sir! They don't know the meaning of the word.”’ Later in the afternoon the stock dwindled away down to 100, and closed nominally 90 bid, wi a is the rate at which the market for the present places it. s & JAY GOULD AT REST, : ——_+—— He Does Not Dread Erle Directors—North- western Good Stock Yet. Business was very quiet yesterday down the street, and Northwestern affairs appeared to have lost all interest, When the stock was offered at par everybody became satisfied that Uncle Daniel and Harry Smith had settled to the satisfaction of the bull party. A HERALD representative paid a visit to Csborne & Chapin's office, in Broad street, and sentin his card to Mr. Gould. That gentieman, however, was overrun with business, and an audience was diMcult to obtain. after | waiting a couple of hours the HekaLp representa tive was admitted and found Mr. Gould seated in an armchair before the fire, with his feet gracefully | reposing on the marble mantel. Seating himself in an adjoining chair the HERaLp representative opened the ball, as follows:— “Well, Mr. Gould, how ts Northwestern to-day Mr. GovLp~ Everything appears to be pretty quiet and business is running along smoothly in the ordinary channel, What do they talk of in the street ? HERALD REPRESENTATIVE—Oh, the boys appear to be pretty jovial in gencral and you are in high favor. ys are all tickled with the way you dropped on Uncle Danicl and let off the small af0 Mr. GoULD—That is #0. Nobody can say [pluched any of the small houses, Lilet them settle accord. ing to their means, fixnano RKPRBSENTATIVE—I suppose, from see- Ing Noytuwestery offered at par, Wat Yuole Daniel RIPLE SHEET, THE FINAL ROUND. and henry Smith have stepped up to the captain's oflice and settled, Mr. GouLp—Yes, they have all settled now. HERALD REpRESENTATIVE—DO you think the stock will break now ? Mr. Goutp—Certainly not. I Stink it fa one of a ri the the best investments in the market. road and the centre of ali the little les Ol it with business, I worth 120 within @ Weat, that will keep feedi shall expect to see that 6 coupie of years’ time. HERALD RerReagNTaTiIve—Have you had any more bother with this Erie suit ? Mr. Goup—Oh, the case is going on steadily. Dae have been no fresh developments since yes- rday. Mr, Gould then rose and begged to be excused, as there were some gentlemen. walling totalk with him on important Susiness, The HERALD repre- sentative, alter t) x it on his felanae er thanking Mr, Gould, also pul MR. BARLOW AND THE ERIE SUITS. His Views on the Gould Litigation—How the Alleged Frauds were Discovered. The Erie Railroad Company suit against Jay Gould is slowly progressing, and, like all legal measures, will take some time to be brought to a head. A member of the Hugatp staff called yes- terday afternoon upon Mr. S. L. M. Barlow to gather some facts relating to these legal proceed- ings. Mr. Barlow courteously motioned the re- Porter to a seat and the following conversation en- sued:— Rerontar—How are these Erle suits against Jay Gould progressing? Mr. BaRLOw—Well, I do not think anything has happened to-day of very great importance. [have received a visit from one of Mr, Field's clerks to- day, who came to ask me if I would make an aft- davit in behalf of their client, Jay Gould, to be used in the present suit, I said I should be perfectly willing to sign any aMfidavit, provided I am satis- fled as to the truth of the facts therein related and they are pertinent to the case. RerorreR—]3 that true that you are going to commence a suit against Mr. Drew? Mr. BARLOW—No, I know of no case against the Deacon; but there may be something if Mr, Watson made use of his name, REPORTER—What are these other charges that Mr, Watson says will be brought against Mr. Gould? Mr. BaRLOW—I suppose they are the suits which are being brought to recover BEOperNy | which it is alleged the Erie Railroad Company has been de- frauded of, _ RerorrER—Is there no specific charge? Mx, BakLow—The suits are based upon the ac- counts of the Erie company, assisted by some further facts which have come to light alter a further examination of the books of firm of Smith, Gould & Martin, REPORTER—There are no further charges then to make against Mr. Gould. Mn Bartow—These suits will also embrace a series of charges in connection with the Jefferson Railroad Company, Glenwood Coal Company, Com- munipaw Stock Yard Company, Sleeping Coach Company, ana other companies ofa similar kind, There is also a charge in connection with the title of the Grand Opera House, REPORTER—Who are the persons alluded to by President Watson when he stated that sults were going to be brought against several other parties who were concerned with Jay Gould during the period of his government. Mr. BARLOW—I suppose they are the company oficials, agents and employés of the Erie Railroad compas that shared the plunder when Gould was in power. REPORTER—When will these suits be commenced? Mr. BARLOW—It is impoasible to say, as it may be to-morrow, or againit may be weeks before the necessary facts have all been collected. We are determined, however, to recover the property that has been lost, and we are now having a general overhauling for the purpose of discovering any evi- dences of fraud. hn The HERALD reporter bowed himself out and went ome. PRESIDENT WATSON TALKS, He Has No Intention of Rearresting Gould, but He is Preparing Fresh Suits. ‘ The excitement over the Northwestern pool, although quieted down to a considerable extent, has not yet entirely abated. Rumors are still fly- ing round the street of further arrests ‘that are to be made at the suit of the Erie Railroad Company. Henry Smith is still the topic of the day, and there appears to be a blissful ignorance as to how ho in- tends to act about Northwestern. Having heard some rumors about a fresh order of arrest for the person of Jay Gould, a HERALD representative paid a visit to President Watson, of the Erie Railroad, and the following conversation ensued :— ‘ HERALD REPRESENTATIVE—Mr. Watser, teere are rumors afloat on the street that you intend having Jay Gould arrested again to-day. President Warson—They are entirely without foundation, as I have no such intention whatever, and I cannot imagine how such a report could have been pat in circulation. HERALD REPRESENTATIVE—Have you the books of Gould & Martin in your possesston? President WaTsON—Well, I do not suppose that is any of your business whether they are or not. But you can state that I have had access to them. HERALD REPRESENTATIVE—I suppose it was upon. Jacts you found in those 8 that you based your ae charging Mr. Gould with such gigantic frauds, PRESIDENT WATSON—I based my affidavits on other facts that I have had in my possession for some time past; but the facts that 1 discovered in the books of Gould and Martin aided me consider- ably in strengthening the ae ERALD REPRESENTATIVE—Mr. Gould ce Al vo be having a pretty rough time at your hands. PRESIDENT WaATSON—I have not the slightest per. sonal animosity against Mr. Gould, and I am simply striving to save some of the Erie Railroad property. I saia the same thin; opin J afternoon to a [pg pe @ friend 01 . Gould's, who came over “0 my house, in a very excited state, to ask me if I intended having Mr. Gould arrested in. HERALD REPRESENTATIVE—When will this case be pushed forward ? PRESIDENT WATSON—Well, I suppose as soon as we are ready to try it. Iam now engaged prepar- img several new suits against Mr. ahs Gould and several others who were implica’ with him when he was the President of the Erie Railroad, HERALD REPRESENTATIVE—How soon do you think you will have those suits ready? PRESIDENT WATSON—Well, really, sir, I cannot say; and I must beg you to excuse me, as I have some important business which requires my im- mediate attention. The HERALD representative, after thanking President Watson for his courtesy, made his exit, A CARD FROM THE COMMODORE. Vanderbilt “Rises to Explain”—His Re- lations with Gould. To Tie EDITOR OF THE Hrraup:— The recent “corner” in “Northwestern” has caused some considerable excitementin Wall street and has called forth much comment from the press. My name has been associated with that of Mr. Jay Gould and others in connection with the specula- tion, and gross injustice has been done me thereby. Ibeg leave, therefore, to say, once for all, that I have not had, either directly or indirectly, the slightest connection with or interest in the matter, I have had but one business transaction with Mr. Gould in my fe In July, 1868, I solid him a lot of stock, for which he paid me, with the privilege of a call for a further lot, which he also settled. Since then I have had nothing to do with him in ay way what- ever; nordo I mean ever to have, unless it be to defend myself, I have, besides, always advised all my friends to have nothing to do with him in any business transaction. I came to this conclusion after taking particular notice of his countenance. The almost constant parade, therefore, of my name in association with his, seems very much like an attempt to mislead the ow to my injury, and (after the publication of this) ignorance or misinfor- mation can no longer be urged as an excuse for continuing in this course, As for Wail street specu- lations, I Know nothing about them; I do not even see the street three times in a year, and no person there has any authority to use my name or to in- clude me in any speculative operation whatever, ©. VANDERBILT, No. 25 West Fourtn STREET, Nov, 26, 1872, ASOLDIER DROWNED AT LITTLE BAYSIDE, L. 1. ‘Thomas Lawler, a@ member of the Fifteenth United States Engineers, stationed at Willet’s Point, L. 1, was found drowned near Little Bayside, Mon day morning. He had been absent from his com- mand for scveral days, and was seen in a state of intoxication last Friday, being at the time in com- pany with several other soldiers. A bottle of whis- Key’ was found on his person. Coroner Watt, of Flushing, held an inquest. KILLED ON THE RAILROAD, Last Saturday morning Mr. Tymons Moore, of Deer Park, L. L, ted from home in a carriage for Babylon, When near the village the eight o'clock train whistled, but Mr, Moore dreve on and both he and the turnout were dashed into pieces, Mr. Moore was an old and respected citinen, and leaves a wide circle of friends to mourn Da sA4 fate. He Iaaaid to have heen very ahsopt-mindsA, Which Was certainly tle cage, REAL ESTATE MATTERS. An Immense Gathering at the Exchange Yestere day to Attend the Sale—Tho Large Estate of the Late David Banks Under the Ham- mer—Comparative Low Prices Real- ized—A Spurt on Lots Opposite the Reservoir on West Fortieth Street—Washington Heights Lots Command the Larg- ost Rates—Transactions at Private Sales, Long before the regular hour for the opening ef the “Exchange” for real estate transactions yes- terday the large room was crowded with a great concourse of people toan uncomfortable degree. The reason for this immense gathering was the extensive sale in partition, by order of the Supreme Court, of the large estate of David Banks, de- ceased, under the direction of William Mann, referee, Asthe property thas o®red is tocated in the Most prominent portions of the city aud being very desirable, it was expected that large prices would be realized. Such was the case in some instances, aud in others the lots and appurtenances did not bring within twenty-five per cent of their. reat value, The total amount of the sale footed up $793,500, A few minutes before twelve o’clock H. N. Camp, auctioneer, sold @ iour story high stoop browm stone house and lot, 48 West Seventeenth street, north side, between Filth and Sixth avenues, 25% 65x95 feet, for $29,000 cash, by order of the admin- istrators. After this small affair, which‘in reality waa only feeling the pulse of the vast audience, Adrian H. Muller, of the firm of Messrs. Adrian H. Muller, P. R, Wilkins & Co., read the referee's decree uncer which the sale was ordered, as also the terms, to- wit:—Seventy per oent of the purchase money may remain on mortgage for three years at sevem per cent; ten per cent must be paid on the day of sale and twenty per cent when the deeds are passed. The preliminaries concluded, the first offer from the catalogue made was @ two story frame house, No, 31 Leonard street, north side, 60 feet east of West Broadway ; lot 25x91.10 feet, The first bid was $10,000, which was gradually in- creased by small advances, when at last a Mr. Samuel D. Babcock proifered $15,200, and the property became his, ‘The next item was a three story brick house, No. 463 Washington street, east side, 106.4 feet north of DAL a 18.9X80, purchased by Isaac S, Jennings for ’, $9, Then followed the annexed parcels, without cre- ating much opposition, dragging ‘slov ly aloag under minor biduings, which were disppacd of te the several parties and prices named :— $s. b. houso, front, b, h. rear, and lot 118 Prince st., 80.2 ft. w. ‘of Greone st., lot x71.3—Peter Bruner. 8 3s, b. sh. HO West 7th ‘at. & s, 27210 fe 6. Of th av., lot 16.7x98.9—E, Harlow, 4, bi store and dwelling 84. 7th av, w. or dt wt Tot 19x6kss. and 4b store wel ing 346, adjoining, 1¢618.10468.11—a. Wordensing, 1s, f. shed, 28, b, stable 137 Bleecker st., 25.1 tt. South St ay., lot 24.11x190—Isaac 8. Jennings. 434 8, b. house, 135, adjoining the above lot, 25.6x100— Teac 8. Jennings. sf 4328. D. house, extension ing the last mentiones Tsaac 8. Jennings, 334 8, b. house, 123 at., lot 25,4x100—Isanc 8, Jenning 11ot'on south side of West ‘39th st., ‘ay., 25x98.9—Louls MacGregor. 1 lot, 90 feet w. of last menti & Rossel. 1 ot adjoini uP to this time the proceeding: re e, the: bidding lagged, and apparently very little interest: was manitested by the assemblage. Now an incen- tive to activity presented itsell in the shape of some choice property qn West Fortleth street, betweem Fifth and Sixth avenues, opposite the old reservoir. A small gore lot north side of Thirty-ninth street, 10.4x34.2, sixty-nine feet east of Sixth avenue, 47,008 100 ft. w. of 6th. oT, 17,008 16,708 which was sold to W. 8, Ridabock for $5,200, pre- ceded the sale o! the Fortieth — ay., eacl property 2 lots s. s. 40th st., 10) ft. e. 6th 25x98,9, A. Bernheimer, $20,100 each Slots adjoining, same siz ig sumina eine . 50 ft. ¢. of the above, same sizo, A. Wormser, 2lol en Mt 2 lots adjoining, sanie siz S adjoining lots, same size, 3 lots, 60 ft. ¢. of the abov each $15 2 lots a threes 2%x98.9, P. Fox, each $20; 1 lot alongside, same size and purchaser... ‘This finished the sale on Fortieth street, and the prices realized are considered quite low. The next property offered for sale was at Wash- ington Heights, which elicited considerable com- petition, Lots in this locality, anywhere between 125th street and Kingsbridge, are held at stiff prices and readily command a good market; hence the great attention paid by purchasers when these parcels of ground were about being sold, viz:— s.f. house and 2 lots n. s, 157th st,, 100 fte. 1th a ch lot 25x99.11, Dennis Mullen, each $3,125. “n i, 157th » 450 it. w. ‘iin i luanc 8. Jennings, h 8 af . ft.'w. of 10th, Av., each 25x99.11, to same purchaser tor. sey 2, f. house, stable ‘and 2 lots, s. 160th st, en loth av. and Kingsbridge road, lots together, 49.10, x97, to Isaac S, Jennings tor.... seveelly 28. t. house and stable, 2 lots together, adioining last. named property, 5Jx116.8, to same purchaser Jor. .14,200 This concluded the sale of the famous Banks es- tate, which event has been the topte among the real estate interest for weeks past, Ag will be seen by the above quotations large lots of the prop- erty were bonght by Isaac S. Jennings, who is sup- pores to have purchased the same for the heirs. is, however, is only guesswork, and if such is the case it cannot make much matertal difference, as tne sale was absolute and bona Jide, It has been stated by prominent dealers in Pine and other streets down town that the property of the Banks estate realized twenty-five per cent than ruling prices of last year. ‘To account for the apathy of the buyers at this sale is impossible, unless it may be ascribed to the stormy weather prevailing. It willbe a long time before such an extensive and well situated lot of real estate will come into the market at one time and under such circumstances. OTHER REAL ESTATE TRANSACTIONS. William Tucker, real estate broker, 220 Fifth ave- ra reports the following dwellings at private sale:— 44 E, 2st st., 25x60x100. 28 E, 23d stl, 25x05xI RH. AND cow $s. b. h. ms. of 78th st., 152.10 ft. w. of dd av., lot 1710x1005, to B. H. Goldsmith .....cscsecseesteees WILLIAM KENNELLY, b. h., 112 Ridge st. 125 ft, n. of Stanton, lot, 125x100, to Mary C. Burdick, plaintiff. 21,300 JAMES M. MILLER. 5s b. 8.h.. sw. corner of Lexington ay. and bist st., lot 24x64.10, to O. 8. Young, plaintiff.......22,508 William E, Raynor reports having sold four fult lots on the south side of Fitty-eighth strect, 175 feet east of Fifth avenue, for $80,000. ‘Tho transactions to-day will not be of material interest; in fact, there is not much prospect of anything being done whatever, and as to-morrow is a legal holiday, it is safe to presume that the entire week’s business, excepting the large sale of Muller, Wilkins & Co., will be very small indeed, THE DEATH OF ORAIG. Not A Marder. John Craig, the homeless vagrant who died at the Charity Hospital, Blackwell's Island, as was alleged from the effects of violence received on the even- ing of the 8th instant by being pitched out of a West street groggery, kicked and beaten, gre: and tarred, &c., by the barroom ruiflans, it now appears was not murdered, Deputy Coroner Cush- man yesterday made a post-mortein examination on the body, and found that death resulted froa pneumonia and diseases of the liver and kidneys, caused by alcoholism, BURNED IN HER OWN HOUSE. Last Saturday night a Mra. Smith, of Westhamp ton, L. L, was seized with a fit and kicked overa lighted kerosene Les The house was soon in flames, and, the children being too young to com pli the situation, Mrs, Smith was leit to perish. JERSEY EMULATORS OF DIOK TURPIN, The town of Belleville, near Newark, is consider. ably excited just now over a daring outrage perpe- trated on a poor German pedler by a couple of young local pests named Warren Coleman and James Stanfield. These two young sca' pears, started offon Monday on a raid, pouring in a large quantity of Jersey lightning they sallied out and attacked a young pedier, & German, whose name is not known, and on the highway robbed him of $60. They escaped, but warrants have been issued for their arrest. Not only did they rob the poor fellow, but they beat him unmercifaliy. 6,100 5s. The argraments in the case of the Jersey City Police Commissioners against the convicted ofticieAs who persist in holding possession, wi coninded in the Supreme Court, at Trenton, as! evening. Messra, Abbett and Rarom appeared’ fog the relators, and Messrs, Dixon and Parker fot ‘dhe convicts, The Court announced that a day ‘ould not be nar when the decision would bo rendered, #4 the importance of the case demanded alenghty consultation, It ts probable the decistom will be postponed thi the close of (he sesdow Oh who Court of Largre and Appealy