The Erie Corner
Drew's Manipulation of the Recent Erie Corner Contradicted — English Stockholders Disposing of Their Shares
A wire report disputes rumors that financier Daniel Drew engineered a corner on Erie Railway stock, blaming the squeeze instead on London shareholders unloading shares into a rising American market.
NewsPipe summary
The Cairo Bulletin · July 20, 1873 · Page 1
1 min readNEW YORK, July 19.
The Post, in an editorial article, contradicts the statement that Daniel Drew manipulated the recent corner in Erie, and says it is well understood that nearly all the stock is held in Europe, principally in London. Since the recent election there has been a disposition to sell stock on the part of the English holders, and the price being higher here than in London, they have sent orders to sell in this market.
Their brokers have executed their selling orders in advance of the arrival of the stock, and trusting in their ability to borrow it for deliveries, from day to day, the result is that the few Erie-holding firms who held Erie stock here have availed themselves of the situation, and have refused to lend or sell stock at less than a very high price, and will keep the corner up till the steamer arrives with the Erie stock recently shipped here from London.
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