The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-01-24
SALES AT PUBLIC STOCK BOARD TO-DAY.
nnrtnd nv II II NNnItnn No 0n2 4 Ennrth strnai

The New York Tribune this morning says:-
The Money Market is MT so easy, but no ad-
vance is quoted on call loans, which are 5QD6
per cent. The bank statement made up, ex-
cluding the Third National, is not so favorable.
"ln commercial paper, no material change
Good names can be had at 8, and choice at Z,
and large list sells at l00D15 per cent Mer-
chants from the country are beginning te show
themselves at the hotels, and under the revival
OF business, capital promises to command higher
interest.
1.-THE failure of the Columbia Marine Insurance
Company, so soon after paying 81 per cent. dlgi.
dend eXcites good deal of comment upon the
street. Parties in the secrets of managemnnts
have probably got rid OF their stocks with small
loss. Mr.. Cyrus Curtis has been appointed re-
Ceiver."
CURIOUS Stock OPERATION IN New YORK
The following case was tried in New York yes
terday:-
Jo N A. Brdgland vs. Lazarus Hillgarten Joseph
6eineld, and William Rosenhem This case which
involves some curious stock sDecuations, came up
before Judge McIunn yesterday From the COM
paint II appears hat in September 1854 the parties
to the acton made an agreement whereby large
amount, and if possible, a majority of the capital
stock OF the Cleveland and Pittsburg Railroad
Company was to be purchased on JOINT account,
the defendants to act as brokers' buy, re-
pool and each of the partes IN interest to give the
defendants margin of ten per cent on the cost OF
proportion OF stock equal 10 his interest. Under
tins agreement it is alleged that the defendants
purchased several thousand shares of the stock;
the pool got control of the market; and the stock
Bridgand AYERS that he paId his ten per cent.
gin and two thoOsand five hundred dollars more,
which still remains possession of the defendants'
The planuf charges that the defendants in March,
1866, threw upon the market many thousand shares,
which were sold at prices considerably above their
cost but that alter ards other shares were sold at
greatly reduced prices and heavy losses: that the
effect of these sales was to depress and break
down the market prce OF the stock,
ducDg 1t to 544 below its par value; further
that while buying the stock, having complained
of want of money, TO carry the pool stock,
they were authorized by the plaintiff TO obtain
loan on part of the stock from Henry A. Stone &
SOG brokers' and that they in that manner pro-
cmed $110000 leaving $50 900 BELONGING to the
plaintiff as security therefor; that subsequently
SCI tement ana compromise was made by which IT,
agreed that the parties in interest," should lose
the ten per cent. margin and that the defendants
shOC take TO their own account and sell the pool
stool tor ther own benefit, releasing the other par
H. from all losses in consequence OF sales already
meht of his Mr. Bridgland asks lhe CourC to
compel the defendants TO pay Stone & Son the
amount of the loan; TO pay the plaintiff his $50 900
DISCHARGED OF any lien and to decree that the plain
TIFF is entitlt TO receive any excess of nargn above
tn" ten per cent-an account to be taken if tae ei-
gencies of the case should demand 1T. X
The defendants, in their answer, admit the agree
ment for the purchase of the stock JONI account
and sale of a portion of it by direction of the
manager OF the parties in interest but they deny
making the settlement or compromise set up by the
plaintiff namely, on account of selling 1t without
authority and deny also most of the material ae-
cations the complaint. The matter was adjourned
until Thursday for further hearing.