New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-08
tatiOns Of stocks

Pac3c Mail. .....1i2s li3 Cleve and Toll. 90 99s
Atlantic Mail ll3t Ii8i K T. AND raS i
\. Y Central. ..1l9t llgt N-West Frefd.- oSt 90
Erie.............. 735 73i Fort Wayne. 9Ss W
The affairs of the Rock Island Railway Company
have been further embarrassed by an injunction for
bidding the payment of money construction ac-
count west of Des Moines As the road has had full
onethird of the distance from Des Moines to the Mis-
sonr River under contract, say 80 miles nearly
graded this last movement attracts much attention
On the 18TH the injunction in regard to the ranfer of
new stock will be argued. If it is decided that the
issue was regular the financial affairs OF the road
will be at made plain the contractors paid, and
the road pushed on to Omaha, as its investing hold
ers expect If the stock is declared irregular and its
retirement directed, the Company will be obliged to
fall back upon the sale of bonds for construction or
use the current earnings of the road The litigation
growing ont of this affair will throw a good deal of
light upon railroad management, which the pub
lie viii read with interest. 1t will show
first whether the committee which sold
the stock did so upon unequivOcal power
granted by the Board of Directors, and whether 1t
was sold so as to bring the largest amount of money
On the other hand parties calling in question the
sale will attempt to prove if capable of proof that
other sales of stock were made for the benefit of
parties in the secrets of the Company and who cacu
lated upon making gains by fall in the stock which
so large an issue well calculated to secure The
Stock Exchange has decided that all the stock is
GOOD delivery The transfers has been further c0mpli
Gated by vote of managers this afternoon 10 remove
the transfer books to Chicago, and place them in
charge of Mr.. L. d. Sherman, who has long been the
Auditor of the road As both Boards of Brokers de-
clare the whole s14O0O0OO good delivery, the street
will take the new stock for which the Company has
gotten the money, or cease TO deal IN the stock AS
Chicago is ont Of the jurisdiction OF the Supreme
Court of this State, the injunction prohibiting trans
fers appears to have been treated with contempt.
Notice was given to-day at the Stock Exchange 10y
w. II. Nelson, esq. of his intention 10 move an
amendment to 1.-THE Goth section" under which
Messrs Lockwood g. Co. were declared to have lost
their seats at the Board. Al showing the opinion
of brokers elsewhere upon the action OF the Board
we publish the following extracts from the letters OF
three leading Boston banking houses:
at the old Board Of Brokers can safely lose Their
strongest and best members for nfracon OF such u
wise and arbitrary rules they better of than our
Board Is In respectable members We are sfllstu -;
the action taken against your house Dy the brOheIs
Board-were under the impression that all the large
stock houses represented at the Open Board and
Long Room-where most OF ne business seems 70 oe
done We gave Won GOthamtes' credit for having TOO
much Of the spirit OF free trade TO cramp business by any
such foolish rules our Board Is saddled WIN pul we
see We are mistaken. We note the expulsion OF your
house from the Old Board and without yo assurances OF
its nsgntcance, We should hardly nave 1elt IKE oienk
coincidence the occasion We trust however that TINS
affair will mark the downfall OF that ancient type OF
close communion, the Old Stock Exchange
The Stock Exchange has for many years pursued a
policy which has secured a rival organization which
promises to supersede it. 1t commenced with the
suspension of Lockwood d Co., in 1862 OF which
the following notices were made by the press:
Fromthe Tribune Nov. u. le62 . 60,
A very prominent house connected with the Stock
BOARD was suspended to-day for co days having viola
ted the rules in regard TO the rates OF commission AS
the matter Is I'm which the public have no concern,
We refra ri DOUBT,
acted gdy in enforcing the rule but the pOcy OF suc
a rule we have always doubted as We have no doubt
il is habtuaiy violated by many members Of the Board
may end the organization OF new Board,
f been eHended through the ballots Of small Clique in
the Board from membership.
From the Times Nov. ~ 1867
The Stock Exchange Board to-day suspended from
membership for GO days he shortest time pfescrDea py
recent rule on the subject two OF the members OF the
firm OF Lockwood d Co., for doing business under one
eight OF one per cent 1or account OF out!de anu
iObbers The rule being imperative. and the evidence III
this instance conclusive and as VIC understand IT, frankly
avowed by the senior partner IN the rn, me BOARD
could scarcely do less than enforce their own rule Inc
occurrence has nevertheless given occasion TO cosder
an open and independent Stock Exchange Board.
From Herald Of November y, 1862
The Board of Brokers this morning suspended from
wood q CO. on the admission by the partners that the
house had been doing business on different principles as
10 commissions than were fixed by regulation OF the
Board The event illustrates the absurdity OF the regula
ton and nothing more MesSrs LOCKWOOD * 20 arc one
OF the Oldest most honorable ana most Weatny houses
in the Their commission business is prODaDy the
the street The extent OF their business ehes
them TO buy and sell stocks cheaper than could be done
by houses with fewer customers and the attempt 10 com
mel them 70 charge higher rates is just unreasonable as
Il would be 10 try force A. T. Stewart Co. TO keep
their prices up the level OF those OF small treadand
needle store the Bowery The event occurs at an u
fortunate time for the regular Stock Exchange An out
side board has lately been established IN WIams lhls
board is requented not only by the street spectators
and outside brokers' but likewise by at least half the
members of the old board. very large business has
been done there of late and quite number OF specula
TORS are getting into the habit OF doing their business
there in preference the old Board II Is understood
that AT this third board business Is conducted as In the
omen street and brokers may change whatever they
peae There is to believe that the action OF me
Stock Exchange this morning in the case 0f LOCKWOOD
Co will have the immediate effect OF driving large pro
portion OF its present business into Mr. Henrquess room
and i'm all probability will ultimately lead 70 the establish
ent of an open board where business Will be conducted
business principles and the public may be admitted To
see their orders executed.
In Freights to Liverpool 800 bales of Cotton at
5l6d, 1000 boxes Cheese at $685. and by steamer 5OO
bales Cotton at Ga 3D., 1900 bush. Corn at ID, 800
boxes Cheese at 4Os, 1900 boxes Bacon at 35s. To
London, by steam 500 boxes Cheese at 5Os., and by
sail, 20 pkgs. Tallow at 27s. To Glasgow, $50 bbs
Flour at Is. 3D. British ship to the Mediterranean,
reported IN yesterdays paper, took out Petroleum,
and is to return with Marble, private terms.
The following was the days business at the
Office of the Assistant Treasurer Receipts for Gus
- d