New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-07-20

WDvyepAY. JnIy 19-P. n.

large majority Of the members Of the stock Ex-
change complain of lack of orders from their usual
customers, and say that if they cannot make ar
Engagements to secure portion Of the clique husi-
ness they may as well close up their Offices and re
tire. While it is but natural that dealers and
brokers in stocks should participate in the general
depression in business that prevails all over the
country, it seems that the Governors Of the stock
Exchange have been doing their best for several
years to drive business away. IN the midst OF gem
eral decline in the prices OF all commodities and
Of labor, they by an arbitrary rule doubled
their charges for commissions; that is as the
chances grew less for TIE success of speculative
ventures they added another Is per cent doubling
their commissions against the who might be
disposed to risk his money. And while they have
arule by which the stock Of any corporation is
stricken from the list IN case Of the issue Of any
new stock without a previous 80 days notice OF
such intention to the Stock Exchange, they with
out question put upon their list the bonds Of such
corporation to any amount before a single dollar OF
such bonds has been issued or sold This practice
was commenced by placing upon the list the con
solda'ed bonds Of the New-Y0Ti Central. and has
since been followed with the bonds Of nearly every
railroad whose securities are dealt i'll al the
Exchange, thus affording market for secret sales
by corporations OF any amount withinthe authorized
issue. The practice has undoubtedly injured tie
business Of the Exchange because between the dates
OF any two annual reports the buyer OF bonds does
not know. and his broker cannot tell him, what is az
the tine the amount Of such bonds outstanding.
The latest case Of these secret sales of bonds is
according 10 current report that Of the Chicago,
milwaukee, and 81. Paul Railroad Company. which
Is reported to have recently, through the machinery
OF The Stock Exchange, marketed over $lOOO,OOO
.f.Irf l.H.I d 4.
ranging from 80 to %, and it is probably from
thi' fund, realized by increasing its debt that
The cash is to be realized 10 pay the nnch-akcd-of
dividend if any shall he paid. The business at the
Stock Exchange ;o-day presented no new features.
Light dull and dropping tells the whole story, ex-
eepi-for Western Union in which the trading, while
light. was conducted with some spirit The opening
prce was 1904 the lowest 7Ol2, and the final 7O7s.
Points TO buy IL are plentiful than blackber-
hes and are credited 10 greater extent than would
seem probable after the recent faSco in Lake Shore
mus IL n easily held "strOngp Lake Shore sold
rom % 'S@j3SsS535s, presenting no feature but
tnat OF an active trading among the "boys" Michi-
gan Central continued heavy, declining to 45ls but
Closing with rally to 1893 St. Paul Common sold
at S9@a3 i2G39li The Preferred after
opening at 1914. was moved up to II, aud held there
iOr 'le oest part of the day, but later declined
10 'V's One hundred shares OF Northwest
common were sold at 4l7s. while the Preferred
was steady at 65i2 These stocks are so "cliGuedD
ana blocked that, like real estate they are strong
until The owner tries 10 sell Ohio and Mississippi
mace fractional improvement 10 -, while the
freIeIred stock sold at 25l4 and 25. Erie declined
from i4's to II, closing at 11ls. # is but few
Jays since we were compelled to report as psrt OF
ele gossip Of the street that this stock was great
purchase al l4's" Central and Hudson was offered