New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-24
OFFICIAL REPORT or AMERICAN AINING BO<hi
SALES-FEBRU dRY %, 1871
pIRsT BoARp-11 O'CLOCK A.
FRIDAY. Feb. 23-P. NJ.

loo. %. 2OO..sl0. SO loo.'''''' -
FRIDAY, Feb. 23-P. NJ
II is evident railroad managers are becoming
alarmed 1T the rapid shrinkage in the values of
their various securities knowing full well that 1t Is
only the forerunner of some action TO he taken by
the stockholders to learn, if possible, the exact
truth in regard to their properties bill has been
introduced into each house of the Pennsylvania
legislature the intent of which is to prevent the
Offering or selling of any securities upon time con-
tract exceeding five days. The following is the full
text of the bill:
SECTION l. BE IL enacted ETC.. That all contracts or
agreements for the sale OF any bonds or ctrthcaieS o
LIAM when have heretofore shall hereafter nc
issued by the Commonwealth or by any county clN or
otner municipality or byany company orIor
The sale of any Of capital stock OF any cOnUany
incorporated under the laws of this state, whereby dc-
livery transfer Of the same is to be made at any time
after the day following the sale either WIN OF
the option Of either party unless such sae II df as
provided i'm the second section of this act shall be abso
iutey null and void as against the purchaser, put sha
be valid and cniorclble as aEtnst the seller. - oo
either by himself herself in person by any agent or
broker 10 sell or offer sale any such DOnus, ccili
Gates OF loan shares of stock, or any interest tnetn
unless such sha at the time OF sch sale or oe
to SELL he the owner OF the securities oHced' elihcI IN
traitor guardian or other trustee ana when an! sac OF
such bonds loans stocks Is made with condition Or
the delivery such bonds loans, or stocks at any Time
after the day follow ny such sale shall prior TO the sale
deposit the sand bonds, certificates OF loan OF sni.s on
held bv such bank trust company until the lulnment
of the contract sale and security Tor the lheht
of .ucl contracts when made by any broker. Inc GER
cac of such deposit SHALL prior To the sale be placed
in charge of the president or the b"ard OF brokers
where such sale is made, and any person or per,
sons violating the provisions of this section snail
be deemed guilty OF uIisdemeanOr and upon conNlc-
81 900 nor exceeding $4,000, at the discretion OF the
court onehaf OF which shall be payable To the nOrhtr
and also 10 undergo Imprisonment for period not eN
cecdng years at The discretion OF the court aday
broker or agent who shall kuoWnEy mnke or tahe a
ton OF any of the provisions Of this act shall likewise be
deemed guilty OF mlsdemcapor, ana upon yhI''tlo1
thereof lie sentenced pay like fine onc-Laii thereof
shall be for the infOrmeI) aud to IKE imprisonment as
taken part making such sale OF oner TO sell as
aforesaid without there having been exhibited 10 MN oy
his principal the bonds, certificates of 0d or shares SO
sold or offered for sale duly registered in the name Of
such principal when registration Is required 10 perfect
The tite thereto and duly deposited require by the
rovis0ns OF this act the said broker agent shall be
presumed have known thai said sale or offer 10 sell
was made in violation OF this act ana snail tleFeHpon
be subject TO all penalties imposed by TINS act.
1t is impossible to doubt who are the insigators of
sncb a farcical piece of legislation The stock of
the PENNSYLVANIA Railroad recently has declined
from about SO to percent, and it is imagined that
except for the persistent sales sellers option by
Nrw-YOrk bears" the genuine stock Odcrs would
have been content TO hold their stock without cues
ton Hence it is proposed TO cancel all such con-
tracts "as against the purchaser" but to hold the
seller responsible for the delivery i'll case it is de-
manded. Without entering into q discussion OF the
morality of stock speculatiOns i'll general or Of
"short sales III particular, 1t is safe 70 assume that
so monstrOus a scheme to aid one set of
"stock gamblers" at the expense Of another
could never have originated in any mind which
had not been smiled by the practice of doctoring
corporation reports for the public eye. 1t is the old
story of properties being ruined by newspaper crit-
cism. TIE TRIBUNE has had occasion during the
past years to do of this work than Is agreeable
yet its columns have always been open TO managers
to explain away the ugly conclusions which solely
were drawn from their own complicated reports,
aided by such further information may have been
gained through the services of its faithful staff In
no single instance has there come reply except one
of general denial-no entering upon details and no
attempt to show that this or that conclusion was in
correct. Recently we devoted valuable space to
the publication of analyses Of the Della
ware and Hudson and Delaware, Lacka-
wanna and Western reports presenting clearly
our belief and convictions regarding the status Of
the properties. We invite from the managers of
these cOrporations as we do on all Ike occasions,
correction of any and all errors, if any have
made The stock market to-day presented all the
indications Of throwing mp of the sponge by the
"bulls" OF eight months standing. Prices steadily
dropped from the opening, and closed without a
material reaction, except in a few cases. The coal
stocks at the opening were the weakest of the list :;
Delaware, Lackawanna and Western started at 63 y
against GA on Wednesday night and slowly re-
ceding 10 sos, after rally to 613i closed
at G1l2 Delaware and Hudson dropped
from so to 4G12 rallied to 474, and
closed at ~. Morris and Essex was quiet at SO7sO
So but Jersey Central on light business declined
from lis to 1OG1OI2. The depression extended
through the railway list although AT first the Rock
Island and North-Westcm folk made determined
stand NOTth-N estern common after opening at 30 =,
walked up to 343 sales of 900 shares, under
cumstances which must have convinced all Obscrv-
cts that each transaction was genuine one. But it
later sold at 32ai G633. The preferred sold Ut > ia
j3 closing at 81 -, and Rock Island after holding
pretty steady at 1000 997s finally yielded 10 $685.
Il seems that the time for liquidation these stocks
is not vet Central and Hudson sold from 81 to
95ls, and after some fluctuations closed AT SO.
Lake Shore, after being firm at II y declined 10
1885, and closed without recovery hllcnigan Cen
trail sold from Ills 10 / 4, and rallied 20 l's. The
II. Paus, while inactive were a shade lower, the
common going az 1SUl7ai aud the preferred at
475sai G7s Erie sold ut 4 ga 7@ Hannibal and St.
Joseph 93i; preferred, 223 23 - -, and ONO
and Mississippi at 5l205%a5l2 Western Union
was cratic; opening at COS, IT rose to GO, and
closed at 90. Atlantic and Pacific Telegraph opened
at Obs but after transactions Of 31O0 shares closed
at 2Ol2. Pacific Mail did not respond 10 It's subsidy
which il has not yet seCured-and declined from
2GI- to 25l2. The market closed ievcIish and I'M
settled. The following table shows the
RANCE OF THE MARKET THE STOCK ExCHANGE:
org HisG lSH Final I hS Ase ' sas
G C. & Len a. a. a. ar a6 ~ 10