New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-10
LOCAL MISCELLANY.
CORNERS" IN STOCKS.

CORNERS" IN STOCKS.
THE RESULT OF THE RECENT MANIPULATION OF
HANNIBAL AND ST. JOsEPH-THE MOVEMENT
IN ONO AND MISSISSIPPI
One ~ the results ~ the Hannihal and 81 heen
'c"rner" which has not vet been sor decline in
Other stocks This uneasiness 'nnnn IT, thot we're
terdav in the Sudden rise OF several c"ons Of these
largely overaOld The most copsp'cn"''S -. WI Az
M account of ia rapil and large advance ana me
attention vhich il ,~n rose rnpalv rom so
n 60. After the price had advance sn@ thayS
the hrsrs" scented aI't the
Tb;r feors epporentlv groundless for the price
tiropned almost 80 snddenv as !, na' rshn, 10 a
~ .xc;temeot Spectators short of other stocks
canelt the infection. and The morning hours ~ the
stock Exchange were marked DIV reVerSh acuV"y
in buvinc 70 protect contracts.
that James r. Keenr had discovered that mambers
~ the Hannibal and ST. Joseph pool were short OF
Ohio and Mississippi. and that he hoped by advanc,
paid them Wednesday morning. Mr.. Keene de-
MED that he had any interest IN the stock
Transactions in 1t had not exceeded 10000 shares
since ne ha been in New-York. On the subject OF
corners Mr. Keene remarked: ~
blame no one for engineering corner. n he
can for it is nernited nv the rnes of the Eychange
BIT question Of nolicv believe that the Boari
should exercise some authority in arranging the
terms of settlement whenever one occurs. A COM
Jrittee which naturally should he the Arbitration
Committee. should he authorized TO fix reasonable
basis of settlement. II should give one side inst
profit and at the time nreveat the open robbery
OF the other The s.. Josenh corner has frightened
the bears and within forty hours there will
he no short interest in this market that will he
injury. therefore. to the general speculaton."
n. G. Chairman Of Ward. Campbe' x %; who
has been long identified With t9 fh 0a" ann
ner" in the stock, and that none was intended, so
far as he ss Of wh had sold the
hut the control of the stock at the approaching cleo
ton might have some influence on it's nrice:
skala IA
about 200 and the in the stock amonted
with w r.. Corner & Co. offered for conversion
100000 convertible bonds "Wednesday. but the
by the advice Of it's counsel Yesterday Mr.. Wilson
applied TO Judge Donohne for rerempto-
order was granted, returnable to-day for the com
pany 20 show cause whv the anpIcaron should not
the stock has been advanced far beyond its intrinsic
value and that the refusal of the company to convert
his bonds into stock is working him great injury
or of the company said yesterday that President
Dowd had been authorized by the board to sell
So. 100000 common stock at his discretion. The
director added
The subject came up for discussion at a meeting
company was present, examined the charter of the
company and declared that the directors had un.
doubted right to issue stock to the full amount of
the cost of the road. The charter is very liberal
its provisions and authorizes the sale of stock at any
Of the road Russell Sage offered resolution that
the President should sell So 500, 900 common stock
at such price az in his Judgment for
the best interests of the company, and this
was adopted. Something was said about ap-
pointing committee but he insisted that the presi-
dent alone should have the power The secretary
asked if the resolution should be entered in the min
utes of the meeting, but President Dowd himself
objected to it, because he said that the matter
might become known, and if it did the
purpose of the resolution would be defeated.
A meeting of I've board can be held any day on
thirty minutes notice. and. even if such auth rity
had not been given already it certainly would be
advantage of the present price"
President Dowd declared that he had
no authority to issue sell stock.
''The whole story" he said, is an
infamous lie. Mr.. Sage and Mr.. Gould may tell it
lust as often as they choose, but il is made from
whole cloth. After the directors had adjourned
day several of them sat here and fell into GOSSIP
about the market. Mention made of the price
of our common stock, which was then between so
and 90 and finally Mr.. Gould suggested that 1t would
be a good plan to sell the boys some and reduce
fully and said: Yes, that would be good plan; |
would vote for it sure That is all the foundation
there is for the story Mr. Sage now tells. have no
authority to sell stock"