The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-04
YORK HERALD.
New York, Friday, March 4, fs4a.

A Novel and singular movement-Prtsent-
ment IN relation To the Board Of Brokers
the Lunatic Asyium-The Peaitentiary-
The Resurrec tionists and Potter's Field Tor
Various Abuscs-and one OF the Judges for
Abuse of the Habeas Corpus, by the Grand
Jury.
We displace aad emit several articles winch we
had prepared for to-day's paper, IN ofaef 10 give
place TO the following novel, interesting important
amusing, serious, and singular document winch was
Yesterday presented TO the Court OF Sessions by the
Grand Jury. ,4
Al The close Of their arduous and valuable labors
during the past term, the highly respectable mem
hers of the Grand Inquest OF the city and county Of
New York, came into Court and presented to His
Honor the Recorder the following singular but inn
portan document
r. rz, HosoRABLE The CouRr OF SESSIONS OF THE CRY
AND CouSTy OF New YoRK.
The Grand Inquest Tor the City and County Of New
York. respectfully present:
corder his charge procee ded to enquire into and in
vesgae the transactions of Board OF Brokers, and
make the following representations and suggestions re-
That the reported sales OF stocks published in the
new generally made at the Board;
but that they do not always indicate the true vase OF
the stocks.
That the transactions of the Board orderly and
that record kept OF them by the clerk OF the
Bosrd.
Board for PEI OF the ctJ that large portion
ofthese OF a mere speculative character
That most Of the members of the BosrG buy and sell
for their account both time and for cash; that
some however do not, and opposed to both time
sales and transactions for their own accounts and that
some even refuse orders from srsngs unless good re-
ference be given; always orders from known sPecua
tors. =.
That the mos; ready time operators those Of doubt
That by law of the State contracts not binding
unless pery making the sale has the stock in his pos
session at the time the contract Is made
That il is rare thing for the party making the time
sales to poss, ssion Of the stock at the time
That large portion of the stocks reported sold, are
never II az srred on the books of the respective instu
tons which they said to pertain The difference
in price being settled between the parties by due bills
THAT time sales are made for citizens who are not
members Of the Board and that Brokers frequently suf
fer by the failure OF their principals Cases have been
intanced where have been ruined in their bust
ness and others have lost immense fortunes.
The Grand pqgest have been Informed that there are
systematic operations among specuiators IN stocks
termed hsmmering calculate to iIJure and deceive
innocent holders and pui chasers TINS business Is
originated and consummated by combination formed
and associated 10 depreciae soma particular stosks IN
market To instance the process and its effect, will
suppose that the intrinsic value Of the partic uar stock
to be one hundred dollars per share real holder
cesstated to realize directs his broker to offer at the
Board this price. Then commences the hammering
operation Immediately the same stock IS offered on
time at es-and at months at 81 This same process
repeated day after day. and the quoted price appears
the stock list low as 80 or less Transactions OF
to an immense amount and thus their let ngs become
naturally enlisted it'll those who technically termed
bears Efforts produce TINS ss'eia are
month after month, until stockholders are alarmed and
the community give credence to statements having no
in the innocent and unnitiated are
prompted sacrifice their property at severe losses
Sales Of this and similar character confined to, and
30 much with the brokers, that fifty and sometimes
twenty. FIVE suffice for a whole days transaction, in
which there actually transferred some five or six
bundred shares Of stock and finally at the end of the
lo.. tlae is rnur in ~
by whom started on its circuiious journey in the
morning.
ia an operation technically termed cornering, fire.
oueutly practised among those no deal in stocks This
is effected by combination, possessing itself OF the
tire stock Of an institution lille the combination
has heavy time contracts coming due thus having in
fact due from 9TH that which is not III MARKET and
which can only be supplied by the party making the
purchase This resslts in enhancing the Price much
above its real value and at this enhanced price the
stock reposes ordinarily in the hands OF innocent pur
chasers who duped by the stratagem The directors
OF such transactions are termed BULLS. |
The Grand Inquest fully Of the ineficacy Of
additional leg in restraining the speculative dis
position Of those concerned in the mere exchange OF
marketable commodities so long as there are stocks to
buy and SELL SO long will abuses, to greater less
extent exist The very nature Of the article termed
stocks produced in all countries assemblages OF
SONS surprisingly shrewd and active and stimulated by
an ever restless desire gain by fluctuations to which
that species OF property is always liable And to the
thing itself than the Board Of Brokers' must the
community look for the Of the demorazao the
chicanery the articles incident to the trahc In stock
and other paper securities The eiectual remedy ior
the evils which his Honor the Recorder so properly
referred is in the opinion of the Grand Inquest the pu
rife the moral sentiment which has become ais
eased by the feveresh and deceased nutrition cident to
the undue quantity of stocks of all descriptions which
late been crested In addition 10 this, the
Grand Jnones. it'll earnestness recommend and their
recoumendstio they are sustained by the opinions Of
men, that the Board Of Brokeis IN obedience TO
the popular will discourage the practice oftAe purchase
and sale OF stocks time; aud that the Legislature re-
neal the law rendering time sales null and void beev
ing the repeal would have mos. sautary tendency
The Grand Inquest would further state that while the
Board of not chartered body far their
partake Of the character OF auction sales
they enjoy privileges and m%unes 20 pones
those sales parake OF the auction character they are
subject to no State tax, while auctoneers pay per Ct
The withdrawal Of this indirect protection, should the
auth critics deem it expedien by reducing the tax on
stocks sold auction tenth OF one per cent
would in the opinion OF the Grand Inquest prove most
beneficial We feel bound 10 say that the Board of Bro
kers has freely offered every facility and evinceda
disposition TO give all required information IN reference
to its transactions.
The Grand Inquest further represent that they have
in the discharge of their duty visedth Aims Houseat
Beev ue the Lunatc Asylum and Penentiary at Black
wells Island the School Long Island Farms and the
City Prison That generally the institutions present
well regulated and heathiul appearance, although not
sufficiently commodious to meet the wants Of our in
creased and increasing population This il especially
the case with the Luna,ic Asylum and he bulldogs oc
cupied by the destitute children ON the Farms In these
MANY of the INN crowded in apartments immedi
ately under the roof to the hazard of their lives and
health. The confinement Of several lunatcs in
ence of one upon the other NJ reelection is intended
70 be cast upon the able and scientific resident ply stefan
under whose administration the hospitals and asy lums
an alike honorable 10 him and TO the
munifcence OF our city government, upon which we
would most respectfully urge the necessity Oh immear
ate attention in the premises
The attention of the Grand Inquest was directed to
the city burial place known as the Potters Field by
charges made against an Individual for exhumng DO.
dies inferred there, for medical purposes. While we
of the advantage to the luse OF science and
Of the absolute necessity Of su iciency Of subjects
or anatomca purposes cannot permit, without nc
tce the examination OF these whose remains are inter
red at this place against the consent OF their friends
ADD in violation OF the law. The manner in which
these poor people inferred, practice which has
been in vogue Tor many years. not only inviting and
convenient 70 the resnrrec,asts but dsrespestful to
the dead anu calculated to leopard the health Of those
who reside IA The im MEDIATE vicinity Of the field. We
therefore present as nuisance and ask the proper
authorities 10 make the requisite reform. We further
present that the keeper OF the said Potters Field be-
ing brought before the Grand Inquest testify in rea
zion 20 the dinterment Of bodies buried there reus
to testify the ground that his testimony might tend
,saH