The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-27

u
During the past week the stock market ha. sxpe-
renced greater fluctuations than at any previous time
this season The closing prices yesterday do net vary
materially from those current at the close Of the week
previous. Prices for most of the fancies are most
enormously inflated, end 1t Is astonishing tina. they
we'll sustained. Nothing In the world but tn
great abundance Of money, ana the with vhi,h
all kinds Of stocks be hypothecstsd enables hold
to carry large lots Of the fan ,ies and creates spirit
Of speculation calculated to initiate prices beyond
existing points. There Is no limit to prices when
there sufficient to carry stocks. There
hundreds Of outside spectators who have very little
to lose and to gain. who At any time
disposed to involve thowands to the fall extent o.
their means, in the most desperate operations, and
there probably Is no way so exciting or 60 agree
able transactions in fancy stocks In Wall street
comparison Of prices nov current with those
ruling at this time last year, will show an advance
ranging from fifty to one hundred Per cent; not
withstAnding which there are, At this moment
operators just eager to pursh as 81 any time
during tho past year. Those who entered the nay-
ket early have undoubtedly made money; but these
who deeply involved holders Of fancy stocks
at present prices will have to be thankful
they get out with whole skin. The regular brokers'
these Who have been In Wall street long
enough to have three four revulsions in the
market know too well the uncertainty Of speculative
Of the stocks daily operated in suffer the msslves to
b. draw into the financial mae,troom that wrecks
many inexperienced nsvigators They, however, act
as false beacons and draw Others into din cultes
hey know not Of and then abandon them 10 their
remity. We venture the assertion that the bulk OF
he espital stock Of every sBcy Is owned present
controlled, by Outside operators. The books OF each
company may show the stock standing in the name OF
Wall street brokers, but the books Of the brokers viii
a.
time and that the stocks largely held for delivery
contracts msture This dangerous position for
fancy stocks the brokers have interest In
tanning prices; and when the proper time comes, .
regular onslaught will be madeupon them and every
thing calculated to dspress prices will be rsorted to-
took out for squalls.
On Saturday MOI ming ". called the atten ton ot the
President and Directors Of the orrs Csnsl Company
TO certain circumstances which had tran'pired since
the passage Of the suppltss 10 the charter o. tha
corporation and to the its for the purpose CT post
ing them up as 10 the rights add privileges Of the
classes of stockholders The legal conseq as T.
the rights Of parties intersted stockhoders from
the statement Of facts made, mar thus be briefly
msrated In regard to the capital u car b GsSgmsa
that the compsny did not ask for an ineresse the
Legislature did not nten' TO increase ~ ts act o.
9th Feb 1sie; but II y plain the design 10 reduce
Il as Its banking powers BY section o; .ad aes we're
10 DC eurTenuered-thet II the preIsrlea tt0ch w.
issued without reducing the original number Of shares
in pursuance Of the let section Of the act the result
would be an increase OF capital TO the extent Of
81 17G 600 which would be clear violation Of the in
tenton Of the act That the company did not consider
the act authorizing increase Of Its capital lie ma
ne,t from the resolution Of the directors Of let Au-
gust 1s4e and hence follows that By the resolution,
Of the beard of that day, u was deemed that tho
numter Of shares wss reduced In pursuance q the
provisions Of the ct 70 $50 I. also spears tina. II
was the intention az The Legislature 20 give Go tho
per,ons advancing the money tAs preferred sosk.
the control OF the company from the fact that
the numb.r Of the old shares va. to lie reduced
from IL 0oO TO 1920 and tbs or preferred stock
fxsd 1850 shares 20 tia. at all times the
pforrietors -ho mae flesh advsncss, coui con-
troll the old proprietots who had purchased at nominal
rates. II Is TO be presumed that the shareholders.
Of the preferred stock under the proceedings q
the 18th February 1860, dld subscribe under ths
faith 81 the provisions Of the act referred 10, a.
well % the proceedings Of the board q let Au.
gust, 1870, which secured 10 such subscribers the
control Of the affairs Of the company; and hence
~ vas eros. fraud upon the holder, q the pre-.
ierrsd stock 70 sttemps to resena the lsst named