Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-06-17
EXPLOSION OF PARKER VEIN COAL ooMpAN,
FROM THE BALTIMORE SUN.

We noticed Saturday, in the monetary article Of
the SUM- the virtual explosion of this company, in New
York. in consequence of issue of stock Its coal
lanls &c., it will be recolected are situated in the
Maryland Allegany region We have since learned that
lew reform ticket of directors has been chosen and
that they purpose institutng thorough investigation
into the whole affair. The New York Journal of Com
mtrce says:
:. This originally Boston company, but its pro-
gess not being satisfactory, new company formed
here, the Boston owners putting in, understand
their land, machinery, &C. at $500 O0O and subscr
bers taking equal amount Of stock at per share
par value SlO0 Thus the company possessed the orig
nal property and working capital Of 100000 We
believe it about this date that the Bostorpropretors
d out their stock to eager purchasers resident here
son investigation the new owners found that the whole
affair take in the mines owned by the company
rot being worth the working Some who caught the first
faint glimmer Of the truth before it fully revealed
sold out say 7S, all the way down to 43. The
went on and bought coal lands that worth working,
somewhere about $500 per acre, if remember right
y We think this purchase goes by the Of the
Caledonia mine They also procured authority from the
Legislature of Maryland to extend their capital two mill
lions of dollars thus making it three millions The add-
tional stock they so say from $40 all the way down
So Within few days it has been suspected that there
overssues Of stock, and Thursday legal nunc
tion was placed upon their operations We understand
they confess issue of 900 shares 600
than was supposed to be their legal limit thus
king the stock up 400o000; but they claim authori
ty for this under amendment to their charter They
are generally accused Of having exceeded even thi
amount
II Mali ESQ., the president of the company sailed 70
Europe quite unexpectedly the Sd instant. The
of the stock has been stricken from the list Of stocks BY
the New York Board of Brokers. The New York Times
says
Every thing it is stated in the shape of property
assigned three four days ago, before the legal
served But this is not necessarily the end of the
story to innocent shareholders. court of equity
imagine will nterpose and thoroughly probe and upset
the irregular and alleged fraudulent proceedings Of the
concern only in the overssue of stock but the sub
division and DIVISION by secret conveyance of the steam
ships and landed property of the company The account
may fearful the immediate parties engaged in
the affair, and losing those who have taken on
their conveyances of property and based thereon
companies coal steam but it would to be prope,
that it should be gone into under the solemn sanction
courts, either here or in Maryland"
The New York Express says:
ssWe understand that assignment of the property
and effects of the Parker Vein Company made for the
benefit of creditors two three days previous the
junction having been served. The assignment will OF
place the company in the hands Of receivers The
committee in the board made informal report in which
was stated that application to the of the
Parker Company to its condition. they could learn
any thing definite satisfactory thereupon it
dered that the committee be empowered to employ
sci if necessary and to procure list of stockholders The
affairs of the company create considerable stir in the
street"