The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-18

What are The stockholders OF the New Haven the
Hxlem railroad companies about that they do not ap-
psaut committee Tor elect droctor) whose duty
sAan be to examine into the conduct and frauds Of
e.huycr and Kyle and take such legal steps a. may be
deemed necessary and look into the conduct Of
mo directors of those roads2 Let such committee
tan whether any director directors in any way
yavsps eriminis; and how much stock they held two
three weeks months back and how much they held at
the time of the Schuyler explosion.
An impression prevails in regard to our rail
ysad stocks held abroad. Many suppose that they
AaA 10 large amount aud that when the news Of the
6nhuylcr fraud reaches Europe they win immedi-
sy 10 returned to this country for sale, and cause
4sat depression in their value. This think is an
0s9. Foreigners have purchased largely into our gov
susaeat State, city, county, and railroad bonds and
p&isulary those bearing coupons and first mortgage
Arssd bonds but very sparingy Of railroad stocks,
which are seldom, If ever, quoted in London circulars
Aey have send bonds back, for they are
uDoi they Their interest falls below the
1lvidsnds Of best railroad stocks; hence America
chiefly hold them Foreigners hold few to send bacs,
ssen were they disposed to do SO.
Attempts have been made by some OF our cotempora-
xs 70 show that the Of stocks at auction were
81 fair criterion Of the market value Of such securi
tsa These sales have beea called bogus-Peter Funks-
sd the operations throughout have been characterized
- deceptive So far certain kinds Of stocks
serusd We have no doubt these statements to
IN extent true; but the auctoneers have no control
there things The OF any stock put up c.
employ parties unknown to the seller, to bid at the
als asa not only mp prices but at last bid 1t in
this way the sales may be fictitious and the price
vsstsd appear extravagant Only In this particular
90 Arst objection be raised to the public sale OF stocks
= every other Is the best system ever devised to OBJ
iA just value only for stocks but for any other
81 he rt.ap~a Ia va rar-
trsa the Of the Of any stock Of
tered any further than prohibit his bidding aud
every lot put up either publicly withdrawn regularly
SID the seller responsible for private arrange
Dents, outside Of his business Limits may DO placed
sm certain securities which, IL not reached IL state
sd sale suspended. stocks frequently started
- certain price, and IL there bids beyond that
thsy withdrawn; bat every lot put up uncon-
aasionsly 10 sold, far the knowledge OF the
snctionecr n concerned, to the highest bidder. This
- jast should be- and long tho public sales
80 ssad1ctsd upon these principles, long will they
the confidence OF capitalists and Of the
nifty at large. There Is however strong oppostion to
hes sles from strong party in wau street but when
lock ut the postioa Of the parties from whom the
opposition enanaes IL ia not at all surprising. Auction
s Of stock securities have grown in favor rapidly
md already command such portion Of actual business,
oat the brokers Of the stock Exchange have bo.ome
nnreo fearful that their system OF buying Aad selling
vn b exposed and that the artaAa transactions daily
unds win become apparent thsa public confidence
WI be Withdrawn and Transferred greater extent to
eir competitors The actual market yslue Of stocks
vsry different from the reported quoa3sus At the Stock
RxshsDge and II Is high time that there shoud be
rsEulAssr the operations Of private combination
eaocks are daily sacrificed at the Board Of Brokers
besaase certain parties, by an understanding among
Aenseives, viii only give 70 much The opinion Of a
fsw brokers who really know very little about any stock
% the hooks the board Is taken BY the community
sslasor Of vaiue and the entire capital stock Of ths.
vurtaeuiar company estimated at that rate IT, for
Instance any clique Of brokers, for the purpose OF de-
presns the value Of the stock Of the Cumberland Coal
osppany should sell twenty FIVE shares at thirty per
nt when the market price the day previous thirty
m. per cent IL would not in fact, be any criterion Of
vHse Tor the party selling would actually throw away
nvs psr cent; but II would FIX the price FOR the
ss and 70 abroad being the oc! quotation OF the
S sf Brokers' operation Of this kind could not occur
a pablo SALE where any cns could attend and bid as
IN A he pleased None Of these hocuspocus bogus
rsssons could be made In the open rotundA Of the Ex
sS.pss during sale at auction The actual market
- al ever stock sold under tho hammer in the very
t,s AZ al financial transactions o. tbs city and at
,.ss where capitalists and spectators most do consrs
se can BE- obtained and they differ from thoss qucted
= sss board ny b taken fos granted thru the board