Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-06-14
Parker Vein Company Excitement at New
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The, Journal Of Commerce gives the follow
ing particulars of an explosion in the affairs of
the Parker Vein Company:
Wall street was thrown into futter of ex-
element to-day by the explosion in connection
with the management Of "Parker Vein." This
was originally q Boston company, but its pro-
gress not being satisfactory, q new company
was formed here, the Boston owners putting in,
as we understand, their land, machinery, &C.,
at 100000, and new subscribers taking an
equal amount Of stock at $40 per share--par
value 500. Thus the company possessed the
original property, and a working capital Of
| 100000. We believe it was about this date
| that the Boston proprietors sold out their stock
to eager purchasers resident here.
On Investigation, the new owners found that
| the whole affair was 'take in" the mines
! owned by the company not being worth the
| working. Some who caught the first faint
| ghmmer Of the truth, before it was fully re-
vealed, sold out, say at 70, or all the way down
| to 49, The rest went on and bought coal lands
| that were worth working, at somewhere about
| $500 per acre, if VIC remember rightly We
think this new purchase goes by the name OF
! the Caledonia mine. a
They also procured authority from the legis-
| lature of Maryland to extend their capital two
millions of dollars, thus making it three mill
| lions The additional stock they sold, SAY from
$50 all the way down to so. Within a few
DAYS t has been suspected that they were over
issues of stock, and today legal injunction was
placed upon their operations. We understand
| that they confess to, an issue of 10000 shares
| (l,O00,000) more than was supposed to be the
| legal limit; thus making the stock up to
| "a, 0O0,000; but they claim authority for this
under an amendment to their charter. They
are generally accused of having exceeded even
| this amount. The books were closed, prepara-
| tory to an election, last Thursday, on which
! day, il is said, the president, H. Mall, Esq,
who IL one of our most honorable merchants,
| first became aware that he had been led into
| an over issue of certificates. If such an over
| issue had been made, of course as his name is
attached he will bear before the public large
| share of the blame, although no one supects
him Of any fraudulent intent He sailed for
Europe, quite unexpectedly to most OF his
friends, in the Franklin on Saturday. The
board of brokers this morning suspended the
rule making it obligatory on members who
have bought the stock to take it from the pur-
chaser, and the name has been summarily
stricken from the list of stocks to be called.
There is but one opinion in the street in re-
gard to those who, if any fraud has been COM
mitted, are the real perpetrators; but as public
execration will blacken them sufficiently, we
leave them in the hands of the sufferers They
have made "good thing out OF it" according
to their ideas Of what good thing IS, and
we doubt if a stand in their pillory would ma
terially affect their nerves. Ihis exposure
should tend to open to eyes of our men of busi-
ne IS to the folly of "taking d turn IN stocks
of whose intrinsic value, or present manage
ment. they know nothing but as the :" know.
nothing system is the popular one just now in
stocks as well as politics, all advice to them
would only be thrown away. .
It may not be unnecessary to remind our
readers that me Parker Vein Steamship Com
pany is not now conn ected with the company
implicated by the above account.
THE EXCURSION PARTY Those who had
been assembling in this city since Thursday
last, to Join the excursion to Rock island and
St. Anthony falls, started on their trip at 81
o'clock Yesterday morning. There were two
trains. each containing nine first class passen-
uer cars. the best on the road, drawn by two
powerful locomotives, which were tastefully
decked with flowers, flags, and streamers, and
the entire party appeared in the best of spirits.
The cars we're all filed, with the exception OF
three, which we're reserved for the invited
guests along the line Of the road. There were
full 900 persons on both trains, included In
which were many ladies. The party is the
most brilliant that ever assembled in the west,
consisting of an ex-President, statesmen, histo-
rians, diplomatsts, poets, and the best editorial
talent in the country Chicago Tribune, OF
Wednesday.