Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1865-11-29
managers Were Messrs Kendall, Chamber

lain q Co. In the case at present in Court
1t appears that there was an agreement OF
the part of the plaintiffs, Messrs Carr anc
others to deliver 500 shares. on three day.
notice, at $3.50 per share. But, immedi
ateiy after this transaction, Kendall, ano
others IN the secret resolved to corner the
stock, which, Though a brilliant achieve
ment when gilded by success, is about as
mean as cheating at cards, when it trips
and fails.
1t was done in this way: Kendall Cham
perlain Co, bought up all the shares to
De found In the market, at the same time
engaging numerous parties, among whom
were, OF course, the plaintiffs in the present
action, to deliver up other shares at a stip-
ulated time at par value Having bought
up pretty much all the stock, Messrs. Ken
dali, Chamberlain & Co., are waited upon
by numerous gentlemen, who are plentifully
suppied with greenbacks, and who proceed
TO buy up the Napoleon stock at largely ad-
vanced rates.
These purchasers are in the employ of the
parties WHO sell the stock, and, of course,
the money they use is also the property OF
those parties They would seek a confeder-
ate up stairs in the same building (Pine-st. J
hand him large quantity of money, and
say, Go down stairs to Kendall, Chamber
lain 4 Co., and buy so many shares of Ma
poleon at such price" The firm below
aware that they can get back their own mo-
ney whenever they may demand it, reply
Yes we will sell you that number of shares.
Here they are, at Sl5 shares !" They take
back their money, and the bogus purchaser
takes the shares, which thus rapidly rise in
value
AT length, through two of their agents or
contederates, the price is run up to S32
share. Bond is the name of one of these
agents Cooper Is the other. Cooper HAY
ing been provided with money beforehand. !.
desires OF Kendall, Chamberlain & Co. l.,
600 shares at S32. They give him orders
on the other parties (also in the conspira
cy,} and of them he makes the purchase
The sellers return the money to Bond, who
returns it TO the original owner. Thereupon
the conspirators send around, to the unsus-
pectlng Carr Il Taylor, for instance. and de-
Inand shares at S2,25, as per agreement.
Not having the shares, and unable to pro-
cure them at less than S32 Carr & Taylor
are cornered. and Induced to nav SIC, 900 as
margin or security for the final recovery or
the missing shares Many others are bitten
in the same way, and the affair begins to
makes noise.
The sharp operators faye their stock and
um board of brokers, and Carr & Taylor, to-
gether with a number of fellow -dupes bring
an action of fraud and conspiracy for the re-
covery Of funds
The defendants deny all fraud, claim that
he transaction was boaa tide, aud that, ac-
;ordiog to the b;oker's rule, they bought in
he sock at $50, that being the lowest mar
let price at the time OF his purchase, and |
that they, therefore, have set-offof SIS, 900 |
They evidently find themselves in a bad |
,crapc, however, as it is understood that |
,ther Gains are preparing against them to
he extent of $l50,000
The names of two of the most prominent |
parties connected with the swindle are Hig- |
gins and Bond, who are represented as rus
ics from Allegheny and Cattaraugus Coun-
les. But the fact has transplred that these |
worthless with other confederates, all board
d together at an uptown boarding house,
where they planned and consummoted their
schemes. MeSsrs. Higgins and Bond would |
,e valuable witnesses just now, but they |
lave taken the alarm and are of. A num-
Der of others are supposed to be implicated.
At any rate it is to be hoped that thor
'ugh ventilation of the case will serve to
how up inunvarnished blackness the Devil |
n the Stock Market.