The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-26

blow. Stockholders are the influence that is
'ringing the trouble out for stockholders, un-
ike legitimate business men. are demoralized
30 far q. rates of discount go. They are not
alarmed al any figure, bat like true gamblers
make the venh.' re greater, and thus push rates
to such point tn, = all who are not in sound
condition must go OWN. England feels that
she is not prepared for any, such trial, and thus
her financial writer's warn thai while it is idle
70 conjecture when the storm may come, every
man who pledges himself must expect that it
may como at any moment.
In this connection, as q crash in England
will be severely felt here, it may occur to many
that the suspension Of the Columbian Insur-
ance Company. the other day, may have some
unseen relationship with what Is to come and
be more general But this is not probable.
That suspension evidently did not surprise
every one as it did the public. Certain inside
men apparently knew all about it, and indi-
Gated lively desire to stand from under
There was an unusually large movement in the
company's stock on the few days preceding
the disaster. Six hundred shares were sold
and nearly five hundred moro were offered for
sale. The prices of shares sold on January Is,
IL and 20 ran from seventy-one to ffty-four
per cent Perhaps this was the final rush of
tho operators getting out after the green ones
had been fairly gotten In. There is a family
likeness to the operations Of the men who make
corners. Corner men fix on some obscure de-
Preciated stock; they quietly buy it up at its
naturally low rate, slowing it away all the
time, until they have made i scarce. Then
they begin to inqdire for it, and the stock be-
gins 10 60 up. So, carefully man9uveriny,
they run it to handsome figure. A case in
our legal reports the other day showed how
the stock of Western railroad had been run
up to eighteen per cent above its par value.
By this time the gu1geons-eager to bite--are
after it. Then the corner men sell, but always
very carefully, and get rid at high rate Of
that which they bought at very low one. So
of the public.
The directors of the Columbian Company
will have to prove that they have not, by the
use Of similar tactics, enabled certain insiders
to operate ON the multitude. They adopted I'M
usual means to make their stock attractive.
They paid great many dividends for not
very fourishing company. They had even ad
vertised dividend at the very last moment.
II has been suggested that this was only final
one Of many allurements TO get outsiders in
and so help the insiders out The lew requires
that company shall stop when twenty five per
cent of its capital is gone, and we may be sure
that the Columbian did not stop before it was
necessary. But on the Esd Of December the
company announced that its capital was intact.
1t did this by advertising dlvidend-for IL can
only pay dividend when its capital is all
right. Either, then, that dividend was Illegally
promised, and was intended to deceive; or the
company lost oneFourth of Its whole capital in
the current month. The public can choose
which of these it will believe; but whichever
IT may choose, neither can connect this suspcn-
sisn with those more legitimate troubles that
will fall upon us as consequence OF any great
financial crash across the Atlantic. l''NT
. -- 1915
THE NEw YoRK COLLECroRsHIP.-The persist
cncy wi b which delegations after delegations
are Fostering the President abou, the appoint
ment of a Collector for the port of New York
would be amusing If IL was not that they occu-
pied so much Of Mr.. Johnson's time, while he
has SO much business 10 attend 10 Of great and
vi al moment to the country. One day q num-
Der Of gentlemen, introducing themselves as
the representatives Of almost untold millions,
call upon him to urge the claims Of o particular
candidate for the Collectorship. The next day
another candidate is pressed upon him by die
ferent batch of hackers. The President has
something more important on his hands than
the New York Colectorship, which is Of no i'm
portance at all except az comfortable roosiing
place for some politician. The present incum.
bent. Mr.. Clinch, is performing the duties Of the
offee to the entire satisfaction of the mercantile
community, just as be has done for many years
past, when fillirg the Office Of Deputy Collector
fact which in itself goes very far 10 prove
that the Office Of Collector is q superfuous one.
The Collector is expected to do the political
business of ,be Office; but the practical bust
ness, upon which our merchants rely, has al
ways been done by the deputy. Therefore
there is no necessity in the case Of Mr. Clinch
for making any change. He IL an Efficient
Officer, ard that is all that we want at the
head Of The Custom House. President John
son, we presume and hope, sees the mater in
this light and will pay no attention to these
troublesome delegations Of Office seekers.
The BRooKLYy PARK MUEpgR.-Tbe course
Of justice in our local courts is VIGOROUSLY
slow. but we have had q recent exception 10 the
ru,e in the 0tero murder case in Brooklyn. In
Mr. Oiero wac murdered, as our readers will re-
member on the 22d of November, in the public
park of Brooklyn, and on the 24th Of January
both bic murderers were convicted OF the