The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-16

luton, moved by Mr.. Nelson and seconded By Mr..
Hummwell. was unanimously adopted
Resolved That in the opinion of this Board is expedent
that the capital stock q hs company be % an
dedSctns it, outstanding indebssnss for
such purposes reduced BY the OF the land grant
don Of the somuany. win warrant such
The recent issue Of stock was made by the Elk.
ecutive Committee December 49, 1871, ia conformity
with the action OF the old Board OF of1cers
The resolution given in the above card was one OF
two. the second being suppressed in this ingenious
defence OF the overssue. In justice to Mr.. Nelson,
ex-President OF the Stock Exchange who offered
the resolutions 1t Ii only lair to say that the second
and suppressed resolution provided for sale Of
new stock in accordance with the law OF Missouri,
which limits the lowest price Of such
sales to par. with the legality or illegality
OF the new stock the Governing Committee profess
however to have nothing to do. They have simply
declared that 1t Is not good delivery and viii not
be for thirty days. During this interval q magnin-
cent opportunity is AFFORDED the stockholders for
melting out terrific punishment to the "rIng" OF
SPECTATORS In the directory who have created the
| new stock. The 'ring," Knowing their own inten-
lions, month ago began selling the stock
at 81 and sold 1t down to A. They
supposed they would have no trouble
In opening the transfer books whenever they pleased
and delivering the new certificates. But the Gov.
erning Committee Of the Board interiered and rem.
Meantime the clique had sold. according to a good
estimate, fully 10000 shares. In other words the
public at large have bought TO- 900 shares OF Hannt-
bal and st. Joseph common stock, when there are
only 900 shares In existence The inference Is obvi
Gus. The clique are "shorr' 00oO shares, and must
remain SO for thirty days TO come unless forced to
buy In the stock at Whatever price the holuers OF
the stock are willing to fix. The latter should call
meeting and place their interests in the hands OF
q committee of respectable ana responsible brokers.
Let the meeting be held right away and an organi
zatOn effected Let every man who Is an
owner OF Hannibal and st. Joseph COM
mon stock, whether IN full OF in part
by the process Of marginal deposit assemble at this
meeting and give his interests into the charge OF
such committee. Let every broker and banker
who Is in favor OF honest dealings give his counten-
ance and aid TO this movement, and we shall hear
more OF fraudulent stock waterlng5 and clandes.
tine over issues; for the terrible penalty which can
be imposed In this instance win put an end to
such nefarlous schemes for the future. The
Stock Exchange ought In fact to lend its
hail for an immediate meeting or the stockholders
upon whom this injustice would be practised A
leader like COmmodor Vanderbilt might be found
who, skilfully holding the clique IN the m eshes or
their own net, might cause them to gradually dis
gorge all that they nave made out of their atrocous
| enterprise and enough more 10 repay the outraged
| sentiment OF honest men. There Is way OF dong
TINS, known to every habitue OF Wall street. The
machinery Is at hand II the stockholders will d.
| rect it,.
| Apropos to this very topic we find the following
In the money article OF the Ecentng Telegram to.
night
The delay of thirty days beforeth the new stock Will
| be admitted TO the Stock Exchange gives ample
time Tor the present socKnoders, however, TO pro
tect themselves against this gross imposition. In
dong this they might probably learn lesson OF
the Erie Protective Association OF London, and re-
quire OF every broker 10 call In their certificates
the English Erie stoc holders in such way that
they could be followed ever after. Tals would no
extremely useful IN case fuJure litigation should
discriminate gainst the legality oil the new issue,
and would serve To preserve their value during the
progress oil legal controversy
HIGHEST AND LOWEST PRICES.