, 1873-11-25


Tho suit Of Bicdormann i Co.. stock doalera In
New York City, against Daniel Drcw, Eugono N. |
Robinson, and Stephen Il. Alden, who arc a1ao
woll known in tho stock market, a[uslon to
which was made In the telegraphio dispatches
yesterday morning, and the details Of which Will
bo found In the afTldavits Of tho p1nintins
printed elsewhere, preaonts some worry e1traor~
dinary features. It ia story OF tho dangers
which beaet those who take part in tho struggles
between tho bulls and boars; and Of tho mis-
fortunes which may ovortako oven thoHs who
think they have thor oyo~teeth cut. Tho story
In substance ls us follows: Diedermann Il Co.,
tho plainti1s, arc stock dealers in Now
York, who make 1t business to buy
and soil stocks, and aro presumed to know all
tho ms and outs OF theao very crooked opera
tions, although tho sequel Ahows tho contrary.
Daniel Drew, Eugono N. Robtnson, and Stephen
Fl. Alden, tito defendants, are also engaged in
tho same business, aud, a. tho sequel shows,
know moro OF tho ins and outs than the plain
tilrs. Tho medium which brought these two
firms into communication WAS tue Canton Com
pany, Of Baltimore, having capital stock of
Cd, ,430, 900, mud engaged in building and making
other improvements in aud noar the City Of Bal
timoro. Tho defendants had control Of tho
stock, aud D1ow and Robinson wero Directors Of
tho Company and mombers OF the Executive
| Committee. Tho plaintiffs now allege hat in
| November, 1879, tho defendants entered INTO
conspiracy to mike tho world in general and the
Plaintiffs in particular beliovo that this Canton
stock was splendid Investment, mud would
spoodily mako thoir fortunes il they bought 1t.
At TINT time Drew was the holder Of go 900 aharoa
Of tho stock, Of tho par yaluo Of $100 each. To
unload himself Of tho whole Or a part Of this
stock WAS tho aim OF good Uncle Daniel. Boa-
ermann i Co. wore aolocsed as tho par.
| tics most likely to take the stock, but, az
Biodormaun tE Co. woro in tho gamo limo
Of business, - buying and selling stocks,
it was necessary to conduct tho nogo-
tiations with extreme caro- aud dcicaoy. Ae-
cordngly, Alden and Robinson pretended to
be sollora OF the atook on thoir own account, and
good Uncle Daniel appeared very unwilling to
soil. In fact, Ao declared ho would not sell for
lona than from $3.50 to 5000 per share, because,
|
pany, ho was confident tho stock would goon
greatly incroaao in value, mud would advance to
tho prices named. Rather thnn sell, lo was 60
Ing to buy moro, and ho advised the plaintiffs to
take all tloy could got, IL was such splendid
invostment But thoy couldn't buy of him!
Having received this friendly alvlco from
suoh competent authority in tho stock world,
tho defendants began to grow lit.
Ito oagor. Thon Robinson at difforen
tinea offered to soll them aomo Of tho stock, ant
Allon Haa willing to lot t1om have some "o1
call. both pretending that tho stock was theirs
At last, tho defendants bit at the bait which VA
: kept dangling boforo their noses In such pro
yoking manner, and purchased 10000 share
, from Alden and Robinson, at prices ranginj
from $o8 To $106 por share, and 5000 share
t from other parties. Tho 10000 eharoa were til
property Of good Uno1o Dauiol, which ho wou
. not soil under any consideration, bccause
! was auch splendid Investment, likewise 500
i of tho 5000 sharos which wero obtained fror
other partica. For these 1900 sllaroa the dc
. fcndants paid down tho handsome uttlo sum 0
i 81, 1907, 1OD.75, which, In tho touohlng languag
. OF tlio1r affidavit, "waB far more than tho rcp
4 | value Of said stock"
i Tho defendants, now having 1871 GOO shsres, ~
= down and waited, aH good Uncle Daniel Nus dc
y Ing, to soc tho stock 60 up to 2o0 ut which tim
t their million and q half or moro would hayo III
j. creased to throo millions and a half or mort
+ They could then sell out aud pocket cool mil
8 lou apiece. And tloy waitol and waitod. br
o aftor Noyombor 1872 somehow or other til
market value Of tho atook did not 1t
crease, but On tho other hand, =
+ time wont on, they discovered that
. wasn't WORTH tho pslcs they paid f