The New York herald., 1875-10-28
WALL STREET NOTES.

NEW sENsATIoNs-AN OPPOSITION TO .PAcIFIs
MAIL--wHAT THE PANAMA OFFICERS say
NEW DEAL IN ERlE-THE STOCK EXCHANGE
DEMANDS RAILROAD STATEMENTS.
Lake Shore Railroad the greatest sensation OF ths
stock market yesterday As exclusively reported in
this column a few days q new pool had been
formed in the stock, embracing the old Twenty third
street party" and OF Commodore vanderbilt'a
friends Within day or two II has been currently
ported that TO the strength OF this combination had been
added Mr. Gould To-day the evidences seemed 10
point conclusively the truth reports the
advance of the stock TO 627s AS few days since the
shares were selling at SIX, this seems like
A BALAKIAvA CHARGE
on the bears. Erie was likewise active and two pes
cent advance will be found recorded in the proper col
In favor Of the long suffering stockholders There
is story adoa that there is combination foot
buy controlling influence in Erie Lake shore and
Michigan Central in order to have through trunk line
TO the West Independent OF New York Central The
advance in Michigan Central seems TO give color tc
these reports
OPPOSITION PACIFIC MAIL
the next sensation in the stock market The shares
under the supposed manipulation Of a leading specu.
ator, strong until the ''rumor committee" re-
sumed their session. about two O'Clock when they de.
clined one-haf per cent then IL given out
that opposition line TO be started IA
to San Francisco. The Clyde line Of steamships
the first mentioned having been engaged, and
then the recently deunct Brazilian line OF Commodore
Garrison brought into the story. Mr.. Trenor w.
Parks name mentioned as being at the head of the
alliance; but as his company the Panama Railroad,
known to be q creditor Of Pacific Mail this was
thought 70 DO Hn candrd a tyots bees The HERALD
representative waited Mr. Park at the office OF the
Panama Railway aud there found several reporters
waiting for Information. 1t appeared, however that
there only the usual business meeting and oil
the Panama directors jocularly remarked, THAT IL
only seemed TO be conspiracy TO cheat them OF
their dinners Mr. Park said he had nothing TO say
but was supposed Ia well informed quarters that the
whole movement OF the bears to theii
'shortn stock Indeed, in the present state of steam
ship affairs It would seem to be worse than folly for
new line 10 start from any point for anywhere. The
opinion Of the street. Far cleaned was that the
whole story for stock jobbng purposes and il IS
only noticed here as part Of the current gossip OF the
street
been forwarded 10 all corporations whose securities
at the Stock Exchange is step toward the po.
sition which has been often urged in this column. II
may not result IN good being simple request instead o
demand backed by rule of the Board that the penalty
for noncompliance would be suspension from tho
list Of such securities IL is quite clear that the Ex
change has the same power to enforce such rule
that requiring all corporations TO register their stock
and give thirty days notice OF any additional issue:
CIRCULAR FROM THE STOCK
The undersigned, committee appointed by the Gov
erning Committee of the New York Stock Exchange,
beg call your attention TO matter concerning which
much interest is felt, only by members OF the
Exchange but by the public gcneraIy-viZ, the reg
ular and frequent publication Of earnings and expenses
by the corporations represented al the Exchange.
while that there may be, IN some cases,
valid objections tosuch publicity, we believe that much
more powerful reasons exist IN It's favor
We base our request the first place. the ground
OF expediency. Although some companies may ad-
the theory that frequent and complete reports
would expose them 70 undue taxation, As well as 70
persecution from lobbyists and corrupt legislative
bodies II must remembered that none Of tho
organizations in the securities ofwhch deal
corporations and that the public s entitled to- and,
later will have, full knowledge OF their hnan
cia condition Moreover, efforts TO conceal the truth
naturally stimulate curiosity and give TO questions
and rumors which often do more harm than publicity
would Suspicious are more easily reused now from
the fact many railroads which formerly published
their earnings regularly ceased TO do only when
their receipts showed marked decrease; but we think
IL will hardly be denied that such policy has proved
TO be a mistaken In no has the credit OF =
company been preserved and in many instances its
loss has hastened by the doubts fears 10 which
concealmen has given rise And now that the worst is
known about the most Of those companies which have
had anything TO conceal, IL would TO be good
timo TO inaugurate a new and better policy.
But strongest claim is the fact that the New York
Stock Exchange represents through its members and
their constituents the great majority OF the stock
holders OF The many corporations its list Who is
entitled to prompt and trustworthy Information IL we
are notf How can we deal ntelligently without such
nformatonH II Is nc0ntestabe fact that thousands
Of spectators and investors have ceased TO trade
through simply because we could not give them re
able data concerning the securities which they wished
70 deal We presume no will be bold enough to
claim that favored few are entitled TO this knowledge
70 the prejudice OF the many but the fact that
the few officers and their friends do get il while the
many stockholders must be content wait and
receive IL at such and in such
ncr a. u may be doed QUITO them This unjusti-
fable action done than anything else 70 bring
railroads, especially into dsrepute. ssSpecuating Di
rectors" have become odous that we feel that hon
est officers II 70 themselves we'll as 20 the pub
he 10 correct this evil OF Affairs and We appeal TO
you In the confident hope that you viii gvc
us the AID Of your influence We are already sure of
the cordial cooperation Of many prominent men con-
nectod with railroads and other organizations and we
believe that the desired result will DO secured without
great delay
Please inform rs whether you win consent TO furnish
lsIvc NJ he
and expenses Of tho company under your contro2 In
case YOU have objections will consider IL favor Il
you will state them to US
An muncations should DO addressed 10 the chair.
man OF Ihs committee, al No 4 Broad street
BRAYrON IVES, Chairman
SALEM T. RUSSELL.
DONALD MACKAY,