The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-05-21
NEEDS A STOCK EXCHANGE.
BRooKLTyDo AND NEEDs r. BADLr
ALL HER vALUEs ARE AFLoAE.

ALL HER T4LUEs ARE AFL0AL.
sueh Stock Quotations NJ. Investors an
Buyers Cnn Get nrc Furnished to Brook
iyn Newspapers by Interested Brokers
A Lond Call for OmcisI Means OF Pabii
Information as to Property Values.
There Is a general demand In Brooklyn tina
tho fourth city in the Union shouldihave a Stool
Exchange OF its own. For n number OF month";
this subject has been discussed In the Hamil
ton. the Brooklyn. the Oxford. the Unior
League. and other clubs where men with banl
accounts conGregate. There are many bank
aud trust companies In Brooklyn. There ar,
corporations OF all kinds. There are grea
manufacturing interests. And yet. 1t Is In
sisted. thore is no official means Of ascer
tanning the exact value OF the shares OF these
companies. Brooklyn has many prominent
citizens. some OF whom are OF national repu.
tation. They are thoroughly familiar with
correct banking methods. Moreover. they are
Interested more or less in the values OF the
corporations in Brooklyn. Yet. as already
mentioned. there is no means OF learning the
actual value OF Brooklyn securities.
New York. the first city in the Union. has its
Stock Exchange. On this Exchange the values
OF the securities are officially known from dag
I U uty. " SHH1e can w bulu VI L Hildueiplih.
1t is also true OF Baltimore. 1t is true In Chi
cago. st. Louis. and San Francisco There are
also exchanges in New Orleans. Cincinnati.
and ST. Louis: but Brooklyn has no standard
OF values on its own securities. This fault
has been discussed by the influential citizens
Of the City Of Churches.
The interest in the matter has been the
subject Of comment. and recently the hap
hazard way OF doing business in Brooklyn has
received more than usual attention. The
Nanderbilts and their friends have built a
great depository on Schermerhorn street. The
various gas companies. who have behind them
important capitalists in the Standard OIL Com
pany. have a great interest In Brooklyn's fu-
ture. The elevated railroad companies. the
Coney Island companies. tho banks. the trust
companies. tho insurance companies all have
n particular interest in Brooklyn's future.
Many Of the rich mon Of Brooklyn are depend
ent entirely for quotations OF properties on the
local brokers. 1t is n matter OF comment that
these quotations are OF little or no value.
Many investors by their experience with these
local brokers will confirm this statement. But
without n Stock Exchange for BROOKLYN. with
out q clearing house. without officers compe-
tent to discern true values. tho investing pub.
lie OF Brooklyn is all Mt sea.
The Brooklyn Eagle. the Brooklyn Times. the
lItktV. tHe = HtoN. INT various news
papers OF lesser importance contain daily re-
ports giving The values Of local securities.
These reports. however. are handed in by the
brokers directly concerned in selling or buy
ing to the best advantage the properties they
quote. 1t is very 1ntly stated that tho QUOTA
lions contained in these newspapers as fur |
nished BY the local brokers are often mislead- |
inc. To put 1t more strongly. the quotations
0! Brooklyn's local proper,ies are very ofteA
BY the local brokers. Many investors
AVE called the attention OF THE sun to this
They have gone over the lists in the
Brooklyn newspapers. and atom pied to prove
hit they were misleading in many directions.
They have pointed out that the local brokers
rave been unrestrained in every respect. che
list Of prices furnished Of properties to the
Eagle. the Times. the citizen. and the Standard
Jnium have represented in tho majority of
asses. 1t is declared, the personal business Of
he brokers. The critics who have looked over
his question have taken M first tho sccuri-
les OF the Atlantic Avenue Railroad Company,
They have next gone intn the value OF the
ltailrond Company. and after that
he Crosstown Iiailroad Company. and Iurthor
IN they have mentioned the Brooklyn Gas
stock. md the Citizens Gas
'ompnny's stock and bonds. Further on
hey have looked ut tho quotations furnished
o tho local newspapers OF brooklyn OF the
Metropolitan Gas stock ant! bonds. tine Mas, au
Peoples securities. tho Williams
Gas Company's securities. the Union
las Light Compnny's affairs. and further on
hey have wanted to learn the true value Of the
took Of the Brooklyn. broadway. Bedford.
Commercial. Filth Avenue. FIRST National,
ulton. Kings County. Hamilton. Long Island.
anuiactu.ers' National. Mechanics and
raiders Mechanics' National; Nassau Ma.
Bank stocks, Tho investors Of
'rnoklyn have also tried to ascertain the true
that in the local newsnarer s' APPEAR quo,
urirics Of the Brooklyn Trust Company.
ounty. ths Long Isl isinndd." tRs S!sssa sno and a'p tts
eople's Trnst Company. Every evening there
10 in.urGnce com;nni.s. namely. tn" Kings
ounty. tho Nassau. III, p.ATnix. and tho VIII
a. a srsj " rGjmnanIss .,s ?nnrs i, .IsG prin,ed
q the Union ana New York and
nd q the siGets 9th Of the e0% mr"oEiyn :MfS Snicipni
.lectric, Light, Company. and other electric
:orhse "om H"a sn0 Iii ShtFt II" o Tyne9" ss"Sr,i ind
mi, o lllciai,y liqteI In those lists hnnded out
u stnte Of affairs. It Is insisted. Is not
'nsistent with the dignity Of brooklyn and
arei Nv n nnmt or of Gent!rni"n Interested In !
70 w~elfnroo Of BROOKLYN tia, a Stock Exchange .
u Board Of Trade. whore actual values couII !
determined. should he established. Fur
Iermora; the great newspapers of Brooklyn. :
ie the ,EGg.r. tho. I'm =. tho C,Y2en. and the {
dndord- Union. 1t Ia declared. should not print !
@ values put upon Brooklyn securities by !.
@ local brokers. This business should be .
opped. and means taken to ASCERTAIN tho real I
.lues OF Brooklvn's great securities. .
While there can he no question "a to the !
,portant values OF properties. including !
stocks. gas stocks. and railroad stocks =
d the securities Of oyery other municipal !
in the growing and pros porous U
~ Of Brooklyn, the criticism is thai the In y
stors In these necuritiss have not any OFF, y
means OF arriving ut q luat conclusion as o
these values. Now that Brooklyn has a u
nj Estate Exchange 1t should have an ex- Q
ange whore an Official body could pass upon I
securities OF the fourth city in tho Union. !.
is not within tho scope Of this article to 60 "
to the methods, Of the various To- r
brokers. but it Is sufficient to say that u
investor has no redross from their .
presentations lie may buy q rig in a u
[ he has no rsmedy. All this. ths hest citi- %