The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-31
Financial.
b. r. T..
THE GRAND JURY
MR.. SHEEHAN.


Mr. ". +. sheehsn .. counsel for the Brooklyn
Rapid Transit Company declared In court last week
that there IL "a nest Of criminals in wall Street
posed OF men who make business Of disseminating
false rumors for the purpose OF depressing secu.
rites"
II MIR. shoehan's position were not 90 strongly de-
hued on one side OF the fence he might have said
with more truth and justiee-and would have been
better understood by the public in so ssyine-that
there Ia nest Of criminals in wall Street composed
Of men who make business OF disseminating false
rumors for the purpose OF initiating securities and
selling them at such inflated prices" As the Ns'c
Pork Herald OF December Both pertiDsntly remarks
In q feeling editorial on the subject
The public unfortunately has reason to believe
that not all the criminals engaged exclusively In
depressing securities. but that equally unlawful
means are used to advance their prices in the
market"
Continuing, tho Herd d says;
Last spring the country flooded with rumors
and reports abou, the vastly increased earnings Of
the Brooklyn Rapid Transit property The magnh
cent surplus II was alleged to be earning for Its
shareholders. tho probability OF dividends at an
early day and no end Of other glowing
statements and predictions were put forth.
while the stock Of this company. which had never
paid dividend. was hostsd above sisb = share.
purchasers paying = higher price for II than
then asked for such old investment stocks as New
York Central and Pennsylvania The promises and
predictions we're not fuihlled; the unfortunate
investor has received no dividends. but has
seen the market value OF his property shrink to
.Son, on.n,f Of sh,. he paid for ,'r.n before
r.s.,v.r.h,,, rn,srn.,o.., p.n.r cn,n.n.,. .,a.u
which las, spring wa. .ois on the s,oes n,ossns.
high hs "a. hss recently been selling around 49,.
The amount Of ruin and havoc caused throughout
the BREATH OF this land By the purchases Of
Brooklyn Rapid Transit, stock is simply .tupsn.
dous On the strength OF tho eiitterng promises Of
I.rEo SUI ok u.'iuonus 70 come. on 'ns
nrsns'n on a.'eron'tn'' ths ''oe. would sell up to
an. =, a.. ,ron,o,or. ~, .. 49, ,.u.,.",a.,t,
ono o. Us promoters ONO VINO no. A,ro,'e' tor tho
Of this year isps everybody throuchou, the country
saving. from the bank. where they w.ro earning
i. modest and per cent. per .nnum and have in,
vested , m'In in b'oo.Iyn Rapid Ir.n'i. stock at
the lis, of good dividend payers. I, mish, BE- added
,h., the people OF Brooiiyn were specifically i'd.
visod in this regard to withdraw their savings from
the banks 9y an open Letter issued from the house
,h an 'b 'n s ~, , or
safely he :, that no stock in this country hs, ever
ST ,b "I Gt ss mil pysn n 80 a ~ s Ssht
,ng ~ nspo Oh ~ n. c"mpnmy N ths com
,s ,oG. BY me iG%
capital .of rRs that Por tho met or
men,s IN Il h.ye se,s 20 extremely hsnyy th.tths
The pnbii. Ave or ,I time. over PsrsdoIcs as this
the ms,hois ~ Nail street deTtst,nns r Sssn
nnrShsse, 10y tn, pIoho we're really contracts to
a. assnst contract to d.liv.p o tn. con them:
70 "enNsr were pG, ou. no. ~ ,hs public but by
M or Snc Sn'I TS's s's foSn1 so PM
broces % Ai.owi , tns STOCK 70 be ovrrSSnsht in
At tho tine VII mo-. ., the BANK, IN ' tSsiS a.;
a., T''.I ~ g .a,era, threw
INSTITUTION. clos y Identified with the orsauiiors
tpyA lHte ", letN 70 nn,v"h lhat thty were ready
Tho result j. sA.,iy s'nmated The people who
not ONLY failed TO re. interest on their n,e,,mcn,
winch had t. from ias to a" a o TIL. f AL
hotter o. tho s,osk Al III, n,rinS ,r me d,nssent
,S., sm.aH @ .ppsoil%.s sG 50; 50 p Haf;"A e
ho,s ims 20 ss"m n,mi inc aGoSat o. tie public
s%Sa "s;s. !: 4.
;ssr}, held s h., the gaHls and At Inc .monn, q
not Jar wing and snyUedy e hE Mi, are
sp"entStse ana lnNe, I'm, nj sitnsto on throughout
Villas m ~ w., . ,9ete !. not sity town
one th1u,and dollars worth Of stock that does not
o. The r,otlyn RAPID Tf.asit conpsny Wat s'1Ss
90 g" 10 ne I" ,uo.e from IN. Hy,scd,or
ma. n - -, -
n.ra,s - ~, W. W III .hc plInshiheht OF
vi. VIZ hHpNihs1S .r'uh"s any raise state.
a ~, -, :" ~ " "nkI itEs or
an ~ n !" pNt ont ~ pro
=, - '' i'I I ,I,rnt InnnIn,h ther
49,. 80 ~, IT,, III so NJ neuuous'S IiRL prices
"t'' - 70 IT, u.,l '"e purpose u d"ihcsrIng
,hG bc TsS G Sr nr o t"a.ins stock. upon Tho
'm,' h, prepare, W" way FOR the
y,t, a.. ~ w., ~ T nu noh ihttelhently the
done Iv IN. sams p.r.un. upon 10 me o'her,i ~
I Inn ~ AZ ~ s.,ne psrsHns II the GRAND
80 -, IL aui IIhnH 70 punishment
$500. ~ 80. ~ W \, iAl-enopdS 10
Ihoi., sL'i-' ahl u 'ah a. nesaut Time indict
h.,s ~ d. 'nS jf III, ~ ,nv business or to-tng
nun 10 ~ viii .nSntr a hen,s H ~, upIh the com
-, -, ~" U ~. UPON az honest and
!, ~ -, ,,,.,.r. N W." '"' "ppiA"So OF myriad
In "a ~, ,i,, ,h;. ,.,,
,i, 49, 'i'is mum oer OF very
.r,,on ~ ~ . c.r,ns I.y vehhtoem ny tns recent
- - $50, s ~, W. .i'.n lV'ny Anu mum
H. ~. NJ shI ~ Wv 81 Va, W nsht as result
!" tnys.,ia,s re rirc,ist,on - .ho utanu 1nIy
70 n. Sh ~ VI so.vAIeu talso
~ -, ',, snsnan Nsis artIhe ~ good faith
ost sol, mn AMI nunrnnt sssomhIs,. ~ p a. a. ,1
LII So. n.n sn i ran. sssonp!ase IN our local
20 ,.Lan ,,oui5 haSn ane hfst step ne snpuld
sSnt,,'Tsn W V".I "Snu u.en 70 Snow these
ra,rtv ,H"' ,.' ."ihnIs reie.tou 20 were