The Bridgeport evening farmer., 1913-08-30
SEE
 J0BBER'S SCHEME IN NEW HAVEN DROP
Continuous Hammering Down of Stock Causes Much
 Speculation


 New Haven, Aug 8o.-Especia1Iy among old-time New Haveners, who
 within a decade prided themselves tol observe New Haven stock soaring
 above the 200 mark, the sight of it be-
 ing quoted around 90, the lowest point
 in the history f the road, has caused
 grave fears as to just how far the slump in the securities of the road
 might reach.
 The present low figures have caused, not only New Haveners, but also stock
 holders all through New England, to ponder and attempt to reason why it
 all should be- Many estates and in
 comes about the eastern states, the
 main source of which have been the
 dividends from the New Haven road,
 have been almost pauperized by the slump. It is generally conceded by stock brokers that although New Ha- Ven stock is quoted nearly 10 points below par, yet should person attempt to purchase any in lots of any fair size dimensions, he would be unable to do | so. In the minds of these persons who are stockholders and who have suf- fered through the smash in its quota l tions, the question: arises, as to what l brings such a peculiar situation, and
 whether the stock jobbers of Wall | street are not wholly responsible for | the low figures
 It is true, it is admitted by all in
 general, that there have been some acts in the administration of the road,
 which have been a powerful influence l towards depreciating the stock, but
 the conservative stockholder believes | that those were not sufficient reason | for g. drop, within six months of 50 points in the valuation of the roads
 securities.
 4 feeling is prevalent, according to
 report, that those behind the depre citation are the tobbers in Wall street. | xrffI xzio +rN Fl lcurities to obtain them for themselves and other big moneyed men who are 1 in the conspiracy. Under the guise of
 mismanagement and the cry that cer- l tain wrong acts have been committed
 recently by those in charge of the
 roads affairs, a. big drop in the prices | of all securities resulted. This 1t is claimed was the work of persons out to
 place the road in a very unfavorable
 light in the eyes of the public, and a
 cloak under which to pick up the
 shares of those stockholders who might | fear.
 A big cry went up when Attorney 1 Brandeis of Boston curiously attacked 1 the administration of MT. Mellen.
 The claims put forth by Brandeis and | those with him, in the beginning were
 were proved true, but even during the l time of the controversy, 1t was claim 1 ed that stock did not fall on account ] of the Brandeis methods, but simply l because the biz men in Wall street l took advantage of the situation to ob- | tain their greatest gain. Even today, after MT. MeIlen has resigned his of flee as head of the road, the stock is
 falling and has gone down to it's low | est point. This fact is very significant
 and bears out more plainly than ever that Wall street must be behind the slump in the opinion of those who are
 watching this stock.
 If the latter fact is true, and the
 New Haven road stock has any in 1 trfnsic value at all, then many stock
 holders are asking the question wheth- | CT there Is not some federal comnis- | sion which can protect them from the
 men of Wall street against the loss of
 their money and savings. Some believe | that this might be within the province ] of the Interstate Commerce Commis-
 sion, which might through an investi- | gation into Wall street methods as re- 1 gards the sale Of New Haven stock, seek the cause of the slump. At least 1 these stockholders feel that there should be some form of protection by | the government so that they are not l continually to be the prey of the big
 men.
 l During the Brandeis-Mellen contro-
 versy, when the latter was accused of ! expending money 1avishly in order to
 gain a complete monopoly Of New
 EngIand transportation, it was the hue and cry of those opposed to MT. Mel
 lens tactics and methods that with
 the resignation of the latter as head of the system, the stoclS of the road | would immediately bound back to it's
 former figures near the 200 mark. Pres ident Mellen resigned, and a new man
 will soon take up the active duties l where Mir Mellen leaves them off, but
 yet the promised rise in the quotation
 of the stock has not materiaHzed. In l stead the stock has continually gone | down farther and farther daily, until
 Wednesday it hit the lowest point on | record, 91 3-4. Why is this so! aSk the | stockholders.
 Again, it is asked, who do not these men like MT. Brandeis, jump in and cause an investigation into the reason why the stock is being hammered down. and whether it is the work of 1 Wall street
 | Reports from Massachusetts state that full investigation will be made | into the roads finances by the Bay State Utilities Commission, before the
 privilege of issuing the 67,Ooo,oOO worth | of debenture bonds asked for by the i directors of the New Haven road will
 be allowed. Connecticut has a public 1 utilities commission and persons are
 wondering why some such action Is
 not being taken by this body, and
 whether 1t cannot aid the local stock holder in the protection of his hold
 ing. If it cannot, they still look to the | United States government for some sort of protection an investigation | to stop stock jobbing in the roads se- curities These persons recognize the
 fact that the Interstate Commission in Quires into rates and other such mat | ters pertaining to railroads and they l wonder why not into the stock jobbing iof any particular stock by Wall street local broker when asked today
 whether. the Interstate Commerce Com
 mission had the power to cause such
 an investigation, said that he doubted 1 it. and that a special act would have | to be passed by Congress appointing l ter.