The New York herald., 1867-04-01
Pesls and Er.ad. in yvasa ssreer.

The arrest of several Ne NJ York stock o,yera--
tors and the Developments that have been made
consequently ssr to the maaaer Of doing busi-
ness among that class OF people have c1sste&
IN extraordinary fermentation in Wall street..
around the stock boards and "a the hotels We
refer to the arrest of DaniSli HEew, Jamcs,Flsk,
Jr, and William Belden- Thsy were asressrd
on the complaint and afntlsvit OF Joseph b.
Stewart Tah~nnmes OF several others are 1ern-
toned in tho complaint, snd conspieaoAsly
that of Leonard Huyck. Subsequently Stewart
himself IA Huyck wsre. arrested oa.a, oAar0e
of fraud coanected w;ik, he failure Of the Mcr-
chants National Bank at Washington The
arrest Of be latter, though made, II is said. by
the government, throMgh James c.. Kennedy,
the receiver Of the Merchants National Bank,
is evidently counter blow OH the part of the
and to. save themselves. INST amount of
money is involved in the transactions which
led to the proceedings
As to she guilt Of the partins, one side or
the other, we must leave that for the courts TO
decide. No do7bt the whole matter will be
thoroughly ventilated and great deal Of light
thrown upon the secret and fraudulent deal
ings in Wall street. The trouble arose from
one sci Of Soperators," as they are called,
forming combination and q pool" to cheat
others and then cheating each other. The
apool" Was formed to operate in Erie Railroad
| stock so as to control or exercise q powerful
| influence On the market, and thus secretly 10
make meney by catching the gudgeons and
cheating the public. The parties charged
with the operations for the benefit Of all
| operated for themselves and cheated their
partners, II is alleged. Such combinations
and pools have become quite common, and
wealthy men who stand high in the commu.
nifty do not hesitate TO enter into them Some
thing similar to this occurred recently in
operations In Pacific Mail stock. The bters
were bitten in that case ALSO
Now, in all other transactions in business
we should call such conduct cheating and
fraudulent Gambling at faro is not bit
more dishonest or demoralizing The gambler
who secretly packs the cards to obtain the
money of his victim does not act worse thar
these so-called gentlemen and Wall street
spectators who form pools to cheat the unsus
pecting public and cheat each other. In fact
II is the worst sort Of gambling. While this i.
going on we need not be surprised that The
moral sense Of the community becomes bluntet
and that we have plentiful crop Of crimes o,
the consequence. The Legislature ought Il
take the matter in hand 10 protect the publ,
and punish the guilty. We have laws agains
ordinary gambling, though they are no
strictly enforced, 1t must be confessed. VIII,
should not these gambling combinations ant
pools be declared fraudulent and punishable
Unless something be done to check the grow
ing evil Wall street viii become so notoriou
that respectable business men will sbun II q
they would plague and button their pocket
whenever they approach II. We call upon on
legislators to watch the developments in th
case referred TO and to provide . rsmed
against such frauds.