Connecticut western news., 1876-09-29
RAILWAY WRECKERS.
How they Work In Other Ways than Throw.
 inG Cars off tho Track.

How they Work In Other Ways than Throw
 inG Cars off tho Track.
 Only few weeks ago, says the New York Tribune, the community was thrilled by the startling story of one George Adams, who ran breathless to a neighboring farmer and told him how he had discovered 8 fiendish plot to wreck train on the New York Central railroad, and had been nearly murdered himself by the plotters. Before many days had passed, however, sympathy gave place to detestation, for the willy Adams was proved to be himself the author of the criminal scheme. His in- centive was greed-a craving to rob and imagination can scarcely picture moro despicable scoundrel than he as he stood by the loosened rail, screened by the darkness, watching for the crash, and caring not for the consequent suf- fering and death so long as he could secure his plunder. He deserves much worse punishment than the ten years mprisonment to which he was sentenced. But there is another class of railway wreckers toward which the community is beginning to turn with feelings only less bitter than those with which Adams and his kind are regarded. We refer to those men who have been selected by confding stockholders to manage their properties as directors, but who have so mismanaged them as to cause wide spread misery and, in many cases, ab- solute ruin. One by one, during the past few years, the called investment stocks have ceased to pay dividends, and now are mere speculative footballs.
 Five or six years ago the stock of the Hannibal and St. Joseph road ranged from 120 to 40. Its directors were men of wealth and high commercial stand ing. By their advice, the stock was largely bought by investors, many of whom have been ruined by the decline of the stock to it's present figures eleven for the common and eighteen for the preferred. Nevertheless the direc- tors are still wealthy. At about the same time Michigan Central also ranged from 12O to 135. It was controlled by men of like character, and was similarly sought for by investors. Now, with the stock under forty, we are told that divi- dends cannot be expected for years to come, owing to the fact that the direc- tors have saddled the main line with roads built by themselves as individuals and leased at ruinous rates to themselves in their fduciary capacity. Neverthe- less, the directors are still wealthy, and are out of prison. Then, too, the Chicago and Northwestern roao was public favorite. It paid dividends on both common and preferred st K, and the latter was largely absorbed by Ger mans. But years have passed since dividend was paid, and, unless more bonds are sold, probably none will be paid for years to come. Weeks go by without any dealings in the stock, ex cept when some disgusted stockholder sells out at loss of thirty or forty per cent.
 The recent decline in Delaware, Lackawanna and Western, Delaware and Hudson, and New Jersey Central is fla miliar to all. In six months the depre- citation in these stocks exceeds twenty eight millions of dollars. The amount of inconvenience, wretchedness and want caused by such 8 wreck is simply beyond conn utation. Estates are crip- pied, widows and orphans are robbed of their incomes, and public confidence is destroyed. And for this who is responsi- ble if not the directors? But during 1t all they have assured the public that everything was wen-have warned them in "circulars " that it was foolish to sell, and that the decline was due solely to malicious "bears." Meanwhile, not one of the companies we have named has complied with the very pertinent re- quest of the stock exchange for monthly reports of earnings and expenses. The reason is evident-ike other evil doers, the directors prefer darkness rather than light, and they dole out to their credu- lous victims only such bits of informa- tion as further their own plans.
 Possibly this course of action can be followed indefinitely, but we doubt it. Even charitable and long suffering public becomes memorable when it's pockets get empty. Tweed asked " What are you going to do about it" with impunity, while men were pros porous and times were "hush;" but when his robberies made taxation ruin ous, he was doomed.