New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-14
RALIRAY WRECKERS.

Only n few weeks ago the, community was
thrilled by the startling story of one George
Adams, who ran brsathess 20 neighborlng
farmer and told him how he lad discovered
iiendish plot to wreck q 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 hImsGlf tho author OF tho
criminal scheme. His incentive was greed-a
craving to rob-ahd Imagination can scarcely
picture more despicAble scoundrel than he
as he stood by tbe lUosened rail, screened
by the darkness, watching for the crash,
aud caring not for the consequent
suffering and death go long as he could secure
his plumber. He deserves much worse punish
mcnt than the ten years imprisonment 10
which he has lust been sentenced. But there
is another class of railway wreckers toward
which tine community is beginning to turn
with feelings only less bitter than those with
which Adams and his kind arc regarded. We
refer TO those men who have been selected by
conGtling stockholders to manage their prop
critics as directors, but who have 80 miSman-
aged them rs to cause widespread misery and,
in many cases. absolute ruin One by one
during the past few years, the sO-called in
vestment stocks have ceased to pay dividends,
and now are mere speculative footballs.
Five or FIX years ago the stock of the Han
nihal aud ST. Joseph road ranged from 100 to
14O. Its directors were men Of wealth ana
high commercial standing. by their advice
the stock was largely bought by investors
many of whom have been ruined by the de-
cline of the stock to~its present fgures-l1
for the common and Is for the preferred
Nevertheless the directors arc still wealthy.
At about the same time Michigan Central also
ranged from 100 to 13j. 1t was controlled
by mon of like character, and WAS similarly
sought for by investors. Now, with the
stock under 40, We are told that dlN-
dends cannot DO expected for years to
come, owing to tho fact that the d.
reCtors have saddltd. the main limo with
roads built by themselves as individuals aud
leased mt r1,inous rates to themselves IN their
fiducinry capacity. Neycrth eIcss, tho directors
are stll wealthy and-arc out Of prison.
Then, too, the Chicago and Northwestern
road was public fayorito. 1t paid dividends
on both common and preferred stock, and the
latter was largely absorbed by Germans. But
years nave pP*Stu biiNS " "''''"' "'' p''N'
and, unless more bonds arc sold, probably
none will be paid for years 10 come. Weeks
20 by without any dealings in the etock, eX-
cent when some disgusted resident of Ainster-
dam sells out at IA loss Of 30 or 40 per cont,
The recert decline in Delaware, Lackawanra
and Western, Delaware and Hudson, ana New
jersey Central is familiar 10 all. In six months
the depreciation IN these stOcks exceeds ircpty-
ciqLt millions. The amount OF Inconvenience,
wretchcdness, and want caused by such II
wreck is simply beyond computation. Estates
are crippled, widows and orphans are robbed
of their incomes, and public confidence Is
DESTROYED. And for this who ia responsible II
no. the dircctorsf But during it al they have
assured the public that everything was we'll
have warned them in "circulars that IL WAS
foolish 10 sell, and that the decline was due
solely 20 malicious "bears." Meanwhile, not
one of the Companies We have named has com
Piled with the very pertinent request OF the
Stock Exchange for monthly reports Of earn
ings and expenses. The reason is evident
like other evi-ioers the directors prefer dark
ness rather than light, and they dole out to
their credul0us victims only such bits Of iufor-
nation ms further their own plans.
Possibly this course of action can he fol-
lowed indefinitely, but We doubt IT. Even
charitable and long-suffcring public becomes
inexorable when it, pockets get empty. Tweed
asked, "What are you going to do about it 2
with IMMUNITY, while men wore prosperous aud
times were "tush y but when his robbcrics
made taxation ruinous, he was doomed.