The central Presbyterian. [volume] (Richmond, Va.) 1856-1908, 1882-01-11

OTOCK OAMBL1NG.-IhlSlS the way TO
make or break now Our readers in the
country have but little idea of the intense
interest which the operations in stocks
excite in the cities, and how many people
are drawn away from the patient pur-
suits of industry in the frantic effort to
grow rich at a blow New York is, OF
course, the centre, and we note in New
York paper the statement that during
last year the enormous number of 1885,
1872 64 shares of stock were dealt in.
AT par this would represent nearly $13,-
10000, 900, and the brokers would have
received in commissions $3O,OOO,O0O.
That is big sum of money to be play
ed for-thirteen thousand millions of dol
lars Some win-some lose. That is
the way the colossal fortunes that we
read of are made, and explains how a
man will fail nowadays for his millions
instead of his thousands. The little fishes
are, however, the main sufferers.
We know nothing whatever of the
merits of the controversy referred to in
the following paragraph from the Chris
tan Union, but, whether the parties re-
ferred to are guilty or not, it serves to
illustrate how this stock business is some
times done, and sheds light on the enor-
nous fortunes which are accumulated in
New York:
The New York Times presents charges, res
pecting the recent stock operations in the
elevated railroads of this city seriously affecting
the reputation of the Attorney General and
Judge Westbrook, of the Supreme Court AS
Wall Street operations are not apparently gov
erned by the ordinary laws of morality, we
ought not, perhaps, to add that the regulations
of Cyrus W. Field and Jay Gould are also in
volved The story is briefly as follows. The
Metropolitan and New York Elevated Railroads
transferred the privilege of operating their lines
to the Manhattan Company, created for the pur
pose, which agreed to pay a certain specified
dividend, and, in addition, to give $13 100000
of its stock for the privilege. This stock repre-
sented no capital; and the transfer was made
simply as a ruse to enable the railroad to pay
double profit, first on the stock of the original
company and then on that of the Manhattan
Company. On this state of facts the Attorney
General began suit to forfeit the charter of the
Manhattan Company Asa result, its stock fell
IN value over nifty per cent. Therefore, Messrs.
Gould, Sage and Field chief owners of the
Metropolitan and N. Y Elevated Railroads,
bought it up; the Attorney General then dis
continued the suit and the receivers appointed
by Judge Donohue were discharged by Judge
Westbrook. The stock of the Manhattan then
went up again in the hands of Jay Gould Co.,
and the profits made by the transaction are
estimated at $3,5OO,OOO. This is the story,
cleared of all complications and side issues Mr.
Fields organ, the Mall, replies to the charges,
but if we understand the reply Alright, itamounts
simply to a claim that the transaction was legal
Possibly. But corruption is never so dangerous
as when it is entrenched behind legal forms. We
shall not credit, without proof, these charges so
far so they nculpate either Attorney General
Ward or Judge Westbrook, both of whom have
an honorable record but they are made with
such circumstantiality, and by so responsible an
accuser, that thorough investigation of them
is due to these gentlemen no less than to the
public. They are seemingly too we'll substan
lated to be lgnol ed, and certainly too serious to
be treated with unc oncern If the transaction
is legal that fact only makes it the clearer that
some new legislation is nee ded to protect both
stockholders and the public generally from the
ravening of the bulls and bears of Wall Street