Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1883-10-20
ing of the Denver and Rio Grande Rail.

ing of the Denver and Rio Grande Rail.
road and the efforts of the directors to
find a suitable man for President to
succeed Gen. Palmer, said that it spoke
pretty well for Wall street morals when
so many had declined a position worth
$3.50 a year-S25,0 900 in salary an
$4,000 in prerequisites"
"Perquisites9' repeated the reporter.
"What do you mean by that?"
"Well, | mean that the President Q
the Denver and Rio Grande can, by viz
tue of his position, make $50, 600 in ad
dition to his salary. And he can d.
this by methods that are considered le
climate. A. any rate there are very
few men who would not employ them.
Of curse the $4,000 is made by deal
ing in the stock of the road. The Pres
ldent is in a position to do this safely.
Like the keeper of a faro bank, all the
chances are in his favor. He has the
advantage of knowing the exact con.
dition of the road and of what changes
are to be made m its management.
Suppose, for instance, he sees q large
block of Short All he has to do is to
casually remark to some friend who
would be likely to repeat it, that the
company might be compelled shortly to
make a new issue of bonds. In a few
hours this information is in the posses
sion of the entire street, and the stock
declines several points when the Presi-
dent covers ats handsome profit. About
this time a newspaper man calls on the
President and inquiries concerning the
reported new issue of bonds. The
President denies that any such issue is
contemplated, and Indignantly at
tributes the rumor 10 some stock iobber
who desires to raidt stock of this COM
pany. Half the rumors on the street
are started in some such way as this.
Don't you believe it? Well, 1 tell you
it is true. 1t is this opportunity for
gain which makes the Presidency of a
road whose securities are actively dealt
in 50 much coveted. This has been
done so much by the officials of certain
roads as to bring the stock into disre.
pute.
Something should DO done by the
Legislatures to in some measure rem.
edy this evil. 1t cannot be prevented,
but the trainers of the corporation can
be SO restricted as to a rgely abridge
the opportunities of its officers to carry
on this sort Of thing. I tell you it is
not the free listing of securities to our
exchanges that operates against Ameri-
can stocks on the London market; it is
the very evil l have been speaking Of
that does the mischief. The London
spectators fear the powero + the Ameri-
can railroad kings to operate stocks to
their own advantage"
There are two other classes of people
on Wall street who are engaged in
making rumors. First there are men
called pointers" pitiable fellows gen
orally. They are men, perhaps, once
brokers or spectators, but now re-
duced in circumstances and compelled
to live by the sharp exercise of their
wits. They coin a rumor, generally,
and then endeavor to sell it as a
''point." They claim to have got their
information from an inside source, and
they magnify its Importance. Then
there are sharpers in the pay of un-
scrupulous operators, whose business it
is to whisper rumors into the ears of the
''lambs'' to induce them to buy what
the operators are secretly anxious to
get rid of.-N Y. World.