The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-30
SEATTLE. FRIDAY. DEC. 80
IAGO IN BUSINESS.

sharp practice that makes plain man ask
himself whether there is any such thing
rs verscity, honor and honesty in this
world that is proof against money bride.
The Connecticut River railroad by its de
rectors had voted unanimously to lease
their road to the New York 81 New
Haven Railroad Company upon terms
that were deemed advantageous to both
companies, and especially to the stock
holders of the Connecticut River road.
To complete the transaction it was neces-
sary that the lease should be ratified by
vote of the stockholders. The managers
of the Boston & Maine corporation were
interested in preventing the consumma-
tion of the lease and securing the connec-
ton for themselves, and so they deter
mined to buy enough stock of the road TO
control the stockholders meeting and
repudiate the contract made by its di-
rectors. The confirmation of the lease to
the New Haven would have put the Con-
necticut River stock on parity with that
of the New York & New Haven-about
$256 a share-a considerable advance on
the current market price, which was
about 1925.
Two of the directors of the Connecticut
River railroad, who had not only voted
for the New Haven lease, but had been
the most active in urging its sanction by
the directors, held large blocks of stock,
enough to give the Boston & Maine con-
troll and upset the bargain with the New
Haven already made. The two directors
of the Connections River were sap
preached" by the Boston & Maine with
an offer Of $40 to 1915 for their stock. If
these two directors broke faith with their
fellow directors and sold their own stock,
the bargain with the New Haven railroad
by which the shares of other stockholders
would be advanced to $3.50 would be
invalidated, and the stock left at SOS.
On the other hand, the two directors, if
they broke faith with their fellow directors
and stockholders, would make for them
selves the great profit Of an advance of 50
to 90 points. 1t was simply question
whether these two directors would behave
uprightly or would be guilty of breach of
trust, violation of faith, dishonesty and
fraud. The two directors preferred to
play the part of cheats and sharpers on
their fellow directors and stockholders
and pocket the profits of their treason.
The New York Tribune recites these facts
and says:
A great many hard things have been said OF
the methods pursued by the late Jay Gould in
his management OF railroads aud manipulation
OF stocks. But we do not remember that he
was ever charged with carrying through deal
In board of directors and then deliberately
selling out his fellow directors and stock holders
and the whole corporation.
OF course this sort of thing is done
every day by persons who would feel in
suited if anybody insnuated they were
not very respectable folk: there is no bet
ter excuse offered for such conduct except
the scoundreliy plea that you can't expect
man TO keep his word, be faithful to his
trust, true 10 his client or his employer if
anybody offers him big bride to "sell
OUT his friends and the acceptance of the
bribe involves no peril of the penitentIary.
And yet we have no doubt these two direc-
tors are SNUG. sleek pewholders and pillars
of some New England orthodox church.
There is 4 chance for large advance in
Christianity 10 q point where no man
could expect any recognition among repu-
i'm Christian church who was guilty of
Auch behavior and attempted 10 exonerate
himself on the plea that 1T was business"
on the contrary il was not business" at
all: IL was a complete outrage of the very
foundation of all business; that is, mer-
camille business honor and trust. on which
rests the execution of the vast majority OF
business transactions. Reduce business
down n nothing except what could lie
done by the exchange of papers legally
binding on All parties 10 the transaction
and business would move at snaits pace
and be confined 10 the petty cash trade OF a
peanut stand. The life sDd motion and
expansive quality Of business rests on the
presumed respect for the obligations Of
mercantile and business honor which were
grossly outraged by the treacherv of these
Connecticut River railroad directors, who
are no better morally than "skin"
gambler, or = professional confidence"
man.
When real Christianity takes the place
az its base counterfeit a man " no behaved
like these two Connecticut River railroad
directors would be sure 80 he sent tn Gov
entry in all decent circles, business. social
and religious. Such men. If they occu-
pied the same chamber with a friend
would take his wallet while he was
asleep II they felt sure that they would es-
cape detection and punishment; they are
the fellows that put price on everything;
shey would rot have sold out their fellow
directors and stockholders for small al
vance; they couldn't afford 20 face the
music" for small advance. but When the
tit became big enough they said. "Give
Us the money; for this amour, we can AT.
ford 10 stand the moral odlunl OF the al,
fair"
Verify We seem to have reached point
where yeyactv, fidelity 10 trust, 80 friends
counts Cor nothing in the moral scales
sgsins. The Santa Claus Of scoundrellsna,