The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1894-06-13
Senator McPhersOn's Investments.

With fine irony the New York Sun
defends Senator Mcpherson of New
Jersey from the charge of using his
knowledge as member of the senate
finance committee to aid him in his
speculations in Wall street. The SEN
ator denied in his examination before
the investigating committee that he
had speculated in stocks. He admitted
that he had for many years bought and
sold stocks through his broker in Wall
street, but he had never been stock
Spectator at all. He had simply
purchased investments in stocks" The
Sun asks if anything could be more de-
cisive than this? Senator Mcpherson,
observes his tormentor, himself is the
authority for the unqualified assertion
that he has never speculated in stocks.
AS to buying in the market--for invest
ment only-the senator explained that
he did not know how man could find
investments except through the markets
where stocks and bonds are bought and
sold. He did not think it was right to
speculate in stocks whose value may be
affected by legislation or proposed legis-
lation, and hence he had never done
So" There is one tell-tale passage in
the senator's testimony that, to the
Suns quizzical vision, appears to con-
flict with his repeated statements that
he never speculates but buys for invest
ment only. After saying that he had
transferred to his son certain properties,
he described the properties as railway
stocks which had been on deposit at his
brokers' in New York "Which had been
used as q margin on some stocks prior TO
that time" The Sun fears that the
malicious will hail this statement as
what the frivolous call ga dead give
away" and helps out the senator with a
very ingenious explanation as to the
meaning of margins" and similar
terms. Candidly viewed" says this
scorching Sun, in concluding this part of
the senator's mock defense, his OBJ
vious unfamiliarity with the nomencla-
ture and customs of Wall street =
corrobates instead of discredits his posi-
tive statement that he has never specu-
lated in stocks"
The Sun next comes to the deplor-
able accident or conspiracy by which
Senator Mcpherson, in spite of his
known horror of Wall street speculation
of any sort, still more of the speculation
in stocks whose value might be affected
by pending legislation, was made to
seem to be gambling in sugar just at
the time when sugar was the subject of
proposed legislation to be shaped by
the finance committee, of which Mr..
Mcpherson is an honored member"
At this same time the senator had a
long interview with member of the
sugar trust. There had been early in
February an investment in five hundred
shares of sugar stock, and on Wash
ington's birthday the question was dis
cussed by the senator and his sor
whether another purchase of loo
shares should be made. The Sun thus
describes an imaginary scene between
the elder and the younger Mcpherson
The younger Mcpherson stands before tn,
library table, presenting, with the impetu
GUS eloquence Of ardent youth, the advan
tages to the family of temporary investmen
in more sugar. The senator, seated in hi
revolving chair, his forefnger at his fore
head, listens patiently to the argument, ant
then points out, gently but firmly, the i'm
propriety of the proposed transaction. Thu
speculative son pleads; the non-speculativ
parent is unyielding. AT last the you'll
promises that If he is allowed to buy suga
just this once he will quit Wall street fol
ever. A flush of joy reddens the states
mans pale brow; it is such pledge as thi
that he has been hoping for and worlin
for for many months. The temptation