The Saint Paul globe., 1900-03-14
WRECKERS.

It Is a pitiful record which Is being
made these days in what somebody has
called subhnanciaI circles in New York
1t is record. indeed. which may well
create and Justify feelings in the minds of
the masses who have nothing to do with
financial kite flying that robbery is in
herent in all transactions which lead men
and their money toward Wall street
Grand jurles have been compelled to
take up the latest expression of that
record. and the operations of certain men
In connection with two of the largest To-
cal street railway undertakings of the
big city are now under criminal investi-
cation.
In one of these cases-that OF the Third
Avenue street railway-there has been ac-
complished an undertaking of naked
plunder the extent Of which surpasses
belief The stock of that concern, which
two years ago was selling on the street
at 242, is now going begging at so. A
wreck of $50 100000 has been effected. and
nobody knows how just at this time.
What is known is that the richest, old
est. strongest and best-managed OF the
local surface railway lines running
through the very heart of Manhattan
island which has been a literal gold
mine for It's owners for twenty-five years
and over, has passed into the hands of
receiver. having been looted blind.
In the other case-that of the Brooklyn
Rapid Transit concern-there was not
only robbery but blackmar A clique
of scOundrels proceeded to work the street
on the stock of that concern. They not
only spread rumors of ruin and mis-
management, but they carried their oper-
ations so far as to publish advertisements
telling how the property was being
abused and actually advising everybody
to go short on the stock. Brooklyn Rap
i'd Transit has been peculiarly unfortunate
in this particular direction, sustaining the
belief that these scoundrels who have
been enriching themselves at the expense
at work long time When the late
Roswell P. Flower died he was in con-
troll of the property, and raid on 1t was
at once inaugurated which caused Sc
rious loss and almost ended in panic.
But some. at least, of the marauders have
been caught and are now In Jail await
ing the punishment which may be meted
out to them. So. too, the newspaper pub
fishers who allowed themselves to become
parties to their depredations are not un-
likely to learn a view OF the law Of libel
which they had not before conceived Of.
In the face of this record of shame
less plunder 1t is undisputed that the
earning. value of each of the properties
is as good as 1t ever was; that its roll
ing stock, franchises and other property
are intact. and that time and common
honesty are alone needed to render both
as profitable to their owners as they ever
We're. This, indeed, Is the one fact which
stock jobbing everywhere and at all
times.
The thieves who are threatened with
punishment for their wrecking operations
In these two cases may escape or they
may go to jail. 1t will make but little
difference one way or the other. AS long
as the state Is stupid enough to allow its
large public interests Of this character
to be made the prey of financial harpies
and rogues such occurrences are likely
to arise at any time. The man who keeps
up his margin on his shares Of stock in
the hands of his broker the state now
virtually says. owns just so much OF
the enterprise, and he is the man VINO
may say how 1t Is to be managed" If
those who own railroad property, whether
steam or electrical. are willing that this
state Of things should continue rather
than that the public authority should ex-
ercise reasonable supervision over such
property, they must be content some day
to see sensible people turn over to the
views of those who are now telling us
that the public should take hold Of the
entire transportation system, and furnish
US all with free rides to wherever we wish
to so.