The evening times. [volume] (Washington, D.C.) 1895-1902, 1902-04-09
WALL S4aEBI Will
Fight BLAGKMAIL
Big Interests Agree to Resist
"Hold-Up' Attempts.
DEALS HAVE BEEN RAMPERED
Courts Used to Enforce Settlements"
for the Sake Of Peace-OIganized Sys-
ten, Of Financial Sand Bagging."
Morgan, Oil, and Tobacco Unite.

NEW YORK. April 9.-Big banking
syndicates representing the most import
ant financial interests in the city held a
meeting yesterday, and formally agreed TO
commence an active warfare on what Wall
Street terms "hold-up" schemes. At the
meeting it was decided that hereafter no
more blackmaiI viii be paid to those in
diyIduals who. when new enterprises are
launched. attempt TO hold up the CONSOLE
dalton or financial notation by legal pro
cesses until settlement is made
According to one fnancier who was
present, there were represented at the
meeting the interests OF J. p Morgan &
Co, the Standard Oil Company, Cons0Ii-
dated Tobacco Company. the Metropolitan
Securities Company, and the Consolidated
Gas Company. other important banking
interests signiied their willingness TO
support any movement which had for its
purpose the wiping out Of an alleged gang
OF Wall Street pirates.
System of Financial BlackmaiI.
Il was agreed that henceforth no mon
eys would be paid for a peaceful and
quiet settlement OF any deal. but that as
soon as any attempt al a 'hoId-up' was
discovered the matter would be fought
ont TO the end in the courts. Il was also
announced last night that a movement
has already been begun to unearth the
leaders OF The system Of financial bla, =
mail who have been actively at work for
the last two years or more.
Leading Wall Street men who have been
engaged in the promotion Of consolida-
lions have repeatedly stated that they
were compelled 10 buy trouble pro-
moters' as soon as the plans were near
ing completion They we're too busy. they
said, to take the chances Of a delay in
the completion Of their plans, and so they
were compelled TO subsidize individuals in
order 10 obtain peace II was said by a.
competent authority last night that as
much as $2500G0 had been paid within the
last two months by a single banking in
teTest in Wall Street to avoid an aEgree-
siye litigation by one OF the members Of
the clique.
VIII Fight Instead Of Settling.
A wave Of reform has struck Wall
Street" said a leading trust company Of
fcial last night, who attended the meet
ing Of the financial interests yesterday.
1--WE propose to fight this organized sys-
TEN OF financial blaekmail, and wherever
il shows its head We will hit IT, Most Of
the big financial syndicates have been
bled 70 such an extent that a halt has
been called Now we propose never to
settle. but 10 fight at the slightest provo
cation.
Further, it has been decided to 20
right TO the fountain head and unearth
sthe big fellows who are behind the hold
up schemes which one is continually
reading about. OF course, only the small
men appear as the active litigauts. and
that is all that Is heard about the mat
ter In future eases the examination
which we propose to carry on in the
courts viii develop who are actually be-
hind the ~hOld-ups-" In practically ali
the recent legal fights which corporations
have been forced 20 undergo an OppOr-
tunity has been given the management
10 settle as soon as the matter reached
the courts. As a rule, this has been
done, but, from the sentiments expressed
at the meeting yesterday. a new era will
develop in such matters"