The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-25
WALL STREET AND MONTANA.
Some Things Done Under the Cloak
of sRespectabfIity.-
Hartford Courant.


Hartford Courant
Responsibility has this nominal advantage
that it can do a lot OF things that are not
permitted where responsibility Is lacking.
To be sure, this privilege carries with IL
moral obligation to behave-what goes I'M
der the old-fashioned head of noblesse
oblige-but these are new days. and odd
fashioned" is not the sure passport TO ac-
ceptance.
High finance has within a few years de-
veloped striking illustrations OF the privi-
leges of responsibility, few Of which are
perhaps worth recalling to mind. Take the
case Of the famous Pennsylvania coal COM
pany. This rich concern had for long
time been in a sort Of opposition 20 the
companies which both mine and transport
II. and its eminently respectable managers.
In the interests Of the dear public and after
a long fight, secured a charter permitting
them to build a road IF their own TO tide
water. thus making them independent OF the
combination which had been demanding toll
from them. This was a great triumph for
the people against monopoly and dictation.
AS soon as the layout was approved and the
road was an assured thing. the managers
sold out to the coal combine at an enormous
price. and the dear people. whose representa-
tlves had granted the charter. found that
they had got left, while their benefactcrs
had coined millions by selling the charter
that had been granted free in the public In
terest
If this was not a betrayal OF a trust It
certainly was surprise, and as for, the
other coal companies, they had 10 pay big
money, and very big, to head or threat
ening competitor. 1t was put up or shut
up, and the put up about IS for each 81
OF capital On one side the people got left,
and on the other the coal companies got
well roasted. But the management, respect
able to begin with, made new millions and
so grew in grace.
The Louisville & Nashville Railroad de-
cided 10 increase its capital stock largely,
and, according to rumor, insiders, antfcipat-
ing that the advent of the new stock would
lower the price OF the old. kindly let the
market have all IL wanted-and then sud-
denly discovered that the new stock could
not be delivered for a considerable time,
owing to formalities OF the Stock Exchange
not previously taken into account by the
sellers. but very clear to the buyer. There
they were, and the market in this In
stance had happened to be an operator
already advanced in responsibility through
immense profits in the steel deal He had
the company and could do as he pleased
with it. He kindly and most respectfully
let those other railroads (Which II could
seriously injure) have his share of it. which
carried the control, at an enormous profit
to himself and at about 60 points above It's
Seen ene that this shrewd operation added alike
TO his responsibility and his wealth.
The ".L., N. A. & Co." Railroad fell into
trouble and was conservatively and sue
cessfully reorganized by the Morgan inter-
ests. This done. the property was left TO
60 on by itself and was doing well. Its
stock was sold on the exchange. All Of a
sudden the fact came 10 light that the
control had been quietly picked up and that
the property was in hands that could use
IL to the serious detriment OF other roads
till then IN harmonious relations with IL.
Rather than have such a thing happen.
these roads offered TO buy IL out at an
enormous profit to the seller. and rather
than open the war and lose money the oper-
ator let them have ii. and took his profits
and another long step up In respectabiity.
He could have brought on hot railroad
fight, but for a price he did not. Instead
he grew in stature as hnancier.
These are several recent illustrations or
what success in Wall street means. Now
look West and out In Montana you Will
find that a band of citizens. called brigands
by the successful operators I'm Wall street.
have notified the Northern Pacific road
that IL they do not receive $4,000 they will
inaugurate railroad war which will prove
very disastrous TO the property. This price
is not weeks interest on what has been
made by the hold-ups In Wall street but
these Western operators, sadly lacking in
respectability are branded as blackmailers
and are in danger OF prison. Their igno-
rance of polite methods is shocking.