The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-08-26
FOOLS Not All BEAD YET,
So Says Sew Jerse5 Judge in Speak
ing of Wall Street.

So Says EeW JerSeJ Ju0Ge In speak
ing of Wall Street..
All fools are not oead yet is the
motto of the Wall street promoter who
are foisting inflated stocks on the pub
lie, said Vice Chancellor Pitney to the
attorneys arguing the application OF
Edwin A. McAlpin aud others at New.
ark, n. j., for the appointment Of a
receiver for the Universal Tobacco
Company.
Attorney General Robert II. McCar
ter, Of counsel for the defendant cor
poration, began the argument. He
said that when George B. and William
II. Butler, w. Bourke Cochran and II.
c.. Messenger agreed to put money in
the company, which was to be financed
by Tilford, it was with the under
standing that the voting trust should
exist and that Frank Tilford and
Henry +. Wilson were foreman with
them in the attempt to fight the
American Tobacco Company. But in
stead OF doing so, Mr. McCarter said,
Tilford and Wilson got out when they
had got what they wanted and did not
consider the obligation they were un-
der to others who had joined them in
the enterprise.
He claimed that the allegation of in
solvency made by the ccmplainantS
was false. He said that the fact that
the corporation wanted more capital
was no proof of insolvency. He asked:
Where are those men who have made
millions out Of the scheme by selling
OUT
Vice Chancellor Pitney, Interrupt
ing, said: Il do not quite agree witc
counsel that they made millions. |
assume that they made about $500
600, less expenses. What they got
beyond that was by cheating some
body"
at the close of Mr.. McCarter's argu-
ment Wheeler II. Peckham followed
Lfor the defence. He began by read
ing the text of the new Massachusetts,
corporation law, but was interrupted
by Vice Chancellor Pitney.
"The Massachusetts, judiciary is de.
generating" announced the vice
chancellor, and l don't consider their
opinion any more. Thirty years ago
it was different
When Mr.. Peckham resumed by re-
ferring to the vice chancellor'S opinion
Of Massachusetts, as similar to that OF
the opinion expressed by the Court a
few days ago regarding Wall street
and stock IMITATION he was again inter-
rupted by the vice chancellor, who
said:
You know and | know aud every
body ought to know that stock is in
flated to unload it on the public. I
consider it fraud and the people who
buy are fools. The men who initiate
the stock take advantage Of the Old
adage, All fools are not yet dead. 1t
may be an old-fashioned idea, but it is
ground into me AMI | am afraid can
not shake it of.
Vice Chancellor Pitney suggested
before the hearing Of the argument
began that be was fully decided that
he could not interfere with the Butler
voting trust at this time. and request
ed counsel to address themselves as to
the Courts action in maintaining the
moduS vivendi.
1.-THE important matter to be set
tied now" he said, us to decide upon
action to be taken in the restraining
order now in force against the bond
lssuse. AS the order stands today it
stops the sale or transfer OF these
bonds"
Mr.. Peckham resumed his argument
after the recess. He said that II it
were found, after the organization of
an industrial combination, that other
concerns could be purchased and the
business enlarged it would be wisdom
to take in such firms. This was axact-
" what was intended in the case OF
the Universal Company, with the re-
suit that just as success was in sight
the concern was sold out. There was
at present at issue the protection of
someone who had been defrauded, and
it was to this that much consideration
must be devoted.