Saturday news. (Watertown, S.D.) 19??-19??, 1914-07-23
THE NEW HAVEN MANIPULAToRs.

Suit has been brought in the supreme court of the United States
by a law firm representing certain of the minority stockholders in
the New York, New Haven and Hartford railroad company to re-
cover three hundred and six million dollars from the directors of
The company, the claims covering the alleged stock manipulation
IN connection with the absorption of certain trolley systems and in
certain consultations.
Among the directors sued are William Rockefeller. The estate
of the Lated Pierpont Morgani is involved, as Mr.. Morgan was a d-
rector at the time these manipuations are said to have taken place.
Perhaps the directorate in general may not have been response
bic for the transactions, and, even if it were, such financial eyolutions
were but in line with a great deal of the so-called high fnanciering
that has characterized corporate affairs within the past twenty
years.
To say that Mr.. Morgan, great fnaneier that he was, was not
aware of the precise character of these transactions is to impeach
his business diseernment and to beittIe his intellectually. Mr..
Morgan knew what he was about, and he knew what Mr.. MeI1en was
about, and Menen knew what Morgan was about, and about every
other important financial factor in railroad circles in New York
knew what both were about, in q general way, if not in any specific
instance.
The whole New Haven deal, from beginning to end, is not one
whit worse than many Others of similar import. 1t was a craze
among high fnancers to juggle with facts and figures, thinking
that the public would have to stand for it and that, notwithstanding
more or less protesting, everybody directly or indirectly concerned
would likewise stand for it, IN the end.
We realize that too many people are disposed to credit evil in
tent to every one connected with corporate transactions, but the fact
nevertheless, that scandal after scandal haye. followed cor
porate manipulation In the past decade.
IL the courts shall finally determine to hold the boards Of di
responsible, the effect may be a salutary one in the CONNER
cialsm Of today.
Every time we hear any discussions concerning the injustice
il squeezing the water out of the stocks Of some of the great rail-
road corporations to- the poor widows and orphans, who are
stockholders, we wonder whether the interests of these widows and
orphans ever occurred to the financial jugders when they were en-
gagged IN their nnholy manipulations.
Equity demands that these manipulators, not the public, rein-
burse innocent purchasers of this watered stock.
@M@@SS n - $50 SS#5N ]
Intolerance on the part Of some Of the corporation managers
is what has quickened the public pulse with respect to government
ownership. Some Of the concessions now graciousy assented to
ought 10 have come q decade or So ago.
Ohios superintendent Of schools enters . vigorous protest against
The way IA which the bachelors of the state are depicting the ranks
Eof. the teachers of domestic science. The supervisor Of the educa
tional interests of Ohio has no objection I'd raids upon the Latin and
Greek teachers but he lanaents the fact that the demand runs 50
strongly Tot he domestic article Ohio bachelors are seeming. dis!
terminating individuals. They know on which side The bread ought
lto be- huHered.
@Mrs Bryansh "a come out aatfooted fol woman suffrage But
Teddy beat him tosith DE- two years.