ALLEGED FRAUDS AND CAUSTIC REMARKS
By Editor
SOME recent issues of the New York World have given considerable space to the story of the twelve million dollar fraud perpetrated against the New York, New Haven & Hartford Railroad Company. Commenting upon the statement in the report of Chairman Prouty, of the Interstate Commerce Commission, that the twelve million "vanished into thin air," the editor of the World says:171 "It is needless to say that this money did not vanish into thin air. It vanished into the coffers of J. P. Morgan & Company. It was taken out of the treasury of the New Haven by Mr. Morgan and his associates to recompense J. P. Morgan & Company for loans they had made practically without security to a dummy corporation organized to conceal various financial manipulations in connection with the construction of the Westchester road." And again the World says: "Whoever wishes to know how the stockholders of a great railroad company can be swindled, robbed, and ruined by due process of law, is invited to study carefully the steps by which the Westchester road was unloaded upon the unfortunate New Haven after President Mellen had informed the New Haven directors that the Westchester stock was worth 'about ten cents a pound.' Whoever wishes to understand the cold, calculating villainy by which the New Haven has been bled white, and its helpless stockholders cheated of the dividends which represent the only means of support that thousands of them have, is invited to study this chronicle of 'high finance' to the last, least line." A few other sentences from this World editorial are: "If J. P. Morgan and his associates had gone into the offices of the New Haven, blown open the safe, and stuffed these millions into their pockets, they would have been guilty of burglary. But what a burglar might have done brazenly and defiantly, they accomplished by stealth and cunning. . . . Thousands of men are in jail for offenses against society which were picayunish in comparison with this stupendous achievement in respectable robbery. . . . "Mr. Morgan is dead, but his estate is not dead. His executors still hold the tainted profits that were acquired in this transaction. . . . "Whatever measure of mercy and immunity is shown toward the corporation, there should be neither mercy nor immunity for directors who participated in the colossal swindles by which the New Haven has been brought to the verge of bankruptcy." It is not ours to say to what extent the New York editor is exactly stating the facts, but we can point out that he is making some very strong statements. And as statements of that character are read by the populace, there can be no question but that they stir up feelings of indignation and resentment against the great corporations and the individual men of colossal wealth. THE MOTIVE MAY BE COMMENDABLE
The object of the editor of the World in publishing such things is of course to create a sentiment that will correct them. The motive is certainly a commendable one. But the actual result of the publication of such matter is to inflame still further the minds of the people, when they are already in a condition of excitement and unrest that requires only a spark to start rioting, violence, and disorder. Editorials of the character presented herewith from the columns of the World are similar to many things that are circulated daily among the people, and it is childish to say that this seed sowing of discontent will not produce its harvest of world-wide revolution in a little time from this. We are not criticizing the matter that is published. We are not saying that to print such things is wrong, for certainly it is evident that the conditions of the time call forth such utterances. But the thing that we desire to point out is that the things that are printed concerning these conditions, instead of relieving the situation, are working together to hasten on the indescribable revolution. The men of this world are rapidly bringing matters to the place where the only thing that can settle them is that divine power which will be displayed in the second coming of Christ. Conditions in the world demand His coming, and the prophecies clearly point out that it is the one great event that lies just before the world.