October 37, 1888





Record  and  Guide.





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Vol, XLII.





OCTOBER 27, 1888.





No, 1,076





The market for securities has been rather depressed during the
past -n^eek, Boston lias been losing a great deal of money in its
stock and otlier ventures, and simultaneously the Eastern roads
have been slopping dividends in a rather surprising way. Then
the Presidential election is near, and operators are disposed to be
cautious. This has emboldeoed the bears to raid the market. Tliey
have been assisted by the weakness of Missouri Pacific, which
the "street" seems to think Mr. Jay Gould is again selling.
Indeed, things are in such shape that ]irices might have had a
serious set-back were it not for the consummation of a gi-eat deal
in Southern securities. The Richmond Terminal has now become
)i colossal corporation, -with apparently a very bright future before it.
The gf-neral trade of the country is all that could be desired.
Real estate in and near this city is not very active, There are more
new buildings on the market than there are customers for. We
are promised, however, a better state of things after the election is
over. The month which follows the sixth of November promises
to be an interesting one in real estate circles.

It is admitted that this is the tamest Presidential election we have
had for forty years. The discussions have been in better temper, and
the two candi<^tes have been treated respectf uUy by their opponents;
yet the registration in the large cities shows that the vote will be
phenomenally large. It shows how futile, after all, are the efforts
of politicians to work up enthusiasm by fche cheap methods usually
employed. Banners and processions, mud-throwing, monster meet¬
ings have very little to do with the serious work of the campaign.
People will vote this year because fche contest is close ; and then the
State and local issues are very interesting and involve moral
elements, such as the temperance question, personal partialities or
antagonisms, as in the case of Mayor Hewitt. It is a consolation to
know the country is safe whoever is chosen for President, Governor
or Mayor.

----------•----------

It is clMmed that James G. Blaine's speeches have hurt the
Republican canvass. Wliat he said about Ti'usts was true enough,
but it rau counter to popular jirejudice, and was used in detriment
to the canvass of Haixison and Morton. Then a t-wist was given to
his other outgivings, which was made a handle of by the Demo¬
cratic papers and orators. At the beginning of the canvass "Bob"
Ingersoli made a very brilliant plea for the Republican candidate
and platform, and it was supposed he would be heard frequently
during the canvass; but the national commtttee took alarm at some
of this famous orator's utterances, and he -was not allowed to speak
agaiu. Anna Dickinson was sent to stump Indiana, but the senti¬
ments she expressed were so pronounced that she also was sup¬
pressed. The Democrats have been more cautious, and, apart
from Mr. Thurman, have had no orators in the fleld likely to say
anything that was striking enough to excite unfavorable comment.
The moral of all this is that hereafter Presidential canvasses will be
very tame affairs. Suggestive and brilliant orators and statesmen
will not be allowed to speak, for naturally they are apt to say things
which lead to discussion. It has been noticed that year after year
our national platforms become vaguer and more colorless. The
country has got to be so large and its local interests so diverse that
party managers think it wise to suppress all decided expressions of
opinion. Fervid orators and picturesque individualities will here¬
after disappear from our political platforms. The work of cam¬
paigns will be done by literary bureaus and speakers who will con¬
fine themselves to platitudes. Congressional oratory is dying out,
for the action of Senate and House now depends upon the commit¬
tees and not upon the debaters. Can it be that political oratory is
to become one of the lost arts in the United States?





Persons who sue newspapers for libel never get any damages
under our present laws. Such a thing as a money payment for an
attack on character by a newspaper editor has not been known for
forty years. Nevertheless, the proprietors of journals are con¬
stantly hai-assed by libel saits. There is a class of lawyers who
carefully watch the papers, and if any person is attacked he is





sought out and informed that he can exact exemplary damages
from the offending journal. The lawyer knows, of course, that
there is no way of getting a cent out of the journals by due
process of law, but, if engaged, he is sure of a fee from his client,
and the journal is often willing to settle the matter for $50 or so,
which also goes into the pocket of the "shyster." This state of
things is scandalous from every point of view, and is a nuisance to
the newspaper proprietors. To cure the evil the Herald proposes
that the law of libel be so amended as to pufc a stop to all claims to
pecuniary damages, but make the editor, writer, or reporter liable
to criminal proceedings. Tliis would make a newspaper's subor¬
dinates more careful, and would put a stop to the blackmailing of
the " shyster " la^vyers. It would be almost impossible, however,
to get an amendment of this nature through the Legislature, as our
law-makers are largely recruited from the class who profit by our
defective laws. They will never willingly vote to amend enact¬
ments wliich are profitable to the profession. Still, we ought to
have an effective libel law. Under the present system a private
citizen has no redress when liis character is called in question by a

newspaper,

-----------a-----------

Last fall and spring Jay Gould took some twelve million doUars
out of "VaU stre?t in exchange for Missouri Pacific stock, which he
sold from 118 d.iwn to about 70. While selling this particular
security he was having himself interviewed repeatedly on the sub¬
ject of the gi-eat value of the stock. The amount of lying he did
about it was phenomenal even for bim. Lately his touters, headed
by his son, have been giving out the point that Missouri Pacific
was going to par before the fii'sfc of January. Then Mr. Jay Gould
has allowed liimself to be interviewed as to the intrinsic value of
the stock and the great prospects of the corporation. Tliis was fol¬
lowed by a slump in its price, and the " sti-eet" has jumped to the
conclusion that Gould is getting rid of the remainder of his common
stock. It seems probable that he wants to own nothing but bonds
and securities like Western Union and Manhattan, about the futures
of which there can be very little doubt. It is understood that the
amount of doubtful stocks which Mr. Jay Gould yet holds is about
$80,000,000 {nominal value) of Wabash common and preferred. He
got stuck with this worthless stuff because of the great f aUure of the
corn crop in 1881. He hopes to recoup himself by the certain pros¬
perity which is now assured to the great com belt through which
the Wabash lines run. It is to be seen what strategems he will
invent to induce the investing and speculative public to take the
Wabash load off his shoulders.





Last spring and during the past summer "' Sir Oracle," in these
columns, frequently predicted a unification of the railway systems
of the country. He gave his reasons for believing that in time the
Richmond Terminal would absorb most of the lines in the Southern
States, and he also suggested the possibility that in time the com¬
bined Southern roads would find their way to the Pacific Ocean
over the Missouri Pacific and connecting lines. A part of this pro¬
gramme has been carried out during the past week. The Richmond
& DanvUle, the East Tennessee & Georgia, the Georgia Central and
several minor corporations have been put by pm-chase and other¬
wise under the control of the Richmond Terminal, which now haa
connecting lines between the Mississippi and South Atlantic coasta
with branches to nearly all the principal cities in the South, Thia
is a consolidation of the very greatest importance, for it will put a
stop to the paralleling of roads, do away with the fear of all rate
wars, and then the business and traveling public will be far better
served in dealing with one great corporation rather than a host of
minor ones. The Richmond Terminal at one step becomes one of
the most important railroad corporations in the country. Of
course there are some gaps yet to fill. The Norfolk & Westem
and perhaps the Louisville & Nashville may yet form a part of this
gigantic railway system, Tiien a connection has to be made with
Cincinnati, which will come in due time.





The next step would seem to be a coalition with the Missouri
Pacific, but this is not likely to occm- unless Mr. Jay GoiUd would
be wiUing to sell that property to the very able syndicate who have
control of the Richmond Terminal. Messrs. Thomas, Brice, Moore,
Inman, Scott and their associates will never put themselves in the
power of so entirely selfish a manipulator as is Mr, Jay Gould, In
time, of course, the Pennsylvania Centi-al will secure some control
over the roads it connects with at the West, such as the Burlington,
Rock Island and Atchison. A third great connecting group would
be the Vanderbilt in the Northern zone of the country. The next
decided building movement in railroads will carry the Northwest
to the Pacific. Hence in time there promises to be three great
systems of roads extending from the Atlantic to the Pacific, The
Canadian Pacific might be called a fourth; but that is a foreign
corporation.

It wiU be noticed that in these combinations there is no talk of
creating new stock or of unifying the indebtedness of the allied





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