New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-29
KEEp 1T IN WIND.

KEEP 1T IN HIND.
Ir marked contrast with the quiet which
preyails generally throughout the country,
Wall-st. is the scene of considerable agitation.
The most recent cause of excitement Is the de-
lection of certain prominent spectators among
the " bullsr who could not resist the tempta-
ton to realize their large profits. Their acton
stunned for a moment their less agile brethren,
who in order to prevent panic, were forced
TO buy the stocks thus sold, and to add largely
TO their previous burdens, which conservative
men have long considered dangerously heavy.
Rut il seems that those who are still "bulls are
strong not only in faith but in pocket. They are
mainly railroad officials of more or less proml-
neuce: so we see fresh advance in prices,
and. rs purchasers from among the public are
likely to become necessary before long, we ex-
meet TO be favored with numerous tempting
statements from these officials Doubtless our
readers have noticed that several corporations
which have been, hitherto, persistentIy retlcent
are now displaying great frankness. Dur
ing the whole OF last year, while
business was depressed. the utmost
efforts of the Stock Exchange, cordially
supported as they were by the press through
ont the country, were unable 10 elicit the
slightest information rs TO earnings from the
Cl;caoo and Northwestern and the Vanderbilt
roads; and even the Milwaukee and ~. Paul
road, which had heroically reported bad earn
iugs for many months. weakened at last, ana
followed the example of its ncighbors. But
bountiful harvest has had a sOftening influence
on railroad directors Though the Stock Ex-
change petiioned in vain for monthly statements,
we have now weekly, and often daily reports
Of earnings True, the Vanderbilt dynasty can
not depart so far from its ancient traditions
rs to announce IUblicy the figures of Its in
creased earnings, but it is well known in Wall
st. that any one Of an inquirng turn of mind
can learn the exact amount of receipts. In
fact. il is rather difficult to avoid the informa-
ton, to say nothing of the advice which in
variably accompanies it, to buy little stock
and reaD the rich harvest which Is in store for
all faithful "bulls."
This change OF policy is certainly encour-
aging, and it is sad that any douhtmg Thorn
asses should be disposed to look for sinister
motive beneath IT. That such persons exist,
however, cannot he denied. They shake their
heads. point to the word Increase" which
invariably precedes nowadays the statements of
earnings, and say that as soon AZ receipts
show a decrease all this candOr Will vanish,
unless, meanwhile, the directors succeed in
selling their stocks to n c0niidlng public. To
sustain their position, they point to the record
OF the past ten years. and ask what reason
there is for believing that the thing which has
been shall not be again
It is difficult, of course, TO contradict these
sieptics, backed, as they are by so much dis
graceful history. aud to prove that the present
reform on the part of the directors Is anything
more than transient policy. But we must
confess that we cannot bring ourselves TO be
Hevc that clever aud shrcwd men should sup
rose that the public will be caught with chatf
" any theory has proved u delnsion and a
snare 1t is the one which holds that the people
are a. simple as they were ten years ago. Act
ing on it, cliqaes and "pools - have been
ruined by the score And if there is any point
upon which tho public mind is just
now especially sensitive, it is that of
corporate mismanagemont. With the telegraph
bringing daily accounts from all parts of the
country OF defalcatons and other frauds among
directors and trustees who hitherto have been
highly honOred by their associates, it would be
well nigh impossible for body Of men already
tainted by unfaithiul action in the past to mi
pose upon the public credulity. Hence our
hope chat the present action of these gentle
men must be something more than a mere
spasm At the same time it will be well for
the people tn keep in mind Their former tricks
and TO buy their stocks only after a.suficiert
continuance in well doing shall prove them to
DO entitled once more TO public confidence.
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Mr. Jefferson. Rip Fan Winke becomes again
.hn n,ninenl tnnin In the thnnghts and talk of the