New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-11
PLAIN WORDS F8OM THE STOCK EX-
CHANGE

At last the current is turning. For years
THE TRIBUNE has stood almost alone in de-
nouncing corporate mismanagcmcnt, aud in
sisting that stockholders have some rights
which Directors ara bound to respect. For
this, every extFayGgant or sWiudling Director
has held il his enemy has magned its mo-
tiyes. damned il as "wTecker," and even
stirred M stockholders to hold it responsible
for the very evils it exposed and the ineyta
ble decline in prices of which it gave early
warning.
Now mark the change in the current. Here
is most important report, unanimously Of
fered to the Stock Exchange yesterday 10y
committee of its ablcst members, TO whom the
subject had been referred, received by the
Exchange with loud manifestations of APP
provuI, and unanimously adopted. IT Is so
plainly in the direction of TRIBUNE editorials
for the past two years, and i'll fact II goes so
much further than even THE TRIBUNE has
gone, that We make no apology for giving it
this conspicuous insertion;
To me Gorc7ing Committee VI the HGc-Yort Stock Ef
change.
GyNrlruEy: The subcommittee appointed to secure
rcrore from railway and other corporations beg 10
port That after their appointment. they prepared
several ccuar copies Of which are annexed and sent
thcn TO the presidents OF The various corporations repre-
srned at Exchange TIE result Of these efforts wa
not cheering. Alter delay Of several months score OF
COMPANIES consented 10 furnish the desired information
and have done but the leading corporations declined
on various prctexts TO comply with our request.
The coal companies stated that nasmuch they
MIXERS rs well carriers, they could not make mp re
ports frequently than once year The president
OF the NcwJcrscy Central wrote that nc ud reason to
believe the public satisfied with his REPORTS state
lin tool onto
Diet very empLaticaly, a short time after, and ono
50 wordcd ~ to cause your committee TO hope
that be would give the desired returns. But
We found regret. on seeking more definite
response that his smooth words covered iuneNble
purpose 90 give 10 tine public no more information Than
was required by law. Tine Michigan Central Road fur
ni.hed frequent returns while they favorable, but
ceased do when they showed decrease Of earn
irgs. The Milwaukee and st. Paul, also after spasm
OF yirtUOus action, succmbed 20 the EVIL al
vice OF some Of lis Western neighbors and dis
continued some of it's reports The only
directors by whom your committee were treated
with discourtcsy and even in with positive
rudeness, those OF the Northwestern and Rock
Island II ailroads Inasmuch we DO not want to DO
guilty of similar bad behavior, refrain from com
Ineut the trouble which has recently upon these
companies simply suggesting that possibly their directors
may have changed their views, within few weeks to
the Crcdulity 0i The public.
After TINS account OF our experience II Will not
haps, seem strange that your committee felt little
cuurascment continue their iab0rs There how
ever other for relaxing efforts. We found
that reports when signed and sanctioned by Of
wealth and reputation were often utterly untustwortny
After seeing road at least 10 into the
hands Of receiver, with It's president pro-
claiming its solyency Mp TO tho very day OF
its publicly Acknowledged bankruptcy, felt
that even official rcpore, made up, not the
uanacea Of winch IN search. But our inaction
has been chiefly due 10 the fact that other agencies
quietly but thoroughly finishing the task have begun
since your committee was appointed marked change
Inns taacn place IN public sentiment to the work
which we are engaged. The information seek
always thought desirable, Is now generally de-
mlnded, { and with daily increasing yehemeucc
The atochholder at last aroused 10 sense
| OF his rights, and his reply e. refu,als to mako
eIu and frequent reports Is that mast
eventually secure then-ho sells bis stock. Appar-
emily the golden age Of the speculative director
has passed away The one cornerstone upon which
his structures rested WAS public confidence. That
confidence wonderfully enduring altcr repeated shocks
Is AZ last vanishing, ami az It goes the selfish
schemes Of fai,hiess trustees fall to the ground
We believe the DAYS numbered when few
men can control vast corporations by by
! pothecating stock nj fictitious valuation aud
uen impudantly refuse to furnish information to the
mon who give them their power The tables are turn
ING and the time Is short In which the Stock Exchange
viii DO Obliged TO petition humby but Intellectually
for information. We had proof OF this recently.
The directors Of tho Rock Island road were
forced at a critical moment 10 ask the Stock