Evening star., 1903-09-26

defined them as public publicity" and ''pri-
vate publicity" The latter relates to in
formation to which only a few are entitled,
and which If circulated beyond these would
involve the corporation in loss. For in
stance. there are essential trade secrets,
which If disclosed to others than the few
entitled to know them and who may be de-
pended upon to keep them. would put the
business concern at a decided disadvantage
with its competitors. There is information
which stockholders may fairly claim,
partners In the business. but which should
properly be withheld from the outside pub
lie Public publicity covers information to
which the whole world is entitled and of
which the widest diffusion benefits the mar
kets. 1t is of this public publicity that /
now write.
Wall Street Publicity.
It is safe to say that Wall street would
have to close it's doors but for this kind of
publicity. Diffusion of quotations and mar
ket information makes the very air it
breathes. 1t is the vital element on which
its life depends. Public publicity from the
Wall street point of view includes:
l. All the news of the day. state, national
and International the acts of executives,
the course Of legislation. the decisions Of
courts.
2. Quotations. that is to say the prices of
stocks, cotton. wheat. and in fact of all
commodities generally. Quotation are the
common property Of investors. There can
be no free market where there is any mo-
nopoly in quotations. The more they are
circulated the larger is the investment and
speculation.
3. The mass of statistical information re-
lating to government receipts, finance
trade. TRANSFORMATION and banks. all this
being essential to safe investment Oppo-
nents Of publicity claim that all the in
vestor needs to know is the character of the
men at the head of corporations. If they
are honest in conduct and sound In judg-
ment. everything else. 1t is claimed, may be
taken for granted. In sense this is true
Publicity without character is worse than
character without publicity. But publicity
Is guarantee of character. Safe in
veStment is possible only through infor-
nation Of the financial condition and earn
ingS of the CORPORATIONS. 1t is far easier to
be misled by the character of the individ-
uals than by the records Of the corpora
tons they control. Books and reports may
indeed be doctored and statistics may be
so twisted and arranged as to deceive, but
In like manner there are men who put on
the front of honesty who are black at
heart. More fortunes have been lost by
trusting in men than in figures.
1t Is really remarkable how large Is the
field and wide the scope of Wall street pub
icity. There is an almost perfect system of
gathering and distributing quotations. Cor
pOrations whose stocks listed by the
stock exchange are required to make full
statements regarding their condition. Rail-
roads, as rule, make detailed annual re-
ports and regular statements of earnings.
almost to a science. The banks are required
to make frequent statements of their condi-
ton. Mr.. Palgrave. a well-knoWn English
economist. in recent book commented
highly the New York bank statement, and
urged that the Bank Of Englands weekly
statement be improved SO as to give more
information. 1t will be shown further on
that in many other ways Wall street pub
Hcity is more highly developed than that of
London, Paris and Berlin
Growing Demand for It.
The cry Is always for more. not less. pub
licity. The increasing eagerness for more
accurate information regarding investments
Is extraordinary. In response to this de-
nand the area Of publicity is being steadily
extended. There are railroad commissions
In thirty of the states. This Is publicity ap-
piled to the great transportation companies
The bureau of corporations was recently es-
tablished by the federal government to ex-
tend publicity to the Industrial companies
Banks are under control of rigid publicity.
The controller OF the currency Is year by
year calling upon the banks for more and
more information. which is afterward given
to the public in his reports. Statistics have
been carried to the point Of a fine art. Some
of the best talent in the country Is en-
ployed as the agents of publicity.
Wall streets tools In the diffusion Of pub
ncity are the telegraph, the cable. the tick
or, the telephone. the financial newspaper