, 1905-01-04
Finance.

From Editors Weekly Talk In Elmer times.
The Frenzied Finance articles In
Everybody's Magazine have attracted
the attention of the American public
to an exceptional degree. The daily
newspapers have recognized their in
terest and discussed them in such a
name that nearly every reader knows
their import. Their author, Thos. w.
Lawson, the Boston stock broker,
claims to be trying to fulfill a mission
of vital importance to the public, es-
pecially to that portion who invest in
stocks and bonds.
A fear is ex expressed that his onslaught
will produce a panic, but he cannot do
serious damage unless conditions are
ripe for it. If the bucket is too full he
may prematurely upset it, but if con-
ditions are ripe for a panic the bucket
would spill of itself if given time. 1t
must be realized that there are honest
men by the thousands who are inter
ested in stocks, bonds, and in corpora
tions. The trouble is that these inter-
ests give the opportunity for grafters,
gamblers and dishonest promoters in
high life to rob the gullible public, and
that they have done it and are doing
it now none cal doubt. 1t is almost
impossible to accumulate a million
dollars by strictly honest methods and
still nearer the impossible for one man
to accumulate many millions by means
unquestionable.
There are instances int the mining
interests where great fortunes have
been made in an honorable manner.
1t is also true in exceptional instances
in the mercantile world where the re-
ward of brains has been the accumu-
lation of immense fortunes and it is
not an intelligent, discriminating thing
to do, to attack wealth as a whole.
The system which Lawson attempts
to expose is that which in an irregular
manner obtains wealth by political
and corporate graft, watered stocks
and bonds, bribery and the manipula-
ting of stocks under cover by insiders
in a which is little less than
outright robbery. The unfortunate
condition which allows and sustajns
the methods is found in the gambling
~propensities of humanity in general
and the conceit of the lambs who al
ways have faith that they can trip up
the professionals at their own game.
II who to their sorrow usually get
shorn of their own fleece. The diff
Guilty with dealing with the liquor
traffic and kindred evils is because of
the soft side a majority of people have
Tor the cup which inebriates, and the
trouble with curing stock gambling
Is the innate tendency of so man peo-
pie to gamble. 1t is no less an intox-
lcatlon than alcohol produces although
OF "A different kind, and the appetite
Tor Venturing in the hope of gain is as
difficult to overcome as that for slim
ulants. Thousands of people steadily
keep clear of all forms of gambling
risks, have no tendency that way. in
fact the whole business is distasteful
to them, but the great number who
have the appetite makes a well popu-
lated field for the professionals to
work on.
President Roosevelt in his effort to
obtain government control of
tons is doubtless actuated by a full
knowledge of the evils as they exist.
1t would be utterly useless to ATTEMPT
to prohibit stock speculation, nor would
IL be right because it could not be done
without crippling legitimate business
interests, but to throw every possible
protection around legitimate stock
and bond investments is a high ideal
and If government control will tend to
gain that end the country should pro-
vide at once for such oversight.
IA aa-A