The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-07-08
PUTTING PROBE IN EQUITABLE

1t now really seems that the talk
and buster about what was to be
done in the matter of the Equitable
scandal will result i'm something defin-
lite, or start be made in the direction
of doing as well as saying things.
The Governor of New York and the
Insurance Commission of that State.
having either flashed in the pan or
Gained on a vagrant puff of wind. Dis
| trict Attorney Jerome comes into the
lime-light and induces the judge to
hold over the grand jury for the pur-
pose of returning indictments against
the men responsible for the corporate
wrong-doing. According to his habit,
the District Attorney takes the world
into his confidence and states that he
has evidence which will be sufficient
| to convict. Only the names are with
held and they will be forthcoming.
1t is stated, however, that the primary
charges are that the directors of the
Equitable and presumably it's officers
poses of speculation. The fact that
the speculations were more or less
profitable to the individuals engaged
in them is no bar to prosecution. it
would seem. This is doubtless ac-
counted for by the fact that the sums
at their disposal were so large that
they were not reduced to the necessity
of the country banker, who goes
wrong on guessing" the market.
With the leverage of the Equitable
millions these betrayers of a gigantic
trust were able to first enter and then
to make their market" If under
these conditions the purely moral view
of their action may find utterance In
criminal action, the result will be
distinctly refreshing and helpful to the
country at large.
We are perfectly aware that Mr.
Jerome needs Sailing" He is an ad-
vertiser first and "a lawyer afterwards
1t must be admitted, however, that he
is a success at either role. Whether
or not the indictments which win
doubtless be found will ever result i'm
a trial, or whether the trial will be
followed by a white-wash or a con-
viction, is immaterial. The point is
that men of the magnitude of the
Equitable directors can be indicted or
even threatened with indictment. The
mere fact that the grand jury is con-
sidering their cases will act like a
National tonic. 1t is a species of
financial "lese majestic" Mr.. Jerome
may Trest assured that. whatever may
happen. his specially of advertising his
nerve will have had its usual result.
All i'm all, the Equitable scandal has
been from first to last joy. 1t has
been totally without reverence. It
has taken no note of high hats and
frock coats. Between Mr.. Hyde and
Mr.. Alexander all has come out that
was needful for the public to know
The courts are merely running down
and it will take care of itself. Court
proceedings are satisfying to passion,
but they do not make for the larger
reforms. They merely scare the
rascals. Rascals get over fright easily.
They are more perfect weather cocks
of public sentiment than the most
astute of politicians, with whom ras-
cality is in a sense incidental to place.
The fact that the grand jury has been
held to consider the cases-with the
further fact that so good a politician
as Mr. Jerome should have consid-
cred the time ripe to put forward the
evidence of the crime-is a clear indi-
cation that the Equitable stir has had
a lasting effect on the trend Of tho
times. The bringing of indictments
will be nothing more than the final
announcement of conviction by the
larger jury of the people. And graft
ers everywhere will give pause and
take heed.