Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-13

stocks ten points higher. That has not al
ways happened. Time and again. to be sure.
the public has for months refused to gam
BILE actively. but In the end found the news
paper stories of the fabulous profits made
by few plungers too alluring to resist.
But time and again also cliques OF powerful
fnanciers have resorted to every device
known to skillful stock manipulators in
order to attract the public and the public
have turned a deaf ear to their invitation
and refused to 30 much as glance at the
ticker-tape. There have been good reasons
for such things. of course. but the reasons
lapse Of the attempt
-
Perhaps the most interesting change in
Wall street recently has been the change In
the attitude of the big men, toward the
public. Whether It has been forced upon
them by the clamor in the public prints,
whether after a certain point the rapid m
crease in their own personal fortunes Is OF
less Importance than the establishment OF
solid foundations and the insurance OF the
permanence of their fortunes. or whether,
indeed. II is remorse or a desire to make
partial restitution. the fact remains that
the great majority Of the really big men
appear to be more concerned with looking
after the prosperity Of the enterprises In
which they are interested than with
thoughts of their own personal prosperity
five years of good times the big men ex-
perienced the trying period Of dizziness OF
1903. From the depression OF two years
ago they have seen the wonderful recupera-
tive power of our people and our industries.
1t has been made perfectly plain to all that
If rich man will exercise patience tho
country in it's onward march Will make him
richer. 1t pays to wait, and these men are
waiting. When Mr.. Hill acquired the Bur
lington in the joint interest of the Northern
Pacific and the Great Northern. he said at
the time he would not take $10O.OOO.OOO FOR
his bargain. He paid 500 for the Buriins-
ton stocks. The mob thought he was
reckless The street shook its head omi-
nously. Mr.. Hartman said: 1T was
good thing to get the road. but Hill
shouldn't have paid d-n-fool price for
IT. That was four years ago. Today the
appreciation In the market value or Nortn-
ern Pacific and Great Northern stocks Is
such that Mr.. Hills estimate was too low
instead of too high.
Mr.. Morgan was assailed by the entire
country when United States Steel preferred
sold at 80 and the common at TO- But now
the public thinks differently, and Mr.. Nor
gan thinks the future will deal still more
kindly by those who have faith IN the
steel The Investments made by the large
railways in the stocks of other roads have
without exception, proven highly profitable.
1t has paid them all to wait. And the Dig
men, having acquired the blessed g1rt OF
patience and a keener appreciation of the
value of the public's cooperation. are per-
fectly willing to wait until all conditions
are propitious for big campaign They
lose nothing by waiting. so long as the fu-
ture Is bright. II there Is any losing to do
1t won't be by them. In the end the ques-
ton will resolve itself into the old terms:
To what extent have the captains OF
finance capitalized their hopes? The public's
answer will be given then.