The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-10

names 20 such a conduct Of that great
institution as has beGn carried on. Some OF
these men, no doubt, have not had the
slightest idea of what was doing IN the
Equitable company, and would have re-
pudiatsd. and do now repudiate, the actions
on the part Of the oompany's executive
managers which IL Is alleged have been
committed. But what were they directors
for? II seems that a great many OF them
were mere dummies on the Equitable board
holding no stock m the company except
that given 70 them for the purpose OF
qualification, and not being even policy
holders in the Equitable. Is this the way
our great fduciary corporations are Delng
rum This is the question that the people
are asking each other all over the country
from Maine to California; and, while up 70
the present time the matter has made no
appreciable mark upon security prices II
is rash assumption that no mark at all
Of the kind will at any time be made. The
old Wall Street hand, at least, does not need
TO be told Of the effect that might be pro-
duoed upon financial affairs by just little
boarding Of money from such Il cause as
described In each city or small town through
out the country. People in the country at
large do not look at such matters as this
Equitable affair with quite the same nom
ohalance and cynioism as some Ct those
closer TO the scene Of action.
Our legislators at Albany have covered
themselves with glory, after their usual
fashion, in the passage Of the stock trans
fer tx and mort gage tax bills. 1t may be
that for the moment the injurious effect
of the mortgage tax law will be more APP
parent than that relating TO stock sales,
for the former measure will, according to all
trustworthy anucipations, throw the bust
ness Of lending money on bond and mortgage
in this State into confusion. The immediate
effect upon the stock market Of the stock
sales tax will doubtless be to narrow the
trading and so offer less advantageous
opportunity for purchases and sales Of
stocks by people generally, The money
market has been without material change,
and no change seems imminent Rates are
holding with little weakening after the
April disbursements, as IL was expected
they would by all good judges but It is
generally believed that these rates will
fall before the month Is over. The Gov
eminent L. going TO call in money heavily.
but 1t will pay out good deal Of the money
as fast as il secures It, and the banks viii
take out new circulation against the Gov
eminent bonds released by the calling
in, so that the net balance Of the
money Withdrawn from the market
will be small. Those who are placing
their hopes, however, upon tire assump-
ton that the Government by reason Of its
money intake now will be in "A position to
deposit a good deal Of the money in the
banks in the fall may be unpleasantly disap-
pointed. This remark must be made, finally
about the entire situation, that good many
supposedly wise and certainly very rich
men are just now concluding their daily
talks about the strong stock market, the
bright business prOsp cts, and so forth, with
rather dubious references 10. what may
hapTen in the fall Of the year. The opinion
seems TO be that Al about that time the
question Of money supplies available for
Wall Streets use, the extra session Of Con.
gress and the impetus that may be given
to the spread Of various socialistic schemes,
particularly in the West, 10y the discussions
precedent to the fall elections, not 10 mem
ton other matters, may give cause for con-
cem on the part Of spectators, and that
perhaps il would be we'll for buyers Of stocks
even now to use considerable caution. As
this Ia the kind Of talk that traditionally
proceeds from wise, old and rch men, no
one will be disposed 10 quarrel with it; and
neither should any one expect that Wall
Street, which cares neither for yesterday
nor tomorrow, will pay any attention TO
il whatsoever