The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-03-07
lie go "a PuBITCTTY.

Inc good results which must come
from bringing out the facts concerning
the manipulation Of finances in New
York Is becoming more and more ap-
parent. The insurance Investigations,
for instance, win undoubtedly have a
far wider and more wholesome effect
than merely the reformation of the
companies investigated. It win make
managers and directors OF big business
enterprises in all parts Of the country
more careful, especially when they
have anything to do with trust funds
and the indirect effect on all our BUSH
ness fabric must in the end be good.
Henry Clews. the New York banker
says the Wall street market lis suffer-
ing from absenteeism, that is, because
many financial operators have gone
away for time. Yhis list of absen-
tees. he says. has been considerably
swelled by the quiet disappearance Of
numerous individuals who wish to
avoid testifying before the various in
vestigatiBg committees, which are not
confined to New York alone but are at
work in Washington and other politi-
cal centers. The investigation fever
has had not little to do with the pres
ent reaction in Wall street. It has not
only caused a good deal of personal
anxiety among many Of the response
bic heads OF corporations, whose doings
would not stand the glare Of sensational
publicity; but it has also made more
difficult the promotion Of new financial
operations and is breeding a spirit OF
harmony that has prevailed during the
last three or four years. New lines of
In1aav~n a.
onisms created which sooner or later
must show themselves in market oper-
atoms. It is unnecessary to cite the
friction and animosity which have been
created by the insurance investiga
none of which was anticipated in the
romotest degree a year ago. Nobody
foresaw the consequences OF disputes
which began in TIE Equitable last sum
mer; and, while the results eventually
are certain to be beneficial to the pub
lie and will unquestionably raise man
agerial standards, still the intervening
period of agitation and readjustmenE
is a disturbing one; impairing conf
dence Temporarily and necessarily
having an adverse effect in higher
financial circles. Fortunately, our
large corporations will in future be
conducted upon more rigid lines, and
the mesalliances between our big cor
porations and interruptions politicians
should become more difficult OF accom-
plishment and less likely to be repeated.
Already our large insurance companies,
upon which great bankers have fire.
quently largely depended in their syndi-
cate operations. have withdrawn for
good from all transactions of that char
acter In future these great syndicates
will have to look direct to individual
purchasers for their market, and viii
lack the support of these great organ
izations which has always been highly
important in times Of stress. The effect
will probably be to make such syndi-
Gates more careful in their future com
mitments; a change that viii prove
beneficial, and which has fortunately
taken place during a favorable period"
Probably few Of those who are. fleeing
from Investigations are doing so be-
cause of any fear of personal punish
ment. They wish to avoid the publicity
which an investigation would bring
upon them. The wrong-doer never likes
publicity. He invariably hates a news