New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-22
DIR. FISH ON FINANCE"
Commends Presidents Tie1rs, but
Calls Rate Lac Harmful.

Philadelphia, March 2l.-Stuyvesant Fish deliv-
cred address to-day before the students Of the
Wharton School Of Finance of the University Of
Pennsylvania. He took for his subject, Faith. the
Basis of Finance"
Mr.. Fish commended the railroad legislation dc
tated by President Roosevelt. terming it largely
beneficial. but thought the rate law economically
unsound and harmful 10 the country's commerce.
persons 10 blame the President for what had hap
pened on the Stock Exchange He said that the
investigation Of railroad conditions ordered by the
President had nothing to do with the recent de-
cline in railroad securities.
Mr.. Fish admitted the existence OF rotten con-
ditions' in railroad circles but thought It would
not he fair TO corporations TO have the sale OF
securities restricted by law controlled by gov
eminent legislation. He advocated the regulation
Of rates so as TO prevent discrimination. and termed
the taking of gold out of circulation relic oil
barbarism' He said that the country's finances
were in excellent condition.
Mr. Fish said, in part:
There can he no good financial system in the
world unless the people have faith IN their ranks
tEera is an occasional furry in the stock market
by which money IS lost is no reason 1or the peOplo
thinking that the financial conditions are wrong,
hut merely that these things are bound 20 occur
The fact + nat the investigation OF the railroad
conditions Of the country was ordered py fiesl..
DEFINE g9 IN Tsro sa stocks to- in Wall Street than YOU
I II is quite true thst me i ~, e,,sr
ct Eyed bv the use Of extremely bad language
rhat there have been rotten conditions IN fallI s
with the management OF vast railrCStd
The result OF these conditions has Just ncFI ELI Ell
ana viii be felt 10 greater or less extent u"'ii
they are entirely corrected. -. 4, 80
national Treasury and so taxing goid on lIs elul'
hes Of late been very much the fashion 10 blame
President Roosevelt for what happens on the SOCK
r. 1lsgis1sfiou that 1le has dictated has been
largely beneficial The so-called Hepburn pil, II
constitutional. is. IN my opinion ecooH'l
The general commercial interests OF me 'o"ii''S
more severely than the r9'llioau lits io,,i,.iov
Stock robbery cannot De stopped ny !eBisI.,I,J4I,
a nd The only way Il con he stopped is ny gettlng
rid of dishonest officials Laws VIII never Ielieoy
,Tha legitimate rise and fall in railroad securitles
is q NECESSITY The railroads need money FOR I'M
movements and they secure II oniF Dy me
legitimate sale OF stocks and bonds: 10 ntLNe ll
Gales restricted by law controlled by government
legislation would he rather hard on me eoIpoisT
lions and would not be talr 10 say INC lcslS'
hello - and I think that you viii agree with me,
tbat there should be fair dealing for everybody
The regulation so that there can Re no ais
satisfied that II should be done iSut 10 set peiS -
my subject. The finances OF this couhtrs "a
excellent condition. Tho supply OF GOLD IN inc ma
tiCnal hanks and in the United States treasury y
not lacking and ] quite sure mat old Molher
Earth is furnishing more than enough 20 Keep up
with the demand
s1lcl questions as the students put to him Among
the questions asked him as to whether or
not the railroads could stand the two-cent fare
throughout the country. His reply was that the
raiIroads needed money, and that il must be pro-
z-ided through the collection OF fares lie said that
the demand Of the public for fast train service
etc made an expense upon the various companies
that could not DO me: by the payment ." 'i SAID
er fare. OF course, some or the loaus' "o 9~iN'
could stand fl, while others could not.