Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-03-28
BUSINESS and WALL STREET.

Mr.. Stuyvesant Fish, an able and re-
sourceful railroad man, who until re-
Gently was president of the Illinois
Central railroad. and appears to have
been crowded out by the operations of
a number of gentlemen who were nn-
dertaking to use it's properties more or
less as a stock-jobbing scheme, in an
address before the students of the
Wharton School of Finance of the Uni
versity of Pennsylvania. took as his
subject, Faith, the Basis of Finance"
Among other things, Mr.. Fish said:
'tSimply because there is an occasional
furry in the stock market by which
money is lost is no reason for the peo-
pie thinking that the financial condi-
tons are wrong, but merely that these
things are bound to occur from time to
time" And Mr.. Fish added: "The
fact is, the investigation of the railroad
conditions of the country effected by
President Roosevelt had nothing more
to do with the recent decline in railroad
stocks in Wall street than you Or I. 1t
is true thu the investigation did un-
earth some conditions that could only
be characterized by the use o fextremely
bad language. Tha there have been
rotten conditions in railroad circles is
known to all those who have had to
deal with the management of vast rail
road interests. The result ofthese con-
ditions has Just been felt and will be
felt to a greater or less extent until
they are entirely corrected. It has of
late been very much the fashion 10
blame President Roosevelt for h
happens on the stock exchange, but I
can assure you it is not right. The
legislation he has dictated has been
largely beneficial"
These are sober words from a
Thoughtful financier and successful rail-
road operator, and they are full of
truth. Time was, and not many years
ago, when furries and threatened pam
les in Wall street created alarm in the
business circles of the country. Thank
heaven that time has passed! The
great agricultural, commercial and in
dustrial interests of this country have
learned that Wall street hurries are lit
tie more nor less than a financial scrap
between stock jobbers, spectators and
gamblers in efforts to get
something for nothing. That never
was sound economy and never will be.
The business interests of the country
go along almost as If there were no
Wall street. Railroads are taxed to the
limit to handle the products of the
farms, mines, mills and other indus
tries, and for five years have been un-
able to do this satisfactorily, so great
has been the production Cotton and
other agricultural products have
brought good prices n b demand
tor products generally is greater than
it aver was before Where farmers
we're in debt a few years ago as q rule
their mortgages have been paid off,
they own their own farms and have
money in bank. The tact is the Wall
street situation affects general business
very little, and most OF b business
men affected are operating on an IN
sound economic basis
A well known business man of this
city who watches trade conditions
generally recently said. "These gam
bling schemes in Wall street, I am
glad to say, do not affect the general
business conditions Of the country as
they used to. The people understand
them, and in fact, care very little about
them. With cotton at present prices,
with the present demand fer agricul-
tural products of b South, in the next
five years, with adequate transporta-
ton facilities including sufficient roll
ing stock to market the products of the
South, and with the continued develop
ment of the South's resources, the bust
ness interests of the South would not
care a straw about the stoek-jobbing,
so-called furries and threatened panics
in Wall street. In fact, with the con
ditions in operation as I have sug-
gested, the South can not only take
care of itself with ease, but can soon
lean those New York Gnanciers
money"
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