Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-08-27
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THE PENALTY OF STOCK GAM
r. BLING


Twenty years ago, yes, fifteen
years ago, if what has happened on
Wall street during the last sixty
days had occurred there would be
scores of western banks and many
business houses would have closed
their doors and there would have
been widespread disaster through
out the country. The time was
when a little furry on Way street
caused panic all over the country.
How different now. The stock job
bling transactions in New York no
longer affect legitimate business. The
west no longer depends upon New
York to finance it's enterprises. We
are not now dependent on Wall
street, and affected only in a slight
degree. .s.--s-@ - g., ,.sG
Few people realize what has been
going on in the stock market-what
an awful squeezing process has pre-
vailed. In his last review of the
known New York banker, says:
The shrinkage in Wall street val
ues has already exceeded $4,000, 0O0,-
900. This is largely due, not to Pre-
sident Roosevelt's policy or his ac-
tions in connection with corporations;
for similar disturbances have taken
place in London and elsewhere. Eng
iish Consols, for instance. are lower
today, than they have been in the.
history of the nation As a matter
OF fact, we have had in this country
TOO much prosperity for several years
ecausing an OVERRIDING in all channels
aof work, construction and specula-
ton. In other words, there has been
too much business for capital, credit
and transportation. Values had be-
come inflated, and in the meantime
there were many evidences of cor
porafe dishonesty which shocked con-
! ddRnce by the revelations that crop
ped out from time to time. Mr..
Roosevelt's policy has been forced
upon him by these developments.
While the penalty now being paid
may be bitter for the excuses that
have taken place, the situation will
Y be a sounder one in the end and all
interests will be established on
more conservative basis. Great pros
perity has forced upon corporations
a larger amount of business than
they had the ability to handle; hence
the flooding of the market with Sc
curities to obtain the means to meet
the emergency and the excessive is
sues from that source. 1t is plain
to be seen, therefore, that those who
blame Mr.. Roosevelt for all our trou-
bles are in error Actual conditions
have been mainly responsible We
have been confronted with conditions,
not theories.
Secretary Taft's strong endorse
ment of the Presidents policy and
the presidents own speech are
strong and sufficient evidence that
4 the president cannot be budged from
his attitude against the violators of
the Interstate commerce laws by ella
NOR or criticism; and suggest that,
rather than to violently oppose the
president, it will be well for the cor
poration magnates and managers to
fall in line, and let the president and
the public understand that they will
4 strictly obey the Interstate commerce
and the Sherman antitrust laws
They might as well accept the inev
liable. for 1t is plainly evident that
he will not change and the statute
laws should be observed. There has
been great misunderstanding and
much exaggeration as to the inten-
ton of the government officials. AL
that they propose to do, as far as car
"a be ascertained, is to compel great
corp orations to respect the law in the
same manner as the hunablest citi.
# zen. When public hysteria has sub
sided, the effect of past agitation and
present action will result In higher
standards OF corporate management
and a keener sense of honor and re.
sponsfbi1ity. Let the stockholders
of the various corporations join
hands in demanding the punishment
Of the guilty individuals without
causing the suffering Of innocent In.
veators and Mr. Roosevelt viii ae
cept them as allies In his work Of
REFORM Big money fines punish The