New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-07
The Financial World.

The market is better. This is true not merely
in little sense. In many quarters. in many
ways, Improvement shows.
What may be regarded as OF exceptional I'M
portance Is IN the outspoken declaration ~
Thomas w Lawson that he is with associate,
Of financial consequence committed 10 better
ment campaign. OF course. are going to bs
treated to a vast deal of witticism and sneers as
to what Lawson stands for what he can ac-
complish. the Intentions and integrity of him.
But comment and criticism of sort like this will
not affect the Judgment of fair-minded reviewers
of the security market situation through the
last thirty months-will not. moreov likely
10 qualify the execution of plaas n Mr.
Lawson declares arranged. When Lawson ap-
peared as the original critic IN severity against
the conduct of the great insurance companies
he was the jest of Wall Street; when later his
accusations were more than proved Wall Street
grew still bitterer toward him When he began
to schedule the assets and characterize the de-
Iinquencies Of the Copper Trust. there wer.
laughs for his industry; when by proofs hs
made good many Of the grave things he charged.
there was Stock Exchange denunciation offered
for reward. And so through the record OF a
couple of years-Lawson Of Boston placardei
continually as a Hheler. reckless and dangerous.
What this man wrote had often savage in
Justice in it-undoubtedIy. But. somehow. stock
market quotations finally followed the line which
his prophecies foretoId. The bear. the guerilla.
the bushwhacker. made good-measured by
quotations lower and lower going Nowhere
won he a friend. Everywhere accumulated
ennlty. II was dificult-virtually impossible
to obtain anywhere in Wall Street within recent
days any hearing for any Lawson proposition
He was bad Universal was this Stock Ex-
change verdict
Viewed just psychologically exceptional IN
terest centers therefore IN this new Lawson
entree as BULL upholder OF values. prophet OF
improvement. Perhaps II is not curious that
they who assaulted his cynicism and assaults two
years back are assailants still--no more gratihed
by his cheerful optimism than they were ex-
c,,sant Of his quondan COMBINATIONS. Thus
still lust from the psychology srandpoint-ths
exhibit has consequence. In his original on
slaughts Mr. Lawson. so far as any Of Us could
detect stood alone-stoOd for vengeance or
private wrong which he could feel was expand
able into a public wrong. In this new campaign
that IS planned the undertaking is not by Law
son alone but by Lawson the representative OF
what he himself describes as capitalistic "asso-
ciates" The new Lawson gospel is that follow
ing the exposure Of corporation uismana cement
there has come into operation Gargely through
the force of President Roosevelt) new respon-
sibilities and new effectiveness in corporation
MANAGEMENT whose net result is the delivering
of profits TO those who own railway securities
as against the old fashion OF loot for man
ayers" inirnical 10 actual owners Mr.. Lawson
urges that both here and abroad speculative
holdings Of stocks have. moreover, 50 diminished
that now as never before shares and bonds ara
owned outright, that stock holding Is no longer
the speculative target that formerly IL was. that
there Is thus an incompatible public buying
absorption power far beyond any past precedent
This buying power. in his view, must be i'm
pressed by the fact that where OF old there was
risk there now can be certainty OF fairness and
large return 10 investors The argument he
makes is strong. The test OF its attractiveness
to the public we are about 10 see.
And-whatsoever may be the jests and the
tibes or even bitter anmadversions-the result
in my opinion IS likely TO show quickly that to-
day Thomas W. Lawson Is with one extraor-
binary exception what he was dominated in this
review two full years ago: The Wall Street
Man With an Audience.
Even Wall Street can afford 10 wait and b
fair.