Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-12-04
Fair-Play for Industrial Enterprises.


Fair-Play for Industrial Enterprises.
AS n result of the low price of
stocks, investment buying in small lots
has gone forward to an unprecedented
extent. and stock transfer officers have
transferring the names of new secur-
ity holders. These purchases have not
been of speculative character. They
mean tie %ithdra wal of the stocks so
bought from the market. and the hold
ing Of them for their dividend earn
ings. Two conditions have already
resulted from this large volume of
investment buying.
1st. A vastly larger distribution OF
Stockholders than the leading industrial
enterprises of the country have ever
had before.
%. A market scarcity of gilt-edged
securities which is bound to have an
important bearing upon the future of
the market.
Everyone who bought first-class Sc
curities on the recent low market will
make money. Indeed the recent adj
vance of all high class stocks has al
ready insured this result. This fact
alone is sure to stimulate further pur-
cha es. and with easing up of the
money market will have an important
bearing upon the future prices of Sc
curities, which from this time forward
are reasonably certain TO make rapid
and material advances
The indications of the near future
point to an easy money market, and a
scarcity Of first-ciass securities.
With the large increase in the num-
Der of their stockholders, the great
r. ilroad and other leading enterprises
of the country viii be in far less dan
ger Of predatory legislation than has
hitherto been the case. The wider dis
tribution Of those financially interested
more conservative method of dealing
| with them. Great combinations of capt.
tai are essential for the development of
great industrial enterprises, and while
all Of them should be as amenable to
the law as the humblest private citi-
zen, care should be taken that they are
not made to suffer from the unreason-
able prcjudices Of those who do not
stop to consider the important part
they have in the industrial progress
and prosperity of the nation Much
less should they be subjected to the
burdens Of confiscatory legislation. con-
ceived in ignorance and passed in a
spirit of unreasoning passion, that is
with the interests involved. The great
majority Of the big enterprises in this
country are ably and honestly ad-
ministered. Because row and then one
is found to be an exception to the rule.
is a very poor reason for assuming that
all of them are equally guilty. or to
blindly seek reprisals at the expense
of great enterprises that have been
honestly conducted, and have con-
tributed powerfully to the public vel
fare. Recent events in the financial
world will not be in vain if they have
served to emphasize the danger OF
legislative interference in the conduct
of a private business that is being car
ried on honestly and with due regard
to the requirements of the law. When
the government or the states own rail-
roads, and are responsible for thei,
management it will be time for state
legislatures and Congress to engage ir
, the establishment of rates So long
, however, as the railroads are private
enterprises. representing hundreds OF
thousands of private owners in every
section of the country. such legislatiy.
: interference can only result in tina
: spirit of apprehension which is tn,
> mother of panics. The fact has beer
I powerfully impressed upon the coun
a try during the past few weeks, tina
I our industrial life is closely inteGEov