The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1907-10-31
Cayneqle's words Of wisdom
Andrtw Carnegie upon his i

Anurrw carnegie upon MS return
from abroad a day or SO ago spoke
with sash srea; wisdom on the,
financial Industrial and political
Animation OF the country that every
sane and patriotic man must agree
wsss him. and he has summed up
the situation ana conditions SO: all
mirablv thai every Telegram read
err VIII be pleased to read his ut
ternnces rs follows
81 am surprised that the fall in
stocks has been so small. This
provrs that the situation is not
alarming, and that the country is
all right. Investors have only TO
hold on. The financial authorities
have acted boldly but wisely, and
the furry will soon blow over. It
is quite right that savings banks
should require notice.
1T should not be forgotten how
evr, that we have had the greatest
expansion OF modern times, and sure
a state reaction must come. and has
already begun; but 1t VIII be health
full. We may have season of less
activity of trade. but that will be
followed in due time by another Pc
Rod Of expansion. Nothing can
prevent the rapid progress of the
Republic. She is all right AMI
bound to distance all competitors
In the race. Speculation will 10
less to the front for time. but
genuine business will not suffer Sc
riously.
ut lies In the nature of things
that the attempt to attribute the &C.
cent and spasmodic fall in prices
TO the wise, and in the truest sense
the truly conservative. resolve OF tho
President and his cabinet to en-
force the salutatory laws against the
abuse of their powers by certain
trusts, is only a device to serve po-
liticaI intrigue.
THE decline in prices would have
been greater had not the people been
assured that investments in the
stocks and bonds of corporations
nre Hereafter to besafeguarded TO
much greater degree than ever he
fore. Nothing is proposed or In
tended by the President in this d.
reetion which is not the law in civ
ilized states. No railroad corpora
ton IN Europe can increase It's cap
ital Or IS bonds, or can merge with
another, without arst obtaining au-
thority from competent tribunal.
Even Canada has its commission far
this parpose.
1T ls not only right, hut necessa-
ry, to supervise such corporations
as we do our banks. They are crea-
lures Of the state, enjoying many
privileges. and the interests OF the
Nation must be protected. When
this Is occurred It win he seen that
the President has been truly con-
servaiiye force in the country and
that the investor IS nos protected
from being swind,ei 81 email
cii1ues Of men who abuse their
fidueiary positions as directors.
This furry viii soon run is
course as others have. and pass
away, leaving no impeachment to the
return IL due season Of another
period OF wholesome. bceause need
ed. expansion Of our resources.
which are rapidly rendering those
OF other countries OF less impor-
taance. This viii reassure capital.
which viii flow to us from abroad
even more abundantly than before,
because our new laws will give Sc
curity to the foreigner and our own
investors hitherto lacking. Nothing
more is aimed by the President than
such safeguards as the foreign N
vestor iiay--at home. Nothing of
this kind should he objected to by
the honest official. nothln less
should be demanded by the people.
anu notnin6 Tess snou1 tne IoVern-
ment give.
Let it be remembered that the
President has been urging this vital
reform for years. during which
prices have ruled highest, and that
hestands today just where he did
then, and where it is hoped he Will
stand until our laws protect honest
investors from dishonest officials
and their swindling schemes. New
York is the best market in the world
because our country is the most
profitable of all countries for the
Investment of money and must con-
tinue TO be SO.
Ideal Wood Payements