Evening star., 1907-10-27
VIEWS OF CARNEGIE
HIS STATEMENT ON THE FL
NANCIAL PANIC.

NEW YORK. October 28-Andrew Car
nesfe upon his return from Europe to-
day after a long vacation abroad, ex-
pressed himself in most optimistic way
concerning the financial situation. II
was delighted to read the good news this
morning." he said. Il am surprised that
the fall in stocks has been SC small This
proves that the situation Is not alarming
and that the country is all right. In
vestors have only to hold on. The fnan-
cial authorities have acted boldly but
wisely. and the furry will soon blow over
1t Is quite right that savings banks
should require notice
1t should not be forgotten. however
that We have had the greatest expansion
OF modern times. and sure as fate reac-
but 1t will be healthful. We may have q
season OF less activity in trade. but that
will be followed in due time by another
period Of expansion. Nothing can pre-
vent the rapid progress of the republic
She is all right and bound to distance al!
competitors In the race. Speculation Will
be less to the front for time, but gen.
uine business will not suffer seriously.
IL lies In the nature of things that the
attempt to attribute the recent and spas-
modic fall In prices to the wise and in
he truest sense the truly conservative re-
solve of the President and his cabinet to
enforce the salutary laws against the
abuse or their powers by certain trusts Is
only a device to serve political intrigue
Corporate Supervision.
The decline in prices" Mr. Carnegie
said. would have been greater had the
people not been assured that Investments
in the stocks and bonds Of corporations
are hereafter to be safeguarded to a much
greater degree than eyer before.
Nothing Is proposed or intended by
the President in this direction which is
road corporation in Europe can increase
its capital or its bonds or can merge
with another without first obtaining au-
thority from competent tribunal. Even
pose.
Course Of the President.
This panic will soon run it's course as
others have. and pass away. leaving no
impeachment to the return In due season
OF another period Of wholesome, beca use
needed. expansion of our resources, which
are rapidly rendering those of other coun-
tries of less importance. This will re-
assure capital which will flow to US from
abroad even more abundantly than be-
fore. because our new laws will give such
security to the foreigner and our own in
is aimed at by the President than such
safeguards as the foreign investor has ar
home. Nothing of this kind should be oi,
jected to by the honest official. nothing
less should be demanded by the people
and nothing less should the government
give.
let II be remem' led that the Presf-
dent has been urging this vital reform
for years. during which prices have ruled
highest and that he stands TODAY inst
where he did then. and where 1t is to be
hoped. he will stand until our laws pro-
tect honest investors from dishonest Of
fcials and their swindling schemes. New
York is the best market in the world be
cause our country is the most profitable
of all countries for the investment of
money, and must continue to be So
"All we have to do is to convince the
world that our laws protect the investor
as carefully as those of other civilized
countries. This is the Presidents policy
He should be supported in this work