New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-11-17
The Financial World.

In this Wall Street week has been compressed
much that seems to be almost the very worst
more sacrifice of private fortunes, more eTnbar-
rassment for conspicuous corporations. and at
the end even the horror of self-slaughter. Presi-
dent Barney of the KnickerbOcker Trust. killing
himself, just merely accentuates the dreadful
situation which has thrust the financial world
into paralysis
1t is the fashion TO assail Mr.. Barney; some
critics rush into excited coarseness hardly COM
prehensible. Yet. so far as any proving records
show, this man who in his weakness and ner-
vousness has succumbed was guilty not at all to
any such degree or of any such things the
chattering gossps in malgnity recite. Having
accomplished much that important, much
that yielded large profits, he braved bigger and
bigger undertaking. bigger risks-and at test
time he fell short OF what he hoped-he failed.
But there may be difference between misfortune
and scandal; there are wide stretches separating
intentions that are good, plans that whole
some and sane and TO every appearance safe.
from adventures which fall suddenly into dis
aster for lack of integrity. They who are the
harshest critics of Barney are critics who knew
not the man at all-who. in his successes. would
have gladly been obsequious.
In the fashion Of regardless attack was an in
Stock Exchange member OF the Exchange
volunteering an assault upon F a Hetnze.
whom he coarseIy characterized. though twlIsn
asked for detaiIs) he didn't know Mr. Heinze.
with whom he had never had any business re-
Iations against whom he had not Il single proof
Of any dereliction whatsoever-this critic con-
Quoting a business wherein a tahooed "ex-
change" gets Stock Exchange accommodations.
The illustration is not exceptional They who
most are denunciatory and struttingly critical
at this crisis will be gladdest 10 hide their own
records if actual inquiry be undertaken
In the movement Of the market two contrary
influences have had force throughout the week
continuing liquidation. apparently enforced, on
set bv purchases for investment by interests not
ordinarily discoverable in the Stock Exchange
district Absorption of securities by buyers who
take small lots reaches consequential proportions
now with which nothing in the past can be COM
pared This new interest upon the part OF the
public moreover, increases; though 1t seemed at
its height a month ago. and was little later
dismissed as something concluded and not
further to be considered. the daily record right
along has been not merely maintained but almost
every day has increased Whit may seem 10
be significant too, is that this outside buying IS
by no means centred in any stock or any group
of stocks-it seems Complementary to take IN
almost the whole list. OF course. In those stocks
wherein there is Identification Of the name o:
J. Pierpont Morgan the publics interest and
the pubIic's commitments are readiest and
largest: but the newly quickened public interest
is not confined-in virtually every standard
railway stock and in most of the seasoned in
dustrials there shows the wholesome and IN
spiriting pursuiC OF bargains.
And that New York Stock Exchange quota
tions now are roster of bargains is certainly
beyond any manner Of bubble or dispute
Yet. while the volume Of small investment
buying reaches aggregates tremendous, IL IS
probably we'll within bounds to estimate that the
total would be 30 per cent greater were there
clear understanding on the part OF the public as
10 just how to proceed in making the purchases
which must soon Weld large profit And this
fact seems 10 be finally commanding attention
in St EXCHANGE circles. Firms Of the first
impor- zee are offering the facilities OF their
offices in this particular to further the public
interest-houses of established credit and infu-
ence like A J. Elias & Co being willing To-
tender their services If even the order be but for
single share. This is public service. Tia
benefit is not merely that the outside public can
be helped to profits, but there IS the broader.
better element involved Of expanding the army
of investors. recruiting the ranks OF citizens who
believe In the lasting quality OF our national
neutrality-suspicious. confidence and maintain
ing it. II is an actual work OF patriotism that
Mr.. Elias and Stock Exchange men like him ara
herein performing.
Something Is heard Of a $4,000 600 govern
ment bond issue, IT being anticipated that
through this medium large money market relief
can be afforded Expansion in national bank
circulation would be easy But there Is division
of opinion in banking circles as to whether there
would be accomplishment in this way OF quite n
the good results forecast Many experienced
bankers doubtful Of the efficacy Of relief
in this form. though, upon the other hand
equally important banking authorities are IN
equivocally DESTROYS of having the government
take the step suggested, their theory being that
the fact that the government did any positive
progressive thing would go a long distance tow
ard the establishment of general public conf
dence. 1t is encouraging that the issue will 10
soon determined.
The financial stringency, passing beyond Wall
Street. is imposing embarrassments in the CON-
mercial and Industrial world. Canvasses show
that merchants are largely restricting business
and the list OF manufacturing companies cut
ting down output and reducing payrolIs begins
TO get long. Yet from no conservative source ia
1t possible to obtain any view which suggests
that embarrassing elements OF this character
likely TO be long lived. The truth is that
American business men have become ultra-prl-
dent they have been So much bombarded by
pessimism that actual nervousness is induced
and not surprisingly But aside from the ex-