New-York tribune., 1907-11-24

There are indications chat with anything
preaching normal conditions in the money mar
ket public interest in security investment win
show quick and even aggressive revival Con-
crete testimony TO this appeared this week in
the rush of responses that followed a brief ad-
vertised announcement made by the Stock Ex-
change firm OF y. ]. Elias & Co. that IN order 70
help small investors take advantage OF current
low prices and phenomenal dividend returns
purchase orders would be executed for even
single share. From dozen states the replies
came in. And many orders were from people
who frankly wrote that they had never before
undertaken such course.
In this incident is something more than mere
illustration of the fact that there Is a wide
awake public attitude. 1t indicates strikingiy
that the Stock Exchange can have public favor
favor Is desired. 1t has been too much the rule
for Wall Street to expose its repellent side in
venting rumors and peddling scares-whiIe the
application OF only fraction OF the same genius
would attract customers and keep them by NAH
ing them profits.
Above every other thing at this tuncture what
the patriotic citizen. the sane man OF business
has duty to do and will seek TO do will be In
furtherance OF re-establishing confidence. And
from this viewpoint nothing be much more
important than what IS told in Associated Prsss
dispatches at the close OF the weel-AIr Rocse-
Welt and Mr. Morgan meeting IN open friendr-
ness-here is significance. here Is what Is In
spiriting
1t may be that conspicuous corporation inter-
ests, recognizing imnutable developments. VIII
see now tho necessity for veering their course.
modifying dognatic theories, slackening notions
that interests but selfish interests are TO BE-
consulted. The time is here when the investors
Of the United States have got to be treated with
absolute, unequivocal. open fairness. Take one
issue, for example, which inpends IN the affairs
of the Illinois Central Railroad A number OF
Eastern insurance companies own Illinois Gen.
tTal stock, which hitherto in ordinary natural
routine they have regularly VOted-and. gener-
ally, in favor OF Mr.. Stuyvesant Fish. their &C
Cepted specific proxy and voting attorney. But
now. in the whir of financial controversies, some
OF these insurance companies choose to name
another proxy. elect 10 vote not for Mr.. Stuy-
vesant Fish but against him-whsreupon Mr.
Stuyvesant Fish heles them into court. averr1nS
that an old law out in Illinois prohibits an East
ern corporation from voting at any Illinois cor
porations meetings. This is an odd incident
What the courts OF Illinois may determine aS
to any such curio complaint is not to be dis
cussed in this review. But one thing certain IS
that business discretion will be bound 10 protest
against any policy attempting 10 diS1ranchlSs
discriminate against investments made IN
good faith by the standard insurance companies
and savings banks OF New York and New Eng
land in the interest Of those devoted policyhold-
and sacrificing depoSitOrS whose means are
Through trusteeShips) used to upbulld maintain
and expand railways and other properties OUT
side OF local confines. For New York and Con-
necticut and Massachusetts insurance and saw
ings bank capital to go into Illinois or Kansas
or Nebraska--tO make those states rich. TO make
their transportation facilities even possible
deserves something very different than stigma
tization; and il is indeed TO be deplored II there
be persistence in any such plan of disfranchise-
ment-whatever the temptation to which fac
tional ambitions may be subjected This is
test time wherein there can be no excuse FOR
discrimination against any wholesome invest
ment interest, little or bis--a test time, beyond
what hitherto has ever been known. when the
fullest fairest. completeSt effort needs to be
made prove that public confidence is deserved
that equivocal thing. no subterfuge. moth
ing but what is straightforward. can have part
in corporate administration Attempt at any
thing different challenges honest Investment re-
volt a. ALLAWAT.