The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-12-21
Security Market on Wall st.
is Too Elevated.
Henry Clews Thinks the "Street'
Should Meet Hughes Commits
sion Half Way.
WEEKLY FINANCIAL LETTER.


The long threatened Investigation OF
Wall street by a commission appoint
ed by the governor is about to become
a fact. Wall street should meet the
committee more than half way, be-
cause the deeper the Investigation OF
the affairs of the street the more II
will rebound to the credit of the
great majority of banking and broker
age houses. There is an erroneous
idea in the minds of many well
meaning people that Vol street is a
den Of iniquity, and few Of the fail
, ures that have occurred during the
last two years have lent some coloi
to this impression A fair investiga-
ton will prove clearly that the sins
of the few black sheep should not be
visited on the heads of the innocent
and honorable. who are IN the over
whelming majority. II is a good
thing that the investigation is to be
made by an authorised committee APP
pointed by the governor instead of
one appointed by the legislature.
for one will welcome the inquiry, as
know the result of the probing will
uncover good rather tina nevil and
be of benefit in raising public opinion
concerning Wall street and the New
York Stock exchange.
Governor Hughes was not only
wise in his selection OF men, but also
las to the time chosen for action. BY
bringing up the investigation before
the opening of the legislature he
takes the question out of the hands
of political demagogues. who would
doubtless cause much disturbance by
appeals to popular prejudice and ig-
norance. For this he should receive
the thanks of all sane and intelligent
men. The investigation will not only
tend toward the stoppage of certain
abuses which do exist, but Will also
tend to what is more important. the
creation OF a sound and strong pub
lie opinion that will unrelentingly
frown down such practices and scan
dals as we're largely responsible for
the late panic. Our regulations re-
earding the issue of securities are toe
loose; our corporation laws are toe
loose. and some OF our banking meth.
DDS are probably too loose. By al
means let us have reform in these re.
spects, for IL will benefit the country
at large and Wall street in particu
lar.
II seems impossible to infuse any
genuine or continuous activity into
the stock market just now. Spas
modlc attempts to lift prices to 6
still higher level and spectacular man
ipulation of low priced specialize:
fail to stimulate public interest. The
old theory that the public will clint
after stocks when they have had &
Dig advance no longer works. Just
why the public will not come alone
IN its usual philanthropic fashion and
relieve the big leaders of their super
iluous stocks, Il does not tell; but
there is only one inference, and thai
Is the public knows better. In these
days the outside operator is a much
more wary individual than he uset
to be. Experience has proved a cost
ly but thorough teacher, and the in
dividual now depends much less upor
tips and gossip and more upon his
own judgment and the guidance Of
his broker than formerly. He may
of course, err at times; but this is {
healthy tendency and one that will II
the long run be more profitable thar
bllndly following the leadership o.