Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-12-25
: RESUME OF THE WEEK. Z
, by Henry Clews.) !
? . q = . = = = 2 2 q Z = = = I

New York, Dec. 24.-The long
threatend inves ,igation OF Wal
street by a commission appointed b!
the governor Is about TO become ;
fact. Wall street should meet thu
committee more than half way, be
cause the deeper the investigation o
the affairs OF the street the more i
will rebound to the credit OF The
majority OF banking and brokerage
houses.
There is an erroneous idea in the
minds Of many well meaning people
that the street is den of iniquity
and a few of the failures that have
occurred during the last two years
may have lent some color to this
impression. A fair investigation will
prove that the sins Of the few black
sheep should not be visited on the
heads OF the innocent and honorable,
who are in the overwhelming major
ity. 1t is a good thing that the in
vestigatiOn is to be made by an au-
thorized committee appointed by the
governor instead of one appointed by
the legislature. | for one will wei
come the inquiry, for l know the
result Of the probing will he to un-
cover good rather than evil 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
as 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 demagogu who would
doubtless cause much disturbance by
appeals to public 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 towards what is more import
ant, the creation Of sound and
strong public opinion that will un-
ACICHt'HSiy IoWu uo"H suCH pidC-
tices and scandals as were largely
responsible for the late panic.
Our regulations regarding the is
Sue Of securities are too loose, and
some Of our banking methods are
probably too loose. BY all means
let u have refrm in these respects,
for 1t will beneht the country at
large and Wall street in particular.
It seems impossible to infuse any
genuine and continuous activity in
70 the stock market just now. Spas
nodic attempts to lift prices to
still higher level and spectacular
manipulation Of low priced special
ties fail to stimulate public interest.
The old theory that the public will
climb after stocks when they have
had q big advance no longer works.
Just why the public will not come
along in its usual philanthropic
fashion and relieve the big leaders
Of their supurfluous stocks, it does
not tell: but there is only one infer
euce. and that is the public knows
better. In these days the outside op-
orator Is a much more wary indi-
vidual than he used to no. Expert
enee has proven costly but thor
ough teacher, and the individual de-
Ponds now much less upon tips and
gossip and more upon his own 'udg-
ment and the guidance of his broker
than formerly. We have of course
erred at times; but this is a healthy
tendency and one that will in the
long run be more profitable than
blindly following the leadership OF
those who simply desire to cast up
on him their surplus burdens.
The warriness of the public, which
Is really an important item in the
situation. Is not the only reason for
present unsteadiness. Security pric-
es are undoubtedly too high when
measured by customary standards.
A repeatedly stated In these advices
cheap money has been the most
powerful single influence in the re-
markable recovery Of 1908. When
call money remained at IN to 2 Per
cent and less, dividend paying stocks
appeared particularly cheap. The
accumulation Of idle money follow
Ing q panic has ALWAYS been a now.