The San Francisco call., 1910-08-21

present withheld, but the market price of
securities where such information is refused will
probably IN time prove the best argument IN favor
or proper degree of publicity.
Is this hesitation mere form OF incorporated
bashulness it be the nobler quality of shame,
or is it just old fashioned attachment to pre-
historic business methods? 1t if in the
evolution of modern finance corporations were
developing souls. 1t is not yet, apparently,
very high quality of soul, and for one reason or
another of Them although offering their secur-
ties on the market, not very willing to let
investors go into particulars. 1t is encouraging,
however, to them developing rudi-
mentary soul.
This matter of securities listed on the exchanges
has grown into immense and far reaching branch
of knowledge, to which such manuals as Walkers
furnish the key to their several fields Poor's rail
road manual for instance, which deals chiefly with
one class OF securities 900 pages of
close packed information. No investor should buy
share of stock bond without making himself
acquainted with the standing and history of the
corporation issuing them, and any corporation
which refuses to give such particulars should be
regarded with suspicion. Indeed, they should be
compelled to give this information if they selling
securities. The state should provide them with a
soul if they have not developed any in the natural
course of business evolution.
SOME COMPLEX POLITICS
The Pasadena News is one of the best written
newspapers in southern California 1t is broad
minded and honest and yet the strange complexities
of politics contrve put the paper in Queer street
OCCASION The News is strong for the Lincoln
Roosevelt program but with reservations One of
these exceptions covers the of Congressman
James McLachlan. Concerning him a Pasadena
citizen wrote to the News to say
His record shows him to be rank stand
pa pats ood and ID. you e clam ito to BE- & and put
VOuS shut and
How do you do it?
The editor answers with more valor than discre-
ton, making the best case he can. I quote:
The present is something broader and
far more significant than fight on men. 1t is
a struggle against the power of a definite,
nzed sefsupporting foe to popular government
Men come and 60 but the power OF cunning greed
The Pacific Mail monopoly is one feature of the
Roosevelt league IS pledged to put out Of business
How is 1t to be done? Surely not by taking
of congress the one man who has dehed the South
ern Pacific and its power in federal legislation by
himself introducing and working for the enact
crushing Of this monopoly and the creation OF
al nf pacific ol eos oo4 e sG % the
terminal OF the the Panama = Tallroad ,; and canal in
operated by the government the Atlantic side
1t is because the News desires this great
established where now there is monopoly under
the patronage Of this same Southern Pacific
political power, and because present congress
has 1t well IN hand, that the News supports Mr.
McLaohan.
That is to say, McLachlan is on the side of the
people where his work does not count. On those
occasions where his vote might be important he is
the side of Joe Cannon and all that gang He is
as the inquring citizen remarks, "a rank stand
patter,' and the people have found it out
Now, when McLachlan and Senator Flint intro
duced their bills for a government line of steam
ships this coast they knew better than ANYBODY
that the measure had not the slightest chance of
passage by this congress. But for that very reason
the bill valuable political asset 1t could not
possibly hurt the Pacific Mail, but would make
great stung for the newspapers. In fact it looked
like permanent investment of political capital. A
passed bill is forgotten but pending bill NAV
yield a steady political income. Indeed this is the
result accomplished by McLachlans propo-
sition
The News urges that "this is more significant.
than fight men, But the fight must be made
by and through men, and if you elect a man who
will knife your every occasion where his
vote counts you will not go far Of course under
stand that the News supports McLachlan because
he lives in Pasadena, but why not say so honestly
and quit talking CUFF about still born bill?
Chester Rowell finds himself in much the same
case Rowell is honest and sincere and has been
called the father of the acknowledgements league
Now, Rowell supports Needham for congress and
Needham is rank standpatter like McLachlan
and more able man. Yet, being one of the neigh
bors, Rowell supports him. 1t was this apparent
inconsistency that insDired orace1ess ioLar ~ s,x