Evening star., 1911-08-13

dawning upon the generals and coloneiS
and majors and captains Of high finance
and industry that the indictment not only
APPLIES to, them.. but that 1t Is working
infinite damage and loss to the multi
tudes of stockholders and co-partners In
American enterprise. That feature has
been mentioned frequently in these let
ters and the point is being further en-
phasized by serial publication In one of
the leading financial newspapers Of lists
OF stockholders In leading corporations
The serial has now reached the stage
where it shows that 3S corporations
completed the showing win be at least
100000 stockholders, not including the
ownership in about 1900 banking insti-
tutions and the thousands of mercantile
and manufacturing establishments which
have adopted the corporate form OF doing
business 1t is therefore seen that there
Is piausibility to the contention that the
raid against conspicuous managers or
large corporations Is in reality an assault
upon the pocketbooks Of millions Of in
dividuals who really own the properties
under attack.
Hostile Sentiment Aroused.
It is unquestionably true that a pow
erful hostile sentiment has been aroused
anew against Wall street and Wall
street methods, and that politics is in
the main responsible for the develop
ment This statement can be made
with entire accuracy and without re-
gard to the right or wrong of the
movement. It may be that the cam
patgn now under way is entirely justi-
fed and that the ultimate result will
be an insurance OF better protection
for the public against the wiles and in
trigues of high finance. 1t Is quite
possible that this is the correct view
to take of the matter. but the fact re-
AI~A \. e.
revealed have been a big break in Sc
curity prices. with a strong probability
Of still further important shrinkage in
quotations. From present appearance
1t looks as though the decline which
has already taken place is only the be-
ginning of further and more important
liquidation and loss in prices. Rail-
road earnings are lean in comparison
with the past. Railroads have taken
on bonded obligations within the last
interest charges ahead Of the stock
more than they had to pay up to
twelve months ago. If none OF this
bonded indebtedness had been added 70
the railroad capitalization roads would
have had a hard time keeping up the
present dividend payments. As mat
ters now stand the outlook for dividend
maintenance through the coming year
is distinctly bad. Stock prices are high
at present, even allowing for the de-
further readjustment toward lower
levels is altogether probable There Is
no great danger of panicky slumps. ror
the banks are full Of money and IN
any reasonable shrinkage In values
and that without Decentralization.
Atchison's announcement OF a pur-
pose to ask stockholders at their.oc-
tober meeting to authorize another Is
sue Of 500, ,0OO, 900 in stock and $780,
000 900 in convertible bonds Is re-
earded as untimely. Atchison may
need the money to carry out extensive
plans for expansion and betterment'
but the time for such tremendous
financing is looked upon as most mop
perfume.
Young Gates to Fore.
The death of John w. Gates is re-
GREETED in Wall street, although he
was never taken into full fellowship
In the Wall street multi-millionaire as
ISOLATION. His ways were not the ways
of the Wall street aristocracy of
money. He was. nevertheless, recog-
nized as a man Of rugged personality
and of amazing resources and courage
to go out and do things. The man.
agement of his extensive affairs Will
descend upon his son and heir, Charles
G. Gates.
Young Mr.. Gates is generally under
estimated. He Is exceedingly capable,
and although but about thirty years
old, has enjoyed vast practical ex-
perience, covering a wide range OF
financial and business activity. He Is
man Of lightning perception. In
domitable courage, Is intimately ac-
quainted with all the intricacies of
Wall street and Of a variety of high
class industrial enterprises. He Is
thoroughly equipped to take over the
vast responsibilities which Will fall
upon his shoulders. II he lives as long
as his father he will leave a vastly
greater fortune and a bigger name.
Between father and son there existed
closest affection and mutual conf
dence.