Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-05
MORE HIGH PRICES
New Records Made in Market
During the Week.
NO FEAR OF MONEY PROBE.
Banks Are Confident in Their Own
knowledge of Their Integrity.
STOCK DISTRIBUTION LARGE
Audit of Market Shows Securities
Have Floated Largely During
Past Three Months.
NO FEAR OF MONEY PROBE
STOCK DISTRIBUTION LARGE
BY II. ALLOWAY.

BY III. ALLOWAY.
Copyright, 1912, by R. g. Hopper New York
NEW YORK, May 4.-More new high
price records have been made in this
weeks market. The stock exchange
talent is finally en- masse Hopping over
to the bull side; they who knew stocks
were worthless a dozen and a score OF
points lower, shouting enthusiastically
now that the advance has only begun.
only good news gets attention now.
There is only soothing for any suggestion
that the pace has become a bit fast, that
some quotations are high enough, that
some are being flagrantly kited. 1t some
times seems as If Wall street logic were
bred in a sanatorium-this being one Of
| those times.
| AS yet there Is no sign that anybody in
| Wall street gives serious heed to what
is proposed through tho bank and cor
poration inQuisition directed by the lower
branch Of Congress. 1t has been. indeed,
the very general feeling in Wall street
that only a threat was being made, that
nothing actual appears over which the IL
nanclal community need be even slightly
disturbed. That this curious equanimity
| Is not, however, shared in some impor-
SoAl quarters Is Indicated Dy spirited
comment which Though not originally
intended for puolication), l am permitted
to use herewith.
Before long there will be an awaken
| ing from misconception"-so this in
sider's' comments run-"as to what may
be the possibilities. Confident in their
own knowledge Of their integrity, neces-
sarily realizing themselves that the serv-
Ice they give the public is to the public's
benefit (and that in the agencies up
1fvouY III 80
Importance surprising what the $1,000
banking institutions of the country pro-
| vide). 1T may be natural that even the
| most cautious of financiers regard this
| new undertaking outburst as idle and
devoid of danger as it is devoid of sense.
And it may be that the investigation pro-
jected will be conducted along fair lines,
that the square deal will be practiced;
and that consequently the banks can af-
ford to be complacent, even welcome
political prying into their innermost af-
| fairs. 1t is unfortunate that precedent
does not justify such optimism. This in
quiry has been conceived in political am
bition. From the start there has been
Misrepresentation, from the start there
| has been in continual exhibition a spirit
of vindictiveness. 1t has pleased official
spokesman lor the adopted program not
merely to insinuate but to proclaim that
they were entering upon campaign to
grill, to embarraSS, to Shackle. 1t is fool
ish to try to blink the fact that muck
raking comes back, that 1t is plotted that
something i'll shall happen to the banks
for just that is what Is being aimed at,
worked for. The merest commonplace
transactions, business policies of the most
ordinary character. what is safe and sane
and altogether normal, will be put upon
defense, pursued, assailed and crippled.
1t is not the banks merely that have their
public, every progressive, active, honor
able business man is TARGET.
Banks Must Wake UP.
THE banks have got to wake up" con-
tinues this protest. Our banking record
is clean. The banks have nothing to fear
if they get Straightforward treatment.
But they are not sensible II they fail to
realize that what is under way is saw
age effort to create hostile public senti-
ment. To dispute this is simply to be
contemptuous Of facts. They have no
right by any policy OF passfveness to
they can be so placed upon the defensive.
The American people are fair-minded. It
is just as easy by Openness to win and
hold their confidence as by carelessness
to sacrifice It. The average American
citizen would far rather see and applaud
what is good in an American institution
than range himself upon the side of a
discrediting antagonist. Bank controllers
who take any thought at all cannot fail
to realize that this is true. Yet nowhere
at any time do they attempt in any judi
cious way to acquire the public's friend
ship-a friendship actually awaiting if
but intelligent overture be made, friend
ship which could be relied upon We're it
now established to Offset any prejudicial
campaign that enemies could contrive.
Why don't the banks show appreciation Of
this? Why don't they do something beside
issue prosy pamphlets to the public?
Tv1t- to- til
lies good will can be invited-assured.
It Is an easy way-it is only necessary to
take the sensible attitude, just stop hold
ing aloof. just be human. just demo-
cratically mix with the public Stop the
mystery, cut out the strut-just be one
of the public. Use some means to keep
in close and friendly touch
Between the lines of talk like this there
may be discerned a not too vague sugges-
ton of pessimism, for they who have
the blithesome way In which the Hughes
insurance investigation Of a dozen years
ago was originally greeted with contempt
and ridicule, regarded as worthy of no
serious attention whatever-the sequel OF
financial spasm. 1t is a sign not we'll
ignored when protesting conservatism
comes from such sources as herewith
quoted.
News in plenty has come this week.
None Of it has been impressive, measured
by stock market response Roosevelt SEN
sationalism in Massachusetts, steel trust
earning shrinkage and other not less
consequential developments fall fiat uni
formly. Such speculative effort as has
been made to depress quotations is able
to accomplish little. Once or twice there
has seemed to be hating mood. But the
quick sequel uniformly is renewed buoy
ancy. It is just as above recorded: the
professional talent has whipped suddenly
from the bear to the bull side-they who
affect leadership are as confident and
buoyant now as not long ago they were
Respondent to the point of hopelessness.
This is not healthful.
Large Distribution. Of Stocks.
A fair audit Of the security market sit
uation would disclose undoubtedly the
fact that during the past three months
we have had very large distribution of
stocks and that insiders, the multi-mii-
lionaires of Wall street. who have been
responsible for the floating supply of Sc
curities, have burdens now materially
lower than at any time for two years or
more Any other statement than this
would be unfair. They who now are most
forecasting the certainty of tremendous
advances in the market they who are
hurrahing over the prospect Of boom,
have fewer stocks than they had at New
Year This Is stated In no spir.- OF pes