Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-22
Attributed to Carelessness.

Carelessness in this respect is one di-
rect cause of the loss of prestige and
the decrease of business on the exchange
about which members are bitterly COM
planning. They are slow to realize that
they are responsible for their own UNI
doing, and slow also to admit the vital
need of reform from within. Now that
these reforms OF method practice and
thought are being forced upon them,
many members are screaming in agony
over the thought that they may he strip
ped of privileges that from their view
point have assumed the proportions of "a
vested right to reckleSsly exploit the
public.
A few years ago seats on the exchange
sold above 5000. An artificial market
created, controlled and managed largely
by self-constituted arbitrator of the
club, held the price around $65, OU0-S7J,-
OOO for several recent Years, but two or
three weeks ago a plunging member got
pnched and let his seat go at $4,000. An
other forced sale at $4,000 was the next
to occur. Then one for $4,000, and it is
now an open secret that others could be
had this week at a still lower figure. To
emphasize the gloom Of the situation it
is represented that a large number of
seats of deceased members are hanging
over the market. The generally accepted
estimate IS that there are twenty-five
dead ones, as they are irreverently call
ed, on tap Others in d position to have in
SIDE information put the number as high
as forty. 1t is also an open secret that
very rich member, who has for years
specialized in the salvage" business on
the exchange. has a large aggregate sum
loaned to numerous fellow-members on
their seats. Charity Is not the long suit
of the r.ch man referred to. 1t is not
surprising that there is protest and dis
tress in Wall street on account of the
threatened return Of chickens to roost.
undermining It's Methods.
There is another side to the proposition
The humanizing of the stock exchange
and the undertaking OF it's methods to
meet an awakened popular and business
demand will unquestionably restore pub
lie confidence in the institution and enor-
mously increase its revenues. The stock
exchange might be what it claims to be-
the greatest and most unblemished mar
ket in the world for the interchange of
securities. where buyers and sellers can
rely with perfect confidence on farest
Of fair treatment. The reform movement
is on and cannot be stopped or side
tracked
Ffnanciers and railroad managers have
given closest study and analysis to the
annual report of the interstate commerce
commfss. on, published this week and find
1t bursting with facts from which they
are drawing deductions, some favorable
to the future, and others discouraging.
The statistics tell the story of heavy
and continual enlargement in the volume
or traffic with a corresponding increase
in gross revenues and a. weakened in
crease in net, the leanneSs of the latter
being due to the swelling OF the pay roll.
increased taxes, and the growing cost
OF every variety Of material that enters
into the operation Of railroad Net in
come has not kept pace with the increase
in gross and the record of casualties re-
vealS the unpleasant fact that the stan
dard Of service has refrigerated instead
of improved. The operating heads of
the railroads, SO far an expression
from them has been obtained, contend
that the most important feature of the
report is the statement that the increase
In the number of accidents is traceable
in a large measure to a laXity of diSci-
pline among the employees.
All of which leads the employers to in
quire what they are paying $J0,OOO.OOO to
S75.OOO,0OO in advanced wages for, if the
only visible return is such a noticeable
loss in labor efficiency that the interstate
commerce commission feels it incumbent
to treat the matter with drastic serious
ness. Railroad magnates have no wish
to start a row with employees. but con-
fidentially they are saying that organized
labor will inevitably lose its standing
with the public If it does not brace up
and enforce closer discipline and eff
cheney among its members. The con-
tention Is made that the railroad labor
unions owe it as their highest duty to
themselves. the railroads and the public
to weed out incompetents and raise the
standard Of performance.
Receiving Less Per Man.
The statistics, issued by the commits
sion are convincing that railroads are
paying enormously more money for
labor than formerly, and getting less
Der man for the OUTLAY than of old.