Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-16
Public Flagrantly Robbed.

Z 1dS dALAy ASVSSSNs
Time and again the public has been
hagrantly robbed by the Introduction
upon the exchange of securities OF eN-
tremely doubtful value. Stocks have been
kited up into the clouds and by raw
manipulative methods given a market
on the exchange, and through that
agency wide public distribution at ex-
travagantly fanciful prices. Morally the
Exchange has been guilty many times OF
participation in schemes that nave oeen
little less than swindles. which have cost
the public all told hundreds of millions
of dollars. Many Of these enterprises
which met with early losses and Whlch
brought scandal upon the exchange oe-
veloped into valuable properties aIter
years spent In substantial effort some Oh
hem passing through bankruptcy ana
complete reorganization. But the Gear
deluded public had In the meantime lost
it's millions and the New YORK STOCK Elk
change proceeded blithely and careiessiy
n its way, giving no thought or care
o the enormous losses, largely attribute
Die to the misuse Of its machinery TOT
rading.
rated or attempted with the abuse OF
he privileges of the stock exchange, the
nefaf1ous practices OF admitting every
hing and anything to the trading priv
leges Of the floor, no real attempt was
act the public It now looks as though
something would be done by Congress
and the state legislature to give the pup
ic at least a measure or protectlon III
transactions carried on through the mere
-ofore lordly and arrogant New York
stock Exchange.
Nav Be Carried Too Far.
There is danger that the campaign for
the reform of the stock exchange and Its
reconstruction may be carried too FAR
The organization represents the most i'm
portant securities market in the world,
and around it centers the great financial
activities of the entire nation. This is no
exaggeration and anything which would
seriously cripple the machinery that has
been constructed for the handing OF tuls
enormously important business would III
lure not alone the exchange, but the
entire nation.
1t is quite probable, however, that
before the measures for needed reforms
are actually put on the statute BOOKS
and into operation iltemper VIII oisap
however, the street Is turned topsy-
turvy by the wild and extravagant talk
that is being INDUCED In by fanatics.
politicians with half-baked views and
many writer's who ought to know better.
1t is more than probable that the radi-
calls will keep the tumult keyed to
high point throughout the winter and
spfing and until actual Roadway is made.
What may be done in the excitement OF
the hour may have to be undone or
modified later on, but a start is surely
being taken and the result will In g..
human probability be partial purifica-
ton of an organization that is sadly in
need of discipline.
Has Had Unhappy Week.
The stock market has been perturbed
and ragged all week. The Mexican up
rising has been main feature Of the
depression. Wall street is in fear-real,
actual. genuine fear-that an interna-
tional complication will arise before the
Mexican troubles are settled that will
place this country in danger(bf war Or
humiliation, Hints have been prevalent,
which may or may not have basis. to
the effect that a conspiracy or european
nations turks behind the Mexican revolu-
ton having for its sinister purpose the
breaking down of the Monroe doctrine,
that effective protection against foreign
interference with affairs of the western
hemisphere.
The suggestion is full of direful pos
sibilities and it seems to have made a
deep impression upon the financial and
industrial lights whose habitat Is New
York. The Monroe doctrine has been as
formidable as a thousand battleships and
a coastline bristling with cannon and
Notifications. Its strength has been In
it's intangibility and in the refusal of
Washington to define it's powers and limi-
tations 1T is no idle dream to assume
that the governments of the world might
like to conspire and compel tangible
definition of the Monroe doctrine, some
thing our statesmen have successfully
fought for three generations.
This background issue has contributed
in a marked degree to the loss of con-
fidence I'm highly Influential quarters. -
is one of those things that cannot be dis
missed with word or passed over as
of minor Importance. The confessed &C.
sire of President Taft to stave off inter-
vention and leave his successor unenl-
barrassed is we'll konwn and is an added
can be done by three weeks inaction, t
is argued, and the stock market is suffer-
ing as a result of this uncertainty.
Encouragement to Buying.
Agitation over Mexico and the possible
ity of a locomotive firemens strike have
and the result has been a decline in values
all through the list. Lower prices than
have been seen In many months were
reached and even at these low figures
buying has been spiritless. 1t apparently
does not come from influential quarters
and the banks are doing little or moth
ing to encourage bulliSh sentiment at this
writing.
The bulk of the actual buying that has
been done for several weeks Is for ac-
count of the small investor commonly
designated 1.-The public There Is no
doubt whatever Of the genuineness of this
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