The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-27
PROVEnENT| IN
SECURITY MARKET
COLLAPSE OF TURKISH GOVERN
AENT AND CROP PROSPECTS
HAVE EFFECT.
PROGRAM OF WILSON
PLAN FOR TRUST REFORM NOT
THE BUG-A-BOO 1T WAS AT
FIRST THOUGHT, AND
MEETS APPROVAL.
nv THOMAS c. sHoTwELL.

By THOMAS c. SHOTWELL+
NEW YORK, Jan. 26.---This week
,Yens with distinct Improvement II
The security markets as compared
wfth last week The Turkish govern
fnent has collapsed and with it the
war President-eIect Wilson has quit
making speeches. and put his corpor-
alton reform program into definite
shape IL the measures 70 be passed
& by the New jersey legislature. Rains
and foods continue throughout the
agricultural districts, thus further IN
surlng further record breaking crops,
4 Railroads. apprec!auag these condi-
tforss have announced more great ar
ders for equipment. The PuJo com
fnittee has run into some sensible tes-
tin3ony regarding the money trust,
Z which like the high cost OF living. is
u creature Of the imagination, and
not "a matter of fact. Testimony
taken in the Steel trust has TO do en-
tirciy with the abuses that X Is adj
naitted were corrected seven years
age. Unfair criticism Of the New
York stock exchange and Of Wall
Street In general Is dying cut. In
rcstors are beginning seriously TO
look for the many bargains that are
presented in the stock market.
Although the official vote 10 termi-
nate the war has ended in revolu-
ton in Turkey. the new government
~ in ne condition to continue hos
tilities II is even possible that ac-
tuai end of the var will be reached
quicker because Of the violence in
Gonstantnople, for crisis has been
created that demands immediate ac-
ton by the powers This theory will
accent Calmness with which the Sc
CURLY markets view the Turkish revo-
4glF H.,
Balkan war VIII return two million
men and two hundred million dollars
10 productive work. They will be at
work "a time to take care of this
years crops in Europe Business in
ali nations has been interrupted by
the war and Europe viii have to work
ut ar abnormal rate for years to come.
10 catch up. This insures. among
other things large purchases Of
American copper.
Make for Good Times.
There VIII be heavy demands for
capital after the war. but loans for
peace are never a disturbing factor
ia the security market, At the worst,
thes can only delay the Improvement
IN prices i'm tho end there is certain
TO be an increase in prices
AR Wilson's trust reform program
Is not nearly as dangerous in its Of
2fter-d!nuer speeches. In many re-
srects II is gratifying 10 the invest
ment class. The original feature Of
the proposed law is particularly pleas
ing Wall Street has long felt that
1t was unjust to punish innocent stock :
holders Tor the wrong doings Of dI-
rectors By making guilt personal
the iaw makes Gulu rare Enough de
clsions have ben rendered bv the
courts 10 indicate TIA CONFORMATION man
ayers how far they can go i'm lighting
Tor business They have afwavs ex-
pressed their willingness TO obey the
law If the government would int de-
fine It, and they have given proof re
Gently oil their sincerity IN this regard
There Is nothing In proposed laws to
indicate on The part of Mr. Wilson n
desire to conhscate the property ~
stockholders These laws are really
an amnesty proclamation TO big bust
+ ness
Ii is not Of vital irnportanra nov,
whether the Corporations s,lr,-{ve ian
4 their present shape or whether inc
arc dissolved The purposes Of IN
corporation have been accomnlfehn5
and can never ~. undora Tha $3.50
trade, for instance. IL rarfactly ORGY,
lied and there are No traae ga,ry,t @
hidden away from frn y,ay ~, -
the balance Of mower TIE x.a1,,e~ - - -
.nerat{or is at,,,,,,lt,.aS go 81 %
poals are M, 1(,rs,e'r - - ti'o'
ed nv fbe fac, r.. - ~ - ~
tanned a1th01,eb ~ 800 al I''f n
aa,xa44 !" - u'n-
r,,le has r,r,,.s,. Eoicen
rnic ~ hfe t,,si,, ~ "g a l4noAhleI'ial
have rfte9 So, -. az 20 poIatioi's
yanes1 +f.a'fe..,. a s.'. -" "a u Slhs ~
b,tt r,,rt.ro.a y, 50 ptIl anu aeiilAho
~ eCiS@,, - "'" H@+Hk 70 repeal
49,, - u4e
toe, -, - NY come IN inc
~ o. ma 'dI al reform WouId
49,. n - oLh'a' 1o"aI as not 10 ln)urf
- S@I ."usls' mere Is good rea-
sp' tof oeleFlns that these assur-
as 81 sincere Inc pnbIic Is liza
e ~ be' some peasant surprises
lou !" ASH, Hgton early in the spring
o"t'AiUeu MOODS ada 10 the certain
z ~ o. Dig crops this year and the big
oFoefs LOT equipment by the railroads
are nothing but recognition of this
coadloon. II Is too early to beEin 5g-
hrlhs on the harvests and experience
ieaches that everything Is IN prime
condloon now for a new series OF cr0r
records in America for 1918
CRITICISM OF the New York stock
4 nScfaIge, lS ccaAjne. In haze MUCH in
nuence, for even the general Public
now begin to appreciate that most al
II has been unfair. There are sew
eral things on the stock exchange that
ought TO be reformed, but there Is
nothing radically wsrouy with II Ssrrs,a