Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-09
Stock Exchange Reform.

York hear.
Stock Exchange Reform.
The actual introduction of a budget OF
stock exchange reform bills into the New
York Legislature through the personal di-
rection of Gov. Sulzer has at last awak-
ened members of that body and all who
are financially interested in what goes
on there to the unpleasant fact that the
cold booted organization is due for a
''hOusecleaning. The old mossbacks and
others of more modern education in the
wiles of the world cyncally smile wien
the subject is brought up. and prophesy
that everything will work out at Alba
ny" The machinery for the promotion
and suppression of Legislation at New
York'S capital is usually in good working
order. 1t is sometimes rusty. but every
body knows about the lubricant that has
never failed to produce results. The chief
regret of Wall street is that the defense
fund will have to be larger than usual
this year Wall street, however. has been
quite exempt of late ytars from assas-
sins of the political Bedouin type. and a
visitation is overdue, according to those
who keep tab on the movements of the
predatory horde up and down the Hud-
son. There is either fat picking for the
sinister band or there Is nothing. Wall
street will keep vigiant tab on the hap
penings at New iorks center of polltl-
A considerable percentage of the many
thousands of millonaires living in New
York and its scores of suburbs have been
preparing their fortreSses for defense
against storm. They have been watch
ine with keen appreciation of future
possibilities the financial and industrial
evolution which has been going on for
the last two or three Years: They have
no false ideas that the agitation for d
grand business political and moral re-
a1 i, CT conditions SnOrtllVeu.
The personal withdrawal from active
business careers has been background
feature in the lives of the very rich class
and has lately become conspicuous in the
newspapers OF course. the enormous
capital represented by this powerful ele-
ment will not become inactive. but the
business world will lose the persona
guidance and direction of hundreds of
men who have been virle forces in the
amazing national prosperity of the past
twenty-five years. There are no relia bic
data at hand as to the exact number or
i unusually wealthy men and estates CEN
tering In this metropolis, but the total
runs far up into the thousands. There is
one New York association the Automo-
bile Club of America, which has on its
list of members more than one thousand
multimilliOnaires. 1t Is the richest club
in the world, bar none.
Powers Suspected of Wirepulling.
composing the great copper combination
have been pulling the wires behind the
scenes to curtail the production of the
metal Labor troubles accidents TO ma
chinery and shafts and all sorts of an
noyances have happened to cut down the
output and embarrass mining operations.
These troubles at the mines are awfully
veXatious but it is noticed that while
the chapter of accidents Is a long one
the demands upon the visible supply of
metal are eating rapidly into that huge
total 1t is an i'll wind, etc Although
raw copper has declined about cents a
pound. copper shares have held fairly
we'll at some recovery from the break
that followed inside" knowledge of the
boomerang results of artificially stimu-
lated work at the mines. Only the
chronic bulls in copper preach immediate
recovery in quotations for copper shares
The raw stuff may have to go down to
IA cents before the trade equilibrium is
restored. The speculative party that has
for SO long specialized in the coppers
manages to give that division of the mar
ket an appearance of attractive activity
most of the time Amalgamated is mum.
bered among the half dozen leaders.
Railroad officials give no encourage
ment TO the idea that there is going to
be a general identification of the trans
portation lines They have been over
whelmed lately by inquiries on the SUBJ
ject and the questions that have poured
in upon them seem to have been q
source of irritation. The best the rail
road men will say is that the electric
methods may be adopted i'm some of the
larger cities and the contiguous terri
tories but that coal will continue to be
the principal fuel for many, many years
To make the change over the entire
mileage of the United States would cost
countless millions of dollars and there is
no money in sight for the Improvement