WALL STREET.

Dominion, Volume 1, Issue 207, 26 May 1908, Page 7

WALL STREET.

HEAYY SELLING AND VIOLENT DECLINES RAILWAY PROSECUTIONS, HUGE SHARE TRANSACTIONS. BY TELEGRAPH —PHKSS ASSOCIATION —COPralQm. New York, May 24. Hoavy sellings and violent declines of stocks occurred on Wall Street. The stocks of several transcontinental railways fell five or six points on account of the Government's prosecution of the Now York and New Haven-Hartford railway authorities. ' « \ i The week's transactions wore the largest . for'the year, averaging a million shares daily. . "PANIC THE PENALTY." The panic of last year was attributed in certain quarters to the Government's policy. Nothing, however, can be more emphatic than the following words, in which President Koosevelt reaffirms his position, in his messago to Congress on' January 31Under no oireumstances would we countenance attacks upon . .law-abiding/property or do aught but.condemn those who hold up' ricli men .as being evil men because of their riches. But part of the movement to uphold honesty mnst be a movement to frown on dishonesty. We attack only the corrupt of wealth, who find in the purchased politician the, most efficient instrument of corruption, and in the purchased news.paper the most efficient defender of corruption; Our. main quarrel is not with these , agents and representatives of the interests. We seek to control law-defying wealth in the first place to prevent it doing dir.e. ovil to the Republic, and in the next place to avoid the .vindictive and dreadful- radicalism which, if left uncontrolled, it id certain in the end( to .arouse.-. The apologists of successful dishonesty always declaim against any effort to punish or prevent , it'ou tho ground that their any such effort. will unsettle business. The keynote'to all their, attacks is well expressed in, brazen protests against any effort for the moral regeneration of the bnsiness world on tho ground that it is unnatural, unwarranted, and injurious, and that business panic is the necessary penalty for such effort to'secwo' business honesty. ' Corrupt business , and corrupt politics act and react with ever-increasing debasement one upon the othor ; tho rebate taker, . the .franchise trafficker, the manipulator of securities, the purveyor and protector of vice, the blackmailing ward boss,, the ballot-box staffer, ; tho demagogue, the mob leador, the hired bully, and the, man killer—all alike work at .the same web of corruption,' and all alike should be an abhorred of honest men."