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EVKNINO BULLETIN. nONOLUUJ,T.!t.,-JMONnAY,-AtIp. 2, tftOS.
INTER-STATE COMMERCE MAN
SAYS MORE INVESTMENT,
WASIllNilTON, I). C. July 23.
That Hoinu Important readjustments
In tlio national llnnnclul system will
le?ult from the financial Hurry of
last autumn Is tliu belief of Chair
man Martin II. Kunpp, of tlio Intcr
ntntu Commerce Commission.
lit! anticipates that Investments
will liu Ill incu-aslng measure buIi
ttltntc.l for speculation In securities,
mill that an thu tenileney develop.)
there will liu alto a growing Insist
ence mi such ffitvci iiineiital supervi
sion (if Hid capitalization and nc
'umnthiK or great vurptirntloiiB os
will presently compel legislation
nlonr; tlreie lineal.
"Thu securities of railroads nml
great industrials," Haiti Mr. Knnpp,
"represent n Inrgo propoitlon of tlio
'iihji'ftii or quick tinil easy Investment.
Instead of Investing In those dlrcct
1, howocr, there linn been u ten
dency on the part or people, with
money to let others, lepreai'titliig ti
morn or lens iipecnlntlvu class, ilo the
"llanKu thioughoitt the rountry
lmo found Hint Ntw York was teatly
to pay nttiactlvu Interest on their
balances, the New York hanks he
lm; able to do this because they
(oiild loan the money to people ileal
Iiik In tliexe securities. Thus the
man who deposit his $500 or $.',000
In it country hank, which In turn
deposits It In New Yotk. becomes
In fant nn Investor In the securities
In which Now York deals.
"Hut ho Insists on the security of
the bank's credit standing between
him nml tho Investment. That Is, In
n general way, because the country
at largo Is not sufficiently familiar
with this kind of Investment, and
also because many people with mon
ey In banks do not have conllilenco
enough lti this class of Investments
to care to use their own Judgment In
"In the past, even such excellent
securities iib the bonds of cities,
towns, counties, school districts, etc.,
have generally been sent away from
homo to find n market. The average
Western town may linve, through. Its
banks, n bin balance In the financial
illstilct of New York; )ct wlicn that
town Issues bonds, Instead of bring
ing home Us own money and buying
Its own seem ltlos, the town has al
lowed those bonds to be Fold In the
"It seems altogether likely that
Investments In this kind of securities
will soon become more popular; that
the sections of country whore bank
ers and investors have not In tho
past sought nftcr this class of prop
erty will more and more want it. The
new currency law doubtless will tend '
to encourage this kind of investment!
throughout n wider area, because
hanks will want to equip themselves
with the most acceptable security on
which they may Issue currency. The'
tendency to pilvnte Investment will I
gtoV nt tho namo time, nml I believe'
the result will be that morn money
will bo directly Invested, nnd less!
bent away horn homo, through tlio
banks, to be loaned In tho more or j
less speculative centers.
"This seems to ma to bo a highly
desirable consummation. It will I
pioniote n wider knowledge of and
Interest In tho Immenso mass of se-'
unities which represent a great pii
portlon of the wealth of thu nation.
It will lessen the volume of those se
curities bold in n speculative wnv:
will lediico the possibility and also
tho danger of manipulation of the
market with disastrous lesults.
"If the securities of States and cit
ies, etc., ate the first ones thus to be
popularized nu subjects of Imcst
ment, tho tlnio will come bcfoio lung
when tlieie will not bo enough of
these to meet the demand, and then
tho country at huge will seek nfter
securities of tall and Industrial cor
porations. "When that time rnnic-p, the coun
try will demand guarantees of the
value which such securities icpre
sont. It will want to know that
there Is $1,000 of good value back
of ii $1,000 bond. It will want some
ecrtlllcatlon that the share of stock
It buys represents equity In a piop
crty that can earn teturns on it. It
wfll Insist on knowing that the bIiow
Ings of earnings, expenses, property,
etc., made by a corporation, Is hon
est, "All this will surely mean that. In
order to protect the investing public,
and to nssuro that legitimate cor
pointlons shall be able to raise mon
ey foe proper purposes, tlio Govern
ment must establish a system by
which tho public aliall be Informed .
of tlieso things. We shall have leg-!
Irlntlon clonic this line, nml I bnllnvn'
, , i
It will come the sooner by reason of
thoevents of the Inst few months."
Why He Gave
SULTAN AFRAID OF ALBANIANS.
FOUND HE DID NOT HAVE
CONSTANTINOI'I.K, Turkey. July
l. Tho lrndo Issued yesterday or
dains tho assembling of a chamber of
deputies In accordance with n con
stitution which has been elaborated
by the Sultan. The Irnde has been
communicated to tho vails and to the
district lieutenant governors with
the necessary orders for the holding
The constitution which the Irnde
now makes effective Is practically the
one worked nut in 18TC.
Staitlttig ns wns the sudden dis
missal of For Id Pasha from the grand
vlzleisblp, and tho appointment of
S.ild l'nshn in Ills place, this stop was
liothlng as compared with the sen
cation created In nil quarters this
morning by tho onlcl.il announce
ment Hint the Sultan had decided to
convoke n paillament.
It was felt that In view of the gen
el ul revolt in Hie in my, unprecedent
ed In the history of the Turkish em
pire, some change was Inevitable,
nml that far-i etching meastiics of to
form In the central government we:u
bound to bo Inaugurated." Hut the
drastic, action of the Sultan, who
took thu lelns In his own bands and
by the stroke of n pen suddenly yiel
ded to the demands .of the young
Tin ks, and restoied tho constitution
of 1870, bus taken the palace clique,
tho members of the diplomatic corps.
In fact, the entire population of Con
stantinople completely by surprise..
Although it wns thought the long
sustained ugltatlon might possibly
bring about some, form of parliament
nry administration, nothing so dra
matically abrupt was regarded as
The Immediate cause of the Sul
liurii raising of the white flag waB
the receipt of a telegram addressed
to him from the Albanians of Uskub,
Informing hltu that they had taken
their oath to favor the re-cstabllsh-lncnt
of tho constitution. This mes
sage landed like a thunderbolt at tho
Ylldlz Kiosk. The Sultan hnd been
under the Impression that ho could
depend upon the Albanians under all
circumstances. Ferld Pasha, who Is !
an Albanian, had fcutcred this con-'
celt,- When thu facts hecitmo known,
A LITTLE AWKWARD AT FIRST
'TE MONEY &AKONS
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III I1 m I WIL1inSQs I OnIf ?B.4ll rj MJMMHUE ?m?,j
From New York Herald.
the wrath of the Sullan Immediately
felt upon his favorite, who wns sum
moned to the palace and dismissed
on the spot
The former grand lzler. Said l'u
alia, was then summoned to the pal
ace. Ho gave the Sultan an insight
Into the real gravity of the situation
in the country, and the hopelessness
of attempting to restore permanent
peace. In the army nnd among, the
people unless the personal leglmc,
with its attendant abuses and In
trigues, which had 'bi ought tho coun
try to the verge of ruin, came to an
BEWARE OF ELEVATORS
BJ1,LETIN ADS PAY
NEW YORK, N. Y.. July 21. Tho
first terlous accident In the Singer
building since It was tin own open to
the public resulted today in tho In
stant death of Samuel Alpert, 2.1
years old. of 3 ICast One Hundred
mid Sixth street, n plumber's helper.
'Alport was crushed to death be
tween the floor of elevator No. 1, tho
last of the row of elevators on tho
main promenade, nnd the ceiling.
Scores of pel sons In the promenn.de
r.nd a woman and. four men in tho
elevator, besides the conductor, wit
nessed the accident. . ."
"The operator" received the slgnul
to start and turned on tho power
and swung the door shut. The plum
ber wns n few feet from tho car and
ho mado n Jump, squeezing in half
way through the closing door Ho
was caught by the ascending lift and
in nn instnnt his lire had been crush
ed out against the Jam of the eleva
In tho car were four men nnd n
girl stenographer. The girl wns
panic-stricken und began to shriek
and cry for help. Tho men mado In
tjffcctunl efforts to save Alpert. but
could not drag him out ofdangcr.
For Rent" cards on sale at
President Koosuclt's secretary snld
that no letter had been recehed by
the Presliiont from the Receivers and
Shippers' Association of Cincinnati,
O., asking that a decree forbidding an
Increase In rates be enforced ngalnst
Carl Ooodwin, who deserted from
the Ilrltlsh army In liormudn that hu
might be with his American bride,
was captured fifty tulles out at Bca
through wireless messages.
Thu Hocbl, a newspaper published
nt Tukyo, Japan, In an editorial
praises. American Ambassador O'llrleii
for his work In that country and his
words spoxen ni nomc.
' BULLETIN ADS PAY -M
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