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Published every Friday Afternoon by 
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Volume 9 October 6, 1911. Number 40 
Lessons from the Market Slump 
The recent slump in the _ stock 
market, particularly in the securi- 
ties of the United States Steel Cor- 
poration contributes valuable but 
expensive lessons to the investing 
public. First, the stock market is 
no place for the uninformed ama- 
teur, secondly, the superior value of 
confidence as a contributing element 
in stock values and_ thirdly, the 
most potent testimony, that the 
public recognizes the power of the 
law and that even a wealthy cor- 
poration must fear public sentiment. 
The beginner in investments cannot 
trust his own judgment nor care- 
fully invest his funds without ex- 
pert advice and there are exigencies 
which even the expert cannot foresee. 
The position of an investment ad- 
visor is nerve racking and disturb- 
ing because there are so many ele- 
ments to be considered. Every in- 
vestment has at least three consid- 
erations, first the safety of the prin- 
cipal, second the rate and regular- 
ity of its dividends and finally its 
negotiability. No better example of 
the treacherousness of stock invest- 
ment can be found than in the rec- 
ord of the manipulations of Steel 
Common which has had a_ rocky 
eareer between 8 and 92 in the short 
life of the giant corporation. The 
amateur is helpless. The values of 
investments in Steel Common have 
suffered a shrinkage recently of 
thirty percent. 
The savings banks are the best 
see G. E. WILLMONTON eas 
-Attorney and Ceunsellor at Law- 
S H OR E 
repositories for the earnings of in- 
dustrious men and women. Sec- 
ondly, the sharp decline in stock 
values is a notable illustration of 
the value of confidence in business 
and the tragedy of a lack of con- 
fidence. <A ‘‘joke’’ on the part of a 
railroad president put the stock of 
his company on the downward move 
which was stopped only by the 
statement of the corporation presi- 
dent that he was not going to resign. 
In the steel common bear movement 
the lack of confidence inspired by 
the report of an investigation by the 
government put the stock in the 
toboggan for its slide. The down- 
ward movement and the frenzy that 
followed was not stopped until con- 
fidence was restored. Confidence in 
business is a subtle and invisible in- 
fluence but let it go from men and 
the whole substructure of business 
will go even as the waters in the 
Austin Dam noiselessly undermined 
that great dam and let its death 
dealing waters rage into the unpro- 
tected valley below, so the lack of 
business confidence undermines the 
work of years and ruins the fortunes 
and investments of competent and 
careless investors. 
Confidence is the life of trade. 
Even a gigantic institution like the 
Steel Corporation feels the results. 
of a lack of confidence. The third 
lesson was the recognized power of 
the government of the United States 
over the business corporations 
within its dominions. There is a 
power in the hands of the people 
and it is becoming more and more 
evident that the forecasts of the 
muckrakers were untrue. They saw 
a day when men would see the gov- 
ernment bound hand and foot by 
the immense corporate interests. 
The Standard Oil and the Tobacco 
Cases showed unmistakably the 
governmental power of the United 
States Government. The question 
of the legitimacy of the United 
Steel Corporation’s interest is not 
here discussed. That is a question 
for the future ; but one thing was un- 
deniably evident that if the trans- 
actions of U. S. Steel Company did 
not stand the test the owners who 
liquidated knew and feared the 
powers of the Government. After 
all this was the good in the evil of 
that downward movement that re- 
sulted in losses to so many. It re- 
vealed a confidence, in a negative 
way, of the power of the arm of jus- 
tice in our national government. 
Willmonton’s Agency 
SCHOOL ANB UNIGH STS, MANCHESTER  @19 SOUTH 8106. Roston 
Ba 2 iG Fe 
Modern Chivalry 
The honor of woman in the 
medieval days was upheld in tour- 
naments and by a display of arms. 
Then knighthood was in flower and 
chivalry was supposedly at its best. 
The spirit of chivalry is an honor 
to mankind in all ages and modern 
life demands such reverence and 
courtesy, call it all you may, 
chivalry, if that be the word, im- 
probable if not impossible in other 
days. On every hand may be seen 
evidences of the lack of this super- 
ior virtue in our modern frenzied 
living. The signs of the Boston 
Elevated Railroad: ‘‘Ladies First 
Please’’ are public accusations her- 
alding in the open places the 
thoughtlessness, if not the heedless- 
ness, of the sterner sex of the com- 
fort and consideration of woman- 
kind. Boston, however, is only part 
way down the ladder of degenera- 
tion for New York has been com- 
pelled to try out the experiment of 
a car ‘‘for ladies only.’’ Does the 
modern man and boy lack chivalry? 
And now the public is being dis- 
turbed by rumors of the hard work 
which women are being forced to do 
to win a living, a loaf, a roof and 
suitable clothing. One of the de- 
partment stores in Boston not far 
from City Hall or the State House 
will serve you with a ‘‘ bargain ”’ 
ham or a leg of spring lamb over its 
counters at the hands of a young 
woman in a butcher’s frock. But 
this is not in a foreign clime where 
a woman and a cow are yoked to 
draw the plow that tills the soil. 
A pulpit orator in Boston openly 
accuses the Governor of the Com- 
monwealth of Massachusetts, or at 
least the Sturtevant Blower Works 
of employing women in labor too 
arduous for the hands and backs of 
women. ‘‘If ever a dollar came 
from the mint with the mark of hell 
upon it, it is the dollar that pays 
the wages of the women who have 
been found working in that foundry 
owned by one of the leading men in 
Massachusetts. ’’ 
It is now a question as to the fact. 
Has the orator received correct in- 
formation? Can such conditions ex- 
ist in Massachusetts? It is signifi- 
cant that the very same afternoon 
the Germantown Improvement asso- 
ciation met at Sanders Hall, West 
Roxbury, and passed resolutions de- 
nouncing the employment of women 
in foundries in Greater Boston and 
urging the legislators ‘‘to prohibit 
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