My suggestion is merely that the function assumed by Mr. Reynolds and his confrères, who are partial and self-seeking, be transferred to the Stock Exchanges, whose members are impartial men, interested only to have business naturally developed and honestly conducted.

Very truly yours,

A. E. STILWELL,
President.

AMERICAN WOLVES 1

Every few years the commerce and prosperity of our country have been forced to pay tribute to the financial raiders.

Pirates of the North African coast, in the fifties, demanded from the United States a tribute so small, as compared to the demands and exactions of these bear leaders, that it makes the African pirates of old seem meek as Sunday-school teachers. In each bear attack we see some leading man mangled on the financial rack. While the victim's fingers are not pulled out, as was the method of the Spanish inquisition, and while the torture chamber is not now in some dark dungeon, but in beautifully equipped and furnished offices, the torture is just as great.

A man may have a fair financial standing. He perhaps thinks he has the confidence and respect of leading interests. He imagines he may escape the cough-up-quick methods of the street. No doubt he is a director of banks or trust companies. He has been requested to carry his account in this or that bank or trust company; he has been given unlimited credit at the broker's; but the day comes when the bears-or, in truth, wolves-"need his money"; these wolves may have been associated with him and he thinks they will play fair. Like Russian wolves, financial raiders do not discriminate while picking their victims.

The time comes for the victim to disgorge a million or two because he believed in his wolfish chums. These wolves have friends in many banks and can find out just where his loans are, nearly all being "on demand." In twenty-four hours they size up what pressure he can stand; they know his assets, almost to a cent.

The play begins. They sell short, three or four thousand shares of his favorite stock. The banks call for more collateral and he complies. Next, three or four thousand shares more are dumped on the market and the man they are after is the principal supporter of these stocks; he is now on the run! Therefore, the market is not protected in these stocks. Gossip is started that Mr. Victim is in a tight place. This stops all buying of his stocks, since a greater slump is feared because he is reported weak. Suddenly more shares are sold at a five point drop. More collateral is demanded, which he cannot now give, and this is known at once at the seat of war. His bank loans are called; cash and collateral gone-excepting a package of "cats and dogs" that the bankers will not accept. One

1 Circular of A. E. Stillwell as promoter of Kansas City, Mexico and Orient Railway Co.

more raid on prices; a little more bear talk, and the victim, recognizing the pursuers, disgorges to the wolf-pack anywhere from a quarter to half of his life savings. Then the market rebounds and the papers mention how the day was saved. The curtain falls!

FROM "CONFIDENCE OR NATIONAL SUICIDE"

BY ARTHUR E. STILWELL, PRESIDENT KANSAS CITY, MEXICO AND

ORIENT RAILWAY

It was a put-up job from start to finish. If he had been a big fish, a panic might have resulted affecting all interests. Confidence is shaken! Millions of dollars are lost; our people are made to suffer; business is retarded; and we are damned in the eyes of the world.

Why is it that a man, on the slightest provocation, will whoop it up for the Stars and Stripes, singing:-"My country, 'tis of thee," will fight in the Spanish War, and allow his son to join the Society for the Prevention of Cruelty to Animals; will contribute to the Ice Fund and other charities; will do all in his power (as he thinks) for humanity's sake; will weep great tears over the Armenian massacres; and then, forsaking all good prompting, will perversely degenerate to engineer a financial raid? Raiders are willing to attack a great American, and ruin an enterprise which probably represented years of suffering and labor in the building. The money wolves may bring down in the wreck a bank or trust company just for a little gold. And while doing this wrecking, he dares to think he is a patriot, and considers himself a Christian or an orthodox Jew, yet feels no more compunction when shooting holes in the ten commandments than he experiences while smashing clay pigeons.

What is the good of money secured in this way and who can be sodden enough to want it?

A man once prominent in business and whose name was daily in the papers, a few years ago made the remark to me: "I am out for the stuff and I will get it in some way-any way; people know that is my game, but I am the smarter and will win."

I have watched that man and it is true that he has won money, but he has no friendly associates. It is true that he has a brilliant mind, yet he has not won a respected position in the business world. He can secure all that money can buy; he can weigh out his gold for land, pictures, houses and automobiles, but he cannot purchase desirable friends; he cannot buy respectable standing in the business world. If his name were now connected with any great business enterprise it would damn it from the start.

I wonder if he realizes, as the shadows of the great unknown sweep over him, that he cannot push them back; that he will soon be swept into the great hereafter, for which he cared so little in the years gone by. When he is alone in the twilight of his earthly life, and sees the night approaching, will all his millions take the vile taste from his mouth, when he thinks of the nasty tricks which won the gold? Then, surely, he would gladly give half of all his possessions in exchange for his sacrificed character and manhood.

STILLWELL'S ROAD IS IN RECEIVER'S HANDS1

ENGLISH BONDHOLDERS ACT OWING TO DIFFICULTY OF FINANCING MEXICAN LINE ABROAD

NO AID FROM WALL STREET

• KANSAS CITY CAPITALISTS INVESTED $2,000,000 AND FOREIGN INTERESTS MORE THAN $5,000,000

Special to The New York Times

KANSAS CITY, Mo., March 7.-Edward Dickinson, Vice-President of the Kansas City, Mexico & Orient Railway Company, was appointed receiver for that railroad in the Federal Court in Kansas City, Kan., this afternoon at 5:15 o'clock. Another receiver will be appointed in a few days.

Three corporations, all construction companies, appeared in court in company with the United States and Mexican Trust Company, Trustees in mortgages representing $25,000,000.

The construction companies are the International Construction Company of Delaware, which had claims for $1,300,000; the Union Construction Company of Delaware, which had a claim for $146,000, and the Western Tie and Timber Company of Arkansas, with a claim of $18,000. Each of the claims was allowed, including the claims on the $25,000,000 of bonds represented by the United States and Mexican Trust Company.

The hearing was held in chambers and lasted about an hour. The attorneys would not talk of the suit further than to say that construetion work on the road would continue, and that the line would be rushed to completion under the receivership.

Twelve years of building along the projected 1,629 miles of the Kansas City, Mexico & Orient Railway have brought the system to this date with 988 miles of finished track, in actual operation. Of that mileage a single great stretch of 642 miles lies within the United States, from Wichita, Kan., to Granada, Texas. In Mexico two separated stretches, aggregating 342 miles, are operating; the longer 287 miles, stretching northeast and southwest from Chihuahua, playing between Sanchez and Marquez, in Northern Mexico, and the other 150 miles in length reaching from Topolobampo, the Pacific Coast terminus, 105 miles to the mountains at La Junta.

1 From New York Times of March 8, 1912.