New-York tribune., 1894-02-06
PRICE THREE CENTS.
COST OF DEMOCRATIC RULE.
HOW THE FINANCIAL WORLD HAS SUF.
FERED DEPRECIATION.
RESULT OF THE FREE TRADE VICTORY OF 1902
TWENTY EIGHT STOCKS SHRINK NEARLY
1912 OooO 900 IN MARKET vALUE-LossES
THAT FALL ON SMALL INVEST
oRs AS WELL AS BIG
CAPITALISTS.

Fifteen months have elapsed since the election
of November. 1892 when a political revolution
was accomplished which brought with it the
economic and financial system Of the country.
A party which for thirty years had held the
position Of the opposition In Congress was placed
in power with constructive programme to carry
out and even before It has been able to place
its policy upon the statute books the conse-
quence Of the very menace of legislation has
been seen in destructive results-a financial
panic which prostrated the business OF tho
United States closed benks factories and pri-
vate firms threw a million workers out or en-
ployment reduced the wages of a vast propor-
ton of the remainder Of the toiling Millions
placed thousands of miles OF railroad In the
hands of receivers and caused an almost incalcu-
liable shrinkage in values Of commodities and
securities.
The depression in railway and industrial Sc
curties is the most easily obtained photograph
Of the losses inflicted upon the nation by the
nrosnect Of the success Of the Free Trade ad-
vocates of the Democratic party. It is not alone
upon speculators or great capitalists that these
immense losses have fallen The stock books OF
the larger railroad corporations prove that there
Is a wide distribution Of the shares representing
the capital of the companies The average OF
holdings to each stockholder is small ana the IN
come in dividends goes 20 many persons Oh
moderate means. to widows and orphans 10 "hom
the payments are their chief dependence, and to
numerous heads OF families who are enabled 70
live in comfort only by adding this income TO
their regular salaries or earnings. The decrease
IN traffic on the railways, resulting from the
business and industrial depression OF the last
wear has forced not only the reduction ana
SUSPENSION of dividends on many stocks. but the
sfoppage Of interest on hundreds Of millions OF
bonds Of companies whose distress has forced
them into bankruptcy. Aside from the curtail-
nont of income to the hundreds Of thousands OF
small investors scattered all over the country
there has been frightful shrinkage In the prin-
cpal Of the investment, and if the stockholder or
bondholder is forced by the hard times to part
with his investment. he must be content 10 ac-
cept a serious reduction from the price he couio
have obtained two years ago.
A STARTLING COMPARISON.
Stock Exchange values have recovered 10 to
% per cent from the extreme depression OF last
summers financial crisis, and. therefore. falr
basis Of comparison is afforded between the
financial situation of February. under Demo-
cratic Free Trade rule and that Of November l.
1899 before the great mistake Of the American
voters was made in ordering "a change
couple of dozen Of stocks will afford some ap-
proximate idea of the tremendous shrinking In
values which Democratic success has brought
about In the table given below The Irlouhe
presents the final price on November l. 1882, Just
preceding the National election, and the nnai
price of February /. 1894. Of twenty-eight acuVs
or prominent industrial and railroad Stocks ana
the amount Of capital stock of each company
outstanding on the respective dates: