The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-02-27

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certain stock, or in the interests of a
bear party, attempt to depress the
market. With some exceptions OF this
kind, THE Press is optimistic and
shouts for a rising market.
Previous to the disastrous money pa
mics of 1873 and 1892 when bankers and
money lenders were getting under dou-
BILE reefs, and it was whispered that
squalls were coming, the journals of
all classes never sounded any notes of
warming One who will examine the
files OF the leading dailies o. New York,
Boston and Chicago in 1873, just pre-
vious to the awful financial hurricane
that wrecked the fortunes of hundreds
of thousands of men, will find no dis
cussion OF an impending danger On
the other hand he will find rather OPP
aimiistic views. These optimistic views
were held even by strictly financial
Journals, although in many cases the
financial editors privately held depress-
ing views. After the silver issue be-
came serious the bankers in the large
American cities received some hun
dreds of millions of American securi-
ties, held by European investors, with
instructions to sell them for gold at
once, and remit the proceeds. These
banking houses, for several years, saw
that a financial panic w3s inevitable,
and reduced their business. But these
bankers did not cry their opinions in
The streets, and when approached by
the writer's for the financial columns
OF the journals, invariably took an en-
cOIra ging view of affairs. Why? For
the reason that they had large amounts
of securities to sell, and they surely
would not depress the market in which
they hoped to obtain high prices.
When the Barring" panic struck the
stock markets in 1892, the banking
houses of New York city that repre-
scented European capital We're prepared
for it, But the general American pub
3ic was astounded at the crash in
prices. The leading journals had not
predicted it, The cautious men had
reduced their holdings somewhat, but
the public, always bull sneered at
the few pessimists.
One who was ruined by the fail in
prices wrote to the financial editor of
"A leading journal, and asked him, why
did you not, with your knowledge OF
the financial conditions, warn your
readers of the coming Storm" He re-
piled, substantially, 1.-The great major
ity of the readers of the paper do not
wish to read pessimiStic opinions ON |
the stock market. They must listen to |
lpessimisgtic' facts, as they occur, but |
they will not tolerate pessimistic opin-
IONS. The average man is bull in |
the market and he is impatient when |
he hears the Calamity Howlers. You |
say you are now a beggar. Let me say
to You, that if l had predicted this pa
mic, one week before it came, you would
like to aid i'm lynching me-"
Moreover, if the Press should pre-
dict financial troubles, the stupid or
thoughtless, or ignorant people ruined
by it, when it came, would turn ON the
Press with anger, and shout, you
brought on the panic by your pessi-
mistic talk
So the Press finds comfort in swim
ing with the current. To be sure 1t
claims to be a moralist, but not a Sc
we're moralist. 1t does missionary work
If 1T is confident that it can hold it's
subscribers. 1t has its chapel, but does
not remove from it all the flesh pots
The editor, with altogether too high
ideals of a paper in Southern Califor-
mia in 1885, became convinced that the
read estate boom in the town in which
he resided was a fictitious affair and
would ruin investors. He said so in
his paper Advertisements We're in
stantly withdrawn from it. Respect
able" citizens waited on him, and in
formed him that the most conserva-
tive people were Disguised with his
views, and that a change Of climate
was necessary to his temporal saliva
ton The editor left. The boom, Ike
the multitude of other booms, burst,
and at this date the land covered with
the boom sells only at desert prices.
But old residents still say, that the
town would have prospered if that
newspaper had not given it a black
eye.
Underlying these considerations,
however, is the indisposition OF people
to listen TO discouraging views about
the success of their own affairs, what
ever they are With progressive men,
who are aware of the ignorance and
error Of conservatism, it is especially,
annoying when they are forced 10
hear solemn words of evil prophecy.
OF a hundred thousand holders of lot
terry tickets not one will listen with