The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1899-12-29
NEEDS MORE MONEY.
James 2. Kssus, the Wan Street Leader, On
the Recent Money Panies.
Recent Decline in stocks Proves the Also
Lutte Insumcieney Of the Nations Cur
reney for Active Business--Tbe
Disqualification of Trusts.

41dAGLs III the OAuuzg > issue OF Lu6
New York World, regarding the recent
panic on the Street, says:
81 don't know that I can contribute
any farther reasons for the great de-
cline in the security markets than
those L gave to the World on October
18th.
AIhe decline having occurred, it viii
not be Improbable to consider its eff
feet upon the general business Of the
country, and whether that effect will
be the same as IN all other financial
commissions that have heretofore Oc-
cUrred-disastrOus.
my own opinion is that it will; and
that in the course Of two or three
months, We viii find the activities and
excitements Of 1899 succeeded by dull
markets, languishing business and
generally depressed conditions.
Another point, and one Of universal
interest, is to what extent viii be re-
vived the activities and hopes Of the
bimetallists Of the United States by
this recent panic, which has brought
sO5much loss and distress to thousands
throughout the country, and which
may primarily be ascribed to a want Of
money to do business on, and, also to
what extent republican prospects in
the presidential campaign have been
damaged in consequence.
"We have money enough in the coun-
try when business and enterprise are
stagnant. When business springs into
activity, as it has done in the last two
years, due to our very favorable inter
national trade, money became sudden
" active and was found in volume alb
sOlutely insufficient to meet the re-
quiremeRts Of the people engaged in
trade and speculation.
ave can only look to the ground and
to imports for fresh supplies to our ex-
isting currency. The former is a slow
process, and at the moment that a
strong tide Of gold export is setting
toward England, where money neces-
sites are more urgent, if possible, than
at home, the latter Cmportsl are en-
tirely inadequate to meet the emergen-
Cies Of the case.
ave are now on the threshold of a
presidential campaign, with all its
possibilities and spprehensions, and
the democrats are armed and fortified
with many sound arguments in favor
of a change Of conditions now existing.
L see nothing, therefore, to change the
opinion have held for long time
that we must go much farther back in
prices to get Us upon a basis where the
public which speculates and the
investor who buys will feel confident
in again entering the market"
James R. Keene's statement in the
World of October II, to which he re-
fers above, is as follows:
perhaps at the present level Of
prices 8 stock might be found here and
there which would furnish a fair op-
pOrtunity to a buyer, we're it not for
the enormous increase of new securi-
ties, in the last fifteen months, through
the consolidation into trusts Of nearly
all the principal independent manufac-
turing concerns in every branch of
trade in the United States, with stock
Issues of over four thousand five hun
dred millions of dollars, half Of which
may fairly be put down as fictitious
capital.
During this period the increase Of
money in circulation in the United
States has been barely sI4OOOOOOO, q
sum so Insignificant to finance this
vast creation Of new stocks that the
wonder should be not that Wall street
prices have declined, but that they
have not declined more violently.
@Few people know how serious have
been the losses Of inividuals and firms
in and out Of Wall street by the extern
sive undertakings Of the issues Of new
industrial combinations lately exploit
ed on the stock market.
"The stocks Of the new combinations,
OF the most of them are absolutely IN
and Of course valueIess as col
lateral think have given you con-
vincing reasons why I AN a bear.
With operators heavily involved In
these new undertakings and the pub
lie losses thereby already severe in this
it is idle to expect better
markets and reasonably certain that it
viii all end in extensive liquidation"
The Indianapolis News, a republican
paper with free trade tendencies, re-
fers to the Cuban sugar situation as
follows: SThe Cuban sugar product is
a practical illustration Of q problem
tE,k - --,s-,~- - 80, e--,-,E A.. $500