The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-18
CHECK TO PROSPERITY.
attributed to the Manner OF settling the
Goal - rike

To THR EDITOR or THk SrN-Sn. More
OF the financial writer's. as far as their COM
mcnts have come under my OBSERVE ion
has yet presented what seems 70 inc logical
explanation OF the continued stock-marEct
depression. The discovery that credits In We
been enormously expanded Will In the last
few wears without a commensurate increase
In cash does not explain the slump because
It IL fully recognized that industrial values.
az measured by earnings. have also enor-
mously increased The further discovery
OF an immense deb. 10 Europe dors not o,-
plain IL, be cause the rrpurchasc by Americans
OF American securities formerly held in Eu-
ROPE, which has been going on for some years,
will perhaps fully account Tor that. The
increase IN imports docs not explain 1t, for
they simply reflect extraordinary home do
maud. Neither IL the condition OF the money
market the probable underlying cause. for
rates are not excessive and the surplus re-
serve is, believe, greater than II was early
In December n year ago. when the market
WAS booming aud there were buoyant hope
and hilarious optimism IN place Of the gloom
and forbodings Of calamity now. And every
indtlstI ihl feature except for the one ominous
blot that IL so persistently iRnored-ls far
more gratifying than then. The cycle theory
the theory that periods OF depression are
inc vitable and regularly recurring-is the
sillest Of them all There ia never an effect
without n cause. but. given the cause the
effect IL Is Inc xorable as the grind OF eternity
There never was condition OF national
prosperity. in any country or nj any time.
that was not based upon confidence conn.,
dpncr that individual liberty OF endeavor
would he respected and that enterprise and
investment would have protection not only
against unjust and conhscatng laws, but
also against the ravases OF that anarchism
which Is not a peculiar or unusual condition,
but which Is always In latent evidence. and
the repression OF which Is the most important
The election OF Mckinley. established that
confidence in 9 nash and the result has been
midst OF business activity never before ap-
preached. With crops enormous. earnings
every where increasing, with every. man
sRo' and "H With the f horizon Ssea.e nS
promise. the investing public hats and stands
i believe that the settlement Of the conl
strike l. what IL the matter with the market
the manner OF j. -ettiement II matters
mot wst r. h 81. face he
tors worthy citizens representing thousands
Of worthy owners Of the coal and railroad
their side, have been forced to make terms
with the mob
,f"st IN recent i.sqs; pr pres IT.. picture
defending the Declaration Of Independence
snd the Stars and STRIVES against horde OF
lOw-hrOWed humans VINO are attempting 10
.par down the emblem of liberty and unfur
the red flag OF anarchy in It's place. II is
noble and an inspiring picture; but, alas, u
Is only picture ideal not real
Is II any wonder that there is depression
IN the stock MARKET men nre eager to
let their money out Of industries that are
not only under the constantly growing menace
OF crank legislation, but are MISC now at the
mercy OF rioters, who can work their brutal
will without hindrance, and who even have
the tact sympathy of those whose. sworn
duty Is to check and punish criminals An
announce ,nent has gone forth nm announce-
ment az plain as il II were emb zoned across
the sky that II mobs will but riot and de-
stroy corporate property. dynamite homes,
terforizS Women and children and ,maltroat
and murder men and will do il all strenu-
o,sly enough the politicians. high and low.
will see 70 Il that they, get any,hins they
Bryanism2 This is what "a principally. the
matter with the stock market and I believe
that II marks the beginning OF the end OF an
unprecedented period Of prosperity, aud
that soon will come business -tarnntion ard
innocent moor will suffer with the guilty, but
In which the millionaires will miss no meals
DEC ~