The Pacific commercial advertiser., 1903-10-23
W. N. ARMSTRONG WRITES
OF NEW YORK'S AFFAIRS
New York, Oct. 10, 1903.

Editor Advertiser Yesterday long absence wandered
through shab of Wall and Broad streets The dead
lambs heaps The crippled bulls howled with
of stocks last January is almost
By law the water has been squeezed
securities especially the industrial But this decline in
resembles closely the declines OF previous speculative periods
time these reactions due
speculation they all have the marks The losses
vastly owing the immense increase in corporation secu
the old who were once prosperous
dealers in the bucket shops where investment OF hve dollars
limit of financial capacity These crippled
be counted by the thousands Many OF them are still the prime
f but untitled for business fe and spend their days
watching the stoc ticker The speculative habit strong and
alcoholic habit. They rarely cured of it
the fall prices of securities during the
still further fall yesterday by OF the astounding
evidence given United States Spbuldg which
bankruptcy and involves millions of dollars This
promoted by scwab who recently the President of
great u s. Steel Trust Securities the market at
eight The evidence indicates
that the firm of Morgan Until
popular belief has that this firm carefully avoided questionable
enterprises guarantee of good faith While Mr.
Morgan evidence shows that the nego
conducted by his which receive profit
of it. though it was not the promoter This the
public question all Industra
the corporation
care whether there fraud or not in its promotion On its decline
ugly questions raised Confidence these Indusa1s has
shaken and will be day before the general public will take
kindly
market The trade is the key of commercial prosperity But
the furnaces supenng work places Many thousands
OF coke closed and attempt being made to limit the
While general prosperity continues significant of
thing wrong when the iron industry flags.
Business here feel that be tariff reconstruction
which will unse trade evident also that foreign countries
about confront with something of tariff This the late
President Mckinley foresaw and wished to avoid possible And
there be large production So qe
times After the fat years the lean years
There time when the politicians of this sol
completely at Mayor Lows administration has been good
The Fusons have again him. District Attorney Jerome
opposed him because he he be elected owing his
cold Grout reform Comptroller
Low ticket by the Fusonis but the his
filed according law he sought and the nomination of Taany
for the office He declared that Taanys his favor
put him under obligations that society He refused to-
from the Fusion ticket and has been kicked off, He
therefore the Tamany candidate nominated
George B. Mcclellan the of the noted general for the office of
Mayor He clean stands we'll The chances that e
will defeat Low He will corrupt will naturally
Tanmany Greater New York has quite fitted forl
good But the education goes bravey this
generation will the city permanently well governed The peope
quite ready take national politics of local affairs though
much has been done towards The Republican leaders still afraid
that Fusion will weaken their party national affairs
The down pour of rain in the last night without
dent Over inches of fell within thirty hours The
through the The flood places reached
the feet of passengers the trolley The people crossing the
ferry boats had up
places The theatres nearly empty The recalled to
the deuge Honolulu from the Nuuanu several years ago.
The rain with old fashioned noeaster Over the city
cloud burst. Traffic the Erie railway entirely
pended