Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1903-10-02
PROSPERITY

Prosperity, like Simon Peters broth
r, is lying sick OF Il fever. For weeks
low it has been at the point Of death
nd all the Wall Street doctors, in
Guiding DR.. j. L. Morgan the noted
specialist, have been working on ii
! without apparent effect. The disease
Cannot be diagnosed,it is most certain
| ly fever, but just what kind, whether
malarial, bilious, typhoid or yellow,
| cannot be told-ali known remedies
have been applied, all of the various
| kinds of treatment resorted to and
yet the patient languishes, becomes at
times delirious, and is certainly grow
ing weaker. Many have grown des
pOudent over its condition, they sit
.bout its bedside with tears rolling
| from their eyes, the deepest gloom
| pervades the community, the curtains
| are drawn and all signs point to the
patient S early demise.
This is the tenor Of the commercial
| papers last week, and the present week
has not changed conditions. Here is
the kind of dirge that has been sung
| and is still being sung in Wall Street ::
"Liquidation of an'urgent and ne
cessitous character burst forth in
dozen different quarters at once in the
stock market on last Friday. In
general way the selling movement
centered around the United States
Steel Corporation, the preferred stock
Of which was pitifully weak. The
doubtful distinction of new low re-
cords was borne Friday by both the
preferred stock and the sinking fund
bonds. For nine successive days, the
steel Issues have made low record
prices For long period it was the
common stock. then the sinking fund
bouds had an inning, while Friday the
bonds and the preferred stock We'd
with each other as to which would
touch the low point. The preferred
stock won, with a drop of d points, to
63 It was the inevitable which hap
pened when, as q result of such weak
ness. the entire stock list assumed a
condition bordering upon demoraliza-
ton. In such condition the Exchange
closed for the day.
Speculative sentiment was much
disturbed by the developments of the
day. Bank officials and private bank
ers gave assurance to all who asked,
that careful Investigation disclosed no
difficulty with any of the banking in
situations or important firms of the
city. The rank and file of the brokers.
however, refused to be treasured or
comforted. The ticker tells the story
they said. 1t has never been at fault,
in such matter. There Is something
wrong somewhere, and it is a serious
affairs This was the comment upon
the market in practically every brok-
er's office. 1t is really idle to discuss
the general subject of the market with
the average broker, who is STEPPED to
his eyes with pessimism and steadfast
ly maintains that something is hang
| ing over the market. and that some.
| thing portentious is impending. From
Clearing House bankers assurance
! that the local situation is intrinsicaIly
sound is given in most positive terms,
but it avails nothing"
Now this is happening under the
gold standard with everything in the
| hands OF those who told the country
just how to manage affairs in 1896.
| II the Democrats had been invested
| with power then and had succeeded
worse they should be driven from pow
er and never restored again.