The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1903-08-07
DISASTER IMPENDING.
- nspsblssaa Pslssy e ~Esstins
Well Enough Alone" WIN
Brisg Had Enough.

There 10 something rotten about thu
financial condition Of the railroads, il
the various reports OF their conditions
are to be believed. The interstate COM
merce commission gives the Official fig.
ures to show that the railroads have in
creased their net earnings during the
past Eve years So per cent The annual
statement OF the Baltimore q Ohio for
the fiscal year ending June 30. 1908
shows an increase OF the net earnings
over the previous year Of 81. 79s.321. Yet
with this unparalleled increase OF the
b. 4 o.. which. for the month Of June
vas new high record. the market price
OF the stock has declined during this year
70 per cent. All the railroad stocks have
declined. Chicago & Northwestern. one
Of the Vanderbilt group, has declined
over 30 per cent. during the same period
AMI this stock is looked upon as repre-
senting one OF the most stable and con-
seryatively managed roads In the United
States. The Pennsylvania railroad stock
has declined 40 per cent. during the
present year, and this stock has been re-
c>>@'NA 80 SooA % ttf oChHs
and its earnings have increased beyond
all previous records.
The railroads included in the North
en Securities company. the merger Of
which the administration has attempted
to prevent. have surplus OF over $4f.-
100000 for the last fiscal year. and yet
that stock is rapidly declining in value.
One OF the roads leased by the merger is
the Chicago. Burlington & Quincy rail-
road. and II has just borrowed s., 900 900
for which six per cent. was paid. the
loan to run until next March. The Union
Pacific has also just borrowed so 900 :
900 on short-fime notes What possible
need can there be for railroads TO bor-
row money and pay big interest when
they have. according to their own re-
ports. vast surplus? There must be
something rotten in the state Of Dem
mark. Are all these railroad reports Of
vast earnings and their large surplus
tricks Of bookkeeping to induce the
lambs to buy their stock In Wall street?
There Is no doubt the railroads are do
Ing more business than ever before. and
are charging exorbitant rates for car
rying freight and passengers. So they
have undoubtedly earned the increased
money. and their expenses have not
kept pace with their earnings.
What have they done with the money?
Have the managers invested 1t In Wall
street or loaned 1t TO the banks. those
with which they are connected? Wall
street is In a bad way, and the New
York banks are inextricahly mixed UP
with speculation, they are loaded down
with vast amounts OF undigested securi-
ties-the watered stocks Of the trusts
and corporations. The ephemeral pros
perity of Wall street and the New York
banks has turned to tight times that
torebodes disaster.
Those OF us who are not interested in
Wall street could view the discontinue
of the spectators and the extremity of
the banks with composure il 10 did not
affect business elsewhere. but. unfor-
tunately II does. Wall street and the
New York banks and the railroad mag
mates are also the trust managers: they
control directly or indirectly about all
the products that compose the neces-
saries OF life. Their tentIcles extend 10
the uttermost ends Of the Z aited States.
Disaster IN Wall street stops the wheels
OF commerce: the banks all over the
country draw in their horns and decline
TO make loans. Even the farmer feels
the impending disaster. for he cannot
borrow few dollars TO pay the hired
man The country merchant stops buy
ing goods. and the wholesale houses re-
the importer do a restricted business.
Hard times come on. Real estate is I'M
salable and mortgages and interest are
impaired.
The republican policy OF letting well
enough alone when the impending panic
materializes. will be viewed by the peo-
pie as letting bad enough alone. and the
cry for reform will be sharp and urgent.
The protection TO the trusts and the mil
lions they have piled mp cannot stem the
tide Of disaster. for In hard times high
trust prices fall more heavily on the con-
sumer. That such revulsion is COM
ing no one with his eyes open can doubt.
The wise will prepare for IT, The many
will suffer for their lack Of observation.
The trust and railroad magnates are at
the bottom Of the impending evil. They
have controlled the policy Of the DOM
lnant party and have supplied the funds
% keep Il IN power for their own selfish
ends. The republican leaders are re-
sponsible: they have had full swing. and
must abide by the result Of their own