New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-02
WHY WALL STREET SUFFERS.
Dean johnson Says Quacks Recommend
More Money.

The opening exercises os the New-York University
School Of Commerce. Accounts and Finance took
place in the University Building. Washington
sauare last evening. This is the fourth year u the
school aud the enrolment OF students is much
larger than II year ago. Chancellor Mac
Cracker presided, and in brief address dwelt upon
the great loss the school sustained in the death
last winter Of its first Dean Charles Waldo Haskins
II was announced that the friends OF MI Haskins
were raising a fund for tho endowment Of
rrofessorship of aocountancy to hear his Dr..
f A Cleveland. recently OF the University of Penn
sylvania. has been appointed professor OF finance
in the school Henry X. Mussey has been called
from Columbia University to he instructor in in
dustry.
The new Dean. Professor Joseph French Johnson.
delivered an address on the practical value Of edu-
cation. He said in part:
The man who attributes panic TO the recklessness
teries of the business world one might we'll
hold the farmers responsible for drouth. or the
curities a sufficient explanation Of panic No mat
ter how heavy they lie the stomachs OF certain
people. they cannot produce general disorder DYs-
pepsia- fortunately. is not contagious disease IS
knows that IL cannot be held responsible for any
long continued liquidation among investors ana
relief for the stock market are quaCk doctors,
dangerous that could be administered. Money acts
as lubricant upon the machinery Of industF r.
II the fire box Of A locomotive Is empty. or II Us
can viii do very little good Nor need look for
the cause Of trouble in any changed relation be
tween our exports and imports. The foreign
trade Of this country is only one item ana a COM
paratiyey small one al that. in the great mass OF
exchanges which are bringing profit into the pock-
Nothing can be more Certain than the fact that
arrest he ebb and fov Of the tides which move
country could collect I'm Wall Street and place their
wealth I'm common pool. they could producte ne Ne
they reckessly attempted TO check a doWTWaTG
movement Of prices they would oe crushed ana theF
millions would he scattered among thousands r OF
small investors I'm this and other countries ne
forces that make for disaster. Ike those Nhlcl
bring prosperity. have their origin IN the lapoIs;
ambitions and hopes OF many nl;i-' Iop'e u -
cannot he characterized in single phrase II rs
are falling because the people are IeSS llldt
IS like saying that man has hsadache because
II corps Of certified public accountants could
set a the books % an the American people they
might construct natiohal eaIahts $40 W." W:
would throw some light on the SITUATION IN wal
Street. They would discover DOUBTLESS mat since
last spring 4 huge but fictitious. surplus had peeii
wiped Of the sheet. that men here and there an
over the country had sold per stocks in order
that they might invest their ca oital in industries
which promised % and - per cent. and that specu-
lators in stocks-those men who buy in order that
they may sell at higher price-had long ago eN-
haJisted their resources and had been waiting all
summer each FOR the others buy The
huving power which causes buoyS0cE IN inc STOCK
market is not born Of the money supply. There IS
which those savings can be increased or the stock
market either doomed OF depressed. IL we couiQ
pronounce The present slump % prices a matter OF
desperation regret. I imagine we should declare
speculation. and that industry had gotten trilnl-
Thant possession O. the field bringing under its ban
looking for gain in Wall Street II this is true, the
plain people. the men who are content with the
the men who have paid for the stocks and bonds
which they have I'm their strong boxes. can look
in the stock markets for their earnings and their
incomes VIII not he reduced