The Minneapolis journal., 1903-12-19
CONSPIRACY TO
RULE OR RUIN
Continued on Second Page.

country; that prosperity is only SEEM
ing; that hard times are impending, and
that nothing will save the day but to
heave over. Jonah Roosevelt and nominate
of craftsmanship as Steve Elllins or
Senator c. w. Fairbanks OF course,
the story may not be true; but it comes
from aWfully wise people. And they won't
admit having sold the market short or
being unfriendly to the Roosevelt admin
istration. -- = .as-
Tip Deserved Respect.
What happened during the ninety
days which followed the publication
Of the above, shows that the tip de-
served less flippant treatment. The
secretary Of the treasury tells Of it,
in his annual report, just published,
in the following words:
Within a year the market value Of
stocks and bonds, the proper and legiti-
mate holdings Of the people, has depre-
ciated in an amount estimated far in eX-
cess of the cost of four years devastat-
ing civil war. Notwithstanding this enor-
nous and incOnceivable shrinkage, it has
not affected in a noticeable degree other
classes Of property. Banking institu-
tions have exhibited no suggestion Of
weakness, few business failures have oc
Cured, there has been but a slight cur
tailment in commercial enterprises, very
little apparent hardship and absolutely
no fear of any depreciation Of any form
of currency. To all appearances the crisis
is passed. There now exists scant reason
for prehension-certainly no occasion
for alarm. ...-.- -@ ......
The raid on speculative values was
success. The attempt to bring on a
general panic failed. That is the
whole story. Had conditions been a
little different, had the country been
a little less firm as to it's financial and
economic foundations, had the pros
perity been less real and credits a bit
more expanded, there would certainly
have been another tale to relate.
just What Happened.
The slump in the speculative secur-
| tiles market began just about the time
| the tip was passed to your correspond
| ent. A glance at the files of the mar
| ket reports for that period will show
| the course they took. One stock shows
| it as we'll as another, for the drop took
in everything listed on the boards. On
the first day of May Atchison COM
| mon was quoted at $50 a share; by
| the middle of August it was quoted at
| $62-and at times it was even lower.
| over 80 per cent lost in less than 100
days! Pennsylvania stock on the first
| by the middle of August it was down
| to $112. Between the same dates
Union Pacific dropped from $91 to $72,
and United States Steel Gin which
thousands Of working people were in
duced to invest their earnings) fell
from $35 to So. -.,....f
Until the date Of this alleged con-
spiracy. stock values had remained
quite stable. During the five months
previous to this date they did not rise
or fall more than an average of 3
points altogether. -"
There has been a good deal Of puz-
zling: and wondering among business
men in all parts Of the country over
| this depreciation in securities. AS
Secretary Shaw notes in his report, il
| has borne no logical relation to CORE
lated business conditions. 1t was, as
he says, t'inconceivable.'' Other busi-
ness was prosperous; railroad earnings
were larger than ever; exports showed
no falling off; crops were abundant;
| the currency was sound-in fact nc
cause could be assigned for the Wal
| street phenomena.
Has the explanation been furnished
Or was it merely a coincidence?
-. w. w. Jermane.