Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1904-07-12
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The atia1iic 10 the Pacific i nox con.
lined 70 this ssae q he waters.
Sydney Brooks. a ven snosn Eng.
iisA writer, has contributed a. ar
|tieie n Inc current number II Har.
pers Weekly. entitled .Penniless
Loadon. Ia which be brings ont very
yiridiy the scarcity * money ii the
great metropolis He declares that
On all sides one hears the bitter wail
that there IS no money about. that
every 2 = curtailing. that London,
IN short. Is penniless. ii is a very
narrowing description of the state III
which ~taflors. dressmaEers. sven"
restaurant proprletors and theatre
managers find themselves, FOR the
people are spending nothing On Iuxu.
RES and even the abuse or the
credit system Is not sufficient 10 ac.
cofnmodafe ALL With what they con
slider necessities.
y Il A little Difficulty for the or
binary mortal 10 think u London as
being broke and particularly that
gay and dazzling portion 81 London
which filters about by night from
drawing room 10 theatre and from
theatre n cafe But this class and
the tradesmen who feed on high so-
ciatya are evidently tha ones who are
hardest hit BIZ the present financial
situation in England
Is society woman Who pays her
fressmaker within twelve months"
says Mr. Brooks, thinks herself a
model Of punctnality. II Is the usual
thing Tor accounts 10 run On for three
or four years-taIlors and dressmak-
ers dunning. but never daring 10 sue.
and whenever there Is d slump this
~trayegty of d credit system brings
numberless concern to practical In
~solyency.'
But the present depression ex-
tends beyond the dressmakers to the
theatres, booksellers and art dealers,
and even restaurant managers com
plain that the slump has begun to af-
feet the tips given TO walters. that
people are cutting down on wines and
are giving dinners at home In order
10 economic.
Few companies are being floated
and clerks are being discharged right
and left. All OF which means econ.
omy all along the line.
II Is interesting ID note that the
present financial depression on both
sides OF the Atlantic IL merely a co.
Incidence and In no sense due to the
same causes IN the United States
we are paying the penalty OF the
high financing and unbridled speenia.
tion of the past few years. Stock
watering became a mania and when
The game had been worked To the
limit there was nothing 10 do but to
let the water out. The country had
70 drop down 10 earth after its dizzy
flight among the clouds. Those who
had flown the highest naturally iit
the hardest and every one has felt
the jar. a few yer MORALLY wound
ed. some were manned and many
We're bruised. But the worst Is over.
the country Is on lis feet and with
good crops and nothing disturbing In
the political situation the late i'm.
pleasantness. financially speaking,
viii soon be forgotten. In England
the case Is far different. The causes
Of the stringency are chiefly South
African. The long and bitter struggle
with the Doors impoverished the
country and left d great burden Of
debt. The Rand mining shares. which
were very generally bought after The
war, have deprecated III value and
stu the people cling "a them in the
hope that the advent Of Chinese Ia
Dor will lead 70 a boom The Russo
Japanese war has done much to i'm
-. n
settle things In England while its
effect In America has been rather
beneficial Besides all these factors
SAYS MIR. Brooks. in conclusion. "there
5 the motor boom"
AN the spare money has gone into
motor cars and other necessities of
lie win have TO walt their turn--if
indeed their turn ever comes again.
Meanwhile. London will work through
(. but, sobcrly. on credit. and with
lot much more than six,pence In It's
,ockel.s
-& H. 6&@I