The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-07-15

Z hind, and those who bought stocks SIX
4 months ago because everything was sos
prosperous are now confronted with the
Il fact that their Investments have woe,
i. fully dwlndled without any other ex-
plana ton x than just that Of prosperity.
s58is The New York Evening Post gives the
IA following table OF shrinkages that have
~ occurred since June 4th, when President
h Roosevelt sent in his beef MESA e.
3.sSs4fs II 4sf June !. \ July IL. IN IA
"a Great Northern. .so7 IL 2s4 $s.s352s IL
Reading -. 1-2 III IL rs
4 NJ Y. Central Eli 12S iE---l3
Pennsylvania 133 SIS l23l-S 10 Ia
81 Union Pacific .152l-S 1ss s-4 LIP s-S
s st. Paul 1894 172 1-S SIS
@ u. 81 Steel go ........ IL 10 SITS 1873.
II. s. Steel, pfd. ..1O6 3-s % IL CTS.
4 algamated e. .l09 IS 90 3-4 10 6-S
b. R.aST ....,..... 81 rs n ~ - rs
Amer. Smelling .1b71-s al l-s S.-.is
3iS5 Prior to that date tho Interstate Com
80merce Commission had been greatly
Is strengthened and q number OF railroads
took no comfort from this fact The San
n francisco fire, with the enormous de-
struction OF property entalled thereby.
had occurred. and the whole fabric Of
g life Insurance had been shaken to the bot
\ tom by the protracted investigation OF
\ that branch OF business. 1t would have
II seemed therefore, that public confidence
4 had been pretty well hammered before
June 4th, and certainly the average In
& weston was not in O state to view with
h equanimity any such attitude from the
administration us that which was con-
veyed in President Roosevcts beef mes
Z sage. is s a
AS II this were not enough, the inves-
q tigation OF the Pennsylvania Railroad was
= relentlessly pushed. and fearful conditions
of graft and corruption were merciless-
& ~ exposed. Three weeks after the beef
I message. Presside.p Roosevelt sent In the
Il Standard or messnge, and again dazed
& and dizzy speculative public received d
smashing blow. In view OF all these
\ happenings there should be no lack OF
\ reasons for those who are seeking to
4 analyze the present depressed condition
ofFthe speculative markets. But 1t Is very
doubtful IL President Roosevelt is wl1ur-
vi ~ " uuIllC lUE lllGoo k3O Lar
h from being an Individual disturber OF the
a peace, his actions seem to represent the
i wishes Of the great majority Of the Amer
lean people. Tumbling prices and shrink
u ing values are not pleasant. but they are
nothing like as bad as widespread grart
in Insurance and railroads. or in intolera-
4 BILE Nth and mismanagement In import
& ant industries. It costs money ana
trouble to correct the abuses which have
been uncovered, but the effort Is well
worth the cost, and It is Infinitely cheap
er and wiser to cure these conditions I'M
medlately than to allow them to tester
on. There has never been n time when
large number OF people have not walled
aloud that each correction OF ancient
abuse would destroy prosperity, and yet
the country has gone on increasing In
wealth and power and character. Tho
present depressed condition. in the stock
market may continue for some time. but
Il 1t will not be useless loss II 1t teaches
the American people to be less extrava-
giant, less self-indulgent and more eco
pomcnl than they have been for the
past six years. when the whole country
was literally rioting In prosperity. tits
striking commentary on the present con-
dillon that. despite all our enormous In
u crease and wealth. we have had to 30
abroad to borrow money for our rail-
reads.
II the present check in speculation can
bring. the public to q sounder apprecla-
ton Of the value OF money and the need
OF economy. It will be worth what Is
has cost.