The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-17
MORE SCREAMS.

In spite of the assurances OF Mr..
E. H. Hartman and the commercial
agents of the New York Central that
the country was never more prosper
Gus than at present and that the bust
ness outlook is fine, Wall street has
hard work believing 1t. 1t knows bet
ter. Isn't 1T hard up itself ?-and
what better evidence is needed that
the country is going to the bow
vows?
The weekly financial review of one
firm of brokers that has been blue
for several months, but which partial
ly subsidized for a short time, has now
renewed its screams. 1t quotes a
United States senator, who has re-
Gently returned from abroad, as say
ing, you see, the French do not I'M
derstand that a drop in prices does
not AFFECT values" and then it adds:
THE drop in prices to which he re-
fers amounted to wiping out of g.
600 millions In, at least salable,
values. 1t is this trifling sum which
the west sneers at, referring to the
incident as Wall streets predica-
ment.' The west is depicted in some
accounts from that region as a purse
lined individual, sleek with prosperity,
and sitting with it's feet on the desk,
indifferently asking: What do we care
about Wall street?' Meantime copper
is unstable, and mills and copper
mines are closing down. And SO the
west is to get its taste of the results of
breaking credit and confidence in
American securities, the direct out
come of administration and legislative
attacks that have been kept up amid
hot Sar
great west which is to near the clap
ping of hands die out. and the laugh
ter cease, as wages are reduced and
luxuries cut out
when will these philosophers of
the breeze and prairie learn that Wall
street is not a cause, but an indica-
ton; that it is a barometer which pre-
diets storm or sunshine for the whole
country, and that their attitude is that
of blaming and abusing the baro-
meter for producing the storm when
it is only meekly indicating existing
and coming financial weather condi-
lions ?"
Now aren't you fellows who have
been snickering about wall streets
predicament," ashamed of yourselves?
When all the copper mines belonging to
the farmers of the west close down,
they will realize that Wall street knew
a thing or two.
The trouble continues to be a short
age of money, and this financial review
again bewails the fact that foreign
money was frightened off," for which it |
blsmes President Roosevelt's policy and
the anti-graft campaign generally. 1t
says:
Whatever may be said about the
of reaction, and the bless !
ed relief of recession, the fact remains |
that a splendid prosperity, sound at its |
has been numbed with |
persistent, unnecessary assaults, riddled |
with shot and fire, and is slowly eb- |
bling Let him who palliates this heed
less destruction with hypocritical ex-
cuse of alleged widespread dishonesty, |
thus smirching the whole American
business world with imputation of graft
and trickery, imagine what would have
been our case had foreign money been
let to finance, as it naturally would, our |
railroad and other corporation require
ments. Untold increment of well-earn-
ed profits have been swept into the sea
by shutting away from us the right and
necessity of a great new and rich coun-
try, namely, the use of European mon
ligence and observation bears testimony
to this fact of the ruthless closing of
the gates of the Golden Flood by the
persistent onslaughts in the destructive
government campaign waged in pur-
suance of administration policies-a
campaign wherein political considera
tons have outweighed all Others"
The fact that there is a money short
age in Europe as well as in this coun-
try appears to be overlooked by these
Wall street pessimists. Still, in their
efforts to induce the public to gamble
in their stocks they always become
optimistic in the end.
"A year from now concludes this
same review, conditions will presum-
ably have Strengthened themselves out
and the country once more have started
on a career of renewed prosperity,
which should last many years. All this
will take place if business men will use
their common sense in Harvesting up
politicians and driving them with
curbed bits
That being the case, the west won't
turn pessimist just yet. But. really,
perhaps we ought to have more sympa-
thy for Well street, with the poor
house staring If in tha faCe