Middletown transcript., 1907-03-16

ored to corner the supply of gold
he produced Black Friday and
all it's trail of failures, Every
one could put his finger upon the
exact reason for that disastrous
convulsion. When Jay Cookies
failure came a few years later
the financial world qHakea, but
all knew that business depres
sion exised in every civilized
land. So in 1890, when the Bar
ing Brothers collapsed and
created money panic in two
| hemispheres, there was no mys-
terry about the cause.
Six years ago the last real
stock market panic happened in
the United States. Rival rail
road powers were fighting for
the mastery of the Northern
Pacific, and that battle resulted
in the memorable catastrophe of
May 9, 1901. There again the
cause which led to wholesale
liquidation of securities was writ
ten in letters so bold that not a
person could be mistaken in the
reading thereof.
"But now there has been no
| failure of a great banking house.
There has been no depression in
business, for from on end of the
land to the other every man is
occupied. Every mill, factory,
railroad and mercantile plant is
as busy as ever before. The
country has just reaped in the
produce markets the price of the
| biggest crops ever grown on this
continent. There are neither
! wars nor rumors of wars. The
world is at peace while battle
ships and armies are idle.
"What then has happened
which might legitimately make
security values shrink from 20
to 40 per cent. in a day !? Where
lies the menace, or does any real
menace exist d? Certainly not in
anything which pertains to trade,
commerce or international rela-
tions. There is no panic and no
symptoms of any, except in just
one spot, namely, the stock
market. The whole trouble is
confined right there. Now what
is the reason for it ?
"The stock market has, or be-
lieves it has, grievance so great |
that nothing short of a panic can
cure it. This grievance lies
against Washington and against
the Legislatures of the many
States where anti-corporation
laws are making. Eminent rail
road presidents have predicted,
not, to say threatened, that dire
full things would happen unless
the lawmakers halted. Some
financial leaders have even de.
clared that continuance of the
so-called raids on corporate in
terests would have but one end
and that a panic. For a couple
of years these men have been
before the public and standing in
a light new to them and to every.
body else. At first indifferent,
they have finally been almost
smothered by the cumulative
on all sides, untiL now
they are like routed army at
bay.
rs it possible that these men
have agreed to give the country
an "object lesson ?,' There is no
4
disputing the fact that the lead
ing financial powers, to whom !
security owners naturally turn /
IN every stress, have not raised a |
inger this week to stop the on ]
slaught of the professional spec :
llators who have raided the stock
markets. On the contrary, it
would appear as if they had :
handed to the pirates who prey !
lpon the innocent investor a /
promise to stand aloof while the
after went ahead and plucked to
heir hearts content.
$50 far, therefore, as the public
IAN see the beginning, the mid I
lie and the end of this extraor-
linary panic Of March, 1907, was, !
irst, the grievance against the !
awmakers; second, the predic- S
ion that the panic would come T
lnless the White House and the
State Capitol's faced about and, 9
bird, resolve to make the !
country SO sick at heart with its s
is financial losses that there
would be universal cry to stop ii
corporation batting" q
Where will such policy lead q
nd whom Wilt iniure most? Tt 2
,ysl1 ~ ,,@,,a :. - =. "a