Los Angeles herald., 1907-09-22
TEARS, IDLE TEARSi-

IN ROM the inception of the prose-
X cution of the robber trusts to the
z present the administration was
under natural suspicion of coalition
with the money power for political
reasons, and that the money power
looked to the administration, through
legislative channels, to shut off the at
tack is clearly proved in the following
from the Weekly Financial Review:
1.-THE government attacks on corpor-
ations for the last two years, really
resulting in attacks on credit and con-
fidence, have had the effect of a dis
aster like that of San Francisco, not
confined to one sweeping devastation,
but repeated again and again, as
though one great city after another
had been torn and demolished by earth
quake. Prosperity, under these repeat
ed shocks, which moved down prices
and cowed foreign investors so that
up like we'll in the desert, began in
January of this year to feel the effect,
and business commenced to slow down.
This recession, denied at first by op-
timists, steadily progressed, and in
July it's existence was admitted every
where except in the west, which is at
last also beginning to show signs.
Whatever may be said about the
healthfulness of reaction and the
blessed relief of recession, the fact re-
mains that splendid prosperity, sound
at it's foundation, has been numbed
with persistent, unnecessary assaults,
riddled with shot and fire and is slowly
ebbfng. Let him who palliates this
needless destruction with hypocritical
excuse of alleged widespread dishon-
esty, thus smirching the whole Amer
lean business world with imputation
of graft and trickery, imagine what
would have been our case had foreign
money been let to finance, as 1t natur-
ally would, our railroad and other cor
poration requirements. Untold incre-
ment of well-earned profits have been
swept into the sea by shutting away
from us the right and necessity of a
great new and rich country, namely,
the use of European money Every
returning traveller of intelligence 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 govern
ment campaign waged in pursuance
of administration policies-a campaign
| "a
outweighed all others.
"a we'll known pro-administratior
senator, arriving after summer
abroad, says this week:
"'Conditions in America at the pres
ent time have alarmed the foreign
capitalist A prominent Partisan bank
er told me that prior to the fnancia
depression in this country he knew o.
| a vast fund which French financier:
had intended to invest In American
securities. A few millions were in
vested and then came the depression
and the remainder went elsewhere
You see, the French do not understand
that drop in lrices does not affec
values
"The drop in prices to which h
refers amounted to a wiping out o
5000 millions in, at least salable, values
1t is this trifiing sum which the ives
sneers at, referring to the incident a
Wall streets predicament.' The ives
is depicted in some accounts from tha
region as purse-lined individual, sleel
with prosperity, and sitting with it
feet on the desk, indifferently asking
What do we care about Wall street:
Meantime copper is unstable and mill
and copper mines are closing down
The contemplated closing down or par
tiaf closing of the Amalgamated mine
in Butte under the circumstances o
piled up stocks proving unstable, /
a good business move. When produc
ton is resumed it will undoubtedly b
under new and lower rates for wage:
This will be for the benefit of stock
holders of Amalgamated. Meantim,