Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-03-21
STREET LAUGHS Az PANIC.

"The losses were chiefly on paper
and fell with greatest heaviness upon
rich holders. The speculative public
suffered comparatively little"
This statement from Henry Clews,
an authority on market conditions
may be taken as Wall streets view
of the recent financial furry. 1t is an
added proof that no matter what
causes may be assigned for the two
days panic the result has been bene.
hcial. Discussing this phase of the
market situation Mr. Clews says:
"The stock market situation has
been unquestionably improved by re-
sent liquidation, estimated at between
S1,700,000,000 to $2,000,Ouu,OO0 in val.
nes. That such an enormous shrink.
age could take place within the com.
paratively short period of six months
without causing a single failure of
consequence is emphatic proof of gen
eral soundness in the situation. These
losses were often chiefly on paper,
and fell with greatest heaviness upon
rich holders or large operators, who
were abundantly able to meet them
Fortunately the speculative public suf-
fered comparatively little. 1t is per-
haps premature to say that liquila-
ton has entirely exhausted itself Yet
many Of the influences depressing the
market have been amply discounted,
and some of them should soon begin
to moderate, If not disappear altogeth.
er. In all probility the worst of the
strain upon the money market will
soon be over"
Mr. Clews insists that the railroad
legislation enacted or contemplated
was not brought about without good
cause. If there had not been abuses,
he argues, there would not have been
the need for such stringent legisla.
ton. He expresses the belief that the
situation will result in bringing the
government and the railroad into
closer relations and will mark new
and better era in American railroad
affairs. Concerning this, Mr.. Clews
says:
"A great deal of uneasiness now
exists regarding prospective railroad
legislation The bulk of the decline
In securities since last summer has
been solely due to natural and econo-
mic causes, which have been repeat
eddy explained in these advices. Mr..
AsSOoSNSit, 4oWONOl, 10 lCC0lNlllS
great deal more blame for present
conditions in the market than he is
really entitled to. Of course the
mere proposal from such a source of
legislation vitality affecting railroad
management Is unsettling. Yet these
proposed reforms would have been
neither possible nor probable had it
not been for past misdeeds. The re
sponsibility should, therefore, be plac-
ed upon~the authors Of the latter and
not upon those who are taking the
Initiative in placing American rail-
roads and corporations upon higher
plane and beyond criticism Very like
ly Mr.. Roosevelt is not so radical as
he seems; and by discussions with
our representative railroad managers
1T seems certain that he will suggest
legislation fair to the railroads and
satisfactory to public opinion. Some
thing must be done to conciliate the
latter; some larger government con-
troll Of these powerful corporations IS
inevitable; and it seems far wiser 10
assist the President in devising sane
general measures than to face the
radicalism and confusion that would
be inevitable if the question were
left to the hostile attacks of all our
state legislatures, no two of which
would agree. 1t is a welcome sign,
therefore, to see That number Of
our ablest practical railroad men are
going to confer with the President.
The result, 1t is to be hoped, will mark
new and better era in American rail
road affairs; failure in this wished-for
result will certainly give a tremen-
dous impetus to government owner.
ship, and would involve us in train
Of evils vastly worse than those we
seek to escape.
te N1xur N,ro nso,,N-r1nA,x