The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1907-10-29
FINANCIAL OR MORAL PANIC -!

Here's an this depression which may bo
erroneous probably Ia not
Thorc are causes panic different from those be
hind the panic n this other results mN be
looked for.
&c &C. corn ic Il was so markedly an
ora prices silver idea that money was APP
prooahas tts grip on Che country
To-day cotton Ia lie. and soc
In Iowa they fuel because Il did not
pay ship This year making the iowa farmers rich
Railways earnings and net and manufao
turers marked depression.
wan sells railway and industrial stocks at eN
temsIy low and aasgns prices and some stock has practically
no market whatever
In isss all sorts and conditions people
Tho before tho semtpanie Of 1908 Wan
said that last there had been extremely little
public buying In what In previous years would have been regard
tempting market Il said that insders
keeping the upgrade In tho hope that the
reluctant public would finally come In But the public never came
Finally when the push prices fell with
rapidly helped Of by professional bear op
orators money BY getting che toboggau
DO questions What the peculiar con
public Of the market and they being
out what difference Il win this make In the nal RESULT
and further market conditions local and peculiar
wha cause different years work.
Ia perhaps moral panic peculiarly devastating to tho
victims but likely be comparatively harmless 70 the country st
larEsf
and the principal wall Street
popular People felt fellowship with
them their msortnes and tho superstition that Wall Street
heart pumping through the national arteries
Of trade held good.
Preceding this panic however unparalleled
nnancera We have had Lincoln ssns and Tom Lawson
and host OF other writer's draEged
class put them in the gallery.
official exposures BY In
United Interstate Commerce
expos
ures a great public o.
Wall brokers who simply buy and sell order
business comparatively legitimate said that Il
possible benefit them
Of the thieves ike Hartman
put They that the
only the high but that they
Ike
had OF the ordinary remedies against crime The result
that the OF moderate aud
ting money great Street promotions
high beginning other
ability general
the integrity the business trustees
possible money Investment
Recently It been proved that a
railway the country
sny banking engaged operations
which nothing less than putting their hands
New York Street Railway system has gone into the
hands Of receiver principally through public
managers O enterprise
Apparently. therefore time Of business prosper
i,y particular industry going namely
industry Of issuing certificates the forn
selling Money been withheld par
ucus industry because Of well founded belief that
would stolen public
paper securities Tremendously
unlike 1898 the stock issuing industry
really part the high
fInanclers their Juice without public sym
patty 10 a large extent without public alarm
r. Augustus Heinze copper certificates
In day E0000ooo Of their
vas no indication that this stock LARGELY held by
manpulators they be able to
bluff each other. expired without public funeral
So would that Wall Street suffering al
acute moral disturbance which,
affect the general business Of the
affect ~ being comparatively healthy
there much speedy healing Of
local disorder than there ia 1888 when the
body in trouble.
all the foregolng be epoch being marked not
only In business progress but IN current morality