Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-08-28
sHR|NKAGE IN
WALL STREET
Y VALUE s
GRAND TOTAL ALREADY
REACHES THREE BILLIONS
Roosevelt Held BIameIeSs for
Financial Distress Which
Henry CIeWS Believes Due to
Overabundant Prosperity,
especial Correspondence Morning Journal

UVefdDunQdIl PROSPERITY
Especial correspondence Morning Journal
New York, Aug. 24.-The shrinkage
in wall street values has already ex-
ceeded $4,000, 0OO, 600. This is largely
dne. not to President R~oosevelt's poll
lev or his actions in connection with
generations: for similar disturbances
have taken place in London and else
where. English consols, for instance.
are lower today han they rave been
in the history of the nation. As a
matter of fact we have had in this
country too much prosperity for soy
eraI years. causing an OVERRIDING in all
channels Of work, construction and
ejaculation. In other words, the"e
has been too much business for capi-
tai credit and transportation. Values
had become inflated, and in the mean
while there were many evidences OK
corporate dishonesty which shocked
confidence 10y the revelations that
cropped out from time to time. NJ.
Rooseyelts policy has been forced
unun him by these developments.
W me inc penalty NV b'ihS pun +Ns
be hitter for the eXcesses that have
taken place. the situation VIII De p
soumder one In the end and all inter-
psts will be established upon a more
conservative basis. Great prosperity
has forced upon corporations a larger
amount of business than they had the
ability to handle; hence the flooding OF
the market with securities to obtain
he means to meet the emergency ana
the excessive issues from that source.
II IS plain to be seen, therefore. that
those who blame Mr.. Roosevelt Tor
an our troubles are in error. Actual
conditions have been mainly responsi-
BILE. We have been confronted win
conditions. not theories.
Secretary Taft's strong endorsement
of the presidents policy and the pres
,Ident's W speech are strong n SUI
hcient evidence that the president can
not be budged from his attitude
against the violators of the interstate
laws by clamor or criticism
and l suggest that, rather thar 70 Nlo-
Iently oppose the president, IL VIII
be we'll for the corporation magnatcf
and managers to fall in line, II let
the president and the public under
stand that they Will strictly OBEY the
Interstate and the sherman
antitrust laws. They might as wen
accept the inevitable. for itNts plainly
evident that he viii NOT change, ana
the statute laws should be observed.
There has been great mi~sunderslahd-
ing and much eXa~ggeratton as 70 me
mention OF the government olllclals'
An that thev propose to do. rs tar as
can be a~scertained, Is TO compel great
.aruorations to respect the law IN lle
same manner as the humblest citizen.
When public hysteria has supslded
the effect of past agitation ana present
action will result in higher
mann o. n0nnf ana "a
keoner sense Of honor n responsible
itv. Let the stockholders of the va
rious corporations join hands IN de-
handing the punishment OF the sulll9
individuals without causing n sullel-
ing OF innocent investors ana AZ.
Roosevelt viii accept them as alies ~
his work of reform. Big money fhes
nunish the innocent stockholders ana
denreciate values. since they threaten
couiscation; while imprisonment Or
the guilty would enhance values, nv
oar national reputation 70 a hiehe.
plane. put our securities on q HluIc
reliable and honest basis ana restore
confidence at home an dabroad.
The monetary situation, though lar
from being satisfactory, Il
improying. No doubt LIQUIDATION mas
enforced sufficient contraction III ioans
10 materially strengthen the p"uNS
ANA enable the latter to finance the
IINI anu inc AAA ~ "
az Inc Interior. All accounts from the
interior are encouraging As a result
of average crops and profitable prices
There Is every prospect OF a Bood MAJ
ket this fan for all staple prouuol9,
even II the stringency of the inohe.
market should enforce a CuIta.li'o
of new enterprises and speculative on
erations. There is no doubt mat inc
country would be better Off Tor q moo
crate recession in general busiht
So that tension might be rcileNcd al1
affairs return 10 the normal LOT W.
street Is still the storm center anu.
while the end has apparently nor Aet
suua tho financial situation has htch
much betterod by the decline 20 q
lower and safer level. There d more
on less uucasiness en- London iaiL'
and Berlin. where much the same w.
I~icuItics are being faced, thoush -
intense. OVERRIDING is also at the Dol
an of foreign troubles. and the same
ar must be endured; that ol liqulda-
In. The Bank Of England, nlthouth
Al ala not advance the bank rate this
pcek. Is showing unusual caution ahu
D. foreign demand for gold al thls
fimc g. suggestive. Considering or
evu position. 1t does not seem llkely
that we can afford 10 part with any
NJ amounts Of gold AT this season
~ ought to be able 10 place future
grain and cotton bills more freely JUS
now. since 60 Is certain that fuI"I,
must take these products IN laret
amounts and pay rs good prices ipi
the same. Al the same time "uF III
ports have been running very heaNl
thus onsotting the large excess OF -
uurt7 which has favored us TOT seNtLA
years and making Il easier Tot Eu'
rome tu take our gold.
The credit situation just now l- one
that calls FOR calm judgment \ WaN.
of hystoria has passed over the street
that should De overcome and beaten
down. It IS suffering from various ~
orsses and needs a period ol oiili
ished activity for recuperation- ~
Liquidation cure Is painful but lneNttA-
DE. aud when completed the pallai'
shoullrnme out Of its present SOU
In good health. Those VINO cohtIp
the purse-sfrings should be CAIN ahu
~reIf-puised. giving assistance Nh'i
needed 90 concerns Of proved soul.-
moss and earning capacity o. ritinlf
Withholding 20 from those Which ~
unstable and undulv speculative. ln
stock market BE- still in an unsetiiel
condition H shows far falll lt-
Towers but 20 e. evident that iiqulaa-
fian d. incomplete. and those who ar.
able o. uurchnve rood stocks outriEnl
win undoubtedly he hie 20 pick thein
100 III urires that wfl WELD good profits
to the permanent hoiders on at mar
rfua1 f-ernfacffans we advise great nHd-
ton HENRY CLENS.