The Washington herald., 1908-02-17
LYING COST RECEDES
Decline Movement in Prices
Of Commodities.
WILL PROMOTE EXPORT TRADE
Operation of Such Influences Indi-
Gates Method of Emcrgence from
Past aud Existing DimcuIties--
Great Changes I'm Industrial Life
I'm the Past Two Decades.

New York, Feb. I6.-During the week
before last prices Of stocks seemed TO
exhibit that peculiar and indehnable
hcaviness which suggested what is
known in Wall street as the presence Of
something "overhanginB" the market
RumOrs Of specific trouble in various
directions met with authoritative and
convincing deniais. and were seen 10 be
Tho work Of more stock obblng specula-
tors for the decline. But the slow press
ure upon the market was not relieved,
and this resulted at the beginning of last
week in a violent break in values more
severe than any seen since last years
period Of disturbance
The reason for the markets course was
very soon discovered. The buying power
IN the market that reached a natural cul-
mination I'm the latter part OF January
in the rebound from the panic. grew less
and less. and spectators who had bought
stocks on The TOP Of the January boom
finally began 20 hurriedIy throw over their
purchase A feeling OF pessimism be-
came widespread that was. aside from
the force Of technical agencies, working
for reaction. largely induced by dis
Couragement over The repeated unsettIe-
ment OF financial sffaiEs. having is origin
I'm Washington. the approach OF the COM
ing Presidential campaign. and the real
ization Of manufacturers. railroad mana
gers. and other employers or labor that
a.
ness is being conducted must BE- read
justed before any great forward move
mcnt in trade and industry in the coun-
try can take place.
Message a Wet Blanket.
The Presidents special message 20 Con
gress fen upon the financial life Of the
country like a wet blanket and whatever
rising movement there was in general
business and investment was chilled and
deIres sed- T. became clear that the com
ing electoral contest was 90 be one i'm
which assaults on wall street proper and
methods % conducting financial business
In the country as they have been long
and necessarily practiced here and IN
every civilized land were 10 form an i'm
portant part.
While the labor unions in various parts
OF the Land are abating the demands
which they We're making few months
ago for higher wages. this is as favor
able a view as any fair statement Of their
position can take. Mr.. Gompers and other
men occupying Influential places IN labor
circles are loud IN their declarations that.
whatever happens, wages in the country
are not 20 Dee reduced. the belief enter
tanned by them being apparently that
there is q fund somewhere apart from
that Of regular business receipts from
which wages can be paid
Up 10 the present time employers have
managed % get along by laying or men
wherever il WAS possible 10 do so. and
by adopting similar partial and hasty
economies, but the fact stares them in
the face that while business has been cut
in half the rate or compensation Of labor
is still at the inflated level 10 which il
was blown in the early part OF 1897.
Past Living Expenses High.
Laboring men say, and with a good
deal Of justice. that the cost OF living in
the country is SO high that they cannot
afford 10 see their wages put back 10 the
low figures OF a few years ago. and IL
must be admitted that one Of the unpleas-
ant features Of the present situation is
that So far the price or commodities has
not been reduced I'm proportion 10 the de-
cline I'm the value OF securities.
The fact attests the great change in
the industrial lie Of the country from
that in which ii stood ten years ago. and
for nearly twenty years previous 20 that
time. Then the poorer part Of the COM
munitv was the agriculturists. especially
the Western farmers. and their poverty.
not 20 say misery. formed the great drag
upon the country in periods OF hard
times
To-day so large has been the relative
increase in the consumption Of the staples
produced by the farmers that they. and
not the workers in mills and factories.
form the affiuent part Of the country's
population: and IL is -" doubt matter
Of the utmost importance NJ the present
time that with the reduction in wages
that must necessarily come some reduc-
ton in living expenSes-that is 10 say. in
the price Of the staple articles OF food
and ccmtort-should come also.
Living May he Cheaper.
II is. therefore. very gratifying 20 note
that in the last two or three months a
distinctly declining movement in the price
Of commodities has begun; and If this
keeps up il VIII Doe q matter in every
way for rejoicing. not only because it
viii make living cheaper in the United
States. but because it viii promote the
export of goods and materials from the,
country. and 50 help 70 place MS once
more in command of the worlds financial
markets. II is in the operation Of such
influences, along with the present econo-
mixing OF the people of the land that
there lies the best and surest hope OF
emergence from existing difficulties.
Murder Of Mr.. Reit..