White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1911-10-15
CAUSES UNREST
IN STOCK MARKET
PROMINENT NEW YORK BANKER
MAKES STUDY OF CONDITIONS
THAT PRODUCED A WORLD
WIDE LIQUIDATION.

WOrlQ-W1Qe lQd lne forces
at work are succinctly stated in an
interview with a prominent banker
as follows:
1t would be difficult to find in
modern history a parallel for the
wide sweep of disturbances, political,
financial and economic, which have
aged over the world in the month
just passed.
In China, floods and uprisings; in
the principal countries of Europe,
war and threats of war, drought,
strikes and food riots; in our coun-
try recrudescence of antitrust,
activity and feverish markets for
stocks as we'll as for steel, cotton,
coffee and many other products of
the farm, the mine and the factory.
In short, the forces of nature and
man each contributed their share in
producing a condition of unrest that
was and remains s|trikingly universal
in it's scope. We know that the acts
of nature are beyond ordinary con-
troll and must be faced as best they
can. but those of human origin are
dirigible; consequently when men of
different races and hemispheres rise
up to assert their respective de-
mands, one is irresistibly led to in
quire if so widespread d movement is
an entirely fortuitous accident, or
if it is not perhaps the result of eco
nomic forces, working to adjust a
balance which is no longer on. an
even plane.
The subject is one SO broad in its
character presenting many different
phases and aspects, and is of such
great moment to the future economic
welfare of the nation, that it merits
the widest and most searching in
vestigation.
The forces enumerated above are
certainly sufficient to account for the
worldwide liquidation of securities,
and it is more a cause for wonder
that conditions have steadied them
selves so quickly than that We should
have had a break in stock market
prices. The question of most inter-
est now is whether or not the stock
market has adjusted itself, or in
other words, if the disturbing ele-
ments have been discounted. 1t is
unfortunately true that time and
time only can bring the cure for the
social unrest that has manifested
itself, and a solution also of the
questions that have unsettled the
political conditions in this country.
1t is hoped that progress will be
made in adjusting the tariff to the
wishes of the people during the
coming winter and that, through vol
untary action, many of the corpora
lions will help restore the competi-
tive trade conditions demanded. At
any rate, it seems assured that the
stock market and financial conditions
generally have become such that the
outcome of the uncertain factors
can be awaited with assurance that
a panic is out of the question.
The extent to which the industrial
world will feel the effects of the con-
ditions that have so seriously dis
turbed the financial markets, re-
mains to be seen. 1t is evident that
merchants all over the United States
are following a most conservative
policy and that stocks of merchan-
disc are now down to immediate
needs and will remain in that state
until the unsettled feeling has passed
away. The much talked-of liquida-
ed to a greater extent than many sup
pose through a reduction in forces
and working hours. 1t should be
realized by those who think a liqui-
dation of labor necessary that labor
must be we'll employed or the buy
ing power is reduced, and the
troubles of labor react on business.
The two cannot be separated in their
effects any more than business can
ignore financial conditions. Hence
there is need of cooperation and
capital realizes that labor must be
prosperous to make business pros
porous, while labor must realize that
merchants and manufacturers as well
as railways must be allowed to earn
fair returns or it cannot be employ
ed. Just as soon as the degree to
which the classes depend or each
other is realized, we shall have laid