The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-09

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en- fed away. and
+, II there was found no
! ~ place for them I"
Revelation 20 : III
| rs IN The Pastor had a
NJ, IN request for further
/ fIoISIlo- f,IiSSriIOl light on a previous
! llN9lSs NQY9lllY discourse which he
! answered b fore
treating today's text. As II is Of peculiar
! interest we give it in full. lie had applied
Hebrews 1927 to our day, declaring now
. In progress the removing of all things
shakahlc. that only things harmonious
/ with Divine standards, which cannot be
shaken. may remain. He held that the
shaking heavens represented Churchian-
J lty - EcclesiastiCism -- and the shaking
/ earth repre- scented social financial and
/ political affairs His questioner wanted
TO know what financial shaklngs are to
/ be expected The response follows
/ stocks and Bonds 90 ne shaken.
/ Everything false. bogus. inequitable,
| will be shaken. In financial parlance
/ this is equivalent to saying that the
water viii be squeezed out of all the
! stocks and bonds. by methods once
! sanctioned, but now everywhere repre-
/ hended, stocks and bonds have been Is
sued for sums far beyond the actual
/ value Of the properties. These stocks
I and bonds have cos, their present own
+ ers varying sums from nothing up TO
q par: hut their actual value is what the
properties would cost. plus a reason
/ able percentage Of allowance for right
OF way ard business good will" In
ordinary times these had n market value
/ built upon hope OF their future pros
! pcrlty. Now. however, the general pub
| lie has become aware Of the real sltu-
! alton and is fearful 20 touch at any
! price these shares and bonds OF over
J capitalized companies, and the most
sound and solvent Of them share the
public dstrust. Now. In the opening
OF the New Dispensation. when every
thing is being shaken" we are 10 eN-
pcct that all such stocks and bonds
will lie shaken in value until every
/ thing like dishonesty and inOqulty shall
have been shaken out.
! Forty years ago the worlds great
bankers and flnancicrs concluded that
/ It would be to their interest to demone-
tie silver and have only a gold stand
! ard. This finally accomplished what
( they forcsaw and intended: 1t curtailed
the worlds monetary supply and en-
ahlcd the bankers the better TO control
the entire situation throughout the
world. By an elaborate banking system
/ valuable in some respccts), u made
each gold dollar chase itself and do the
/ work Of five dollars or ten dollars as
sisted by bank checks and drafts. Thus
tho profits of the larger banks increased
, amazingly by reason Of higher discount
and interest charges. making them rich
| at the public expense.
Tho public. Z course. aCQuesCed in
the law demonctizlng silver and making
gold the single standard. Rut they did
/ IL under misrepresentation. because they
I believed the bankers talc-that this
was really the best thing for the peo-
pie. and not merely n measure in the in
4 a.H.a
J OF the people. II is perhaps hut fair TO
say that less than one-half Of the bank
: ers understood the philosophy Of the
matter; the others were guided by the
Weather and more astute, who did fully
understand.
The result has been great profits 20
the bankers, and great power, for with
out them. railroad stocks and bonds
could not be handled successfully. the
bankers took over large issues OF rail-
road stocks and bonds, by what Is
known as the underwriting process.
They were capable sales agents for the
| bonds AT n good round percentage of
| profit. advancing money on the bonds
and holding them for sale to the public.
The Day of Reckoning.
Now We see fulfilled the Scripture
declaration, He taketh the wise in their
own craftness." Ooh 5.l3D How so,
90 you ASK Itll1 NlhA INV 81 cat
banks have their vaults well filled with
these bonds and stocks, on which they
had hoped To- make large profits. but
which, on the contrary they are now
unable to sell at any price. These stocks
and bonds reckoned in as part of the
banks assets. show them to be wealthy.
with immense SURPRISES; but now the
water Is 10 be taken out of these
stocks and bonds. 1t will show an i'm
mense shrinkage I'm the resources or
these banks. They will become sud
denly poor without actually losing n
cent, by reason OF the market value OF
their securities falling.
This fact is realized by all banks.
They realize that II the Day of Reckon
ing has come, and their holdings-their
securitics--are TO be reckoned at their
actual value, Il Will mean that instead
OF large resources and SURPRISES, some
OF the richest banks will become insol-
vent and be called upon by the Govern
ment either to close their doors or to
make good their shortage And right
there will be their difficulty, for the rich
men of the world have their capital In
vested similarly. and the reaction Will
be bound to unfavorably affect all the
great commercial enterprises of the
world AS all went we'll, amazingly well
for the bankers and the wealthy by
reason of the decentralization of silver,
so when the Day of Reckoning shall
pecially hard with these same people
And, although the stoppage and the
reconstruction will involve the whole
world. poor and rich alike neve rtheless
lin many respects the rich will feel the
pressure most.
The liquidating process had already
begun before the present European wal
started The Hartford and New Haven
Railroad. Tho Chicago and Rock Island
and others. have been called To account
with these the water squeezing" proc.
esses Of the law have been threatening
and Will undoubtedly accomplish thcil
thorough Shaking" But meantime the
war, waiting not fer the more gradua
processes of the law and the ordinary
business, has brought the financial
world to n crisis. The nations OF Eu'
rope are being shaken. The casualties OF
the war already amount TO a million anC
a half Of human beings, and hundreds
OF millions OF dollars. And It is only
begun. Financial values there ar,
greatly impaired. as are also nationa
credits. The thing wanted Ia gold an(
as In every war this precious metal has
, practically disappeared in the nations
at war. Their homo securities will no
be salable for cash. and n general at
tempt will be made to sell American
ecurities-American stocks. bonds, etc
But who will buy these? America vii
be practically the only market, and nj
We have already seen, American bank:
, and bankers are loaded down heavily.