Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1915-01-14
THE NEW YORK STOCK EXCHANGE.

In the January number of the American Review Reviews
recounng for December the magazine reminds us
December II the exchange reopened after having been
closed for III days. much the longest period of suspension
in the history of the institution.
When consider the pastthe days OF repubcansm So
caled-he that that body closed for Ill days
markable You will remember that the exchange the
prosperity the whip which lashed the wayaring
common back into the ranks. If W. j. Bryan said
republican papers reported depression In stock
values the stock exchange Ii Teddy f. jumped into the
spotlight called P Morgan liar and reached for his big
stick stocks crumbed If William Taft shook hands with
joey Cannon stocks scared Perhaps this little extrava
giant nevertheless you will remember the old dub of the
"standpaers" and ''sandpat" journals.
We fed the stuff by the papers, prosperity
varied Lo and behold in the year of Lord 1914 Pres
dent Wilson, democrat president and the stock exchange
closed for Ill DAYS Yes it's So And we still exist as nation
Now you would suppose that in the Ill days the exchange
closed condition financially and economically must
have worsethat is to apply old republican formulas
Conditions better than before the
closing The Review of Reviws sums it up as follows:
MANY factors had the weeks preceding the reopening
operated to produce atmosphere of renewed confidence and
hope in financial circles O The successful installation of
the Federal Reserve Bank Sys 2 the increase of export
trade following the partial clearing of the international
change situations 3) the widely spread with
in week-ha the Interstate Commerce Commission would
grant the request of the eastern railroads for cent
freight rates. and az inevitable reaction from the
dismal mood of the previous four months combined to
bring demonstrations of enthusiasm the resumption
of stock and bond trading 1t to be noted that under the
rules of the eopeng sales could not be made at prices below
certain minmums which followed closely the line of prices
taished on July 30 the day the closing of the
change In the first few days trading limited certain
But any there little sign Of the flood of
selling from European security holders the fear of which had
been like nightmare the spirits of Wall Street since the
beginning of the After rapid advances in the prices of
securities through the first three days of business the market
Quoted and there decided reaction which, however, left
average prices well above the quotations of July 80
If the stock exchange in the past had any influence
American destiny and prosperity it given to its manipu
laors. Money power conferred in New York In that city
the press button of financial control in the United States
And remained there until Woodrow Wilson became president
and appointed McAdoo secretary of the treasury The first
thing McAdoo did to government DEPOSITS from
New York banks where they brought interest returns and
deposit the banks outside of New York interest
rate of two per cent
Then President Wilson prodded Congress into passing the
regional banking act No longer do New York bank
ers control financial conditions republican
gresham held the back long they could but
passed and became due time head off diaser
ed by conditions.
There great things which have been revealed tc
the of the people in the last All praise to Pres
Wilson