The Detroit tribune. (Detroit, Mich.) 1935-1966, 1958-04-19
Resumption Of C.S. Monitor


On Sept s. 1917 days after hs bull market rssesd
m height ihe paper carried tsss fsc0s words from kess
SOONER OR LATER There IS Crash eoMisso,
AND IT NAY BE \ TERRIFIC ONE. This does not mean
selling I'll that you have but Il does mean PAYING UP
YOUR LOANS AND AVOIDING MARGIN SPECULATION"
On me very day Of the crash. oet ~, 1szZ "Bfsek
Thursday s paper described events in lis Psssons story
in no uncertain sqvssmish terms:
I'm WHAT IS PROBABLY THE WORST DEMoRAtizED
NEW YORK STOCK MARKET IN RECENT YEARS, AP.
PARENTLY EXCEEDING IN INTENSITY OF LIoUIDA-
TON THE SAVAGE BREAK OF MARCH. 1876 WHEN
PRICES BROKE IS TO 30 POINTS. PRICES ToeoccANED
TODAY m A PREciPIToUS DECLINE WHICH WIPED
OUT THOUSANDS OF MARGIN TRADERS WHO HAD
DESPERATELY cLUNc TO THEIR HOLDINGS IN A VAIN
HOPE or A RALLY WHICH MIGHT SALVAGE SHRED
OF THEIR PRINCIPALS"
On oef IS the paper said edoriaIy under fhe head
THE MIRAGE or EASY WEALTH.:
"A month ago THERE WERE THOUSANDS or PEOPLE
SCATTERED THROUGHOUT THE UNITED STATES WHO
REFERRED WITH PRIDE TO THEIR HANDSOME PROFITS
IN THE STOCK MARKET. TODAY A LARGE Proper.
TON OF THEM LOOK BACK WITH REGRET THAT THEY
EVER JOINED THE ARMY, NUMBERING IN THE MIL
LIONS, WHO BELIEVE THERE ARE EASY PROFITS TO
De HAD FROM SECURITY SPECULATION" The paper
then urged readers remember the element Of risk always
involved in speculation, and The importance Of knowing
experfy fhe Constituents Of fhe stock market"
In company with nearly everybody else, fhe Monitor
did al foresee that the collapse OF the bull market
WouIo edo 10 q general economic repression " noPeo
and urged that regard would be had for real values But
II said October 80. 1922
"cLEARLY THE AMERICAN PUBLIC HAS GONE
ABOUT THE BUSINESS OF SETTING ITS SPECULATIVE
HOUSE IN ORDER NOT so MUCH cRMLY AS SAVAGE
LY. AND IN THE sLAsHINc PROCESS IS THROWING
VALUES OUT OF THE WINDOW WHICH LATER. IN
cHAsTENED AND cALMER MOOD. IT WILL BE QUIETLY
usHERED IN THROUGH THE DOOR,"
PARTY POLITICS
On Nov. g. 1894 when the Republican Party's serious
losses al the congressional elections had deepened the
defeat Of 1892 and caused eminent COP spokesman
10 say fhs party would inevitably fade away like the Wings
the Monitor set forth constructive positon
AS nonPartissn newspaper fhe Monitor is much less
Pesssfe than certain Republican spokesmen about both
the New Deal and the future Of the Republican Party
IT IS CONVINCED THAT PARTS OF THE ROOSEVELT
PROGRAM WILL SURVIVE AND BENEFIT THE NATION
IT IS EQUALLY SURE THAT THE REPUBLICAN PARTY
WILL EVE AND SERVE THE COUNTRY -.
Unemployment insurance and oIdsse pensions
mentioned some Of the possible psnks in Republican,
platform Of social REFORM So far nothing definite has
OF this project During the campaign Republican candidates
were busy denovncng the New Deal that they had ifIe
time 70 offer positive program Of their
AS Mr.. Borah says, all they could hold hungry
men was the Constitution and the people can't the
Constitution, indispensable that foundation is In
this campaign SENATOR vANDENBERc Of Michigan won
by taking liberal independent position. His position is
one which ought TO attract many from both the Left and
Right wings OF the party But the and soundes
basis for party unity will be found personalities but
principles"