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5423969_1_0618.xml
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<title>
<bibl><title>Skandinaven</title>,
<date when="1907-08-13">Aug. 13, 1907</date>.
<title level="a">The Stock Market Crisis</title><title level="a" type="sub">(Editorial)</title></bibl>
</title>
</titleStmt>
<publicationStmt>
<publisher>The Newberry Library</publisher>
<pubPlace>Chicago, Illinois</pubPlace>
<address>
<addrLine>60 West Walton</addrLine>
<addrLine>Chicago, IL 60610</addrLine>
<addrLine>USA</addrLine>
<addrLine>http://www.newberry.org</addrLine>
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<idno>5423969_1_0618</idno>
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<notesStmt>
<note>Transcribed from digital images contributed to the Internet
Archive by the University of Illinois at Urbana-Champaign.</note>
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<div type="group">
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<item>NORWEGIAN</item>
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<item>I D 1 a</item>
<item>I D 2 a (4)</item>
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<div type="citation">
<bibl><title>Skandinaven</title>,
<date when="1907-08-13">Aug. 13, 1907</date>.
<title level="a">THE STOCK MARKET CRISIS</title><title level="a" type="sub">(Editorial)</title></bibl>
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<body>
<p>The strike of the telegraphers broadened quickly Monday, and as a result there was further decline in the stock and other markets. The strike is placing great obstacles in the way of business which demands speedy negotiation and quick decision, and as a consequence, many withdrew from the market for the time being. Those, who under normal conditions would be buying wheat or stocks, do not buy, and those who have bought hurry to sell. When everybody wants to sell, and nobody wants to buy, there is, of course, a decline in values. There was a general and quite heavy decline on Monday, and it is well to be prepared for more of the same type.</p>
<p>The leaders in great companies are blaming President Roosevelt for the condition of the stock market. The principal among them, John D. Rockefeller, has just expressed his opinion on the situation, and as he probably represents <pb facs="5423969_1_0619.jpg" n="2"/>the opinion current in leading financial circles, his words are of general interest.</p>
<p>"The policies of the government in regard to the large corporations of various types can have only one result," he said; "those kind of policies will ruin the country and bring financial depression all around."</p>
<p>The country already has experienced a good deal of this since a large company with a limited number of shareholders was given a maximum fine. The consequence was loss of confidence, and this caused the decline of the stock market, tightened the money market, and created fear for the future.</p>
<p>What will be the result of similar attacks on other corporations with thousands of stockholders all over the country, among whom are a multitude of widows and fatherless children? There is but one answer. The present situation will become infinitely worse. Any man of common sense will realize that.</p>
<pb facs="5423969_1_0620.jpg" n="3"/>
<p>A further step. The country is already drifting toward the financial rocks. Confidence has been lost, and confidence is the foundation for all prosperity. Induce confidence, and nothing can stop the wheels of activity. With confidence lost, everything stops automatically. Everybody puts his money in his vault, and the wheels of business stops."</p>
<p>Such is the view, held by the king of trusts and finance. It does not hurt to learn the attitude taken by the circles for whom he may be considered spokesman. Any one of us will realize that there is a good deal of truth in Mr. Rockefeller's statement; but on the other hand everyone knows that those people may have a one sided view of the matter. That Rockefeller may see dark clouds everywhere is quite reasonable; a fine of twenty-nine million dollars is no joke. But it must be remembered that the same anthem has sounded from that same camp every time a great and necessary reform has been suggested. Rockefeller, and his group, do not look to the future with confidence and equinamity, unless they be permitted to have their own way in everything; in other words, only if the money power and the corporations are <pb facs="5423969_1_0621.jpg" n="4"/>permitted to rule, do they admit that things are all right. These powers have been permitted to rule too long and too completely, and the government is busy nowadays cutting away some of the evil growths resulting from their unhealthy rule. The operation may be painful, but it is necessary if the people are to become masters in their own house. The people realize this and are willing to endure the pain caused by the surgeon's knife.</p>
<p>Besides, it is probable that a decline in stock prices would have occurred under any circumstances. Stock gambling moves in waves, the prices have been advancing, and a recession was to be expected. Quite naturally it came now in conjunction with the Standard Oil fine and it is quite probable that the fine and related matters may have speeded up the recession. But the business conditions in the country are healthy, and there is reason to believe that the decline will not be as serious as predicted by Rockefeller. It is, however, a wise policy for everybody to be prepared for the worst while at the same time hoping for the best.</p>
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