Show DEBUNKING CHANGE THOSE who derive enjoyment from the be beit belief be- be it lief that the New York stock exchange Isa Isa is isa a den of thieves should take care not to read the report issued Thursday of Richard of-Richard Whitney Whitney Whitney Whit Whit- ney its president It will almost inevitably shake their confidence in the inn innate a te de depravity depravity depravity de- de of all who engage in the buying and selling of securities as a business When Then one thinks he knows that all stock losses are prearranged by a coterie of conspirators conspirators conspirators con con- It Is disconcerting to meet the statement that the stock market is too often thought of as a basic cause of business prosperIty prosperity prosperity pros pros- and depression While no one would maintain that developments in the security market are without both economic and great psychological significance to business they are nevertheless effects and not causes The stock market for the m st part simply ly re reflects reflects reflects re- re business conditions That's as bad as robbing mankind of what Robert G. G Ingersoll used to call the hope of he hell I What will the eager reformer and the disgruntled investor do without They as the personification of financial villainy The destruction of They Is not the only heresy of ot which Mr Whitney Is guilty He disbelieves in the existence of a panacea for business depressions To liTo select any single I element clement in the business cycle he says magnify it into a dominant causal principle and attempt by its automatically automatically automatically cally to prevent depressions is a tendency as fallacious as it Is human To the sincere student however the Whitney report is a mine of ot economic mation matton He deserves praise for his fairness j in steering a middle course between the I mirage of unsupported optimism and the 1 abyss of or groundless fear His nearest ap apI approach ap- ap I to prophecy is his observation that I while the economic doctors dispute the pat pal pa- pa l t II tient will one day find that once again nature nature na na- na- na ture and rest have cured him |