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Show Why Any Depression ? II When men in the West talk about the de- II pression and the tightness of the money market jl in the East, they should keep in mind a few 11 things. First at home the mines were never jl yielding so much before and never looked better; II the harvest was never more generous; never was II ESSSSSSSSESSSSSSSSS H the wool clip or tho sugar crop better; the live H stock industry never before took on such formid- H able proportions; the fruit crop has just borne H away nearly all the premiums in a great expo H sitlon; tho net returns of Utah will this yerj ex- H ceed by several million any previous year. And H what is true of Utah applies in more or less do- H greo to all . these interior states. On the West H coast all the states are exultant over their bar- I vests of grain and fruit, of lumber, of gold. Go- I ing East, while there has been a little falling off E3 in some crops, the increased price has more than I made' up tho doflolt. The steel industry will this I year increase its greatest former output by per- H haps 2,000,00 tons. The valuo of the cotton crop I has never boon exoeeded more than once or H twice; tho manufactured output was never great- H er than this year; the railroads are crowded to I their utmost onpacity; the volume of trade in our H favor is about up to the highest point. It all I means that those United States are richer than H a year ago by a thousand million of dollars. Was H over a money depression heard of before on such H a showing? I There has been a groat falling down ot H stocks; but that, we take it, is because for reasons H of their own certain wealthy men and financial I institutions determined to withdraw their money I from the market for a few months, possibly until H the Presidential nominations are made noxt year, I and on such stocks great losses have been suf- H feredf by such people as had bought on margins, but there was no actual loss; the clocks remain. It is not like a loss through shipwreck or fire. Nor do wo believe the cry that there is not monoy enough to carry on tho enterprises of tho country; for when Investments are made the money gravitate back to the monoy centers. For instance, suppose Mr. Harriman draws down $10,000,000 for bottorments to ono of hla roads; that money goo out to the lumber men, to the stool men, to tho locomotive and car builders, build-ers, to the laborors employed. But how long before be-fore it all gravitates back to the money center from which it came? When men point to depreciated depreci-ated railroad or mining stocks, that simply means that some holders have unloaded and have probably prob-ably locked up their money. Why they did, we think, is plain. The President made a far too ostentatious showing of what was to be done. A hundred great newspapers have filled half their space for a year and a half denouncing Indiscriminately Indiscrim-inately corporate and individual wealth and tho thievery of watered stoclc What more natural than that moneyed men should get under cover until the storm passes? |