. Review of reviews and world's work. y these opera-tions. This period of inflation was first checked inthe fall of 1902. At that time, the banks andconservative Wall Street operators, representedby Mr. Clews himself, gave emphatic warningsof the common danger, and no doubt by theircourse prevented a most serious collapse in busi-ness. Then came a long period of decline, inwhich hundreds of thousands of people were im-poverished or ruined. All classes of speculatorswere involved in this depression ; but the coun-try as a whole suffered no such disturbance asoccurred in 1893 or 1873. Mr. Clews
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. Review of reviews and world's work. y these opera-tions. This period of inflation was first checked inthe fall of 1902. At that time, the banks andconservative Wall Street operators, representedby Mr. Clews himself, gave emphatic warningsof the common danger, and no doubt by theircourse prevented a most serious collapse in busi-ness. Then came a long period of decline, inwhich hundreds of thousands of people were im-poverished or ruined. All classes of speculatorswere involved in this depression ; but the coun-try as a whole suffered no such disturbance asoccurred in 1893 or 1873. Mr. Clews describesthe Northern Pacific panic of May 9, 1901, thecapture of the control of the Louisville & Nash-ville Railway by John W. Gates and its redemp-tion by the J. P. Morgan company, acting in theinterests of the Louisville & Nashville and theSouthern Railway companies, and other interest-ing episodes of the period of inflation. Theliquidation and depression of 1903 he regards asa natural reaction from the preceding prolonged. Photograph by Aim4 Dupont, New York. MR. HENRY CLEWS. boom period. In that year, and in 1904, thecenter of extravagant speculation has been thecotton market. In concluding his article, Mr. Clews notes thechange that has come over sentiment and opin-ion in Wall Street during this eventful periodof inflation and speculation. He says that bothWall Street and the outside public have lost thefaith they had in many of the stock-marketleaders, the men who were once followed blind-ly in their schemes of inflation and regarded asomnipotent in their execution. Furthermore, 240 THE AMERICAN MONTHLY REVIEW OF REVIEWS. Wall Street and the public, he says, have alsolost faith in all new ventures and new railwayand industrial bond and stock issues, as well asin the good judgment of the promoters and cor-porations concerned. Mr. Clews believes thatthis great change from blind credulity and in-ordinate inflation to discriminating distrust andsevere contraction is exerting