Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1895-08-15
Could We DO without Wall Street:


IL has been the hatit Of too many
peoplu-wcll meaning people, tJU--lU
dgcfy Wall Street NJ hutlluI - the
morals Of tho country aud iuiufltus e.
our bvsl business Interests. NuW, this
is all wrong. Wall Street has been very
| nptiy described ~ the "buslurss pulse
" the uulion." 10 that In the very
host mrauiIg ~ tho term. A. the
minute hand on tue clock denotes the
fractional change IA tao hour sp do
TIE fluctuations IN the Wall street
markets chow tue rise and fail Of the
busiuefs temperature Uf the country,
Lut there be my activity in mercantile
Ur mHnu' hulufiug circles, AMI 10 IL i'm.
mcdlatciy reflected in the tt1ck "a.
change aud the other exchanges whore
values are dependent upon public con.
hduncc.
On this other hand, csuses that iniiu-
once the outside world hashly nave
depressing effect Nv Wall Street, hnd tue
prices ui securities nud products take ~
lower turn, Ihes- are tue results when
nsturoi conditions are allowed 10 have
effect. o. course there arc times whpU
lUrJaIntisn yntIcaius got oonttol o
financial chauuulb, and by their man.
ipulali0n upset antuTai conditions anu
prevent them from having natural re-.
suits, II Is nj tuUh times that paulcs
result. Il0fo never has been panic
a. Wall street that was not due To the
work " iuun ioinui In y combination
10 give false eiicCl 10 ua.I.al CIndl.
tiJns,
Wall Street IL o.8snl'ally a place
where the law Of cause aud effect IN
most marked. IL IL ~ impossible Tor
any Gem JinA.i0n OF men 10 ftFist there
laws NJ II u Tor any human being 10
dolly the laws ut nature. You cannot
stay tho Tides or dam the Mississippi.
An tEpfuftlve hut somewhat lI,Vsf.
out operator in grain BpUcui ,luus,
commenting Oucu uu tho iailuTo % u
pool 10 Put up the price % wheat nud
maintain 10 10 tnc face Of n big tfIp,
said; Ell. iH no us6 ttyiuR 10 uuga
against God Admiralty; uu eau upset
the bulls every iimC.b To the student
OF utiairs there Is much more Truth "a.
pressed IN ihsse iSW trfss woTda Of
disappointed spUoulaior than Ia whole
columns OF tho loug sermons aud IT,
radrs preached against Wan s,rrepb
w.ys aud meas by mluitlsFs who
nave only tufsyry IDEA OF thu sub-
ytcl they are talking about, aud seek
only 10 decry what they do not uudu,-
stand. Wall street Ii not n gamblers
paradise.
There Ia no place In thH business
world where moro hard vera, closer
calculation, keener insight iaIo affairs
and philosophical anu conservative
conclusions ara required than IN the
bankers and brohers' uiiioes Of Wall
street There 10 no rIss' Of men who
watch events muT' "usNly thAn tho
operators IN the q i slftel mEl h-ls.
In the sltoss Of war umes II was 10
Wall street that tic government
turned for holy. II was it0m Wall !
street tbs assistance came which mads |
n cOnIinuEuce OF the government n |
possibility. Wall street las saved the |
nation moro thAn once, aud may have |
to 30 II uguin. II has always been |
ready 10 respond 10 any call, public " |
private, where financial or business |
problems were 10 10 s1lyoi AMI thu |
financial health Of the nation pre-
served.
1t Is very true that men hnvs used NJ
gamblefl tho opportunities Afforded by |
Wall tlruot, but thesB arc not the men
who have made II reflective of the
business prosperity not only Of this
but other cUunlfle6; nor nTH they the |
men who manage what may properly |
10 termed the statesmanHhipO banking |
Wall street IL a place where surplus
money from all over tue worll fiUws
lot inVoslmonL Investment Ina wuR,2
In the securities OF tho corporations
which arr dependent upon the material
Of this country the
gteatesI land under Gsd'a good hug-
light,
n indeed, we cannot do withOu,
Wall Street,
How would our 100, 900 mllo6 Of rail.
roads have Ieeu constructed without
Wall Street? rAeto great phone IN OF
development, prosperity ami oiyillzA'
iiou would nave remained exceedingly
limited In tueir oElaHt nul sgJpe, "
tEs buuds TO LuIil t.tm ns4 MT boon
neg ItaIed by Wall street tuauoiep.
TLInk Of tho fortlle lands that thee
network. Of l5Oomy,un have opened
10 IElillOBs IRON gii nations VI The
globe, ami the enormous increase ~
Wealln they have thus lIYlIttd iytuy |
OF uur vast national r..
bDuTcUs 10 our own c0un,Ty-ii WeOuly |
estimate ths average value 10 tIu
country u sveTy RIu,t Immigrant a.
81 900, tue lowest economic calculation.
Tnon, again, look ~ tns army Of em'