The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-25
PRAISES WALL STREET,
Banker Henry Clews Thinks 1t
Is Indispensable to the
Nation.
Rapidly Making New York the.Great
Financial Center of the
World.


World.
1t has been the habit of too many
people-well-meaning people, TOTO de-
cry Wall street as hurtful to the morals OF
the country and injurious to our best bust
ness interests. Now, this is all wrong.
Wall street has been very aptly described
as the business pulse of the nation" 1t
is that in the very best meaning OF the
term. AS the minute hand on the clock
denotes the fractional changes in the hour,
so do the fluctuations in the Wall-street
markets show the rise and fall of the bust
ness temperature of the country. Let
there be any activity in mercantile or
manufacturing circles and it is lmnedl-
ately reflected in the Stock Exchange and
the other exchanges where values are de-
pendent upon public confidence.
On the other hand, causes that influence
the outside world harshly have depress-
ing effectin Wall street, and the prices OF
securities and products take lower turn.
These are the results when natural con-
ditions are allowed to have effect. OF
course, there are times when speculative
syndicates get control of financial channels
and by their manipulation upset natural
conditions and prevent them from having
natural results. 1t is at such times that
panics result. There never has been
panic in Wall street that was not due to
the work OF men Joined IN combination
to give false effect to natural conditions.
Wall street is essentially place where
the law of cause and effect is most marked.
1t is as impossible for any ombination
of men to resist these laws as it is for any
human being to defy the laws Cd natu9.
You cannot stay the tides or dam the MIS-
sissippi. An expressive but somewhat ir-
reverent operator in grain specuations,
commenting once on the failure OF pool
to put up the price of wheat and maintain
it in the face of big crop, said: 1T is no
use trying to buck against God Almighty;
he can upset the bulls every time" To the
student of affairs there is much more truth
expressed in these few terse words Of a
disappointed Spectator than in whole
columns OF the long sermons and TRADES
preached against Wall streets ways and
means by ministers who have only cur
sorry idea of the subject they are talking
about, and seek only to decry what they
they do not understand. Wall street is not
a gamblers paradise.
There Is no place in the business world
where more hard work, closer calculation,
keener insight into affairs and philosophi-
cal and conservative conclusions are re-
ouired than in the bankers and brokers'
Offices of Wall street There are no class of
men who watch events more closely than
the operators in the Wall-street markets.
In the stress of war times it was to Wall
street that the Government turned for help.
1t was from Wall street that the assistance
came which made q continue of the
Government possibility. Wall street has
saved the Nation more than once and may
have to do it again. 1t has always been
ready to respond to any call, public or pri
yate, where financial or business problems
were to be solved and the financial health
of the Nation preserved.
1t is very true that men have used as
gam blers the opportunities afforded by
Wall street, but these are not the men who
have made il reflective OF the business
countries; nor are they the men who man
age what may properly be termed the
craftsmanship of banking. Wall street is
place where surplus money from all over
the world flows for investment. Invest
ment in what2 In the securities of the
corporations which are dependent upon
the material developmentof this country
the greatest land under Gods good sun
light.
No, indeed, we cannot do without Wall
street.
How would our 100000 miles OF railroads
have been constructed without Wall
street? These great pioneers of develop
ment, prosperity and civilization would
have remained exceedingly limited IN
their extent and scope if the bonds to
build them had not been negotiated by
Wali-street inanciers. Think OF the fer
tile lands that these networks of locomo-
ton have opened to millions from all ma
tions OF the globe, and the enormous in
crease OF wealth they have thus impaired
by the development of our vast National
resources to our own country-if we only
estimate the average value to the country
OF every adult immigrant at $1,000, the low
est economic calculation.
Then, again, look at the army OF en-
ployes connected with the railroads them
selves, better paid than they could be for
the same physical and intellectual ability
In any other department. OF human
energy. These employees, including those
who work in all the trades that contribute
to railroad building, car building and rail-
road supplies of every description, amount
to nearly two millions. What power
these would be in politics II they should
unite for any purpose Talk of the
Knights of Labor and the fear that they
once inspired when they did not exceed
half million; they would be small COM
pared with an organization OF railroad
employees.
While it is unfortunately true, as have
pointed out in my book, "Twenty-eight
Years in Wall Street. and in other publ
cations, that disreputable railroad pro-
jectors and managers have, especially
through the medium of construction COM
panles, made use OF railroads for the most
avarlclous purposes; yet in spite OF such
great abuses, the railroad system, propa-
gated by Wall-street capital, has been
chiefly instrumental in the marvellous in
crease OF this nation. which has no historic
parallel for growth, having, in century,
increased from 5000, 600 to so, 900, 600 of in
habitants. Wall street is not only indis-
pensable to this country, but foreign ma
lions are feeling the necessity of its exist
ence more and more every day.
Wall street, and Wall street mainly, is
rapidly making New York the financial
center of the world. The London Stock
Exchange and the Parisand Berlin Bourses
would become insufferably dull if the New
York Stock Exchsnge were to be closed for
week or for day. Hence, the progress
OF great industries dependent on them
would anguish accordingly in the same
way that railroad, telegraph and other en-
terprlses would suffer here if deprived of
Wall street, the great financial fountain
from which they draw their most invigo-
rating tonic.
In fact, enterprise everywhere would he