The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-07
In The
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VIEW, ny I1eHfy CIeWS, LII. u, du-
thor of Twenty Eight Years in Wall
Street" Publishers: Silver, Burdett
& Co.. New York.
Henry Clews has been an important
factor in Wall street since 1857. He has
weathered panics and financial gales, and
the banking house of Henry Clews &
Company is reckoned among the most
conservative and sound financial institu-
tons in Wall Street. The advice OF
Mr.. Clews is sought far and near, and
so many people desire to know what he
thinks about financial conditions that for
some years he has issued weekly letter
that treats upon the current financial and
business affairs of the country. These
letters are never dry or dull, and they
treat of whatever influence Mr.. Clews
thinks has any effect upon stocks, enter
prise or business. They are as interesting
as they are valuable-a rare compliment
to pay to financial letter which is usu-
ally so much Greek to the unlnitlated
In 1.-THE Wall Street Point of View"
Mr.. Clews undertakes to show that the
prejudice that often exists against this
center of, American business, banking
and speculation is based upon a miscon-
ception of the operations in Wall street.
He regards Wall street as the guage of
business prosperity. In that small dis
trict is embraced more wealth in proper
ton to area than any other space of
similar dimensions in the world. 1t is the
centre of the banking, insurance, COM
mercial, industrial life of the Republic.
"As the mercury in the thermometer de-
notes the degrees of heat and cold, so
do the fluctuations in the Wall Street
markets show the rise and fall of the
business activity of the country. Of
course there are times when speculative
syndicates get control, and by their ma
nipulations create artificial conditions and
artificial results. Then it is that panics
are liable to occur. Wall street
is place where the laws of cause and
effect are conspicuously potent, and it is
as impossible for any combination of
men to resist these laws without making
trouble as it is for human being to defy
the forces of nature: An irreverent OPP
orator in grain speculations, commenting
once on the failure of a pool to put up
the price of wheat and maintain it in the
face of big crop, said: r"It is of no use
trying to buck against God Almighty; he
can upset the bulls every time"
Mr. Clews denies that Wall street is
"a gamblers paradise and says there is
no place where men work harder and
look to work and knowledge more for
success. Wall street, he says, comes to
the rescue of the government when it
needs help in time of war. The build
ing of the 100000 miles of railroad has
been made possible by Wall street finan-
ciers who f1oated the bonds. mot only
is Wall street indispensable to this
country, but foreign nations also are
feeling the benefit of its operations more
and more every year. What
folly is this enmity of Wall street? Let
us condemn and cut off its evil, parasitic
growth, but let us recognize and glory in
the fact that this great financial center
is fast approaching the point at which
it is destined to become the enormous
clearing house of the worlds enterprises
and industries. In the course of evolution
and higher civilization we might be
able to get along comfortably without
Congress, but without Wall street,
never" These extracts show the point
of view of Mr.. Clews. The last sentence
quoted would rather tend to confirm the
popular impression that "Wall street is
bigger than the government and runs the
country" if Mr.. Clews is correct in say
ing I'VE might be able to get along COM
tortably without Congress, but without
Wall street, never" The popular preju-
dice OF which he speaks is mainly direct
ed, not at Wall Street as such or its i'm
portant and valuable business operations
necessary to the commercial prosperity
OF the Republic-but to the fact that it
seeks to dominate Congress and make
legislation subservient rather to it's point
OF view than the interests of the whole
affxr
asitic growths'' that the protest against
Wall street is aimed. While the
conditions in Wall street often reflect
the business life of the whole country.
and are in sense its commercial heart, it
is not well for the country that all pub
lie and fiscal policies should be directed
toward carrying all the blood of the sys-
tenn to the heart to the impoverishment
OF the limbs and the head. Legislation
dictated by Wall street would be like
Mr.. Clewss view of the primacy of Wall
street, and if controlled by that great
part of American financial life, then Mr..
Clews would be right i'm saying that eve
might be able to get along comfortably
without Congress, but without Wall
street. never"
Mr.. Clews gives a most interesting in
side view of Wall street operations and
treats of matters social, political and in
ternational. Whether you agree with
him or not he writes entertainingly and
with the greatest spirit of candor. The
book will be read with interest by men
in all callings, particularly by business
men.
TOM DIXON AND THE LEOPARD'S
SPOTS.
III his brief, chatty biography of Thomas
Dixon, Jr., in the February number OF
The Literary World, Mr.. Harkins discuss
es ''The Lepoard's Spots at length as
tho stronger of the authors works He
says:
Strictly speaking, The Leopard's
Spots is not SO much an answer as d
sequel to Uncle Toms Cabin BY por
traying its abuses. Mrs. Stowe dealt slav-
cry a blow from which it never recovered.
That slavery cloaked fearful abuses no
Scutherner-not even Mr.. Dixon himself
denies, or could honestly deny. But
Uncle Toms Cabin did not look for
ward to the consequences of the enamel
Il