The Washington times., 1910-08-28
POLITICS AND THEORIES EFFECTIVE
IN LIMITING STOCK OPERATIONS
Disposed
parenty With Their PoshonLet in Bond
Disappointing
By JOHN GRANT DATER.
Especial Financial

Especial
NEW YORK, Aug. g7.-Reference has
already been made 10 the fact that wall
Street is preparing itself for a political
scare II is really very early for any
thing Of the kind. but the premonitory
signs were noted a fortnight ago, and a
preliminary shiver was experienced dur
ing the week when the shadow OF the
colonel fell athwart the market OF
course there can be no word OF truth
in the rumor that President TAFT and
Colonel Roosevelt have agreed upon a
campaign program. with a joint attack
upon Industrial corporations as its chief
feature, but the circulation OF this idle
tale Fas sufficient to work a sharp re-
action IN prices on Wednesday. and
though moderate recovery ensued,
gives . fair idea Of the extreme sensi-
tiveness Of the Wall Street market, at
the present time. TO developments Of
a political nature.
Some day some one may be able 10
work out h satisfactory treatise dealing
with psychological phenomena as mani
tested IN a security market Ii is a SUD
iect wei worthy the attention OF a mas
ter craftsman. a man possessing the
rare attainments Of Gustav lie Bon,
whose rem arkabIe study of he coilec-
tive mind. given 10 the world IN lis
famous work The Psychology of the
Crowd approaches nearer 10 this sub
jeCt than anything which occurs 20
nsird. for Il deals quite cXhaUStiVeiJ
with tho effects of certain events upon
aEgrcgatiOns Of individuals. causing pe--
sons III aidely dissimilaf walks of lifc,
Of divergent interests. and varied de-
greeS of mentality to think act feel,
=
as. for instance wild OutbGrsts OF pa
triOtic ferVOT. religious TevlvaiS sense
less DaniCs. .tc. Upon occasions a note
Of music has much the same influence
Whv do gentlemen from New Jersey,
Oregoa. or Illinois. set up an imitation
rebel yeu-' when they hear the strains
Of Dixie rIaved in a New York lob
ster palace. OF elsewhere ano why does
Carlyle, send thrills alike us and down
tie spine OF EnElishmen. Spaniards,
Americans. and Turks. as well as
Frenchmcn2
Stock Market Psychology.
And " hat, you ask, has all this to do
with the security market2 Nothing Ill
reCtly, perhaps, except that It sugEest IS
the idea that when an adequate essay.
OF work, OF stock market psychology
makes It's appearance. a fuH chapter
perhaps twO-shOUld be devoted TO the
effects Of hypnotism and suggestion
upon prices, and by way OF illustration,
no better example can be found than
the uaralvZinE influence eXerted upon
the market by Colonel Roosevelt Wall
Street has always used names To con-
711re with For instance. the suggestion
of Morgan buying sets the pot SHIN
mering whether Mr. Morgan IS actually
the 'bOEey man of the market The
mention OF his name sets Wall Street
shivering in all its 800 odd bones It
acts upon bankers and brokers IN the
self same way as does the name OF the
Black Douglas with which English
nurse maids IN the border countries
have frightened their charges into sub
mission and obedience during an inter
val Of 501 years
It is really remarkable. this spectacle
Of one Of the worlds s greatest security
markets haItinE in its course because
the figure Of the colonel, IN JACK boots
and Tapping hat. stalks across the
stage. How can II be explained except
upon the score OF psychological phe-
nOmena a strange working Of the rnen-
tai processes q manifestation AKIN 10
hypnotism and SUGGESTION This IS a
land administered by laws. nst men We
have a written Constitution, Supreme
Court 10 interpret il. representative
government elected by the whole people,
and vet a private citizen, holding no
elective or appOintive Office, though once
iutr71sted with the highest in the land,
himself to the center OF the stage OF
events, and becomes the dominant fac
tor in our public life, instructinS moth-
ers on the breeding Of children, lecJur-
ing citizens OF the centr9I terIlSgFy on
the pollution OF inland seas, and indi-
eating to mankind in general its proper
course Of acton IN practically every
walk and activity Of Hfe-personal, IN
drIstrfaI, and political It is, OF course.
a great tribute TO an individual that 50
large an element in the nation seems
disposed to yield itself TO his VIII, but
is II all for good. one wonders and IS
session by one man since BanopaTte. the
great adventurer, trampled on the liDer-
ties OF France. and seated his brothers
and kinfoIk on the thrones Of legitimate
European kings2
Political Considerations
Political considerations. pure and sim
n1e r- frnp11re and complex. do not fall
within tho SCoDe Of this article except in
50 far as they touch upon financis-' az
fairs. At the present time. Wall Street
is ,assirr under the influence Of the %
IiticsI campaign. ard the part assume1
therein by Mr.. Roosevelt has become the
dominant topic Of conversation in bank
fnc and brokeraCe offices. ard one can
scarceIv avoid the conclusion that this
subject is destined 10 play an increas-
inglv prominent paTt in the security
market of the near future. Yet. II
sDac,1Ia15ve Wall Street stops 10 think
&c = it s7lo14ld realize that II Is attTih-
11tinq to Mr.. Roosevelt an influence that
he docs not possess even thouSh az
times he would seem TO assert It. r OF
instance. traced back % its source wan
Streets fear Of Colonel Rocsevelt as
diet77rF,in., factor can be founded upon
the theory. alone. that he has suddenly
pe~or1e invested With the Dower and at
tributes Of a Dictator one who can dom
j-,s+o tho duly elected OF appointed eN-
ac1,five legislative and judicial func-
tioYarieS OF this country. conuoi thelI
activities. make and unuake laws. ana
in fact act in the United states OF Am
tt,,t r7j9l,tv warrior ard statesman Gen
Cipriano Castro late Of the United
States Of y Venezuela
we have been talking psychology 10