The Washington times., 1912-02-25
ROOSEVELT SPEECH DID NOT BRIGHTEN
WALL STREET, DESPITE TRADERS EFFORTS
Professionals Financ Although They Tried Hard Do So
Small Economies by Show Hard Lines Which
, Has Reduced.
4 BY JOHN GRANT DATER.
Publications

NEW YORK. Feb. 25.--Things were |
so intensely, dull during Wall Streets
business week that the professional
trading element failed even in an at |
tempt to work up a market scare on
Colonel Roosevelt's speech before the
Ohio constitutional convention at CO.
lumbus. They tried hard to do so, cir |
culating excerpts from the address,
separated from their context, In ad-
vance of it's delivery, to prove that in
the matter Of the judiciary Mr.. Roose-
welt was more radical than Senator La
Toilette or Mr.. Bryan, and they raided
Steel common and Reading in an ef-
fort to show that they were very much
frightened over the matter, but the
market as a whole yielded a mere frac-
ton. and on the resumption of busi-
ness on Friday seemed to have for
gotten the incident entirely.
Perhaps this effort of the traders to
put some life into the market, even
though they had to break prices to do
so, Is not fair test, but actually 1t
seems as though nothing In the way OF
developments can fan the smouldering
embers into a flame. Tuesdays total
dealings, for instance, were but 12,7i5
shares, which as q record Of paucity
stands unrivaled since the dull days
OF midsummer. The remainder OF the
week was not much better, and pro-
fessionalism was everywhere apparent,
but more particularly, perhaps, in the
concentration of business upoa three or
four issues, to the total neglect of
many of the very best stocks on the
list. In an effort to break the market
on Wednesday, for instance, nearly Is
per cent of the dealings were in Read
ing alone.
Wall Streets Small Economy.
This story OF dullness is becoming a
wearisome tale. but Wall Street In these
| days has become a chronicle OF small
beer, and the distinction characteristic
of the market rs apathy. / have heard
It discussed. during the week, all the
way along the line from the bootblack
that polishes Wall Streets shoes and
the barber that cuts Wall Streets hair
and shaves its jowls up to the presi-
dent of one OF the biggest banks in
| the country, and by one of the foremost
| bankers of the world. The views are
interesting; those OF the bootblack ra and
OF the bank president and the private
! banker.
| The views of a bootblack are not
without some value for they give an
| insight into the small economies which
Wall Street practices when hard up
So, / am informed, on the best of au-
thority, that brokers and customers
after polish are not not nov Vt tossing 50 ns.a a
| the change. There is less matching for
shines than formerly and every one
I within earshot Is not now invited by the
head Of the cpstomerS room room "' 10 nave
mixing in small things. The bootblack
says so and the barber confirms II.
The latter Is honing more razors for
customers than ever, for Wall street
shave themselves.
Applied to Bigger Things.
These trivial matters are mentioned
here chiefly because they were men
toned to the bank president already
referred to and his comment was: ITS
a good sign, for II we are ever going
to get upon a firm foundation in this
country again to remain there perma-
nently we have got to relearn the mean
ing Of the words economy ana thrift
and practice what they signify. Ac,
cordlng to this observer, while political
uncertainties appear to be the CHIEF re-
straining influences IN tne securry ir
fluences affecting the community whlcn
cause unrest and sap the country's
resources, and chiefly among them are
waste and extravagance.
AS this man pointed out, within ar
hours ride OF practically any large city
of the country, in almost any direction
one comes upon large areas OF unfarmec
coast we are importing potatoes from
Scotland. Sweden, and Germany, and
on the West coast, with all the FERTILE
soil of California and with all the mil
l l,.A~ tarDN A.
are importing them from China. AnC
we are discussing, too, the importation
of swine from China because the cos
Of feed is raising the price OF pork u
profitable to bring common ordinary
porkers from foreign lands.
Extragavance and Waste.
There ia much food for thought II
these suggestions, for perhaps, after all
the security market Is not languisnint
30 much from the influence of suit
against corporations and the fear o
possible changes in the tariff or In thu
Administration, as 1t Is from deeper
seated influences, the high, cost OF al
most everything which man eats o
drinks or wears-of labor, material, ant
lrent-things which curtail the pronts o
the manufacturer and the dealer, ant
eat into the surplus of the merchant ant
the Individual. These are fundamentals
and II is conceivable that they may no
be altered in the slightest by Govern
ment lawsuits or political changes.
II II is extravaganza and wastetu
improvidence that Is at the seat or IN
trouble, then, assuredly, the cure resi-
in an extension to other things oot OF bis Ssc g
economies as are noted by the bootpLacl
and the barber. We cannot be prodlGa
and prosperous at the liam same vn tine; Cavern
ment, municipal. and corporation Dep
and borrowing Of the TtUGDg fUtuGe; and nd Incl Incl
surnius and more, and living on credi
indefinitely Some day nGymmsrItT tnsTe must Sif fO%
forced n relearn the meaning of tn
words economy" and "thrifsa Ws aFd streei tsi
for business has come to standstill y
that quarter. and there can be no doun
that the small economies noted nav
become absolutely necessary.
Sighting the Steel Corporation.
It cannot be said that the news dc
velopments OF the week were ignored
the financial district, but they certainl