The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-09
STREET FEELING
VERY, VERY BLUE
Stock Exchange Thinks Financial
Sun Will Never Shine
Again.
CONDITIONS ARE BAD
But Wise Spectators Are Buy
ing Now, When Prices Are
at Bottom.
BY d. G. FORBES.


New York Stock Exchange has just
sold for $4,000, a drop of $4,000 from
the top price few years ago, and
the lowest figure in thirteen years.
That sentence epitomizes Wall Streets
state of mind
Oh. you can have no idea how blue
Wall Street feels. The sun is never.
never. never to shine again. Dark
ness Is to reign across the face of the
land forever and ever. Europe too,
Is on the brink of financial perdition.
Let Inc offer a morsel OF philosophy
evolved from the nifty years' experie nee
of a banker
Only two things have learned about
tho stock market during all the half
century l have been down here One
Is to buy stocks when they are away
down in price and nobody can see one
encouraging sign. The other il to
sell them when they are very high. no
matter If theresis not spo, OF cloud
on the horizon
Under this rule. stocks should be
bought now, for is not everything
rushing toward universal ruin?' Why.
1t is awful-simply awful The times
arc not only out OF Joint, but drawn
and quArtercd The world financially.
is mortally wounded
Once there was terrible spell OF
drought The good country folks be-
ca!nc more and more disturbed week
by week. FINALLY they resolved to
hold great open air religious service
and pray for rain. The patriarch or
the district was coaxed 90 attend.
On being importuncd to make an ad-
dress. he got up and said simply thia:
II have lived nigh on to ninety
years. and in all that time ! can rc-
member only ono drought that wasn't
broken. That was this one---and 1
have faith enough to believe IL xiii
be broken 100" The good folks wen,
home feeling better
To describe all the ills that WALL
Street fears Ia 10 suffer would call for
n thick octave.
President Wilson, SO it is dolefuily
whispered. Is to bcrate big business In
his first message to Congress three
weeks from now Congress. so II Is
foretold. is to take off his coat. roll up
his sleeves and beat capital TO /, fraz-
lie Our whole industrial system is to
he turned toDsy-turvy. then turvy-
topsy. and finally pitched into the SCRAP
heap.
Governor Sulzer and his cohorts are
10 Stay that wicked monster. the Stool;
Exchange. and scatter all Wall Street
institutions TO the four winds. Boston.
Philadelphia and Chicago all hone 10
catch some OF the flying pieces.
Abroad destruction also stalks Ger
nany--so run the current forebodings
lis is about 10 wiring her richest sub
iects in mad effort to dazzle Britain
and France with her armaments, while
already her national finances are tot
tering-has she not. for the first time
in several years. taken a tiny amount
of American gold and been unable 10
sell her securities Ike hotcakes? Poor
Austria is even in a gravcr plight AS
for France. she must watch Germany's
wild expenditures for the implements
OF war. and Johnny Bull. of course
cannot fall behind in the in
sensate race. The financial straits OF
such war-riddcn countries as Turkey
Italy the Balkan States and China are
too terrible TO contemplate. while Japan
is already in the thick OF disorder over
raising funds.
Awful. now, isn't II?
Don't forget. however, that tie aged
patriarch never knew but one drought
that did not break-and that was brok-
en- up. TOO.
Seriously, conditions arc not good
either here or abroad. And the state
"f mind of financial people are allow
ing themselves to drift into may be-
come real danger.
There is urgent. there is pressing
there is imperative need for bracng
UP. for fighting off despair, for exercis-
ing courage. Things may be handled
smoothly after all.
Why put words into Woodrow Will
sons mouth"
Why condemn the new Congress be-
fore 1t opens its doors?
Why abandon hope that Albany leg
jslators Will BIO guided by reason now
that they have had matters explained
to them In the right light?
Why jump to the conclusion that
Germany cannot avert catastrophe she
can get all the gold she wants to buy
here" said a New York banker who is
in position To supply many millions
suppose the Presidents message is a
model Of modern conservatism. Sup
pose Congress refuses TO fly off AT a
tangent. suppose the three or four
foolish bills before Albany are drop
ped. And suppose a speedy declaration
of peace in the Balkans released the
hundreds of millions OF boarded gold
In Europe. What then?
Instead of Il panic. would not a swift
rebound be In order?
Remainder the two things learned by
the successful banker OF fifty years
Xperiencc-buy securities when thew
arc down in price and everything looks
black. ard sell them when high, though
everything is rosy.
Day I'm tho Street.