East Oregonian : E.O. (Pendleton, OR) 1888-current, 1913-07-29
EDUCATION PUTS
A K|NK IN POOR
old WALL Street
The Public Is Wise to the Operation.
and Has Begun to Lose Much
Interest.

and Has Begun to Lose Much
Interest.
(By Carlton Ten Eyck, Written for
the United Press.)
Wall street once had some little
lambs,
Their fleece with gold was spun,
To shingle off that golden fleece
For Wall street was such fun
But now the brokers have no lambs
No lambs with fleece of gold;
No longer are they lambs at all.
But sheep both wise and old.
They know the bull they know the
bear.
And so they gamble not.
4 educated sheep about
The markets gone to pot.
NEW YORK, July 29.-Wall street
is sick-sick unto death. The stock
exchange is suffering from pro-
nounced attack of incurable anaemia
and the contributing cause. according
to the diagnosis of old timers, is edu-
cation The public is wise to Wall
street. There's the rub. The stock
exchange is still at Broad and Wall
and trading opens at a m. and stops
| at p. m. Railroad. steamships and
manufacturing shares and bonds
| change hands daily as in former times
/ but the public does not care. Prices
| fluctuate and the ticker whirs out it's
song of profit and loss as of yore,
/ but the public is not interested. Des-
: perate boar batting and equally des-
/ rerate bull fighting occurs on the
street as in former times but the pub
! lie takes no interest in the game The
! public has learned that the doings of
| Wall street should not concern the
| public The lamb has learned at last
that the path of speculation leads to
| the shambles sooner or later. The
money made on Wall street is made
| by the holders of stocks and bonds,
not by the gamblers. 1t dawned on
| the lamb some time ago that every
| dollar made by anybody on the street
is lost by some other body, and that
| the public was always that some 9TH
er body.
! Education is responsible for the
J present stagnation of Wall street.
! Congressional investigations of the
money trust, the adverse railroad leg
! islation and a lot of other things are
blamed for the decline of the street
| but the fact is that the public
through the newspapers and maga
zines, saw what made Wall streets
wheels go around, learned what made
| Wall street tick, and the public
promptly lost interest There is moth
| ing so deadly to pastime or amuse-
ment such as Wall street furnished
as a thorough understanding of it,
And you wouldn't know the Old
| place now" might be sung with unc-
tion by the brokers today. The
crooked little street with cemetery
at one end and the river at the other
hardly knows itself in these troub-
lous times An old-time broker who
has made and lost several fortunes ir
the street was heard to hum thusly
81 feel like one who treads alone
some banquet hall deserted, whose
lights are fled. and garlands dead and
| all but him departed" Some of the
wise ones profess to believe that Wal
street will never come back while
others just as we'll versed in it's ways
predict confidently that the present
lethargy. the wide berth that the pub
lie is just now giving the exchange
and bucket shops is just temporary
thing. soon to pass away. These point
hopefully to 1907-0S as an example OF
temporary depression. But there i.
no analogy. In those years there was
panic. Today there is nothing of the
kind. Wall street is doing a healthy
legitimate business Shares are chang
ing hands normally. What is missing
is speculation The public is no
playing the game, not because of hare
times. but because the public knowins
it is bound to lose at the game, does
not want to.
Five hundred Wall street clerk:
have been discharged, and all tn,
survivors have stood for hugs cuts il
salary. Telegraph operators who
used to enjoy "tims" on good things
and make "a nice piece of change nj
longer receive those favors. Messen
ger boys who used to get So bill
gratutously, now jump at dimes. Th'
brokers gather around the ticker will
q semhlance ot their old vigor, bu
they are watching the baseball scores
Floor men spend their time flgurln'
the cost of summer vacations.
A singing evangelist the other da!
tried to start street meeting nea
the curb market and was told curtl!
to "go and save 'em up in Centra
Park" A newly discovered teno
who says he outsings Caruso, wen
: down the street the other day to sin'
in an effort to attract a rich hacker
thing not uncommon in the oil
days. and was promptly arrested.
Whatever the answer, things ar
not the same down in the financia
district. and there are those who be
| lieve that wall street as an institution
will soon become a tradition
| CI OIrnnITRST NEAR JOHN DAN