The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-16
SUNSHINE CLUBS"
ARE BADLY NEEDED
Wall Street Is Suffering From
Acuteness of Business
Depression.
MANY ARE TEMPTED TO QUIT
Sky Still Far From Clear, but
| Better Things Are
in Sight.
MANY ARE TEMPTED TO QUIT
by II. C. FORBES.


shrink from thus acknowledging de-
feat.
One old established, high-toned firm
told me the other day that its Stock
Exchange business did not pay for it's
electric light. There are a hundred
others similarly situated. Some will
go; others Will follow the example
Of one prominent liam by closing
branch Offices: most will hold on in
the hope OF entering better times by
and-by.
Securities have recovered appreci-
ably during the week. The undertone
has improved Sentiment is less hope
less. Quon<iam bcars-some OF them
men of large means-have begun to
protect themselves by buying stocks
they sold, but did not possess.
The unsettlement is not over. The
sky is still far from clear Much
wrockaRc remains 10 come to the sur
face. Several OF the newer Industrial.
manufacturing and mercantile hota-
lions. which were shamelcssly wat
cred" ma% have TO suffer reorganiza-
ton before the end OF 1911. Numbers
OF unseasoncd stocks arc still head
Ing for lower levels despite the de-
cline already experienced.
But investors can safely buy out
fight carefully selected trustworthy
bonds yielding high returns and we'll
established dividend paying stocks.
win every promise. |)l apllE not only
generous income. but enhancement
in market value within the next year
or eighteen months
There has been enough tearing
down. All loyal citizens should nos
strive TO build up. This is essentially
a time for disseminating sunshine
Don't imagine, however. that Wall
street has had no reason for acting
cautiously
regret to have to say 1t. but sales
men in making their tours for next
spring orders will find they can sell
few goods Buyers Will no: place con
tracts save on ii price guaranty basis
If tbs tariff Is cut. goods affected
must be reduced accordingly. Reports
from men now on the road are very
discouraSjnC
Fear. pessimism. discoura cement
viii creep over tho country from East
10 West following the ordained cycle
Wall Street should begin to exhibit
che-rfulness next month provided
some wholly unforeseen calamity does
not upset al calculations Such
things ~ reasonable tariff revision. 4
recession in general business and dear
money here and abroad before April
have been amply discounted More
over stock markets have allowed them
selves 10 he depressed by visions OF
q war between France and Germany.
catastrophe not p; all likely to oc.
cur The state of ]. = Morgan's
health has also occas!nned concern.
what would happen should the worst
hcfaii cannot be gagged although II
NAV Ice Well "a recall that the removal
of great financiers mas rarely democrat
tied stock markets
I: Is not unreasonable to hope that
April Will bring relief from the poll
teal ghosts now seen In Washington
by business people. from the European
war scare, from awkwardly tight
money. from AlhrnY threstenjnrs. and
from tho whole lcthal atmos phere that
has lain like a pail over the financial
district
Less than a fortnight; AGO the drift;
in the financial world was dangerous
alarming. OBJECTIONS had overtaken
those who sit in high places They
were moons olable.
You arc talking panic. them"
asked of one tremendously powerful
concern. The blunt question came as
a shock.
NO, no. nothing of the kind" was
the instantaneous and nervous dis
ciaimer: don't say that. Things prob
ably will pull through. although YOU
5nust admit there is nothing very en-
couraging now in sight"
Perhaps my question revived the
spectre of Humans hanging recently
conjectured up by Woodrow Wilson
The truth is that certain interests
arc still looking on the black side of
things. still warning their friends not
10 purchase either stocks or bonds
and still skeptical or recent incipient
signs of recovery.
They may he right.
May they he wrong.
Preaching gospel OF pcssimism
would only tend to make them right.
No one can conscientiously urge un-
restrained optimism, reckless excur-
n1- ho ht,r 6
bridges. But the investor who comes
forward with his $500, $1,000, $4,000
or $4,000 and buys the right kind of
bonds or stocks will come out on ton
sooner or later.
Who Will he Morgan's successor"
That question is much on Wall
Streets lips. I'm sense. Morgan
can have no immediate successor. No
one could instantly command the
same power. the same influence, the
same domination over other giants in
the financial world. For half a gen
Grafton Mr. Morgan has stood alone
towering above all other bankers In
power and prestige. n potential arbiter
of financial fortunes. He has been the
uncrowned but universally acknowl-
edged king of American finance
The times are not propitious for q
second Morgan The United States has
latterly frowncd upon autocrsts. both
plutocratic and political.
Some one, however. nuuestionably
VIII rise up above his fellows i'm imam
cial circles The name most frequently
mentioned is that of Henry r. Dawson.
This resourceful young man Is not only
tho most active partner OF j. r. Nor
gan & Co, but he enjoys the whole
hearted backing of George F. Baker.
Of whom he is protege. Moreover,
MIR. Dawson is on very friendly terms
with tho National City Bank. while.
of course. he Is the head and front of
the Guaranty Trust Company and the
Bankers Trust Company No other
man-with the possible exception of
j. p. Morgan, Jr.-could straiehtawav
command such support.
Other financial stalwarta whose ca
reers will be watched with keen in
tereat include the younger Morgan.
Frank "A. Vanderlip. Otto H Kahn.
James speyer. Albert Fl. Wiggin and
Charles II. Sabin.