South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-07-28
Wall Street
Is Hard Hit
BY CARLTON TEN EYCK.
(WrItten for the United Press.,

wall street once had some little laInDS
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.
With educated sheep about
The markets gone to pot.
NEW YORK, July 2S.--Wall St is
sick-sick unto death. The stock ex-
change is suffering from pro-
nounced attack of incurable anaemia.
and the contributing cause. according
to the diagnosis Of old timers, is adu-
cation.
The public is wise to Wall st.
There's the rub. The stock exchange
is still at Broad and Wall. and trading
opens at a. m. and stops at 3 p. m.
Railroad. steamships and manufacture
ing shares and bonds change hands
daily as in former times. but the pub
lie does not care.
Prices fluctuate and the ticker
whirs out its song Of profit and loss
of yore, but the public is not inter-
ested. Desperate bear batting and
and equally desperate bull fighting oc-
ours on the street as In former times,
but the public takes no interest in
"a 90 cd
that the doings of Wall st. should not
concern the public. The lamb has
learned that the doings Of Wall st.
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 st. 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 somebody. and
that the public was always that some
other body.
Education Did 1t.
Education Is responsible for the
present stagnation of Wall st. Con-
gressional Investigations OF the money
trust, the adverse railroad legislation
and a lot OF other things are blamed
by some for the decline OF the street,
but the fact is that tbs public,
through the newspapers and maya
zines. saw what made Wall ST.
wheels go around, learned what made
Wall st. tick, and the public prompt
~ lost interest. There is nothing so
deadly to a pastime or amusement
such as Wall st. furnished as a thor
ough understanding OF it.
And you wouldn't know the old
place now" might be sung with unc-
ton by the brokers today. The crook
ed little street with a cemetery at one
end and the river at the other" hard
ly knows itself in these troublOus
times. An old-time broker who has
made and lost several fortunes in the
street was heard TO hum thusly:
II feel like one who treads alone
some banquet hall deserted. whose
lights are fed, and garlands dead and
all but him departed" Some of the
wise ones profess to believe that Wall
street will never come back while
others just as we'll versed in its ways,
predict confidently that the present
lethargy. the wide birth that the pub
lie II just now giving the exchange
and bucket shops is just a temporary
thing. soon to pass away. These
point hopefully to 1907-0S as an ex-
ample Of temporary depression. But
there is no analogy. In those years
there was panic. Today there is
nothing of the kind. Wall ST. Is doing
healthy. legitimate business Shares
are changing hands normally. What
is missing is speculation. The public
is not playing the game, not because
OF hard times. but because the public,
knowing II is bound TO lose at the
game, does not want to.
Clerks Are Discharged.
Five hundred Wall ST. clerks have
| been discharged. and all the survivors
| have stood for huge cuts in salary
! Telegraph operators who used TO en-
| Joy tips" on good things" and make
"a nice piece OF change" no longer
receive those favors. Messenger boys
who used TO get S5-bills gratuitously
now jump at dimes The brokers
| gather around the ticker with q
sehblance of their old vigor. but they
are watching the baseball scores
I Floor men spend their time figuring
| the cost OF summer vacations.
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