The copper era and Morenci leader. [volume] (Clifton, Ariz.) 1911-1929, 1914-01-09
WALL STREETS FUTURE.

1t will not be long before this country will
! have learned through the results OF the banking
currency Legislation what its effect will be Wall
Street. Meantime, interest is quckened in ex-
IperlmentS which are being made abroad.
Germany is rightly considered the most
scientific country in the world Whether it be
music, chemistry or finance, Germany is in the
fore making scientific studies, and these mean
scientific, experiments A Wagner is welcomed
as something in music and appropriately scien
tifc
England is content to let experience and pre-
cedent be law and teacher, but Germany wants
experiment, military precision and logical rule.
A large proportion OF the people in Germany
are fined every year for small offenses such as
dropping OF paper in the street, or permitting a
noise upon their premises disturbing their neigh
bors.
In finance Germany is now measuring to see
exactly how much silver and how much paper can
be safely absorbed in circulation and also how
much gold she must have safely locked up in her
Reichsbank to permit another era of industrial ex-
pansiOn, the era that terminated two years ago
when she sent the Panther to Agadr in violation
OF the treaty OF Agciras and received in response
such growl from the British lion as to take the
smoke out OF her chimney pots on theRhine and
the gold balances from her banks, shriveling her
industrial and banking system in way to make
necessary another chapter in the German code for
scientific banking and scientific expansion.
Germany has her notions about contro-
ing speculation and encouraging bank reserves
She finds on bank checks of IL cents or 10
pfennngs does promote bank accounts, and
therefore it abolished January I. She has
tried to stop the sale of futures in commodities and
thereby check the evils of speculation only to find
that speculation the great preventive of both
high and low prices. Therefore, she now per
mits trading in futures but stamps them as gamb-
limb
will not permit shares to be issued against private
enterprise in a way to make them collatral at the
banks. Such ownership must be transferred only
on ledger accounts. England sits by and smiles
and lets the Street in London play with any
thing it pleases from shares in a bar-room to
bonds on a foreign farm.
Not long ago Germany forbade listing OF
some oil shares which represented many millions
OF Germon money. But the German fnanciers
just stepped to Vienna, listed the securities
on that Bourse, and then returning to Berlin sat
down to contemplate the rise in their petroleum
certificates in the Ninnese market with both Ger
many and Austria participating IN the speculation.
Washington is going to learn something
when it listens to learn how this currency bill
is going to reform Wall Street.
Any Wall Street semi-annual Iar1b-shearing
the past generation has been due largely to the
national bank act and the country banks of the
United States, which have made an ebb and flow
of millions of money spring and fall to and from
W all Street. In the time the country
banks have dumped their surplus money to get
two per cent on Wall Street, and in the fall they
have called it back make the crops Wall
Street banks will be glad to be relieved of this ebb
and flow, and Wall Street for banking investment
and speculation, will be all the safer therefor.
And under the new bank act Wall Street will
grow as it never grew before.-Revew