The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1915-10-23
WALL ST Rec I
AS Seen From the Inside

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has preached In Wall street more
than ten years is spending three
weeks in West Virginia. he has
prepared this article for the Tele-
gram.
Wall street is through the ciyiliz-
ed world considered as the center of
the money power in the republic of
the United States. Not because ali
the great banking houses, trust COM
panies. real estate Offices, and cor
porations have their Headquarters on
the street but because 1t is the CEN
ter around which the great COM
mercial institutions of the country
largely cluster. Formerly in 1t was
the New York United States custom
mouse. 1t stood in the place where
now stands the National City Bank.
the custom house is presided over
by the collector OF the port. Mr..
Malone. Under him are more than
5000 persons at work who report
fro milne to time the result of their
services. To this shrine OF travel
and of trade more than seven thou
SAND CAPTAINS OF ships report what
they bring in and what they take
out each year. The custom house
Is national commercial barometer.
tells the imports and the exports
OF all kinds Of dutiable goods. And
business men of every kind in all
departments of commerce study the
statistics with the diligence of n
student for honors. The relation
ships OF the custom house to the
vast concerns in Wall street are in
constant EXERCISE.
New York Exchange.
The New York Stock Exchange is
entered from Broad street hard by
wall street. Its governing body is
one Of the most technically experts
on Its own lines on the earth. Its
membership covers every commercial
interest on the continent. And its
transactions reach to every part al
tne known world. 1t has long list
OF stocks and bonds in which it
trades. And in the business transac-
ions OF the combined world there
are not each month as many agrees
ments, purchases and sales made by
word OF mouth. Not all shred OF
written evidence being executed.
which agreements, purchases and
sales are so honorably kept. No
man may vacate his obligation or
put oil Its performance on any eS-
cuse or pretense what ever without
instant loss of commercial and money
credit. This ] am now saying il
not the general opinion CONCERNING
Wall street. but 1t is true notwith-
standing. The men OF Wall street
and what 1t stands for have no use
Tor knave or fool, when they
know him TO be such. Mere clever
ness unless combined with integrity
loses cast.
Popular Idea Of Street.
The question then rises how is 1T
that Wall street in the popular mind
Is considered in nefarious light?
The answer is clear. There are
adrott. able and attractive men who
hold out glittering prospects of
wealth to be gained by what they
describe as investment. but which
on final Investigation proves to be
mere speculation. And sometimes
the word gambling would be bet
Ter word to use concerning it. These
men are supported by persons all
over the repul>.c who have made
money. And they send 1t to buy
generally unlisted stocks of more
than doubtful standing. If the man
from the country towns makes money,
he pats himself on the chest and
says see what good boy / am"
II takes ability TO deal in futures.
+ On the other hand. If he loses the
money he has put up he says, what
on awful lot of swindlers there are
in New York. They deserve to be
taken out to the nearest tree and
hanged" Wall street and its sur
roundings like every other street and
their surroundings. has men in it,
character. But whoever deals with
honorable firms finds honorable
people. When the late j. p. Nor
gan was before the Senate investi-
eating committee in Washin gton, he
had neither burned his books nor
forgotten the names of the men with
whom he had done business. And
lie said in reply to a question, I'm
III my life have never knowingly
misled or deceived any person in a
business transaction. have always
regarded and now regard personal
charactea as one OF the best business
possessions" The statement Of. this
man was reported throughout the civil
lized world, and at the time was
not questioned. His house ,ias for
the period OF, the European war
been business agent for the allies.
And the chief instrument in arrang-
ing the war loan The present j.
F. Morgan called into consultation
some of the foremost living men.
Amongst them was j. j. Hill, OF st.
Paul, MINI. Mr.. Hill is. and prob
ably will be known. as the great
empire builder in the western part
of this republic. 1t was his genius
mainly that built the great northern
railway from st. Paul to Seattle and
opened up that vast empire tributary
to the road. No man ever put money
into his plans and lost it. His
genius has been constructive, by
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