Daily capital journal. (Salem, Oregon) 1903-1919, 1917-01-10
THICKHEADED WALL STREET

From several sources come day after day warnings as
to what will happen after the war; Most of these
representations and most of them of evil, from
Wall Street. To the thOughtess they would seem to
have the weight Of holy writ for they from the
center of the worlds greatest money CENTER and surely
the money kings who rule the business world know all
about what is going to happen to us under any given
conditions That is the way the average citizen views the
matter and without examining into the authority and
its reliability such view seems juStliable.
Surely the who manage the financial affairs Of
the nation know about results of this that and the
other than the common citizen who plugs along attending
his business and not boherng to solve grave fnancle
political questions. To him the word of the spectators
Of Wall street is enough.
The fact is the general public take Wall Street as
that wise bunch takes itsef-seriousy AS matter of
fact those same big money mekers those gamblers
in stocks know less of this country than any other class
of people, They also know less OF any other country and
about real tangible things than the average citizen, and
for the reason that they measure everything from Wall
Street standpoint They imagine that when Wall Street
sneezes it is time for the country to take medicine for
cold. They believe that when the wind and water is
squeezed out of stocks and they reduced to their
actual values as investments and the specuang values
are cut out that the country is going broke.
As matter of fact Wall Street is of no more value to
the country than the vemfom appendix to the human
body and only paid any attention when it is requiring an
operation to relieve the system of annoyance caused by
its presence
It does not realize that it effect and not
It imagnes it creates things when matter Of fact it
only CANDLES on the results of what others have created
AS Illustration OF IL Is OIly lecto
say to recall the scenes Of the latter part OF 1914
When the European war commenced the street set up
wall that could be heard from Seattle to Key West
The country was going to be ruined All Europe would
be sending American. securities across the pond and
demanding the cash for them The country would be
drained of gold There would be not enough left to carry
on business and it would stagnate The stock exchange
was closed and that was the same as eXtngushng the
sun.
The country was not worrying about Wall Street or
anything else Instead Of business being stopped 1t be-
can at once to increase The stock market opened again
and shrewd business began to buy stocks especially
those since known as war brides They bought for in
vestment 1t was their money that gathered up Beth
ehem Steel around $45 and other stocks before they
started to climb The Wall Street habtues could not and
did not believe the country prosperous until it was
forced on them as stocks kept climbing Instead OF see
inc ahead they were several laps behind those who did
They followed and that at considerable distance behlnd
the hard headed businessmen who started the marker
upward.
Now these same Wall Street spectators are pointing
out the terrible things that to happen to us when
peace arrives They know little about what to come
after peace as they did to what effect the war would
have They are figuring on what will happen to Wall
Street not what effect peace will have business That
practically all stocks will be passed through the wrnger
before long oeraby certain for they are far above
their actual value now and there will be another terrible
wall 90 up from the brokers and broken when that time
comes