The sun., 1919-08-14
Dean Of Wall Street Believes
Era Of Cheap Dollar viii.
Pass Soon.
RETURN TO NORMAL NEAR
Says New York Can Be Made
Financial Centre Of World
Through Cooperation.

ehty-ninth milestone. AT his office In
Broad street, where he spends a part of
each day at work as regularly as the
day comes he said jokingly yesterday
that he certainly anticipates crossing par
twenty-one years hence, and that he is
getting as much fun out Of living now as
he ever has.
1t Is n of Mr.. Clew's pet Jokes, when
asked concerning his age, to say that he
is upward of as" IT guess 1 will have
to change hat a little now" he chuckled
yesterday. After to-day 1 believe /
will tell my friends I am upward of AZ"
Despite his age. Mr.. Clews's health is
exceptionally good, his brain is keen and
active, and he takes a lively interest In
the things that are going on. not only
In his W office and in Wall Street but
In the nation at large. He expanded
on some of his determined views yester-
day to callers who dropped in to disturb
him at dictation long enough to on
graduate him on reaching his eightieth
birthday.
You can Just put me down as an
cptimist on the United States" he said
cmphatically, pounding his caller on the
chest with a sinewy fist to emphasize
his points. w have the natural re-
sources. the oil and the cotton and the
coal and the food and the minerals. We
are the storehouse Of the world and the
world must turf to us for It's needs.
Our people have more money than they
ever have had before.
Industrial Unrest Temporary.
"The Industrial unrest that we are
facing at the present time Is due en-
tirely to high prices. but I foresee an
carly return to the normal. The Gov
ernment's decision to go after profteers
10 a step In the right direction. When
prices of commodities come down. and
when a come down, we will have
a gradual return to the contented normal
life we lead before the war. Nor do I
believe such a return to the normal
Is very far away The law of supply
and demand eventually must come back
into effect. Certainly 1t is not working
smoothly now.
"One Of the troubles is that we are
submitting too easily to the present In
fation. During the war our slogan was
Win the War; and every one OF us did
all he could with might and main, and
to the i~nconveniefc es and the high prices
we made no objection. But now we are
almost aSyear away from the war. and
II is high time that we are taking a
look at the economic tangle which con-
fronts us. The Governments plan to
go after the profiteer, to my notion. is
the turning point In a change in eco
monte conditions. It will be followed
by lower prices for necessities, and his
in turn will be followed by lower wages.
But until your dollar and my dollar
buys 100 cents worth of necessities, In
stead of a mere so cents worth, as It
does at the present time. we cannot
to nave Industrial peace or eco
Eomic contentment. One reason for the
labor unrest Is the scarcity of labor.
This has been intensified by the return
to their native lands of many persons
who immigrated to this country worked
at hig wages curing the period Of war
imitation and were able to lay most of it
by. 1 want to prophesy now that almost
every one of these people who are leav-
ing the United States now with their
little rolls will be returning one of these
Would Keep Wheat Guarantee.
Mr.. Clews is firmly of the opinion that
the Government should stick to its
promise to pay s2.26 for every bushel Of
wheat raised. w have been after Mr..
for regulating his promises to
Belgium. Can we as a government re-
pudiate our promise in this respect? 1
would say pay $2.26, as we have
promised. for every bushel OF wheat.
resell 1t. Some OF It, at least, will
bring the Government price of $2.26.
Let the rest Of 1t bring a lower price. but
keep it moving out to the miller at what
ever price. Charge the loss-if a loss
there be--up to war cost. for tha Is
hat It Is. / believe such a transaction
would stand the Government a loss of no
more than $500. 600. 900 to $500, 900, 900,
and I believe hat 1t Is a loss thai the
Government may very we'll stand at his
time. Surely the promise of the Govern
ment to the farmers Is worth that much"
Coming down to Wall Street and
present day conditions in the market
Mr.. Clews remarked that New York
~hnanciers have the opportunity to make
New York the money centre of the world
II they will go about It in the right way.
But SO long as MONEY is handled at
centre in its present manner he
said. at never will be the centre. The
do not seem to know how TO get
on such a proposition. We
nc VIII OV IA aAlIA CGillo vi thC
world until call money quits fiuctuating
as it\has. Imagine money at 8 or 4 per
cent. n day and 20 per cent the next.
There is no approach to stability in h a
Consider the London market, where
with the very guns Of the enemy within
hearing the money rate was kept at Il
stable figure during the war. h fact
of the matter is that We are not the
financiels thai they are on the other
side of the water. We do not under
stand credits as they do. We have not
the capacity for cooperation in financial
affairs that they have over there-at
least our bankers do not exhibit any u
capacity"
Urges Better Cooperation.
Mr.. Clews contends that a stable
money market could be Arranged by a
mode Of cooperation among the banks
and trust companies, and that II such
would remain steady. as they do in
England. no matter what the cali for
funds.
He was asked his opinion OF the pres
ent security market.
my belief is that the backbone OF any
long bull movement in the stock market
has been broken, and that we are likely
to see a trading market for some time
Mr.. Clews. One OF the sur
prising things about the last big break,
and a thing which demonstrated that
the people have lots Of money, was
the reluctance with which they sold out
their stocks. Some OF them ave the
bit in their teeth and held on through
1t ALL"
BY a coincidence the s%eventy-ninth
TT "a NJ. Hua-va AWaA ~ m Give
when he has many pleasant recollections
" his active life, One OF these was the