The Washington times., 1919-10-27
Boersianer's
Comment
on Business
By BOERsIANER.

CHICAGO, Oct. PA. Barton Hep
burn sees an unprecedented situa-
tion. Hundreds of thousands of men
who have dreamed of the day when
they should possess capital and easily
rise to financial eminence now find
themselves in possession of that
capital-and the majority of them do
not know what to do with ii.
Probably no one could have fore
seen this need for investment knowl-
edge which must arise so suddenly in
the lives of numerous individuals"
Mr.. Hepburn does not say so
pointedly, but he implies unmistakably
that the incessant emission of securi.
ties-mainly stocks-by hitherto -un-
organized industrial businesses is the
fulfillment of a demand by these
newly-made capitalists. The intrinsic
value of the issues. Mr.. Hepburn hints
further, is in a certain perce tage
conversational and not real.
What the thoroughly grounded
financier of the Chase National Bank
suggests guardedly is expressed fully
and openly by many heads Of financial
institutions. But the fiscal history of
older countries controverts the
caution.
Manifestly dubious concerns are
ioated: or, to put 1t less plumply,
some concerns which have appealed to
investors are outrageously over
capitalized: are sold to the public
to make a fiorid/ holiday for un-
squeamish promoters. But that which
Is now witnessed in the investment
world is a natural phase Of the eco
nomic progress of the United States.
The general investor is invited to
participate in the general enterprises
of the country; Is asked to join/oil
companies, gum companies, razor COM
panies, dry goods companies, hard
ware companies. drug companies, and
what-not companies.
England Did Same TAins.
England went through that process
long ago. It 10 three-Quarters Of
century since the purlieus Of the
royal exchange were asked to under
write and to offer the shares Of trades
ranging from a small soap factory to
big steel organization. Anything
that is any kind of q business has
been for long and VIII continue to be
for long, offered to English investors.
The same Is true of France. where
you may also become a stockholder in
any newspaper or periodical. for the
stocks of these are listed on the
bourse.
Far from being ominous the mis-
eellaneous Industrial offering9 In the
financial thoroughfares OF this coun-
try are evolutionally indicative; these
indicate America has reached q
higher and inner plane Of finance and
economics For both finance and
economics. II IL most excellent to
have an ever-larger public partner
ship In all manner of honest enter
prises. The name "wall Street" will
be relieved of its stupidity prejudiced
stigma It will be esteemed as 10
Throgmorton Street in London, as Is
Rue vivienne in Paris.
Neither do these numerous foata-
tions argue III for the securities mar
kets as an entiety. No roster can be
too long for the safety of the In
vestor and the market The more the
safer. Dominance will not be con-
nned to certain properties
Admittedly, fluctuations Of some
OF the recently put-out shares look
like q sudden migration into Queer
street; the result Of reckless maneu-
vers on the part of liquorishly elated
projectors. But older certificates are
not gufltless, as was attested last
week by Republic Iron and Steel,
which was sky-rocketed by a group
of convivial sojourners in French Lick
Springs In Rock Island stock some
years ago.
These. however, are the offensive
ties situation which promises to re-
main constitutionally unimpaired for
year.
Exports DeclinfnS.
Exports are declining (the Septem-
Der figures were = continued attesta-
tion) as they must; labor troubles
abide, although less adversely. But
the worlds needs Of the United
States, together with the fictitious
impetus of initiation. assure a con-
tinuation of the current business
boom for a twelve month. After
that, another story.
Labor troubles such as melted the
raid on the stock market In the final
session last week are becoming only
sporadically effective. Their effect
lessons with succeeding shocks. The
steel strike has lost its terror for the
good reason that the strikers have
virtually lost the strike.
This Is a decisive defeat which the
menace of a walkout by the coal
miners cannot mitigate. II the min
ers do abandon their jobs, the mines
will be worked notwithstap pding.
Had Wall Street known of the Presi-
dents determined stand in the cir
cunistances, the slump on Saturday
bad not occurred
Wall Street should have known
what cannot be will not. The idea of
depriving nation of its fuel supply
is monstrously impossible. The threat
to do so has at length aroused to
enmity labor's best friend-the Presi-
dent. He, by his latest proclamation.
has aligned himself with the hereto
fore tolerant and now doggedly de-
termined employers whose slogan
is Thus far and no farther"
Let ii be impressed upon union
labor and all labor (Which, of course,
includes mental labor), that the re-
dress of the high cost of living is
not more wages and shorter hours. 1t
should now be clear to everybody
who thinks at all that to attempt to
compensate increased cost of living
by increasing wages and shortening
hours is to operate in a vicious cir
Gle, making the last stage worse than
the first each time. There is no
sovereign cure for this evil apart
from the largest possible output by