Evening journal., 1920-02-18
Wall Street Sermons
ONE TRAVELLER RETURNS
No. vi
By William &. Hazen

NEW YORK, February, i92o-Wall
Street was steeped with gloom. Brokers
came down to work after digestlng halt
a dozen speeches and interviews, tell
! Ing how the whole world was on the
rim OF the volcano. with a slant on
! The "ex-banker" had that morning told
| for the 326th time since January 1, 1919
how near we were 10 a panic and
called attention 10 the fact that nis
first prediction OF disaster. made In
1914 had not yet materlallzed, but his
fondest hopes might soon be realized
Stocks and bonds were tumbllng
Wall Street was surchargcd with con-
flicting emotions, each more painful
than the other.
In the midst OF frenzied cries from
brokers, and hysterical sobs from Gust
omers called upon 10 put up more mar
gin. a calm and dun fed presence
passed through Wall Street, and entered
the Office Of ]. p. Morgan & Co.
A joyful cry dispeled the dense and
suffocatlng atmosphere.
u. p. Morgan, the old Man. is back
In Wall Streetw was whispered from
office TO office.
Business was suspended. and grand
rush to the well known corner set In.
Bankers, brokers, clerks. customers.
even the public itself charged the
great banking house and surrounded
the desk where sat the immortal shade.
A broker who had Just borrowed a
million or two at 25 per cent spoke up:
welcome back 10 Wall Street, Mr.
- hnN 81.
do, and how shall we do it? We have
no leader, Stay with us while"
Cant stay long" answered j. p. "A
day OFF is all get"
Il get all holidays off. a half day
on Saturday, double p5y for overtime,
and work only eight hours" piped
steel-roller from Pittsburgh, with
suite Of rooms al the Plaza
"N1r. Nanderlip tells us the world IS
going TO ruin, and viii take us with
1t, and were selling EN-" spoke up a
broker who had hold out his last
customer.
Things must be horribly bad, inter I
ruPted J. p. II pity the idle workmen
and the starving women and children;
but l helped out in many panics and
Industrial depressions. Perhaps ! can
ind a remedy for"
But we are not starving" Interrupt
ted q man wearing a SIX hat and
a cane, Identified as a master
We have plenty Of food
and money and don't work hard for It.
My wife says these prof,eers in dia-
monds and platinum wrist watches
Orght 10 be in jail"
give us parking space for our automo-
b los" ch'med IN a steel worker. I'VE
went on 81 Ike"
"Moey is % per cent. and they tel
us Europe is insolvent," walled
broker
Money % per cent in London9 Why
Il rarely got above 6 per cent. when
was here"
You've got u wrong" corrected the
broker. money is % per cent in New
York: not in London"
"Oh. l understand now. The United
States Is insOlvent Too bad"
"No. No The United States IS reek-
Ing with prosperity. There are IS 50O,-
BOO bank dcpOsitors and 2i.OO0OO0 Lib
arty bondholders Cooks are going to
work in automobiles; but we are told I
ve are slI going broke. Mr.. Wander /
lip says So"
'Nir. Nanderlip must be a very i'm /
)oytant personage. Is he PRESIDENT"
Iueried j. p. II
NO; he's not President. He hasn't 5
line TO do anything outside OF giving 7
lut interviews and making speeches.
'lr Wilson g. President. Mr.. Marsh 7
lrst vice president. Mr.. McAdoo sec S