The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-11-06
Snobbery in Wall Street

Wall Street still SINNERS. The cyclone which, struck
It's stocks the last two weeks was an event which will not
die out over night. The financial wcathevwise will study
the storm TO determine the why's and wherefores. like a
surgeon on a post norton exploration. and much sim
remains to BE- heard from the sharps who analyze dis
astcr and lay bare the forces OF 1t. The hurricane was
acvastatingly pu:z!!ng as well as damaging.
Queer conclusions may conc out of the study. Com
inents being made in the circles of the financial over
lords of the Street ring with that quality already.
There seems TO be a feeling O. relief that the small
investor is being removed from the scene 1t is being said.
almost with an air Of rejoicing. that this small investor
has been forced out. The little fellow, evidently. was
guilty OF many peculiar SINS.
One high commentator says that the market got out Of
kiltcr in tho first place because the small investor per-
sisted In putting in his money. Hc came III IN swarns
into the sacred precincts Of Wall Street. where only the
mighty are supposed 10 tread; and the flood Of money
that he broueht-for there were many of him-sent
prices away up where they should not have been.
Another blamcs the small investor in another way
After buying beyond all reason. he says. the small in
weston suddenly stopped buyng-and at that moment, the
bottom began to fall out of things. 1t was reprellensible
for the little fellow to start, and it was reprehcnsiblc for
him to stop. He caused trouble both ways.
Quite beyond all Of that. however. there remains that
orange. but quite evident. feeling Of relief that the
.ittlc fellow has at last gone out. One gathers. listen
ing to these high pronounceinents, that 1t is quite proper
Tor a millionaire to buy 900 shares of Y. S. Steel and
quite dreadful for a shoe salesman to buy 30.
When the big fellow does it he is investing. he Is
helping to maintain the easy flow Of credit and financial
support that sustain our prosperity, he is INDUCING III
csotcric and p-aiscworthy financial manipulations proper
to his class: but when the small investor does it he is
gambling. and his activities hurt the market. disconl-
mode business and lower the moral tone of the nation.
This sort CT thing is harder to understand than the
stock market crash itself. 1t is only typical. however. OF
tho fuzzy way in which our mental processes always
seem to work where Wall Street is involved.
Probably it is just as well, all around, that the JOY
ride has ended. 1t was spreading an unhealthy at
mospnece throughout the land. The old lure of some
thing for nothing was abroad. potent and irresistible
People wanted to get rich, not by hard work, but by
luck; and the great gamblers who took big fortunes out
of Wall Street were not looked upon for what they were,
but were considered industrial and financial leaders.
Probably it will be a long time before the immediate
causes of the crash are agreed upon. Meanwhile, we
wish that the financial worlds big wigs would stop being
SO sanctimonious about the crimes OF the small investor.
A few months ago they were welcoming tho small in
weston with brass bands, Now, with their eyes on heaven
they are telling him that he should have stayed home
and practiced sober thrift.
Gambling, apparently, is a sin unless you have a mil
lion dollars.