Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-20
WALL STREET GETS
UNLOOKED-FOR AID
Public Support of Stock
Trading indicated by
Speeches in Congress.
BY LEMUEL F. PARTON.

Special Dispatch to The Star.
NEW YORK, April 20.-The wolf OF
Wall Street is now as respectable as an
old sheep dog. He sleeps in the parlor
has collar with the family coat-of-
arms on it, and can dig up all the
peonies and bury bones in the front
yard If he wants to.
The Reid resolution in Congress for
the investigation of the Federal Reserve
Board is the first instance in American
history in whit the country at large
through its Congressman, has gone to
the aid of stock speculation. With
Representatives Reid of Illinois. Strong
of Kansas and Wingo of Arkansas
sponsoring the resolution, the fanged
monster of yesteryear gets blessing
from a domain whence only curses used
to come. Robert L. Owen. formA'
United States Senator from Oklahoma
who led the fight for the passage of the
Federal reserve act, now takes the
brokers' end of the argument with the
board.
Was Good Vote Getter.
Even before the abortive Populist up
rising in these States yappant, even
ululant, cutlery against the Wolf of Wall
Street carried farther than prize
winning hog call and got more votes
than any other issue or alarm. But now
that the wolf is just old Shep-muddy
| and full of cookie burs. but privileged
they've gotta stop kickin' our dog
around.
Wall Street itself finds a simple and
entirely plausible explanation for al
this. The first New York stock trading
session was held in 1892 at 68 Wal
street under a buttonwood tree. In g
| little less than century and a half the
buttonwood tree has spread. it's branche:
over the entire country. In 1926 sales
on the Stock Exchange were 499, los, 00(
shares. In 1923 they were 919, 146, 500
shares. During the last few years com.
munications have been geared up to 6
point where the entire country car
maintain continuous and instantaneou.
contact with the tape, and thus me.
chanical facilities alone have contrib.
uted greatly to the fact that public par.
ticipation throughout the Nation in.
creased more than SO per cent during
1923.
The total market value of all listed
| shares on the exchange is now about
| 100000, 100000. In 1900 the nationa
wealth Of the country was $4,000, 000,-
900. 1t is now about S350,000 900, 900
| This proportion of the value of listed
securities to national wealth, combined
with the fact that security holders have
increased from 100000 to possibly 15,.
100000 in the last Is years, is sufficient
in itself to prove that the public il
sitting in" Away out to the end of the
national pike humble and obscure cit
liens are making six straight passes anc
shouting Let her ride" The Congress-
men lend an ear.
| Lindbergh's Book.
Representative Charles Lindbergh
father Of the flying colonel, made some
strangely prophetic utterances in Con.
gress in opposing the passage of the
Federal reserve act. A lonely anC
tragic figure and always playing a lont
hand, he fought desperately and hope.
lesSly against the new legislation. He
wrote book, now buried under thick
layers of dust in the Congressional Lii.
! brary, in which he predicted that the
| provisions for the control of credi,
/ would be Ineffective: he predicted that
within 10 years of operation under the
act there would be undreamed-of anC
incalculable imitation and a vast en-
! richment Of banks; he predicted that ir
any critical situation the board would
be overridden and ignored by financial
| interests, and that it would eventually
be opposed by the very men who were
advocating the act.