The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-06

BrOun dOesn z
get up very early. except when he
is making tours OF the country for
the benefit Of the syndicate.
According % Mr.. Br0un, when ne
first came IN contact with Wall
Street people he was very mucn
impressed with their seeming
shreWdness. and he was willing 20
accept the statement that the Street
lis a world barometer" Even the
market crash cid not cause hlm 70
lose his respect completely for Wall
Street Judgment. AS late as 1882,
when the market cracked up every
time Mr.. Hoover made a "cheer-up'
speech. ne relates how he put the
Street down as a realist.
But now he has become dislllu-
stoned He doubts that the boys
have "a very clear idea Of what 10
Is all about He grants that prob
ably certain men IN the financial
world conditions and economic
trends. but feels that is hardly true
Of the average trader. But even
that does not get under the BrOun
epidermis. What he doesn't like
about the Street is that II puts on
so many airs.
IT is a rather delicate job to at
i tempt 10 set the old fellow
straight. But 1t IS just one of those
things. You see. your correspond
ent is Obliged to get around IN the
financial district quite a bit. and
II isn't so nice TO have the boys say:
What's the matter with that guy
BTOun on your paper? Has he got
a bad liver or something? We al
ways tried 10 treat him right. If he
doesn't stop running us down we'll
take our ads out of your sheet"
The fact of the matter is, Mr..
BrOun. it is the stock market and
not Wall Street which Is the
barometer. You probably talked
with the BOYS in some SpeakeaSy@
back in the old days. That was bad.
They are not so accurate after they
have lifted a couple. and any one Is
likely 10 strut a little when he has
a blond at his elbow. The mar
ket IS a barometer because there Is
always some duffer back in Osh-
kOSh who Will sell Case ThreShing
Machine short when the crops fail,
and there is always some director
who Will buy United States Steel
when ne knows IN advance that the
company Is going to raise the dlvl-
dead.
THE majority of the boys in
Il Wall Street are like VIII ROg-
ers. They only know what they are
told. The Steel director might have
tipped a few of them of on the div
idend. or they might have had some
pretty good dope" from some other
quarter. but as a general rule they
have relatively little good infOrma-
ton. and their gueSSes are no bet
ter than those of any one else.
Then. too. when things were going
good they occasionally formed a few
pools and had a pretty good idea
what they could Go with certain
STOCKS E1AL AAldL IL IucL dAAOlAACA
phase Of the old army game.
Aside from the activities of pool
operators and others in the Street
OF similar nature. II Is the general
public and not Wall Street that in
huenCe the price movements IN the
stock market. The brokers merely
execute their orders. and their pose
OF having all the dope on the mar
ket frequently is for the purpose OF
getting the commissions on those
ten-Share orders YOU and others
put through.
DUT one should not base his
ID views Of Wall Street from as
ISOLATION with brokers alone. They
make up only a part of the Street.
In addition. there are investment
bankers who know a great deal
about the investment market. par
tlCularlv as TO its reCeptiveneSS TO
new issues. And there are CONNER
cial bankers who know a great deal
about business.
Just as one can get a fairly gOOd
idea Of crop and business conditions
in a given territory from a country
banker II that territory. one can
also get an excellent cross section
Of world trade and economies from
a competent Wall Street commercial
banker. He Is likely 10 be the
banker for hundreds Of bankers
throughout the country and Europe.
He Is likely also TO be a director IN
any number Of corporations. He
lends money 10 brokers and invest
ment bankers. He probably has
granted credits to foreign countries.
II any man Is in a position 10 feel
the trade pulse Of the world. he is