Show 0 national topics interpreted I 1 by willi william bruckart al alionar at lonar ionar press building Euil dini wahington D C washington wall street and the market generally have been undergoing a sac gad case of bad case of the the bif jitters tars jitters it has been several years lee nee those dealing in money and ares arcs ol of stock have have been so un etain as to the future and this a certainty obviously is the cause of ae e jitters among all people who abbie in the stock market whether e dabbling be small or large on largin argin or for cash it seems a proper time there re to examine the picture and y to see what lies beneath and t I 1 me hasten to say at the very that anyone who makes a posie te statement about the securities arket these days must be catl cither ier fool or a superman and thus far e su who have lived on this irth number only one but that fact does docs not destroy the alue of an examination of a conion ion which exists as a fact ined I 1 think a review of the various actors and influences at work now n provide a clarification of genal a conditions even though it may 11 1 utterly to show why men and men amen act as they do with respect stock market investments first it should be said that wall reet reel as the term is commonly ed is not unanimous within iti if the violent fluctuation of mart securities in the last several beks might easily be said to be le ie to the war crises in europe and the far east only those ons ions are not traceable to war con lions rather the war conditions e used by some individuals as an cuse an alibi to themselves beuse they fail to fathom the varis influences and factors now at rk irk t said that wall street lacked an amity within itself that is true cause within wall street there aall all kinds of selfish groups oper ng for example an influence e inflation is highly pleasing to brokers and dealers in shares lie ile the same influence frightens akers and likewise gives a sicking feeling to those who must y raw products bankers and land md investors as well as tax payi generally would be quite ha happy appy see the federal Treas budget lanced because if that were done re would be a much greater 1 ise of security of safety for those ige I 1 vestments est t ments I 1 dozen other illustrations could given to thus illustrate the point and show why alach lack case wall street can involved not agree they 1 do not show how r 1 why there is so much ft aty y and why the bulls or the ars have been unable to adjust 7 im selves to the future s the reasons therefore must deeper it is possible that the of hugo black of alama as an associate justice of i supreme court of the fhe united lies ites has had more effect on the siness ess world worl than any of us real r I 1 have heard a number of cor ration executives say that they 1 pe they will never be involved in gation which will vill carry their cor anions before the court on which t black sits if they entertained 6 t fear before undoubtedly the 5 r is deeper seated and more now that mr justice 1 ck has been publicly accused of eding ing a life membership in the ku 1 1 ux x klan certainly the expose of 1 typhoon that is swirling around ahead head of the new associate jus f cannot have any soothing ef lampon 1 the minds of those busies s men who as corporation exec es are trustees of vast sums of peoples money undoubtedly Ss mr black can prove that he ot lot affiliated with the ku aru klux n few litigants will feel safe be the supreme court en there comes the resignation mes ames M landis as chairman of insecurities In securities curi ties and exchange com ion bion which regulates operations pe great stock exchanges mr dis is has been regarded as rather p rather just in his dealings reg to stock market operations t retirement to return to a pro 0 iship i in n harvard of course is s up the question as to his suc ar r T this is is s to say that most of financial ancial world is hoping and ting ng that the new chairman will p 0 off at a tangent that he will d extreme radicalism and that ill not blame the whole finan structure truc ture for the crookedness of art rt of it a easy to see I 1 how low ninor inor factor may have weight csome individuals dealing in prate rate shares and bonds wil 0 douglas a member of the mission isslyn has been slated to be V chairman but developments in pt t weeks give considerable rover over that result mr doug r s recorded as being a radical 01 ers and investors investor in in many of 0 the country fear that if he ers de chairman he will become like the famous bull in a china et t but according to the of gossip around laih ington mr douglas hash has done something to offend postmaster general parley farley and no man can draw an appointment is as important as the chairmanship of a great commission without mr carleys farleys Farl Far leys cys approval aside from personalities various phases of president Roosevel ts monetary policies continue to be disturbing and in addition to these there is the certainty that new taxes must be levied that is new taxes must be levied if we are arc ever going to bala baldrica ba larica ilce the federal bud budget budet et and begin paying off the giannie gigantic gi antie national debt which now amounts am to more than 38 billion with a debt at the highest point our united states ever has known a great many people including bankers have become tearful fearful of what they might get for united states slates bonds that they now hold it is obvious that this influence adds to the general uncertainty although it is difficult to measure the exact influence of this condition or to see whether it is a major or a minor factor 0 0 having enumerated a few of the influences known to be at work we come now to that business condition w which it I 1 c it conditions heretofore always has been basic 1 I refer to general business conditions new deal press agents have tried valiantly to make it appear that business is booming that prosperity is here instead of around the corner and that the country has nothing to fear careful examination of official figures however show the prosperity statements to be true only in parts the official statistics disclose very dafin definitely bitely how some lines of business are enjoying a volume of trade or production higher even than 1929 they show on the other hand a vast number of failures an inar increasing casing number of big bi 9 businesses which are barely getting by which can continue providing their present volume of business is maintained if the volume of business slips however that category of business is going into a tailspin as sure as the sun shines it if a part of the business of the country begins to s sink ink well a part of it bc began an to sink in august 1929 and within two years the whole structure had fallen like a house of cards I 1 am not saying that we are confronted with another depression I 1 do say however that we are facing a condition that is not at all satisfactory a condition that can lead to a depression as easily as it can lead to sound prosperity in commerce and industry astute observers and business men in the larger centers decide their courses upon the outlook for the whole country not for any particular line of business or any particular section the number of individuals in divi duals who see the picture I 1 have attempted to outline in the above paragraph is increasing As that number increases obviously the wave of uncertainty expands so if one is compelled to make a guess why wall street is so concerned or so jittery it would seem that the explanation must lie in the combination of circumstances no one of them except possibly the adverse business outlook could accomplish com as much doubt about the future anyone talking with a hundred dif different individuals will hear these various factors and influences mentioned he will hear different weight given by each individual to each factor 0 we have been dealing with causes let us look at possible effects it will be kemem now as bared how 0 o effects dent hoover was blamed for the depression he and the republican party were vere punished on that account and badly licked in the elections it ought to be said in mr hoovers behalf that the conditions which led to the depression had their beginning long before he was elected president indeed they had their real beginning in the world war president roosevelt came into office as a result he started doing things and gaining the confidence of the country to such an extent that he was re rc reelected elected last year probably he was reelected elected re largely because of the bulk of the voters feeling he was restoring prosperity I 1 doubt however that mr roosevelt was any more responsible for the return of a superficial prosperity than mr hoover was responsible tor for the depression we are to another election if conditions should become worse and business should decline perceptibly again mr roosevelt will be held responsible just as definitely as was mr hoover lie he will be charged with ha having ving made a mess of government and any attempt on his part to prove the condition was natural will be regarded as an alibi the whole thing seems to be in the lap of the gods and no amount of political strategy or attempts to amend the law of supply and demand will alter events 0 western newspaper union |