AN AMERICAN ON WALL STREET.

Grey River Argus, 23 November 1910, Page 2

AN AMERICAN ON WALL STREET.

The editor of the New York "World's Wprfc" writes :— " That part of Wall Street which is a real legitimate part of the machinery of commerce, whether it be in -the field of promotion, in the supplying of money for the expansion of pla,nis and railroads, in' the poufarig of working "capital into depleted, treasuries, in 'the forwarding and ■distribution of prpducts—rhat part of Wall' Street is what i: ha's been: clean, honest, and as efficient as the finanoial system of the 'country lets it be. --.

•V? Tc-day the name of Wall . Street s:a*nds for something far different. It is a place, where spiders spin webs -to catch flies; where pirates lurk be- ■ hind rocky islands ■ to pounce upon passers-by; where magnates -.cease -from strife, with one another- only wher. there is somethirig more 1 profitable to do; where dreams of avarice grow into nightmares of crime;. wheYe pious millionaires • buy banks to look respectable and where wicked, thousarid-doHar-a-year bank casliiers steal a million or ..-two to pay their gambling debts.

"If Wall street .is going to continue in business, somebody must either clean it out thoroughly or hit it with avclub and start .it- over again. If "the Stock • Exchange .is to continue lo look like a private club for :he "pleasure and profits of half a dozen groups of plundering magnates, the socner the Governor of New York

Appoints ■'■' a; committee J* with teeth' th-e better it will be for he United States — and for the New York Stock Exchange. It r.s a man-sized job; but all the men m the world are not yet dead or retired from business."