WESTBROOK PEGLER Hfvhiisithink That I Have Seen the Polished, Patent- in Past Articles He Has |Isen Readers of the Tunes Retealin* Tlimpses of the Causes FRANCISCO
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OCT. 27, TOST THE INDIANAPOLIS TIMES PAGE 7 It Seems to Me WALL STREET and the DEPRESSION Fair Enough Rebuilding of Financial Structure, Trade Restrictions Urged l'ndr the witrhful tyt of l nrle Sm. Wall Street matthe* forth—to what? John T. Flrnn. in bi. lint of i* articles on “Wall Street and the Depression—The BROUN Story of Oar Past Pise Years,'* sentores a forecast of the stock market’s future. WESTBROOK PEGLER HfVHIISITHINK that I have seen the polished, patent- In past articles he has |isen readers of The Tunes retealin* tlimpses of the causes FRANCISCO. Oct. 27. Let me explain to lay behind the continuance of the depression, and has resriewed 1 leather of recovery coming around that cor- that crash and the SANhim,” said Mr. Hjalmar Utzebeck. Upton Sin- toe the (rowing (oyernmental supervision of the marts of trade. where has long been hiding. clair’s enormous friends from Denmark by way of ner he so The old a a a gentleman was not running or even walking briskly. Alaska. He was ambling. Nevertheless it seemed to me as if BY JOHN T. FLYNN Up to this time Mr. Sinclair, himself, and three he had made up his mind to come home in the hope (Copyright. 1934. NEA Service, Inc I other imported Californians had taken turns ex- that everything would be forgiven. XJEW YORK, Oct. 27.—What is to be the future of Wall Street? plaining their EPIC plan for changing California's I warn him here and now not to knock at my IN In New York you can hear any sort of prophecy you desire. Men government but had made no yards against your door. Tliere is no lamp in the window of my apart- in the Street will tell you that the great days of the old Street are correspondent's alert stupidity. They had used ment and Old Man Recovery will find no edible fat- over forever. Still others Insist that with the first real lift in business straight old-fashioned power arguments and Intri- ted calf around these premises. it will come back bigger and “better’' than ever. I have been peering cate economic spinners but had been stopped dead My grurigp against Enoch J. Ra- into the crystal and I must confess it is very obscure and murky. at the line of scrimmage by the rovery is that he has left behind For one thing those who suppose that Americans have learned their simple fact that they were argu- him the man who was supposed lesson and will hence be protected from any further similar disasters ing for Socialism. to be his pal and traveling com- are sadly mistaken. In fact, the triple-crash man panion. I refer, of course, to In March, 1933. this nation sank down in the most complete collapse from Los Angeles who had failed Rrger X. Readjustment. Indeed, of its history. Yet within three months, these chastened people were in in banking and the movie busi- there is room for a grave suspi- the throes of another bull market, built on inflation and the return of ness and was now going down hill cion that Recovery has done away alcohol. There were more pools, rumors, options, crazy children fresh fast in the come-apart bungalow with Readjustment in some foul from the fire than I ever have seen in Wall Street. And it cracked on business, had lost a few yards hidden the manner bociy. Julv 18 in a disastrous day almost as bad as Oct. 23, 1929. when he tripped over his premise For more than a year our news- Incredible? Yes. But while this bull market was in progress every- and sprawled on his conclusion. ft. papers and magazines have been body was satisfied from the White House down. It was only when it ”1 am a capitalist.” he had said dealing with the problem as to cracked that the roar of anger went up. The AAA administrator told and your correspondent had M'M whether the vital concern of the smeared him in the Chicago Board of Trade it must put grain prices up and “keep his tracks with Ileywood country’ should be to secure some them up.” Senator Thomas of Oklahoma wired the Stock Exchange Mahatma Sinclair's own admis- Westbrook Broun measure of immediate prosperity that if it didn t adopt a rule to limit declines in a single day congress ' sion that the goal of the EPIC Pegler or whether it might not be wiser would get after it. team was the complete oblitera- and leading S tion of and the to make here now fundamental changes No word about limiting boosts. profit substitution of production for balanced stability. That is an old fiction which has use in to a more economic little and forget California. It hold by many that a with No! We learn been sold to legislators for years. J * was preoccupation "Let me explain in language which he will under- recovery. plenty. I have been reading ex- pure bunk. But it is being readjustment was an impediment to This It is stand.” said Mr. Utzebeck. and Mr. Sinclair, lying thought, appearances, has the history trotted out again to scare the school of from all present tensively lately in of on the bed. let Hjalmar get on with the spinning. As business picks up you will hear commission. There is some ground won the day. Athens four hundred years before fJ. Mr. Utzebeck is built on the lines of a heavy- that it has less and less about unemployment insurance, old for believing already weight wrestler. He would and he may be Christ. There was a depression scared of exalted poli- yet a age pensions and oth r social measures. some the great man on the ramparts. His a then which paralleled almost all ticians who our destinies. shouiders are a a a rule Members of the National Securities Exchange Commission, organized by the government to protect ten-minutes walk from arm and lus hands the factors in this one, including The chief peril adequate reg- arm to to the investing are (seated, left to right) Ferdinind Pecora, Joseph P. Kennedy, chairman, and were made for throwing blocks. Penitents Doff Sackcloth all the follies. And ending, as ulation of the exchange now is public, paving James M. left to right) George C. Matthews and Robert Healy. a a a almost all depressions end, in war. the nod the Landis! (standing the vaguest ripple of better times induced possibility that a from Will the securities and ex- White House may cause the com- Big many penitents to take off their sackcloth, put Wheels—Little Wheels I'UST change act really bring Wall mission to slow up for political scientific indeed the craziest tional corporation law compelling limiting commercial banks to the ashes on dumb waiter and go back into the Street and the exchanges under thing in our civilization. It was all industries engaged in inter- lending on absolutely self-liquidat- UTZEBECK advanced to the center of the giddy raiment. While the nervous breakdown was reasons. control? I think it will have to But this must remem- not created by experts to meet state commerce to take out nation- ing obligations—ordinary com- MR.hotel bedroom, shot his cuffs, flexed his shoul- upon us, many promises were made. Sick indus- be be conceded that the personnel of bered. Whether Wall Street is the needs of a highly complex so- al charters. Thus alone can cor- mercial credits. ders and turned on a smile so muscular that it trialists were ready to get together and agree on a the present commission is a good in the interest of the ciety. It just grew, without porate abuses be reached. No Those who wish to borrow for jiggled his scalp. new dispensation. Old devices of carelessness and governed one. or the interest of Wall any logical relation to the func- single state can act alone. A should do from lend- • Now,” he began, spreading his hands in a rea- corruption were to be rigorously uprooted. people long terms so Judge Healy, the able lawyer Street will on the com- tions ;hich a system company can in any soning gesture, “we have very' I there were remarks about labor depend w financial incorporate in Institutions which are not a simple proposition. believe even who conducted the brilliant power act state fa- We will imagine two big being and with my own ears mission. The original con- ought to perform. where it gets the most wheels, spinning rapidly. a partner in industry trust investigation for the federal which would Therefore ought to make a charter law. That is why banks and whose existence is not One is a big wheel and the other is little. The I heard several prominent manufacturers assert tained provisions we vorable big trade commission; George Mat- make it impossible for the com- study of the whole thing and ef- most of them go to Delaware, imperiled by the freezing of its wheel gets littler and the little wheel bigger. they would be wholly satisfied with smaller funds. Above all, banks gets that thews of Wisconsin, an experi- mission to a thoroughgoing reformation Maryland and other such states. lending by One is employment, the other the than they knew in the old days, if only peace be pro-Wall Street fect a in the be unemployed. profits r enced practical economist, well one. Rules margins, of it all—which means our banks, The national government should stock market should When capitalistic industry doesn't want the work- and security could be established along the eco- controlling prohibited.