The San Francisco call., 1901-11-11
ROOSEVELT
ADHERES To
HIS IDEAS
Insists Upon Legislation
to Regulate Big
Combines.
Urges That They Be Com
PEELED to Show Intrinsic
Value of Securities.
Congress Will Be Asked to Pass Laws
Protecting Employees in
Their Right to Or
ganize.
Special Dispatch to The Call.

Special Dispatch to The Call.
CALL BUREAU. 14O6 G STREET, N.
W., WASHINGTON, Nov. 1O.-In his
forthcoming message to Congress Presi-
dent Roosevelt will take strong grounds
in favor of legislation to compel the trusts
and vast industrial combinations to
change their attitude toward the public.
Mr.. Roosevelt desires to safeguard the
interests of investors by requiring great
companies like the United States Steel
Corporation, that do an interstate busi-
ness, to make known the facts as to tho
intrinsic value of their securities. He may
also advise Congress to pass laws that
will protect employees in their right to
organize, and he is expected to favor an
amendment to the Sherman antitrust law
that will enable the Department Of Jus
tice to get evidence of the existence Of a
monopoly without employing detective
methods.
All other questions under consideration
in the White House are being overshad-
owed by the recommendations President
-Roosevelt will make with reference to
these great Industrial combinations. The
chapter of his message dealing with this
been read to several persons outside the
| Cabinet. Some of the men who have lis
tened to the chapter are themselves deep
| ly concerned in trusts. Most of them
have expressed dissatisfaction with the
message, believing that it would be more
to their interest If the President would
refrain from bringing up the subject
at all.
Firm in His Attitude.
But the President will not be dissuaded.
His views are of long growth and settled
conviction. He believes something should
be done as between the great corporations
and the workingmen, and he is positive
that something can be done for the in
vestor when stacks of so-called invest
ments are put on the market.
Much uneasiness has been expressed by
| the heads of some of the big combina-
tions lest the President should take such
course as would preeipitate panic.
When the President has expressed his
purposes ito them they have been COM
PEELED to admit that his position is
tional, and that no corporation. properly
organized, need have the slightest fear
that injustice will be done.
publicity is to be the watchword OF
Mr.. Roosevelt on this important ques-
ton. He will recommend that Congress
pass law that will guarantee the public
against fraud and enable investors to
know exactly what they are buying when
they purchase industrial stocks. This will
appeal with strong force to thousands of
persons who have been led into making
investments in securities. only to discover
freebooters and that the stocks they have
purchased are not worth the value of old
paper.
Just how Congress can carry out the
Presidents wishes is question that is
not yet clear. One member of the Cabi-
net has suggested that provision be made
in the statutes imposing heavy internal
revenue tax on corporations that do not
disclose facts the public is entitled to
know, and remitting the tax in the case
of each corporation that gives to inves-
tors proper information.
Other Trust Problems.
1t is believed that President Roosevelt
will make other recommendation as to
the regulation and curbing of trusts The
serious problem Of overcapitaIization has
been brought home to him very closely
within the last few weeks by official fig
ures of the watering of stocks which have
been laid before him. The general i'm
preston is that he is going to hit straight
from the shoulder. but. at the same time.
make a clear distinction between indus
trials that are conducted in an honest.
businesslike way and rnose that are In
/ fated to unload upon the public.
Hard headed lawyers like Secretary Of
War Root and Attorney General Knox
and hard headed fnanciers like Secretary
Gage and Senator Hanna would prefer
! that this trust matter be held back They
! can see little good that can be accom-
| plished at this time. They look on these
great combinations as the inevitable re-
suit of business development, and they
believe that If any effort were made to
upset existing conditions it might cause
untold hardship and serious disarrange-
ment of the business and financial affairs
| of the country. But 1t is hardly likely
President Roosevelt can be persuaded to
ignore the question
/ President Roosevelt will In his message