Evening star., 1902-09-01
FIGHT ON ROOSEVELT
Wall Street is Arrayed
Against Him.
ATTITUDE ON TRUSTS
GREAT SIGNIFICANCE ATTACHED
TO PLATT's REMARKS.
Taken to Indicate That Big Financiers
Will Try to Defeat
Him.
Special From a STAFF Correspondent.

Him.
Special From a Staff Correspondent
NEW YORK, September IA profound
sensation has been created In political cir
cles by the absolute statement of Senator
Platt the republican boss of New York,
that the coming republican state convention
would not indorse President Roosevelt for
denomination. Senator Platt says that
course has peen agreed upon and it Is
sumed that he knows.
Everywhere his statement is taken to
mean that the trusts propose to punish the
President, and this is the opening gun in
their fight him. 1t was told a week ago
by a person acquainted with the political
situation in this state to look out for just
such a proposition; that the trusts were
after the President and would fight him in
his own state. At that time it had not
been decided to commence the warfare SO
soon Senator Platt's announcement
makes 1T begin. 1t was thought that some
fine inside work would be advisable before
coming out into the open.
The Presidents speeches in New England
have forced the lighting. From on 1t
is to be war if the President continues his
crusade.
Platform Trust Plank.
Senator Platt also makes the interesting
statement that the platform of the party
to be adopted in the state convention will
not go as far in condemnation of the trusts
the President has gone, nor propose the
radical remedies that he has suggested.
Senator Platt's statement is warning to
the President that Wall street does not
relish his speeches and an intimation that
he should be more conservative if he wants
to retain the backing of the party in his
own state. 1t will be interesting to note
what effect this warning will have upon
Mr.. Roosevelt.
1t may be said to be a bold and auda-
cious act to undertake to discipline Pres-
dent, but that is the way Senator Platt's
announcement is taken. In plain language,
he has served warning in behalf of the
great financial interests which control poll
tics in New York state that the President
must desist from his attacks the trusts.
Nowhere in the world is there more con-
cern in the course of President Roosevelt
toward the trusts than in Wall street. In
dUstrial combinations now represent the
bulk of business interests. The banks and
capitalists are concerned because they fur
Eish the money to float them. The railroads
are concerned because they carry the pro-
ducts and themselves are contemplating
vast schemes of combination and reorgani-
Zation.
The attention of the commercial world is
fixed upon the system of combination and
organization now being worked out. Any
thing that threatens to interfere with it
flags their gaze as effectually a red light
does a locomotive engineers They are
quick to appreciate the gravity of the
danger and act accordingly.
Shock to Wall Street.
When President Roosevelt took his first
flyer after the trust by directing proceed
ings to be commenced against merger of
the northwestern railways in the Northern
Securities Company, Wall street received
shock from which it has not yet fully re-
covered. Several gentlemen of Importance
in the financial world hurried down to
Washington and had a talk with the Presi-
dents closest friends to try to discover If
he had more cards in his sleeve, but with
out success.
They were expecting similar action against
the beef trust, and are prepared, l am told,
to discount possible assault upon the Goa!
trust, although they do not believe that
evidence has been permitted to exist war
rdnting legal action The coal combine,
while an A No. 1, air-tight, copper-riveted
self-acting trust, is well protected that
Wall street does not believe 1t can be
approached with hostile legal brief.
Wall street has followed the President
carefully since the action in the Northern
Securities case. He is not liked by the men
who are directing the commerce of the ma
tion from the metropolis. They say they
do not know what minute he may alight
upon an effectual weapon and use it against
them.
The united power Of capital and industry
will be exerted against the proposition to
amend the Constitution of the United
states SO as to vest control of commerce
in central authority, Congress or what
not. 1t is argued that political upheayal
might put the populists and socialists in
control of that authority and upset the en-
tire commercial and capitalistic fabric
Wall Streets Political Faith.
Wall street. therefore, Is firm believer
In the sovereign power of the state Not
that it cares a rap for the state of it's right.
but as long as it is possible to stave off a
constitutional amendment by the election
Of a few carefully chosen democratic legis-
latures, 1t Is long life to state sovereignty
for Wall street. 1t has not been forgotten
that the democrats in the House of Repre-
sentatives refused to submit the question
to the states by Withholding the necessary
two-thirds majority.
The main hope for exemption from both
GRAFTON which Wall street now entertains
is that the democrats and republicans will
fall out about the remedy for trust evils
and that in the pickering the trusts will re-
main undfsturbed. A fundamental differ
ence of opinion between the two great par
ties would be a source of infinite relief
The adoption of a plan which would re-
ceive the non-partisan support of thought
full men everywhere who are Interested In
the subject would give Wall street a scare
The fear is frequently expressed that If
a republican Congress is elected this fall
the scope Of the Sherman act already on
the statute books may be widened to ha-
rGsS the trusts. How 1t can be done no one
has yet suggested, but Wall street believes
that President Roosevelt is sincere and that
western republican congressman who know
the sentiment of the country realize that
something must be done. Action is looked
for, therefore, IL the republicans remain in
poweE
Existing Law Evaded.
The existing law Is being evaded every
day. The $45OO0O0O building trust which
was organized ten days ago by Mr. Lewis
Nixon. chairman Of the finance committee
Of the democratic congressional committee
doubtless will not violate the Sherman law.