The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-21
WALL ST. SHARKS,
vs.. ROOSEVELT
Trying to Lay the Blame for the
Present Depression in Stocks
on President.
Spacious Arguments by Wall Street
Organ and by J. Pierpont
Morgan's Organ.
Special to Tho journal.

Special to The Journal.
New York, Oct. 21.-The question
whether President Roosevelt is or is
not responsible for the present condi-
lions in Wall street is agitating the
financial world. Some authorities
agree that the president has had moth
ing whatever to do with the matter,
and that the depressed state Of the
financial markets is due solely to rot
ten management of industrial and
other concerns, as disclosed In re-
cent Investigations, notably that Of the
Shipbuilding trust. Overcapltal1Za-
ton, fraud, chicanery and other de-
vices intended to relieve the public
of their dollars, are set down as the
moving causes of the lack of conf
dence and the craze to sell the stocks
and bonds, no matter what their in
trinsic value may be. On the surface
the trouble would appear to be that
everybody wants to get cash for his
securities; hence the long-continued
and severe declines. But the actual
causes Of the depression seem to be
deep seated and difficult to fathom.
OF course, it is known the President
Roosevelt Is not friendly to Wall
street interests as such, and that he is
disposed to follow a line of action en-
tirely independent Of what Wall
street may desire or deem proper. On
the other hand, there seems to be no
doubt that Wall street will use its
influence to defeat the nomination Of
Mr.. Roosevelt in the republican ma
t1onal convention, and If unsuccessful
there, efforts will be made to defeat
him at the polls in November next.
4 The Case Against Roosevelt.
What may be termed the case
against Roosevelt is summed up by
the publication known as the Wall
Street Summary, which says:
In an effort to clear Mr.. Roosevelt of
responsibility for the troubles which fol-
lowed his interference in the anthracite
coal strike, resort is had to an ingenious
device. A whole series Of straw men is
set up and knocked down in fine shape,
after which the assertion is broadly made
that Wall, street is not suffering from the
result Of the presidents efforts to save the
country from great evils, but from the
consequence Of the evils themselves, which
weakened the financial structure and I'M
settled confidence. 4
That the United States Steel corpora
ton was formed in 1901. that the Northern
Pacific corner" occurred in the same
year, that the pushing Of the Gould lines
to the seaboard began in the summer of
that year, and that the Northern Securi-
ties company came in the autumn, GER
tafnly made that year notable in the his
tory Of corporation affairs, but that events
s1ngly or collectively, had anything to do
with the depression which began in the
latter part of 1902 cannot be successfully
maintained. Equally unjustifable is It to
contend that. the Steel corporations con-
version plan, or the organization of the
United States ShipbuiIding company, or
the formation of. the Rock Island COMPANY
or of the International Mercantile Marine
company all of which occurred in 1902,
were responsible for the unpleasant con-
this year. .-.-I.s. 4 =
That some one of these companies may
not have been overcapitalized is not de-
MED, but it is not supposable that if conf
dence had not been shaken in other direc-
tions they would have continued on the
even tenor Of their ways, and that in time
the capitalization would have been alb
sorbed by this every growing country. It
was the jar which President Roosevelt
gave to the community, when by his inter-
ference in the anthracite coal strike. he
lent encouragement to the reckless de-
n1ands Of the coal miners, and thru them
to organized labor thruout the land and
that did the damage. Examination of the
returns of suspended building operations
In the chief cities of the country reveals
the facts And incidentally the thousands
OF tons Of structural material piled UP in
the yards of the great steel works, pro-
duced on orders but held for delivery
awaiting the return Of the misguided men
to work. illuminate the situation
Are the steel beams and other products
of the mills unused because of the Or
ganization of any Of the companies
named? Is there anything in the capital
ization of those companies however great
that has Influenced to the slightest degree
building operations in the great cities
Every sane man knows that such conten-
tons are not made in good faith, but are
put forward to conceal the truth, and in SO
doing further the political ambitions OF
Mr.. Roosevelt.
Left to itself, the coal strike would have
died a natural death. The men would
have returned to work under conditions nc
less favorable to them than those existing
to-day and quiet and order and discipline
would have taken the place of the insolent
arrogance and unrest which are now char