The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-23
LIVE IN TERROR.
Wall Street in Dread of a Money
Stringency.
Some Encouragement Derived
from Presidents Attitude.

view IOih, July pressure ID
to be brought by Wall street in favor
of the enactment of a new financial law
at the autumn session of congress.
Financial men here live in much terror
OF a money Stringency, and as usual
they think it is the business of con-
greSS to come to their relief. Speak
ing on the subject, one of the leading
men in Wall street remarked:
Liquidation and the accompanying
low prices such as we have had during
the last four or five months does not
disturb us at all. We do not fear d
panic from this source. AS rule the
men who carry stocks are able to carry
them or able to stand their losses, but
If money should get tight and interest
rates go killing, the very devil would be
to pay. Taking into the account the
strain things are subjected to from
other causes, a money squeeze would
probably bring about the worst panic
we have had in Wall street for a num-
Der of years. When men can't get
money to carry their stocks they have
to sell them. Prices go tumbling be-
cause everyone wants to sell at the
same time. Every big financial institu-
ton in New York is now trying to get
ltse1 IN shape to Withstand the money
squeeze Which we all fear in the fall
Perhaps this very apprehension and
caution will enable us to weather if
without serious damage"
Everyone in Wall street was much
encouraged by the announcement which
Senator Lodge made the other day that
President Roosevelt wanted congress to
take up the financial question in Noven-
Der Most of the important men here
have way of sneerins at President
Roosevelt. following the lead of the New
York Sun. which is enjoying itself daily
writing of the president as some strange
freak that has accidentally found its
way into the presidential chair The
Suns course toward the president is in
some respects outrageous, and its con-
duct is relieved only by the wit and
clevernesS with which it Sugar-coat is its
bitter pills. In its treatment of Mr..
Roosevelt it is following out the tradi-
tons of the paper, and its present
course reminds one of its methods of
putting the knife into Hayes Cleveland
and others in the days of the great
Dana.
Most men in the financial district en-
joy the Suns satire and form their es-
innate of the presidents character upon
its witty sallies. There is a general i'm
preston that the Sun is owned by ].
Pierpont Morgan, and that Mr. Nor
gan is responsible for the attitude of the
paper toward the president. Not long
ago one of Mr.. Morgan's friends advised
him to pull the Sun off" as, in his
opinion, it's attacks upon the president
were doing the firm of Morgan & Co
great deal of harm
1.-The American people always want
their president treated with respect"
said the gentleman, land they will not
stand it to have the paper which you
control belittling Mr.. Roosevelt
Il have no more to do with the Sun
than you have" replied Mr.. Morgan.
'TThe notion that we own the paper
probably sprang from the fact that we
once made loan to the publisher, which
he has since repaid. We are in no wise
responsible for what the Sun says or
does"
Notwithstanding its inclination to
sheer at Mr.. Roosevelt. Wall street i'm
agines that the presidents advocacy OF
| financial legislation at the extra session
means that the Aldrich bill or some
thing like it will pass before the snow
/ flies Which is another proof that Wall
street does not understand washington
1 New York never did have much knoWl-
/ edge of the way in which the machinery
/ is operated at the national capital, and
seems wholly incapable of learning. As
( a matter of fact. it is likely to be a long
time before financial bill gets through
| congress. 1t may be done next winter,
but to expect its passage at the short
session of November or even in the reg
ular session before the holidays is to
yearn for the impossible. Mr. Roosevelt
has some influence with congress, but
1 very much less than most people inn
agine. An example of this is found in
the dead set he made for the Cuban
reciprocity treaty last winter, and which
he now finds necessary to renew with
the desperate expedient of a special seS-
sion called for the express purpose OF
considering it. Even now the cate OF
the Cuban treaty is in more or LESS
doubt.
As for the financial legislation upon
which New York has set its heart vari-
Gus obstacles are likely to be encoun-
tered. Taking into account the fact that
almost everyone admits the currency
system should be reformed and the
pressure that is likely to come from
various parts of the country in favor OF
action, the probabilities are that some
thing will be effected. But it can not
be done in a hurry. In the senate diff
ficulty will arise in the form of Demo-
cratic opposition and the employment OF
interminable debate Last spring a
handful of Democrats killed Mr. Aid
rich's bill at the last moment when he
was perfectly confident of success and
they did it to punish him for his ma
neuvering against the statehood bill M