New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-29
WALL STREET AND THE PRESIDENT.


The current number Of "Harper's Weekly"
contains an interesting article intended to show
the possibility Of defeating President Roosevelt
in 1904 It figures that he is less popular in the
former slave holding States than President Nc
KinIey and consequently is likely TO lose all the
border States, and that then, if the Democrats
can carry New-York, New-Jersey, Connecticut
and Indiana. they can win the election. New
Jersey and Connecticut it is thought viii go
with New-York and any Democrat with power
TO unity his party and carry them ought TO be
able, with popular running mate from Indiana.
10 carry that State. So the result Is made 10
turn on NewNYork. Elaborate arguments are Of
fered to show that the President is not popular
here. among them one concerning the financial
situation which, in view Of its origin and In
spiration, is significant. 'Harper's Weekly"
says:
II is certain that in the States of New-Ycrk
NeI-JeT and Connecticut scores Of thousands
OF voters have lost money through the extraor-
olnsry drop IN the value OF high class securi-
ties which has taken place the Stock Ex-
change II is perfectly true that this extraor-
binary shrinkage Of value cannot be imputed to
an industrial crisis and that the scores of thou
sands Of voters who have suffered by the shrink
age must ascribe their losses to some other
cause. Rightly or wrongly. most OF the suffer-
ers attribute the shrinkage of values on the
Stock Exchange to Mr.. Roosevelts programme
OF warfare against the trusts, programme the
concrete results Of which visible in the suit
brought by the Attorney General of the United
States against the Northern Securities Com
pany, and in the coercive legislation enacted by
Congress. which may be turned TO account by
the Bureau Of Corporations in the new Depart
Toent Of Commerce. There is probably not a
voter in the three pivotal States lust named
who, 4 during the last year and a half he has
lost money through the shrinkage of values on
the Stock Exchange, does not hold Mr. Roose-
welt responsible. directly or indirectly for his
Dlisfortunes.
Doubtless some of the Wall Street interests.
especially those which were engaged in manu-
featuring "undigested" securities which in the
slump proved 'indigestible." feel that way tow
ard the President. But, while they may make
enough noise TO seem 10 the "Harper's Weekly"
writer typical of the whole investing public, we
doubt if they are really more than a small frac-
ton OF it. Financiers who engaged in schemes
Of reckless imitation and vast campaigns for ma
nipulating properties into their own control
without buying them and leaving their own
money in them will naturally blame somebody
else when the inevitable result comes; and the
Presidents action TO test the law IN the case of
the Northern Securities Company offers a con-
venient excuse for such persons. But we do not
believe that majority. even of the members of
the New-York Stock Exchange, in their sober
thinking attribute the recent severe shrinkage
IN prices 10 anything but Wall Streets own
folly We have heard many Of them so express
themselves.
We'll Street paid the penalty Of a too rapid