The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-22
Wall Street Is vitality Interested in
the Passage Of Monetary
Legislation.
A Fear That Money viii Become.
Eight This Fall Unless Con-
gress Acts Promptly.
It Is Probable Tho That No Finan-
cial Legislation Can Be Passed
Before Winter.
Jew York Sun Special Service.

New York Sun Special Service.
Chicago, July 22-Walter Wellman, in
a New York special to the Record Herald,
says:
Great pressure is to be brought by Wall
street in favor of the enactment of a new
financial law at the autumn session Of con-
gress. Financial men here live in much
terror of money stringency, and, as
usual. they think it is the business of con-
gress to come to their relief. Speaking
on the subject, one of the leading men in
Wall street remarked:
Liquidation and the accom- panying low
prices such as we have had during the
last four or five months, does not disturb
us at all. We do not fear panic from
this source. AS a 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 kiting, the
very devil would be to pay. Taking into
the account the strain things are sub
| jected to from other causes, money
squeeze would probably bring about the
worst panic we have had in Wall street
! for many years. When men cannot get
| money to- carry their stocks, they nave
! to sell them. Prices go tumbling because
every one wants to sell at the same time
Every big financial institution in New
York is now trying to gat itself 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 it without serious damage"
| Wall Street Encouraged.
| Every one in Wall street was much en-
couraged by the announcement which Sem
ator Lodge made the other day, that
President Roosevelt wanted congress to
take UP the financial question in Novem-
Der. Most Of the important men here
have a way of sneering at President
Roosevelt but Notwithstanding this in
| clination, Wall street imagines that the
/ presidents advocacy of financial 1egisla-
tion at the extra session means that the
| Aldrich bill or something like 1t will pass
before the snow falls, which is another
proof that Wall street does not understand
Washington.
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, 1t is likely to be a long
time before financial bill gets thru con-
Igress. 1t may be done next winter but tc
expect4its passage at the short session. OF
4 November cor even in the regular session
before the holidays is to yearn for the
1 impossible. Mr., Roosevelt has some In
!, fluerce with congress, but very much less
/ than most people imagine. An example
i of this is found in the dead set he made
4 for the Cuban reciprocity treaty last win.
| ter, and which he now finds necessary tt
renew with the desperate expedient of
special session called for the express pur
pose of considering it. Even now the fat
of the Cuban treaty Is in more or less
doubt .
- Obstacles to Financial Law.
AS for the financial legislation upo1
which New York has set it's heart various
obstacles are likely to be encountered
Taking into account the fact that almos
Z everyone admits the currency system
should be reformed, and the pressure tina
Is likely to come from various parts o
the country in favor. Of action, the prob
, abilities are that something will be eff
5 fected. But 1t cannot be done in a hurry
In the senate difficulty will arise In tn
, form of democratic opposition and the EN-
ployment of interminable debate. Las
spring handful of democrats killed MI
2 Aldrich's bill at the last moment when h
5 was perfectly confident of success and the.
did it to punish him for his maneuverin,
3 against the statehood bill
German Factor.
: No one can foresee what complication
! of this sort may arise next fall. Mr. Cor
man is to be reckoned with and Mr.. Cor
! man is planning for 1904 If the demo
' Gratis raise the cry that the proposed finan
cial legislation Is for the benefit of Wal
: street and the banks, as they are yer.
likely to do, 1t may take many long month
E to put the measure thru.