Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-10-20


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, 1t Is
known that President Roosevelt is not
friendly to Wall street interests as such,
and that he is disposed to follow line OF
action entirely independent of what wall
street may desire or deem proper On the
other hand. there seems to be no doupt
that Wall street will use its influence TO
defeat the nomination of Mr. Roosevelt IN
the republican national convention, ana IL
unsuccessful there efforts will be made to
defeat him at the polls in November next.
"Wall Street SUMMARIZE View.
What may be termed the case against
President Roosevelt is summed up by the
publication known as the Wall street
Summary which says: In an EFFORT TO
clear Mr. Roosevelt of responsibility Tor
the troubles which followed his 1nter1er-
ence in the anthracite coal strike resort IS
had to an ingenious device. A NUMBER OF
straw men We're set up and knocked down
in fine shape, after which the assertion Is
broadly made that Wall street is not SUI
fering from the result or the fresiueIlt >
efforts to save the country from great
evils but from the consequence OF tne
evils themselves, which weakened the
financial structure and unsettled cohii-
dence. 90, 49,, ox, ,;o,,
was formed in 1901, that the Northern Ia
cific corner occurred in the same year,
that the pushing of the Gould niles 70 .he
seaboard began in the summer OF tndt yea,
and that the Northern Securities Company
came in the autumn, certainly made tnat
wear notable in the history of corporation
affairs but that events, either slnsy VI
collectively, had anything TO 90 WIN tiie
depression which began in the latter part
of 1902 cannot be successfully maintained
Equally unjustifiable Is 1t TO cohtenu thdt
the steel corporations conversion plan; or
the organization of the United States Snip
building Company, or the formation OIL the
Isocl, island COMPANY or of the 1nterna-
tional Mercantile Marine Company, all Oh
which occurred in 1902, We're responsible LOT
the unpleasant conditions which nave peeh
going through this year.
..,Tbat some one of these companies may
have been ovcrcapitalized is not denied, put
is it not supposable that II commence Lau
not been shaken in other directions they
would have continued on the even tenor Oh
their ways, and that in time the capltallZa-
tion would have been absorbed by TINS ever
growing country? 1t was the jar WMch
President Roosevelt gave to the community
when, by his interference IN the antnracile
coal strike he lent encouragement 10 the
reckless demands of the coal miners, ana
through them to organized labor throughou
the land that did the damage. examination
of the returns of suspended bulldlng opef-
atoms in the chief cities of the country re-
yeals the facts And incidentally the thou
sands of tons of structural material piied
nm in the yards of the great steel works.
produced on orders. but held for denver
awaiting the return of the misguided men
to work illuminate the situation.
Question Of Responsibility.
"Are the steel beams and other products
of the mills unused because of the organ1-
zation of any of the companies named!
Is there anything in the capitalization OF
those companies, however great. that has
htJi11 q
operations in the great cities? Every sane
man knows that such contentious 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 natural death. The men nave
returned to work under conditions no less
favorable to them than those eXlstlng To-
day and quiet and order and discipline
would have taken the place Of the lnsolent
arrogance and unrest which are now char
acteristic of the workmen in the coal re-
yions The success of that strike, how
ever bred discomfort elsewhere and re-
suited in a great epidemic of demands 1or
Increased pay and shorter working hours
and other conditions which made the sue
cessfuI carving on of business 1mpract1-
cable. In many instances the demands
were granted although they lacked justice,
particularly in the case OF the RAILROADS.,
and one has only to look at the reports or
current operations to see how the railroads
cuiieie ~
10 ,.ro on imnartial observer the sequence
Of events is clear. Encouraged by the
recognition which the miners secure9. ai,i
sans throuehou. .aie 90 IN 'constructive
naliu wbi,b on being refused. re-
suited in cessation of operations which
sui.eu ,,ldar Wv and the postponement of
w., that were protected
.Tyy,s rnoyement was not confined to the
,,iair, trades but was common to the
rJrrD raf
~ ION and steel industry With the de-
o,,na IN tho iron business. the public, which
- a1vavs regarded the fluctuations in
Nat trade as significant of general condi-
tions took alarm and sold their holdings of
stock irrespective of actual merits. This
resnIted in embarrassment to individuals
Who In self-nrotection were compelled to
the nuhlic was more or less disturbed and
the oTieration meant still lower prices
..With the continued decline the slow