The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-09
BLAME PRESIDENT
FOR STOCK SLUMP
Wall Street Interests Lock Horns
with Roosevelt Over Rail
road Rate Policy.
Special to The Journal.

Chicago, Dec. 9.---Walter Wellman, in
Herald, says:
President Roosevelt and, Wall street
have locked horns again. Today 8
slump in stocks is attributed in the
street to the president 8 attempt to
interfere with the management of
American railways by his suggestion
that congress give the Interstate COM
merce commission the power to make
rates. ~ ~ ~. @'., &C. ~-E.-..
Press dispatches from New York in
dictate that the Generalization in secu-
rites was due to the war between the
Standard Oil crowd and "Frenzied FL
Lawson. But many private dis
patches and telephone messages were
received here today intimating that the
financial leaders also charged the trou-
Roosevelt. The claim is made that his
rate-making recommendation to con-
gress has precipitated something like
a panic, just as his instruction to At
torney General Knox to begin suit
against the Northern Securities started
big slump two years ago.
Inconsistency in Claim.
There is slight inconsistency in
this claim that the president has again
wrought havoc in the stock market.
The Wall street people in one breath
hold the president responsible for their
troubles, and assert that they have re-
ceived assurances that congress will
not enact any such legislation as that
which the president has recommended.
received such assurances from Washing
ton, it would be interesting to know
who gave them. Who is the man or
who are the men who presume to say
the national legislature will not follow
the recommendations of the president
in this important matter?
No such assurances could have come
They, could not have come from
the house Of representatives, where
it is known :, to every one who
cares to inform himself on this subject
that Speaker Cannon and his ieuten
ants are heart and soul for legislation
that. will put a stop to railway discrim
nation. By the process Of elimination
we reach the inference that if such as
surances have been given they must
have come from the senate.
Who Speaks for Senate?
Who speaks for the senate over the
long distance telephone wire running
from the lobby Of the senate chamber
to Wall street? Is it Mr.. Allison, nom
| inal leader of the senate and a ripe
! and able statesman who enjoys thu
confidence Of the -country9 No one be
lieves it. It is Senator Elkins, chair
commerce, which will have the pro
posed legislation in charged It is mo-
believable. Is it Senator Aldrich, tn
actual leader of the senate, who's,
daughter married Rockefeller9 N,
one thinks so. Certainly it could no
have been Senator Spooner, who's
friend and colleague, Senator Quarles
is the author Of the pending bill t.
give the interstate commerce commits
sion the. very power. the president, rec
ommends. Surely it could not hav
Senator Lodge, nor Senator Beveridge
nor Senator" Fairbanks. The myster,,
deepens.
Wake Up, Wall Street.
| Wall street may some day wake u
to a realization of the fact that it doe
not. control the American congress
There is no doubt that determined 'ef
fort will be made by the railway mag
mates and the fnanciers behind them t
prevent the proposed legislation. Tw
nights ago President Ripley of tn
Santa Fe gave a dinner. to railwa
presidents in New York, and it
known this was the chief subject o
their Dissatisfaction to beat the rat
bill in congress.
Already some one has opened con
munication with the leaders of the ser
ate. A railway lobby may be expecte
assumes dangerous aspect. It wi
camp at the senate end Of the capito
No one expects any action by congress
during the present short session, tn
there is a bare possibility the hous
may pass the QuarlesCooper bill {
something like it, merely for the pu
pose of aiding Pr resident Roosevelt
rousing public agitation and to "pr
it up to' the senate.
Big Fight Coming.
Wall street may indeed have assn
ances that congress will never ena<
such a:law, but it is apparent here thu
a big fight is coming, with the outcom
in grave doubt. Meanwhile some {
the keenest observers in the countr
and among them railroad men and form
. er railroad men who are able to see b
yond their noses, say the railway man
gers and Wall street fnanciers al
making a great mistake in standir
!. against the proposed refornl-that the
are sowing the wind, and may some ds
reap the whirlwind of far more ORA
tic legislation than any that is now pr
posed.
}. Short Sighted Policy.
"Railroad interests in opposing Il
passage of my bill are pursuing a sho1
. sighted, policy" said Senator Quarl
Of Wisconsin, author of the amendme
to confer upon the interstate CONNER
commission the authority, which Il
president says in his message it shou
have, to fix rates when existing charg
are found to be unreasonable.
8 cit is only a question of time VIII
% the railroads will come to realizati
i of this fact. I must confess that I W
g not Influenced by any consideration
the welfare Of the railroads when
introduced my bill, but anyone who W
stop and take a broad view Of the m;
ter will agree, I am confident, that I
proposition is reasonable and consery
tive, is mild measure with ample pl
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