The Hawaiian gazette., 1907-09-06
THOUGH WALL STREET
MAY CRASH
cOnanasa from rags oaso

ar Provinestewr. Mass. He had been
I lo2tt 20 take public notice Of the fnan>
eial strirgeney and OF the stress and
strain OF affairs il the business world.
Since the depression IN financial cir
Z eles began. four or five mouths sgo,
s,en have beer hssesehing him TO say
something reasSurins.
Long before he letr the White House
I in Irne, these rsQussSS were pouring
IN upon him, especially from New Yors
But what can / saw that viii help,
the President reiterated ayair in
K private conversations, He could take
no backward step in his warfare on tie
trusts, at least in the open. bseaase TO
DO 50 would bring down upon him the
dstraetiors OF 4 nation wide eoastitu-
( enev which applsuds 1iIr for bold cru
{ Sadius. He did ruSke little concessions
I here and there. "a ulanusr character
I iStie. The business md financial world
continued 70 srumtls, because he would
not speak ont and the vslTss OF sseusi-
ties Continued 10 say, The big buS.-
ness and financial people even grew
bold in their attacks upon him. John
/ D. Rockefeller. presi lent Of the Stand
ard Oh Company. embittered by the
SIS. $4,000 fine. SPIKE 3Jss in vigorous
/ dsnuueiSti0n of the President policies
STANDS WITH THE PEOPLE
Such things drove the President TO
his outspoken utteranee- He has
elected to fight with the masses and
ler the business and financial people
shift for themselves. II has increased
his popularity with the masses i'm
msnSsly but it has increased his un-
popularity with the more well TO do.
[ The latter class. Of course, make q
small minority and for his purpose the
President can better afford To have
| their suulity than the enmity of the
rank and file, by whose support he
has won his big battles in POLITICS.
Many OF them are Republicans any
way. who would not be apt TO desert
the ticket next year for anybody the
| Democrats nominate for president. al
though the prospect of a considerable
| following Of such men voting with the
/ opposition in state elections this au-
/ tuuIn for the purpose OF emphasizing
/ their resentment has not been over
| looked.
Then even the politicians who know
| the President are convinced Of his sin
| cere attachment 10 the principle of
trust subtugation to law. which he
/ has so often preached Many. who
! agree with him in the principle, think
/ he could operate on other lines more
l tactfully and more effectively. never
/ thsIess. once driven 10 make a public
| statement. there could be little ques-
| ton what ground the President would
/ take
Presumably the President had not
! fully decided to make his public deei-
| sion till after his ship, the Nfayfiower.
was on Long Island Sound. veSasing
| from Oyster Bay TO historic Province
| town At any rate the copy of his
| statement. to be used as an insert in
his address. was not given to the press
till the bright, sunIit morning. when
his ship had rounded Long Point at
the tip Of the beckoning finger of Cane
Cod and had sailed into Provincetown
harbor along the same course that the
Mayf0wer Of the Pilgrims is supposed
| 10 have sailed in November 1870.
There had been numerous conferences
| at Oyster Bay, at which the matter
had been talked over. As a result of
these conferences, the President decid-
sd 10 eliminate from his speech. copies
OF which had already been sent out TO
| the newspapers. a declaration that the
Department of Justice would press for
receiverships for the trusts and COM
binations that were violating the Sher-
I
/ RECETVERSHIP PLAN DROPPED.
That action is taken to mean that
this plan Of harassing Illegal trust
combinations has been abandoned. 4
i great acclaim as a new step in the
administration program 1t is suppos-
ed that Secretary of State Root ad-
i vised against it, presumably on the
ground that it was doubtful whether
| the courts would uphold such motion
on the part of the Department Of Jus
tice. The President recognizes in Sec
retary Root the abIest lawyer of mis-
| cabinet on corporation questions and
generally takes his advice before max
ing any important legal movement
J The refusal OF the President to open
ly sanction that proposition. first ad-
vanced by the Assistant to the At
torney General. Milton D. Purdy, Is
some consolation to the trusts and
combinations The good trusts. as he
chooses TO designate some Of them. al
so find q rainbow Of hope, in the Pres
ident's advocacy Of modification OF
the Sherman antitrust law which will
allow some combinations when made
in the open and with the sanction OF
the governments representatives.
Since the Provincetown speech was
delivered there has generally been a
better feeling. An impression has pre-
vailed that the worst the President
intends to do is now known and that
he has spoken more radically thar
Congress will sanction. He urged
anew the federal Incorporation Of com
panies doing an interstate business
From that, however. Secretary Tafl
dissents. as stated in his speech few
: days ago at Columbus, Ohio. 1t is no
Al all probable that Congress viii en-
act a federal Incorporation law befor'
the close Of Mr. Roosevelt's term
IL unlikely that Congress viii ever
seriously consider the Presidents rec
; concentrations at Provincetown fol
the ASSUMPTION OF complete fedora