Evening star., 1907-08-19
THE PROGRESSIVE
POLICIES" CRITICISED
A Significant Contrast Between
East and West.
PRAISE ANb ANATHEMA
Equally Strong and Unstinted in ths
Two Sections.
CHICAGO TRIBUNE's CANVASS
Shows Drift of Sentiment in the West
Ex-Secretary shaw's State


east and the west is shown in occurrences oe
the past few days The connection, cons
stantly growing closer, between politics and
finance and industry renders study OF tho
situation highly interesting.
In the middle west the people crazy
with delight over the progressive policies
of President Roosevelt and his administra-
ton. They want him for President again,
and barring that. demand some
ceptable to him. In the east they have
also gone mad over the Roosevelt progress
sive policies. but it is another kind of mad.
1t is madness which has depressed tho
prices of securities by millions OF dollars.
affrighted capital and locked up money. and
caused feeling of real apprehension in
financial circles. Progressive policies" re-
ceive unstinted praise in one section and.
1t appears. hearty anathema in another.
Proof of Popularity.
The latest proof OF the popularity OF the
President and his policies in the west q
adduced by the Chicago Tribune in a SYM
postum of opinions OF publishers, legis'a-
tors and political leaders in the states of
Illinois, Indiana, Michigan. Wisconsin. Min
nesota, North and South Dakota, Iowa. Ne
braska. Missouri ard Kansas. The Tribune
asked, DO you approve the progressive
policies of the President and do you prefer
a candidate of the progressive school for
his successor a man OF more conserNa-
tive views?' The question was also asked
whether Cannon, Fairbanks. Knox, Hughes
or Taft WAS first. second or third choice OF
the person to wnom the inquiry was ad-
dressed.
Answers to the number OF 100 were re-
ceiyed of which / 433 declared for pro-
gressive successor. Only 65 opposed tho
policies of the President and on.y LIZ said
they would prefer a conservative man as
successor TO Roosevelt. Many OF the
t,rttera insisted that Roosevelt himself
should be forced to rum
OF the list of suggested candidates. Sec
retary Taft was the first choice Of siI.
Cannon was first choice of l9l, Hughes first
choice of 1874, Fairbanks first choice OF 15.,.
Knox first choice of 49, La Toilette got 23e
votes, and there were scattering votes Tor
others The Tribune figured that on tho
basis of the returns Taft should have ltO
delegates to the convention, Cannon ~.
Fairbanks Oand La Toilette 20 at the out
set .
These figures only confirmed reports thac
have been coming in steadily for weeks
from the west as to the satisfaction or mo
people Of that section over the govern
ments prosecution of the trusts, the fine
imposed on the Standard OIL Company, tho
attack on the harvester trust, the luinber
trust the tobacco trust, the powoer trusu
whose dealings the mass of the storekeep-
ers and buyers come into contact. "More
power to your elbowr' has been the cry
addressed to Roosevelt, for 1t Is all laid
to him.
The other Side.
Now for the other side. Whether justly
or unjustly, the governments attitudes
toward corporations is seized upon In tho
east as an explanation for the ominous falA
In values Of securities in the past two
weeks II Is alleged that holders OF largS
commitments of Industrial stocks have oe-
come alarmed and have thrown their hoid-
ings upon the market. crushing prices by
sheer weight. Money Is scarce. long loans
being almost impossible and only call money
available II ie not the province of this
article to discuss the logic or illogic On
the reason assigned for this condition At
torney General Bonaparte. speaking fon
the administration, has vehementiy coh'ro-
yerted the charge that the administration
is responsible and has he ID that only wall
street spectators are crying.
1t has been pointed out in return thar
the Wall street speculators make money
whether stocks go up down, as they csn
"go short" as proftably TO themselves az
they can make money on rising market.
They say that the people who are sunerlhg
are the small holders of securities, who Rec
the value of their holdings diminishing.
1t is saiu there can be no question or tho
seriousness of the financial situation, what
ever the cause. For instance, last week
an effort to dispose of gilt-edged New York
state bonds failed. Only $500, just one
half of a bond was sold out of proffered
issue of 100000. The city of New York;
cannot find a market for it's 4 per cent
bonds and the city is SO hard up for cash
that II is paying salaries by warrants, which
in turn are exchanged for city bonds ana
the holders peddle them around. 1t was
stated that there is in the city treasury only
S4Oo, 900 cash. with warrants due contracts
ors and others amounting TO $.5OO,OO. with
outstanding claims in addition of about
s6,o0O.O0O.
There are outstanding about sl0.00o.Gm
of government Is which the government
wants to redeem. The intere has stopped
and ha hnl "A
they are unwilling to turn in the bonds and
get the money apparently because they
afraid to reinvest.
Afraid of American Securities.
Controller Metz of the c.,y of New York.
who is abroad, was quoted over the cable
yesterday saying that there is no per
cent money to be had in Europe. and that
Europe Is afraid of American securities.
The bourseS in Berlin and Paris and the
stock exchange in London were depressed
all last week on account of the American
market.
The last statement Of the condition OF
New York city savings banks showed de-
posits therein of over Slo0,OOO,OOO. the most
of II dra wing 4 per cent. There are stocks
on the list in New York which at present
quotations yield dividends of O. and
high as II per cent. but the money In the
banks refuses 10 come ouS 10 the tempting
bait.
the Broadway Safe Deposit Company and
of the Mechanics and Traders National
Bank made public letter addressed to
President Roosevelt regarding the contro-
versy between the President and corporate
Industries, saying in part:
"The continuous attacks upon them and
especially the constant hostile utterances
against them are like the acts of a victop
who does not desist from striking his oppo-
nent when he has him down. You have
the corporations In chancery, but you have