The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-09-29
INTERESTS ENTHUSIASTIC OVER
HARRiMAN'S DEATH
DISAPPOINTED
Large Financial and Speculative In
forests Still Supporting the
Stock Markets.

NEW YORK. Sept. 29.-(SpeciaD-
The large financial and specula tive in
terests are still supporting the stock
market and any discussion of financial
prospects must necessarily be subject
to their movements predicated upon
the whims of exigencies of their pres
ent interests. Dealing, however, with
the fundamental situation, which in
the long run must prevail there APP
pears no question that developments
are converting it into one of increas-
ing burden for manipulative interests,
and the features to be watched in the
current period of strain are indications
of the endurance, strength and deter
mfnation of the manipulators. The
weeks news developments have been a
encouragement to those outside inter
ests who became enthusiastic over
market prospects Immediately after
the death of Mr. Hartman. There
have been a number of specific dis
appointments. In the first place. the
speeches of President Taft in his tour
of the West have exercised rather
unsetting influence upon holders of
securities. They suggest that the trend
towards national supervision of accu-
mulated capital did not end with the
retirement Of the presidents immediate
predecessor: and Mr.. Taft's distinct
statement that recommendations are
to be made to congress at the Decem-
Der session. of character calculated
to reopen discussion and action on
corporation matters Of a controversial
character. can hardly be viewed as a
favorable stock market influence. \
large percentage of the very heavy adj
vance that has taken place in the Stock
exchange price level since the inaug-
uration of President Taft in March last
has been based upon the belief that
legislative antagOnism to accumulat-
ed capital as such was on the Uane
and that just as surely as national
political sentiment moderated SO would
state. county. municipal and lesser
governmental organizations fall into
line. Holders Of securities began to
feel free from care in this direction;
they quite freely admitted that the
Roosevelt policy. while perhaps at
times unnecessarily harsh. had not been
without it's very pronounced benefits
upon the financial and business fabric
as a whole. and that changes had been
forced quite as necessary as for the
moment they were unsettling and per-
hans temporarily disastrous The pres
ident's speeches especially that at Des
Moines have suddenly made it clear
that great questions affecting the
financial markets that were considered
settled are. in fact, not settled and
that the opening of congress will again
become the source of uneas1ness al
uncertainty among large railroad and
industrial managers and owners. The
president announces for instace, thal
he will urge the establishment of what
will in effect be an Interstate Com
merce Court of Appeals to consider ap-
peals from rates fixed by the commerce
commission; he will also recommend
tho extension under certain condl-
tons of the powers of the interstate
commerce commission to include the
fixing of rates: he will urge legfsla-
ton preventing one interstate railroad
comnany owning stock in a competing
interstate company and compellig roacs
owing such stock to dispose Of their
holdings within a given time. The
president announces that he VIII also
seek legislation to prevent the over
issue of stocks and bonds and To pre-
vent also the watering of stocks. His
position is that the permission of the
interstate commerce commission Tor
the issue of such new securities must
first be obtained and that the commits
sion itself must make a careful and
formal inquiry before granting such
norm, ission and that in no case must