The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-09-29
NERVOUSNESS IN BIG
MONEY CENTERS.

That the next session of congress
will be attended by debates on most
important measures affecting the wei
fare OF big financial interests, and
that much of the proposed legislation
will be of deep interest TO even the
people OF Ogden, because OF the pro-
posed segregation of The Hartman
lines. are brought out by Henry
Clews In his last letter In comment
on President Taft's speeches. i'll which
he says:
There have been a number Of spe
ciflc disappo!ntments. In the first
place the speeches of President Taft
In his tour of the West have exer-
cised rather unsettling influence up
on the holders Of securities. They sug-
gest that the trend towards national
supervision of accumulated capital
did not end with the retirement of the
Presidents immediate predecessor;
and Mr. Taft's distinct statement that
recommendations are 10 be made 10
Congress at the December session. of
a character calculated to reopen dis
cussIon and action on corporation mat.
ters of controversial character, can
hardly be viewed as a favorable stock
market influence. large percentage
of the very heavy advance that has
taken place In the Stock Exchange
price level since the Inauguration of
President Taft in March last has been
based upon the belief that legislative
antagonism to accumulated capital az
such was on the wane and that just
as surely as national political senti-
ment moderated so would State. coun-
ty municipal and lesser government
tai organizations fall into line. Hold
ers OF securities began to feel free
from care in this direction; they quite
freely admitted that the Roosevelt pol
Icy, while perhaps at times unneces-
sarily harsh, had not been without It's
very pronounced benefits upon the fin
ancial and business fabric as a whole,
and that changes had been forced
quite as necessary as for the moment
they were unscttling and perhaps tenn
poraTily disastrous
The Presidents speeches, especial.
ly that at Des Molnes, have suddenly
made Ii clear that great questions af-
fectlng the financial markets that were
settled are in fact not set
tied and that the opening of congress
VIII again become the source of un-
easiness and uncertainty among large !
and industrial managers and |
owners. The President announces. for !
Instance, that he will urge the estab- |
lishment OF what Will In effect be an |
Interstate Commerce Court of Appeals
10 consider appeals from rates fixed by |
The Commerce Commission: he will |
ilso recommend the extension under
conditions, of the powers of
he Interstate Commerce Commission
o include the fixing of rates: he will
Irge legislation preventing one intor-
state railroad company owning stock
n competing interstate company
md compelling roads owning such
stock 10 dispose Of their holdings
within given time. The President
announces that he will also seek leg
station TO prevent the overissue OF
stocks and bonds and TO prevent also
he Watering of stocks His position
S that the permission Of the Interstate
commerce Commission for the issue
# such new securities must first be
obtained and that the Commission II.
elf must make a careful and formal
inquiry before granting such permission
md that in no case must stock be
ssued for less than par. Other recon-.
1endations are to be made TO Congress
" the President on much the same
Ines, and taking the legislative out.
ook as whole the Executives posi-