Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1909-09-30
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TAFT AND THE ROOSEVELT
POLICIES.

l.
POLICIES.
Simply because there is nothing
spectacular or boistrous in the make
up of President Taft it is evident that
in certain stock speculation circles
there has been cherished the belief
that governmental reins on corporate
greed and unbridled aggregation of
capital would, under the present re-
publican administration be loosened.
Taft's utterances in his western
speeches have very emphatically COM
mitted the administration to a con-
tinuance of what have generally be-
came known as Roosevelt policies"
but which in reality are policies in
cident to unprecedented Industrial
development, demanded by the peo-
pie regardless of party-a climax to
conditions demanding more enlarged
federal inquiry and more rigid gov
ernmental control of monied inter-
est. Roosevelt was the man of the
hour. He called a halt and an &C
counting in the management Of pub
lie: affairs. His party and the people
stood behind him. He went far
enough, possibly too far, but he like
Taft who is man of tact and cour-'
age, could have been depended upon
to sretrace any steps he thought nee
essary and just and the adoption Of
common sense principles must not
be construed as .reactionary.
Something Of the sensitiveness of
the New York stock market may be
gathered from the tone of last weeks
review of trade and stocks by Henry
C1ews. He says:
The speeches of President Taft in
his tour of the west have exercised
a rather unsettling influence upon
holders of securities. They suggest
that the trend towards national sup
ervision of accumulated capital did
not end with the retirement Of the
Presidents immediate predecessor;
and Mr.. Taft's distinct statement that
recommendation are to be made to
congress at the December session, Of
a character calculated to reopen dis
cussion and action on corporation
matters of a controversial character,
can hardly be viewed as a favorable
stock market influence. The presi-
dent announces, for instance, that he
will urge the establishment of what
will in effect be an Interstate Com
merce Court Of Appeals to consider
appeals from rates fixed by the Com
merce Commission; he will also rec
ommend the extension under certain
conditions, of the powers of the In
terstate Commerce Commission to in
clude the fixing of rates; he will
urge legislation preventing one inter
state railroad company owning stock
In competing interstate company
and compelling roads owning such
stock to dispose of their holdings
within a given time. The president
announces that he will also seek leg.
islation to prevent the overissue OF
stocks and bonds and to prevent also
the watering of stocks, His position
Is that the permission of the Inter.
state Commerce Commission for the
issue of such new securities must
first be obtained and that the com.
mission itself must make a careful
and formal inquiry before granting
.such permission, and that in no case
must stock be issued for less than PAL
Other recommendations are to be
made to congress by the president
on much the same lines, and taking
the Legislative outlook as a whole
4 the Executives position becomes one
OF distinct Importance to holders OF
i securities Some Of the recommen-
dations, possibly all Of them, have in
view the creation Of improved con-
4 ditions in the financial world with q
distinct tendency towards steadyins
the list Of security values. On the
other hand, the danger should not
be overlooked of any attempt BY the
government to take from railroad
/ managers the proper duties Of their
q various Offices II will not do to