The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-02-07
Mu&l Pressure Brought to
Bear on Taft by
FinanCieTS.
SOME OF MESSAGES
ALMOST THREATEN
Abandonment Of Policies That
Brighten Capital IS Urged
for Fear of Panic.
By JOHN SNURE

By JOHN SNURE
Tremendous pressure IS being brought
uDou President Taft TO compel him 70 90
glow In TIA prosecution Of trusts, and
IN -rciuz legislation for the further con
troll Of the railroads The iron hand OF
the big financial interests. which are
generally summed I'D under the name
OF srwau Street" e being felt at the
White House
Not merely Is thu President being
asked ID go slow. and advised 10 do so,
but messages Of a sort not short Of
threatening have been conveyed 10 him
He has been told that unless there IS
an abandonment Of policies that VIII
brighten capital and which are likely 20
pprrurb the stock market and the money
market, his Administration VIII be
marked By a panic compared 10 which
the panic IN the Roosevelt regime was
but a gentle zephyr and a passing
breeze
The President has not been frightened
by the threats OF the financial mag
rates. But more than ever before in his
Administration be realizes the gravity
OF beinz Chief Executive OF the nation
and attempting anything ike an i'm
Partial enforcehent OF the law, and
anything like a legislative program
which coutenpIates an effective meas
s7re Of Government control
Is Worried
Re IS worried over the pressure which
Is being exerted on him by capital from
al directions He feels probably more
than ever a deep sense OF MS response
biIity- He is talking TO some Of his
callers from the Capitol about the stu
alton To them, he is saying that de
propose 10 do otherwise than he has
set out TO do.
For days there has been an unusual
number OF big duancie-s drifting into
Washington and finding their way 70
The White House Among the men who
have beer nare recently, and who have
seen the president. are James j.. Eiu.
George w Perkins who IS associated
with J. Pierp0ur Morgan and Frank A
VaGderID. men among the foremost OF
the figures in the financial world
That these men have urged the ueces-
SIry OF conservative action in dealing
with trust and railroad questions there
- good reason TO believe However, the
President is being urged and warned by
letter, as wen as hy direct word. 10
proceed with z-reaL caution
The pressure for national iUCOTpUra-
ton legislation Is getting stronger and
stronger On the President and on Con
gTeSS- A national Incorporation measure
the big nna1ciers. They are perturbed
over various features OF the existing
situation at Washington.
AdviCes From Capital
Every word that comes out Of wall
Street these days reflects the feeling
there that much Of the trouble IN the
stock market 5us- now is due 10 the
appTeheusIve nature OF advices from
washington These advices include:
The fact that the Supreme Court VIII
probably Uphold the Government in the
Tobacco trust suit and IN the suit 10
dissolve the STANDARD Oh monopoly, and
that the Tobacco trust case IS IIzeIyto be
decided at an early date
The fact the Administration IS dis
posed TO enforce the Sherman law v1Eor-
OUsly against a number OF gigantic com
bina1iOns OF capital which are believed
70 be grossly violating the antitrust
statutes The number OF these com
binatiOns IS not large, but their capital
and resources are tremendous
Ihe TACT there are many indications
LnaL congress VIII pass @ railroad law
along lines reCOmmelded BY the Presi-
dent and perhaps going farther than
he has recommended which VIII insure
than now.
Congress Not Favorable.
The fact that. despite the pressure
Z
ttoual Incorporation law put through
Congress IS not disposed to pass one at
this session
President Taft has let Il % known
that there IS TO be nothing Ike an Indis-
eliminate crusade against corporations
but at the same time he told Congress
plainly II his special message On rail-
reads and corporations that certain con
Germs suspected Of violation OF the
Sherman law would have 10 be invesJi-
gated and proceeded against
The President has In mind important
prosecutions i-t-l1illG some OF the
greatest combinations OF capital IN the
country il the Government wins the
Tobacco trust and Standard oil cases
and while he VIII De moderate about It.
he Is vet disposed 20 go steadily ahead
I'm this matter The pressure on the
President now IS 20 induce him TO hold
back on culren1E lated proseCuti1ns and
TO get him 60 do al possible 10 u-rr
through Congress national Incorporation
legislation.
Unless there IS legislation Of this sort
number Of the giant coubiua lions
VIII b= left iu a position where they viii
not know which way to turn Il the Su-
I-eule Court decision IN the Tobacco
trust case mas The teeth I'm Il which
It IS expected To have
Incorporation Bill.
The national incorporation bin, which
has SD long been discussed. is at last
ready for The consideration OF CONGRESS
It was put into the hands last night OF
Senator Clark OF Wyoming, chairman OF
the Senate JUdiciarv Committee, and OF
Representative Parker or New Jersey.
chairman OF the House judiciary Com
Tujrtee. The anal draft differs consfd-
eTa.elv from. the original draft. which
was sharply criticised about the Capitol
II j. intended 10 meet some Of these
crit cisms- The bin was introduced today
HraH 81 Er an
MI Parker
Il is the intention 20 have Il 20 to The
Judiciary Committee in each house
Contrary IN the general belief there are
distinct Si-lS that an effort VIII bC
made TO crowd the bin as far along this
session as possible
The gossip aUGur the senate today was
fo the effect the IT%liciGTE Committee
would try 10 report 5Ee bin faVoraDir
fniS session and n there was any pos
sIliliLy Of forcing ID through it would ID
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