Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-02-10
FINANCIAL INTERESTS
IN FEAR OF A PANIC
Taft Not Frightened But is Impressed
With Responsibilities Of Presidential
Job-committee Change Incorpora-
tion Measure in Many Particulars -
Bill Will Be Pushed.
Especial Correspondence

cution of trusts and in urging legisla-
ton for the further control of the rail-
roads. The iron hand of the big finan-
clal interests which are generally sum-
med up under the name of wall
Street" is being felt at the White
House
Not merely is the president being
asked to go slow and advised to do so,
put messages of sort not short of
threatening nave been conveyed to him
He has been told that unless there is
an abandonment of policies that will
frlghten capital and which are likely to
perturb the stock market and the
money market, his administration will
De marked by a panic compared to
which the panic in the Roosevelt
passing breeze.
Taft Not Frightened.
The president has not been frighten-
ed by the threats of the financial mag
mates. But more than ever before in
MS administration he realizes the grav-
ity of being chief executive of the ma
ton and attempting anything like an
impartial enforcement of the law and
anything like legislative progr,,.f
which contemplates an effective meas
ure of government control. He is
worried over the pressure which is be-
ing eXerted on him by capital from al.
directions. He feels probably more
than ever, deep sense of his RESPONSE
b!lity. He is talking to some of his
callers from the capitol about the sit
uation. To them, he is saying that
de spite the pressure on him he does not
propose to do otherwise than he has
SCI out to do.
For days there has been an unusual
number Of big financiers drifting into
Washington and finding their way to
the White House. Among the men who
have been here recently and who have
seen the president are James j. Hill,
George w. Perkins who is associated
with ]. Pierpont Morgan. and Frank w
Vanderlip, men among the foremost Of
the figures in the financial world That
these men have urged the necessity of
conservation in dealing with trust and
railroad questions there is good reason
to believe. However. the president is
being urged and warned by letter as
well as by direct word to proceed with
great caution.
Pressure For Trust Control.
The pressure for national incorpora-
ton legislation is getting stronger and
stronger on the president and on con-
gress. A national Incorporation meas
ure is no longer looked on with horror
by the big fi,nanciers. They are per-
turbed over various features of the ex-
listing situation at Washington. Every
word that comes out of Wall street
these days reflects the feeling there
that much of the trouble in the stock
market just now is due to the appre-
hensive nature of advices from Wash
ington. These advices include:
The fact that the supreme court will
probably uphold the government in the
tobacco trust suit and in the suit to
dissolve the Standard Oil monopoly and
that the tobacco trust case is likely
to be decided at an early date.
The fact the administration is dis
posed to enforce the Sherman law
vigorously against a number Of gigan-
tic combinations of capital. which are
believed to be grossly violating the
antitrust statutes. The number of
these combinations is not large but
their capital and resources tremendous.
The fact there are many Indications
that congress will pass a railroad law,
along lines recommended by the pres
ident and, perhaps, going further than
he has recomm ended. which will insure
much more stringent railroad regula-
ton than now.
The fact that despite the pressure
from big corporations to have national
incorporation law put thru. congress
is not disposed to pass one at this ses-
SION
President Taft has let 1t be known
that there is to be nothing like an in
discriminate crusade against corpora
tons but at the same time he told con-
gress plainly in his special message on
railroads and corporations that certain
concerns suspected of violation of the
Sherman law would have to be investi-
gated and proceeded against The pres
dent has in mind important prosecu
TONS including some of the greatest
combinations Of capital in the country.
if the government wins the tobacco
trust and Standard Oil cases and wiliie
he will be moderate about 1t, he is yet
disposed to go steadily ahead in this
matter. The pressure on the president
now is to induce him to hold back on
contemplated prosecutions and to get
him to do all possible to put thru con-
gress national incorporation legisla-
ton. Unless there is legislation of this
sort. number of the giant combina-
lions will be left in position where
they will not know which way to turn
If the supreme court decision in the
tobacco trust case has the teeth in it
which it is expected to have.
Corporation Measure Modified.
The national incorporation bill. which
has so long been discussed, is at last
ready for the consideration of congress.
1t was put into the hands Of Senator
Clark, Of Wyoming. chairman of the
senate judiciary committee, and of
Representative Parker, of New Jersey,
chairman Of the house judiciary COM
n1ittee. The final draft differs consid-
erably from the original draft, which
was sharply criticized about the cap
itol. It Is intended to meet some Of
these criticisms. The bill was introduced
today In both houses by Senator Clark
and M- pe-ke-
It Is the intention to have 1t go to
! the judiciary committee in each house
Contrary to the general belief, there are
distinct signs that an effort will be
made to crowd the bin as far along this
session as possible. The gossip about
the senate today was to the eject the