Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-01-25
Hastens, After Seeing J.
J. Hill, to Deny Sweep
ing Prosecutions.
MESSAGE TOLD 1T ALL
Fear of Antitrust Campaign by
Government Causes Panic
in Stocks.

Washington, Jan. 25-The president
today made public the following state
ment as to reports that the admins
tration is planning a crusade against
unlawful combinations of capital:
NO statement was issued, either
from the attorney generals Office or
the White house. indicating the pur-
pose OF the administration with refer
ence to prosecutions under the anti
trust law is other than as set forth in
the message of the president Jan. Z.
1910. Sensational statements as if
there were TO be a new departure of
indiscriminate prosecution of impOr-
tant industries have no foundation.
Followed Talk with Hill.
The statement was issued after the
president had a talk with James J.
Hill, the railway magnate. and had re-
ceived information that prices were
erunoling in New York under various
-ePorts printed yesterday and this
morning. Hill. on leaving the White
hoUse. said he did not pretend to rep
resent or speak for fhe president in
anything he said. but he was sure the
president would not attack the cor
porations of themselves but the sins
OF corporations.
Country Needs Rest Cure.
Hill declared he discussed general
conditions with the president and
bad not gone into the subject of
prosecutions OF trusts Normally
conditions are satisfactory in all di-
rections," said Hill, but we don't
want lot of wild stories to get
abroad that cause depression.
But we do need a rest cure bad
ly,' he said, adding the country
should be allowed time to recover
from the panic of 1907.
What President said.
In his special message on the inter
state commerce and antitrust laws the
president, in connection with the rec
concentrations for a federal incorpora-
tion act, said: 1T is my duty and
purpose as executive to direct invesLi-
CATION by the department of justice
through grand jury or otherwise into
the history of the organization AID
purposes of all industrial companies
with respect to which there is any
reasonable ground for suspicion that
they have been organized for a pur-
pose and are conducting business on
plan which is in violation of the anti
trust laws
Need Only the Funds.
The work is a heavy one. but it is
not beyond the power of the depart
ment of justice if sufficient funds are
furnished to carry on the investiga-
tions and pay the counsel engaged in
the work But such investigation and
possible prosecution of corporations,
whose prosperity or destruction affects
the comforts not only of the stock
holders but of millions of wage earn
ers, employees and associated trades
men, must necessarily tend to disturb
the confidence of the business COM
munity, to dry up the now flowing
sources OF capital from its places Of
boarding and produce halt in the
present prosperity that will cause suf-
ferilg and strained circumstances
among the innocent many for the
faults of the guilty few.
Would Provide Way to Escape.
"The question which l wish in this
message to bring clearly to the con-
sideration and discussion of congress
is whether. in order to avoid such pos
sible business danger, something can
not be done by which business COM |
binations may be offered means. with !
out great financial disturbance of
changing the character Of their organ |
ization and extent of their business |
into one within the lines of the law /
under federal control and provisions /
securing compliance with the antitrust |
statutes
Prices Go to Smash.
New York. Jan 25.-There was a
flood of nquidating sales at the open /
ing of the stock market today which .
broke prices severely in all directions.
There was great disorder in trading.
Reports Of the governments antitrust
program and the belief that the gov
ernment would win the. expected de-
cisions of the American Tobacco and
Standard OIL. cases before the supreme
court were accepted explanations of
the selling. Towards noon there was
a pause in the flood of liquidation and
prices rallied slightly Up to that
time the decline ranged up to 61s.
Not Checked TIL Noon.
1t was well toward noon before
there were any signs of restraint on
the unbridled liquidation. Stocks re
garding which there has been any sus-