New-York tribune., 1911-02-02
ROOSEVELT SAVED NATION
But Cravath Qualities Praise py
Comments on RadiCaIlsm.
DEFENDS BIG CORPORATIONS
Successful Business Men Shouio
Participate in Government
He Tells Y. M G. a.

Taul -. Cravath expressed 10 nv ""
hers OF the Finance Forum Of the
Side Young Mems Christian Association 'aS'
| night what he called his 'unor'"o'0"
view OF ex-President ROOSEVELT Ser'''
70 the United States
President Roosevelt" said he was w
reality q conservative force put forNh''
by Providence st the most critical pe''o'
Of the nations history since the Nv"
War: his conspicuous qualities. which We
| in Wall Stree. are apt to denounce ~
faults. were really virtues. and gave MN
his peculiar hold on popular confidence anu
enabled him 10 stay the anger OF q"
aroused people and keep the government ~
conservative hands until anger and pas
sion should yield TO common sense and cam
judgment
y believe it vii he tho verdict NJ hi'-
tory that President Roosevelt and his poll
cies saved rs from men and policies Nhich
would have plunged the nation into eco
nomic revolution and lasting commercial
disaster"
But then he qualified this euoeistlc opin-
ion of Colonel Roosevelt, in commenting
upon his more recent activities. He sad;
"On tho other hand. / hope I am right
| in my belief that I'm the recent campaign
his habits Of Tsdicalism carried him too
far. and that the result Of the late elc'-
tionS means that the people 81 the country
are prepared for greater sohriety in discus
sion and greater deliberation in action thdn
would result from following the new StanI
ard which he has raised"
The Problem of the Corpora tions was
the subject Of Mr. Cravath's address. lie
defended the regulations of tho great cor
porations and the very rich men from IN
discriminate public condemnation, ana
blamed newspaper headlines and magazine
paragraphs for what ne conceived TO he
the erroneous impressions i'm the puohc
mind regarding the source or the great for-
tunes aad the conduct Of great corporate
interests. He depored the deliberate en-
clusion' Of the captains OF Industry ana
finance from recognized participation VI
the government Of the country, condltioh
which did not exist. he thought. in any
other fully civilized country.
I'm England. Germany and France, ne
went on. men Ike Mr. Morgan MI
Schif, Mr. Vanderbilt and Mr.. Hill Wouid
not only be welcomed into the councils oil
tho government but would he almost
forced nv the nero fact Of their wealth
and success and their prominence IN the
business world 10 take their share OF pup
lie responsibility. With US these men, 50
far As public matters are concerned. are
relegated to the domain of unofficial ac-
tivftv. and n their advice is sought by the
government it is usually with caution IL
not apology
The sneaker also referred with regret TO
nfla ~
the Legislatures which they themselves
elected and their proneness continua"y
10 call upon the Governors to protect
them from the acts of their representa-
tives. lie cited an example the popuIdr
demand that Governor Dix intercede IN the
Senatorship contest. This attitude also
complicated the corporate problem he de-
clared.
The great fortunes OF the country. ne
contended, were not the result OF hlSh
finance. bu. Of courage and unusual optl-
mism as 10 the future Of the country. An
other popular mlsconcepton, he said. was
that the rich men owned the corporations.
This he disproved by an array of statistics
giving the number OF stockholders IN an
fercnt we'll known corporations and comDl-
nations, with the average individual hold
ing.
Notwithstanding tho conspicuous indi-
yidral fortunes" said he. there is pre- baby
no country in the world. unless it he
France. where the invested wealth Is so
widely distributed"
Mr.. Cravath, although he said he was
not present TO excuse or defend the large
packers. for one of whom he happened 20
be counsel. singled out the packing indus
try as an example OF the corporate sufferer
from unjust public yilliication.
suffering keenly,' he said from the
high cost Of living. and more particularly
frori the nigh cost Of meat. We naturally
look for victims for our disples sure. The
victims whom we have chosen are the great
packers. and for the last few years they
have been subject 10 a degree Of vilifica-
ton and abuse rarely paralleled IN civ
ized countries.
lie vehcmently denied that the packers
were in any degree responsible FOR the high
cost Of living.
Following his address a member OF the
Forum asked MIN IL ne favored tic estab-
l~hment of public service commissions such
as existed in this state. Nj. Cravath said
that nc did. that he had from the begin
ming. in spite Of his connection with the
Metropolitan Street Railway Company
which perhaps had suffered more than any
other corporation from the Public Service
commissions law i'm Sew York.
Nothing has occurred he continued
TO cause me 70 doubt that the Public Ser
vice law i'm this state IS not disti1-t
benefit 10 the corporate business in this
state. particularly as interpreted 10y tua
commission up at Albany, which has not
attempted to share with the companies ~
the management Of their properties.
Another speaker before the Forum lA'1
night was Daniel T. KellosS. financial Cd
itor Of The sun" who treated OF the 'l"s-
cnt financial and industrial conditions IN
The United States. Mr kellogg conSll@rf1
that wages, as a rule. were 100 hiSh, AMI
had .omethin- 10 do p'th the hiEh cost oi