The Washington herald., 1912-06-09
WALL STREET WON
OVER BY COLONEL
Staid Financial Publication An
nounces Change in Complex
ion Of Campaign.
BIG MONEY FOR ROOSEVELT

New York June s.-The evening edi-
ton OF the Wall Street Journal. gen.
orally regarded as an accurate authority
on the inner workings Of the controlling
group Of fnanciers in New York. to-day
published the statement that the big
banking influences suddenly had turneA
to the support Of Col Roosevelt in the
fight for the Republican Presidential
nomination.
Under the heading. Evidence OF Wall
Street Swinging Toward Roosevelt" the
publication gives elaborate details OF
what II declares TO be an actual fact.
Its reference to a bank mot far OF
Broadway. in the New York financial
district" is supposed TO mean the Han
over National Bank, which is controlled
by ]. Pierpont Morgan. The description
OF ''dark-eyed little banker, a wonder
fully capable man. OF whom the country
has heard but little" seems to fit the
description Of George NJ. Reynolds, Pres
ident Of the Commercial National Bank
OF Chicago. II will be recalled that last
February Mr.. Reynolds delivered an ad-
dress at a convention of bankers, IN
which he declared that there was such
a thing in this country as the money
power''-the term Samuel Untermyer.
counsel to the Congressional committee
now investigating the Money Trust. pre-
fers to the latter designation-and he
CMr. Reynolds frankly confessed that
he was one OF a dozen men in the
United States who controlled the money
poweI.
Complexion of FIEht Changed.
The Wall Street Journals article. in
part. Is as follows:
Theodore ROosevelt's bitter and most
powerful enemies in Wall Street have
capitulated- Within the past ten days,
following a series Of conferences at Oys-
ter Bay between midnight and dawn.
the whole complexion Of the Presiden-
tial campaign has changed.
Not far on Broadway, IN the New
York financial district. stands one Of the
nations largest banks, controlled by per-
haps the wealthiest family in the coun-
try. To the management Of this bank
the mention Of the name Of Roosevelt at
any time during the past four or FIVE
years has been as the rubbing Of salt
INTO an open wound. When, at the last
State election. New York was handed
over bag and umbrella to the Democrats,
2ne Of the controlling directors Of the
Odnk' III d NOlSS d-IellOIe Will eHlO'4Oil'
said:
1t was an awful price to pay, but It
vas a case OF doing anything to get rid
II that "rabid hereto" once for all
The management Of this same bank
las now declared itself In favor Of Roose-
'elt, predicting that he will be nominated
md elected.
Explanation of Change.
''The explanation Of the tremendous !
in the attitude OF the powerful |
business group which, up to ten days
lgo, looked upon the ex-Prssident as the |
most threatening specter on the business
lorizon is this: We have decided to sup
,ort Roosevelt because. in spite OF all OF |
,ur former hatred of the mans PERSONAL |
yive the country the four years OF tre- |
nendous prosperity for which all funda-
mental conditions are ripe.
." II We are going to have prosperity /
or the next four years, the railroads of |
his country must have a moderate in |
rease in rates. There is no market for /
abroad securities to-day except at i'm
POSSIBLE bargains. That is because, with /
he increase in wages and taxes and with /
he decreases in rates under government |
equation, the investor no longer has the |
hat will make certain even a fair return
4 his capital. For that reason the-in-
estor has turned almost entirely to in
ustrial issues, which yield per cent
T PEI cent.
t. II. Only Hope.
This change In American investment
conditions is momentous. It means that
;nless greater assurance Of security is
fiven to the railroads by the govern
nent, the railroads will be unable in
he future to sell their bonds except at
'rices which mean that such profits as
he roads may be able to make will be
aten by interest rates. That would
mean that the vast capital requisite for
he development Of the country in the
lext ten years will not be invested.
Theodore Roosevelt Is the only man
vho can convince the people Of the
United State Of the fairness of the de-
nand Of the railroads that they be al
owed to earn sufficient to prevent the ]
INVERSION of capital from railroad secu-
tiles He gees the position the railroads
re In. He appreciates the attitude of
apital in its demands for the security
( fair return, and he knows that with
ates at their present level there will
ot be invested in the country's trans
ortation system I'm the next three or
our years, the hundreds Of millions of
ollars necessary to provide adequate in
rease Of facilities. II he Is elected, he
Tin work for a moderate increase in
abroad rates, because he knows that
hat will mean opening the flood gates
I tremendous investment in railroad
rosperity the country mas ever known.
That is why we shall henceforth sup
ort Roosevelt"