The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-21
BANKERS DON'T FEAR
MESSAGES RESULTS
Most Of Recommendations Will
Not Be Opposed or Even
DisapprOved.
4 CHANCE FOR BLACkMAIL
Damage suits Against Corpora
tions Would Open Door
TO Crooks.

The attitude Of the biggest bankers Of
New York toward the Presidents message
was one OF friendly acceptance and co.
operation. The feeling was expressed in
the highest quarters that with one or two
important exceptions the recommendation
contained nothing that would meet with
the bankers opposition or even dis
approval. II was said also that the execu-
ton of the Presidents ideas generally was
not likely To endanger big business or lead
to destructive consequences.
one OF the most powerful bankers OF
the country said that he regarded the
message as sincerely friendly. lie further
said that with ono exception the measures
proposed by the President he considered
would not he harmful or dangerous to
business.
lie asserted that the proposals appeared
to represent the spirit OF the country and
II these changes IN the management OF big
business were desired he could see no rea-
son against their operation.
The one vital wrong contained in the
message. this banker thought. was the
broad opening of the field for bIackmail
against business, which is provided
through one recommendation. Allowing
individuals to bring suits for damages on
the results OF Government suits against
corporations, using the Governments case
and the extension Of the statute OF Hmita-
lions throw open to every corporation
blackmailer a field OF operation promising
enormous profit. 1t is said
Look for steel suit settlement.
II was generally accepted In Wall Street
that the President had "A voluntary settle
ment of the suit against the United states
Steel Corporation definitely In nina IN the
following passage:
producing Industries. for example
which have passed the point up TO which
| combination may be consistent with the
public interest and the freedom of trade
| cannot always be dssected Into their com
ponent units a. readily az railroad COM
panies or similar organizations can lie.
| Their dissolution by ordinary legal pro-
cess may oftentimes involve financial con-
| sequences likely to overwhelm the security
| market and bring upon It breakdown and
| confusion.
There ought to loo an administrative
| commission capable Of directing and shap-
ing such corrective processes not only In
/ aid OF the court but also by Independent
suggestion II necessary"
| II was broadly predicted that az soon
las the trade commission IN established by
law II will take up the steel case first.
Judge GARY would not comment on the
Presidents message or this application
of Il.
\ director Of the steel Corporation said
that If the trade commission made an,
loverture for peaceful settlement such ar
advance would BE- received with courtesy
and attention. but that the court would
lcontinue 20 be the final authority.
| President Wilson's presentation or tn
question OF limiting An individuals votinl
power to one corporation In which he hell
stock met with unfavorable comment.
| Does this mean that II have nv,
pennies I can spend only one?" asked
lie. Converse. one OF the largest stock
holders in Wall street. who has just re
tired from the presidency OF the Banker
Trust Company. MIR. Converse considere
tina, this measure IL II becomes law vii
limit Investment